Institutional Equities

Aditya joined Investec in February 2015 from Espirito Santo, where he was the lead analyst on Capital Goods and Infrastructure sectors for almost two years. Prior to that, Aditya worked at CLSA covering the same sectors. Aditya is a rank-holding Chartered Accountant and a CFA charter holder.

Ritesh heads Mid-market coverage & ESG for Investec India and leads Materials coverage.  He is unique combination of Engineer, Lawyer and MBA (finance).  He has been consistently rated amongst top analysts for Metals & Mining/Cement/ESG categories. He loves to interact with both clients and corporates.  Ritesh regularly presents on Strategy & ESG to several corporates, and is much sought for his unbiased and differentiated views. He joined Investec in February 2015, prior to which, he worked at Espirito Santo, IDFC. Ritesh also had brief stints as consultant/main frames programmer with Capgemini/Patni Computers.

Abhinil leads the coverage of Oil & Gas, Aviation, and Mid-cap sectors—including Railways and Dairy—at Investec. He joined the firm in February 2022 and brings over a decade of experience in the Indian equity markets. Prior to Investec, Abhinil was with Macquarie, where he focused on the Energy and Chemicals sectors. Earlier in his career, he covered Logistics and Energy sectors at Motilal Oswal. He holds an engineering degree from IIIT Chennai and an MBA from IIM Ranchi.

Aditya Jhawar joined Investec in February 2015. Aditya covers the Indian Auto and Agri sector for Investec. Prior to Investec, he has worked with Espirito Santo and CLSA. Aditya is a member of the institute of Chartered Accountants of India.

Anshuman joined Investec in December 2017. Consistently voted as one of the best pharma analysts by investors, Anshuman was also voted the best health care analyst from India by AsiaMoney Brokers Poll 2020. With over 15 years of experience in the pharma sector between financial services (both BUY / SELL side) and Indian pharma corporates, Anshuman began his career with Indian Pharma corporate at Dr Reddy’s, and later worked at Glenmark and Wockhardt. Anshuman holds a bachelor’s degree in chemical engineering and a management degree from MDI, Gurgaon.

Anuj joined Investec in March 2023 and leads the coverage of Utilities, Hotel and Real Estate Sector. Anuj has an experience of over 18 years in the Indian equity market. Prior to Investec he was associated with notable broking houses like HDFC Securities, Emkay Global, ICICI Securities and Brics Securities. He has been covering Utilities space for over 15 years now. He holds an MBA from NL Dalmia Institute (Mumbai University) and a FRM Certification from US GARP.

Harit covers the Consumer Sector for Investec India. With an experience of close to two decades covering various aspects of consumer sector including FMCG, Retail, Alcoholic Beverages and Paints, Harit is well regarded for his insights into the sector. Prior to this, he worked with IDFC Securities covering.

Nidhesh joined Investec in February 2015 to lead the NBFC and Insurance sector. Prior to this, he was a Banking and Financial analyst at Espirito Santo. Today, Nidhesh is one of the leading Insurance analysts in India. Nidhesh holds an MBA from IIM-Ahmedabad and a B.E from IIT Roorkee and he is also a CFA charter holder.

Nitin has been leading the IT & Telecom sectoral research since 2015. He is also the Business Champion for AI in research for Investec. Nitin has been covering the sector close to two decades, previously at Espirito Santo, Motilal Oswal Securities and Indiabulls. Nitin holds an MBA from ICFAI Business School.

Param joined Investec in April 2025 to cover the Indian Banking Sector. He brings with him 8 years of experience in sell-side equity research focused on Indian financials, having previously worked at leading brokers including Nomura, Macquarie, and Jefferies. He holds an engineering degree from IIT Kharagpur and an MBA from IIM Ahmedabad.

Devang has over 30 years of experience in the Indian equity markets, with extensive expertise in institutional trading and long-standing relationships with clients across multiple geographies.

He heads Institutional Equities Trading at Investec India. Prior to joining Investec, Devang spent a decade as Head of Sales Trading at Nomura India. Earlier in his career, he served as Head of Sales & Trading at Standard Chartered Securities India and also led Sales Trading at Kotak Securities.

Padmanabh has over two decades of experience working with foreign long-only institutional investors, advising pension funds and sovereign wealth funds across the APAC and US markets. Throughout his career, he has played an instrumental role in building and expanding institutional equities franchises while cultivating long-standing relationships with some of the world's leading global investors.

