About Us
Good research starts with verification, not assumption.
We focus on small and mid-cap companies — the segment most often covered by headlines and least often covered by rigour.
Who we are
The firm
- Legal business name
- ASAN RESEARCH ANALYST LLP
- LLPIN
- ACZ-3936
ASAN RESEARCH ANALYST LLP is an independent Indian equity research firm committed to delivering data-backed, institutional-grade market insights. We bridge the gap between complex market dynamics and actionable investment strategies.
Founded by Atul Singh and Akshay Inamke, the firm combines forensic-style governance analysis with sector-driven thematic research to help investors separate durable businesses from convenient narratives.
Our mission
To empower investors with disciplined, transparent and objective research. We focus on uncovering high-conviction opportunities across Indian capital markets while prioritising risk mitigation and long-term value creation.
Our vision
To be a trusted partner for retail and institutional clients by adhering to high standards of financial integrity, analytical rigour and regulatory compliance.
Our method
The SATYA framework
Satya means “truth” — and that’s the discipline behind every report we publish. Five tests, applied in order, before a company earns a place in coverage.
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S
Scrutiny of Financials
Real fundamental analysis starts beneath the balance sheet.
What we examine — Uncover earnings quality, cash flow conversion (Free Cash Flow / EBITDA), working capital discipline, and off-balance-sheet liabilities.
Purity over Paper Earnings
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A
Assurance of Governance
Promoters manage the company; alignment protects the investor.
What we examine — Evaluate promoter track record, related-party transactions (RPTs), minority shareholder treatment, board independence, and management integrity.
Promoter Ethics, Investor Safety
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T
Valuation & Growth Trajectory
Growth without context is noise; price paid determines long-term margin of safety.
What we examine — Map the multi-year TAM (Total Addressable Market), competitive moats, pricing power, and intrinsic valuation boundaries (DCF / relative multiples).
Right Price, Sustainable Growth
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Y
Yield & Capital Allocation
Wealth is created by how efficiently management redeploys every rupee of earnings.
What we examine — Assess Return on Invested Capital (ROIC), Return on Equity (ROE), reinvestment efficiency, dividend policy, and debt repayment priorities.
Capital Efficiency, Compounded Value
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A
Absolute Accountability
Conviction requires continuous verification — never marry a stock.
What we examine — Monitor key performance indicators quarterly, track thesis-breakdown signals, enforce strict entry and exit discipline, and maintain research transparency.
Unbiased Analysis, Uncompromising Discipline
Fewer assumptions, more filings.
How we operate
Our policy
Independence first
Research conclusions are driven by primary-source verification, not by narrative convenience.
Transparency in process
Our methodology is consistent and disclosed, not a black box.
Regulatory compliance
Operating under SEBI Research Analyst registration norms, with governance, documentation and disclosure practices built to meet regulatory standards.
No conflicted coverage
Related-party and governance risks are flagged as part of standard practice, not treated as exceptions.
Meet the people behind the research
Two NISM-certified partners, 25 years of market experience between them.