Equity Research Analyst Internship

About Karanwal Capital

• Karanwal Capital is a professional systematic investment firm and family office managing over $25M+ in proprietary assets. We bridge the gap between fundamental security analysis and quantitative rigor. Our mission is to identify long-term value through deep-dive financial modeling and exhaustive sector research. We offer a lean, high-transparency environment where interns contribute directly to the research pipeline used for capital allocation.

Role Summary:

• We are seeking an analytically-driven Equity Research Intern for a focused, 3-month intensive program. This role is designed for candidates who possess a strong grasp of financial statements and wish to apply valuation methodologies to real-world companies. You will be responsible for dissecting business models, building financial forecasts, and providing actionable investment insights.

Key Responsibilities:

• Financial Modeling: Build and audit 3-statement integrated financial models and DCF valuations.
• Company Analysis: Conduct "Bottom-Up" research on target companies, focusing on revenue drivers, cost structures, and management guidance.
• Sector Scoping: Perform "Top-Down" industry analysis to identify tailwinds and headwinds within specific sectors (e.g., Energy, Tech, or Consumer Goods).
• Earnings Analysis: Review quarterly results and conference call transcripts to update internal investment theses and price targets.
• Investment Memorandums: Synthesize research into professional, one-page investment memos for review by the internal investment committee.

Required Skills & Qualifications:

• Education: Currently pursuing or recently completed an MBA (Finance), CA, CFA (Level 1+), or a Bachelor's in Finance/Economics.
• Technical Proficiency:  Advanced Microsoft Excel (Financial modeling, data visualization).
• Deep understanding of Corporate Finance and Accounting principles.
• Familiarity with valuation techniques (Relative Valuation and DCF).
• Competencies: Strong written communication, attention to detail, and a high degree of intellectual curiosity regarding market trends.

Important Dates & Deadlines:

• Posting Date: January 22, 2026
• Application Deadline: February 5, 2026
• Interview Process: February 6 – February 20, 2026
• Internship Start Date: March 1, 2026
• Internship End Date: May 31, 2026

Perks:

• Real-World Impact: Your research will be applied to the management of proprietary wealth.
• Mentorship: Regular feedback sessions with senior analysts on your modeling and writing.
• Certification: Formal Internship Certificate and a LinkedIn recommendation for top performers.
• Remote Flexibility: Fully remote operations with a focus on project milestones.

Selection Process:

• Stage 1: Initial shortlisting based on resume and academic performance.
• Stage 2: Equity Case Study: A 48-hour window to submit a brief analysis of a provided stock.
• Stage 3: Technical Interview: A video call focusing on financial statement links and valuation logic.
• Stage 4: Final cultural fit discussion.