He brings deep expertise in trade execution, liquidity sourcing, and the management of high-value institutional transactions, helping clients execute complex trades efficiently across diverse market conditions. Padmanabh is a graduate of the University of Mumbai.

I have ten years of experience in the Indian Equity markets as an Institutional trader with experience in handling large basket trades. Before joining Investec, I have worked with Haitong Securities and Motilal Oswal. I am a commerce graduate from Mumbai University.

I joined Investec India Equities team in October 2020 as Alternative and Quant Research analyst. Prior to Investec, I worked at CGS-CIMB Securities India and Edelweiss Institutional Equities. I have a Post Graduate Diploma in Finance from Mumbai Educational Trust and M.Com from Mumbai University.

I co-head sales at Investec and I am based out of and run the equities desk at Investec Singapore, covering Asian and a few large domestic clients. Prior to joining Investec, I was CEO – Ambit Singapore and managed the Asian client relations. I have also worked at the Institutional Desk at Avendus Capital and as a equity research analyst at Nomura Securities, as well as Fixed Income research desk at Lehman Brothers. I have a MBA from IIM Lucknow and Masters in Economics from Cornell University.

I joined Investec in February 2015. Prior to this, I worked at Espirito Santo India as an equity salesperson for four years. Previously, I was at UBS Investment Bank as the lead analyst in Equity Capital Markets covering Real Estate, Power, Utilities and Financials in New York and Mumbai. I also worked with Citi in Fixed Income Derivatives Solutions in New York in 2007. I have a BSc in Finance and Economics from Carnegie Mellon University, USA.

I work at Investec Capital India as an equity salesperson. I joined Investec’s consumer, and media research team in 2017. Prior to this, I worked at Batlivala & Karani covering the Indian FMCG sector. I was the lead sub-sector analyst for alcohol beverages and Electricals. Previously, I worked as a financial analyst trainee with American Express in Paris, France. I have a Master of Science in Finance from IESEG School of Management, France and BCom from HR College, India.

Ashay focuses on domestic funds. He has extensive knowledge of the Indian equity markets. Ashay joined Investec in 2021, prior to which he was a consultant in the chemicals sector at Haitong Securities & a relationship manager in Valorem Advisors. He graduated from S. P. Jain School of Global Management specializing in Global Finance.

Pranay has close to a decade of experience across various industries including Indian Equities and Real Estate consulting. Prior to joining Investec, Pranay worked with HDFC Securities and Jones Lang LaSalle. He holds a Bachelors degree in Financial Markets as well as a degree in Law.

I joined Investec’s Equity Sales desk in June 2015 from the research team where I was working in the building materials sector. From September 2014, I worked on the Fixed Income (DCM Origination) desk of the Investment Banking Division at Investec. I have an MBA from EDHEC Business School, France and I’m an alumnus of IIM - Ahmedabad.

Qais Dalal is part of the Institutional Equity Sales team at Investec India, where he with leading domestic institutional investors and family offices, providing market insights and investment ideas.

Prior to joining Investec, Qais was with boutique wealth manager Basic Financial Services, advising high-net-worth individuals and family offices on equity portfolios and long-term wealth management strategies. He began his career at HDFC Securities, where he gained experience in equity research, with a focus on the cement sector.

Qais holds a Bachelor's degree in Financial Markets from H.R. College of Commerce & Economics, Mumbai.

Outside of work, he is passionate about equestrian sports and is actively involved in training horses for polo and show jumping.

Madhura is part of the Institutional Equity Sales team at Investec India, where she covers institutional clients across the US, Canada and India.

She joined Investec after completing her B.E. (Hons.) in Mechanical Engineering with a Minor in Finance from BITS Pilani. During her time at BITS, she interned at Deutsche Bank in the Market Valuation and Risk Management team, gaining exposure to financial markets and risk analysis.

Madhura is currently pursuing the Chartered Financial Analyst (CFA).

I joined Investec in June 2018. I lead the corporate access initiatives for Investec with a focus on bringing quality access to our clients. Prior to Investec, I was heading corporate communications for ICICI Securities for 10 years and Hexaware Technologies for three years. I have also worked with the Times Group as a journalist. I hold a MSc in Statistics from Mumbai University.