Educational Research Reports
Case studies demonstrating how business models, sector economics, financial statements and risk factors are examined in the Harion Equity Research Internship Program.
Published Case Studies
View analytical methodology →Indian IT Services: Studying Operating Margins, Deal Mix and Cash Conversion
An educational case study demonstrating how analysts compare employee utilization, attrition, subcontracting costs, and free-cash-flow conversion across large-cap and mid-cap Indian IT services companies.
Working Capital Cycles and ROCE Decomposition in Indian Manufacturing
How to decompose Return on Capital Employed (ROCE) into asset turnover and operating margin, and how inventory and receivable days impact cash flow in capital-intensive businesses.
Evaluating Balance-Sheet Leverage and Interest Coverage Across Market Phases
A structured framework for studying Debt-to-Equity, Interest Coverage, and debt-maturity schedules when screening NSE and BSE universes.
How Harion learning reports are structured
Every participant in the Equity Research Internship Program learns to write reports following a transparent five-part analytical structure:
Business Overview
Revenue segments, products, customer base, unit economics and management track record derived from primary filings.
Sector & Competitive Position
Industry structure, cyclicality, input-cost dynamics, regulation and peer-group comparisons.
Financial Statement Analysis
Multi-year revenue, operating margins, ROCE/ROE decomposition, working-capital days, debt and cash-flow conversion.
Valuation Context & Risks
Explicit cash-flow and peer-multiple assumptions paired with a thorough examination of what could go wrong.