Institutional Equities
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Why choose PL to be your partner?
Idea generation is at our core. Our philosophy revolves around equipping you with timely investment insights to take the right call at the right time, courtesy our analysts who are quick to spot emerging market trends
A 35+ member team, including highly voted sector analysts with over 100+ years of combined experience, ensures you're backed by expertise.
Our team of professionals is skilled at translating our research into actionable advice focusing on our clients needs across Asia, US and Europe. Our traders ensure seamless execution of complex trades
Benefit from our strong relationships with top management in 250+ corporates, providing direct access opportunities for our clients, along with other platforms such as conferences, roadshows, field visits, interactions with domain experts and policymakers
Founded in 1944, we are one of the pioneers of research-based institutional broking in 1985. Navigating the capital markets since 8 decades, our enduring legacy is built on trust and commitment
Join hands with one of India’s leading institutional brokers and be a part of the nation’s growth journey
Our Cornerstone: Research
35+
20+
200+
70%
Multiple sectors, stocks, events and theme – based analysis and insights
The times we got it right for our clients
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30 Sep 2024₹802
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20 Feb 2024
₹510
- Return
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20 Feb 2024
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Strong growth in Engineering revenue & orders led by export markets, thereby pushing margins up to double digits.
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30 Sep 2024
₹685
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20 Feb 2024
₹451
- Return
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20 Feb 2024
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Strong sales growth and margin improvement; robust growth in export orders taking order book mix to 42/58% domestic/export (vs 57/43% at the end of Q1FY24).
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30 Sep 2024
₹6,955
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20 Feb 2024
₹4,727
- Return
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20 Feb 2024
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Polycab has gained significant market share Domestically. driven by robust volume growth in domestic business, government & private capex, uptick in real estate
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Create an Account to Access Exclusive Investment
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30 Sep 2024
₹518
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20 Feb 2024
₹406
- Return
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20 Feb 2024
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Stable taxes and sustained volume growth in cigarettes, Strong profitable growth in FMCG and less than Industry multiples have led to strong sector outperformance.
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Create an Account to Access Exclusive Investment
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30 Sep 2024
₹615
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20 Feb 2024
₹443
- Return
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20 Feb 2024
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Divestment of non-profitable assets, improving case and payor mix, cost rationalization initiatives and new brownfield bed additions led to margin improvement in hospital segment. Bought additional stake in Agilus at an attractive valuations.
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Create an Account to Access Exclusive Investment
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30 Sep 2024
₹1,333
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20 Feb 2024
₹854
- Return
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20 Feb 2024
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Recent acquisitions have helped Eris scale up in revenues and deliver healthy margins. Successful integration and Strong execution of its key offerings have further aided performance.
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Create an Account to Access Exclusive Investment
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30 Sep 2024
₹756
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20 Feb 2024
₹512
- Return
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20 Feb 2024
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Continued strong performance from Novelis along with higher aluminium and alumina pricing which aided Indian operations, softer coal prices has helped Hindalco
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30 Sep 2024
₹4,787
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20 Feb 2024
₹3,115
- Return
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20 Feb 2024
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Led by improvement in yields and capacity expansion Indigo has witnessed a sharp rally in last 6 months.
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Weak Monsoons Might Hurt More Than Just Rural India This Year. Which Stocks Will Feel The Heat?
24 Jun 2026 Read more
Waaree vs Premier vs Vikram Solar: Which Renewable Energy Equipment Stock Will Deliver Better Returns? TP
19 Jun 2026 Read more
Rising inflation, El Nino can disrupt consumer demand, increasing fiscal burden up to Rs 5 trillion: Report
12 Jun 2026 Read more
Coforge adds half a billion USD in market value on upbeat outlook markets stocks news
07 May 2026 Read more
PL Capital recommends defensive and cyclical recovery plays in the current market
17 Apr 2026 Read more
53 million tonnes output, 33% margins, 10x earnings: NMDC’s volume-price paradox
15 Apr 2026 Read more
Stock market crash: How much the Nifty 50 can fall after Trump’s address to the nation?
02 Apr 2026 Read more
Hamza’s revenge smashes box office records! Dhurandhar earnings ahead for PVR Inox?
27 Mar 2026 Read more
Cost to certainty: India’s opportunity and constraints in a rewired global order
23 Mar 2026 Read more
Rahul Bhatia takes interim charge of IndiGo as Pieter Elbers exits after December crisis fallout
11 Mar 2026 Read more
Rs 11 lakh crore gone in 2 days as missiles make Nifty bulls run for cover. Big crash ahead?
04 Mar 2026 Read more
This brokerage sees bull case target for Nifty nearly 20% higher at 30,497 by Feb 2027
26 Feb 2026 Read more
Budget 2026: PIOs can now invest directly in PMS instead of routing via GIFT City
01 Feb 2026 Read more
Capex continuity and fiscal credibility reassure more than aggressive Budget stimulus
28 Jan 2026 Read more
Vaishali Parekh recommends three intraday stocks to buy today — 21 January 2026
21 Jan 2026 Read more
12-month Nifty target is 29k; positive on consumption, BFSI, defence, says PL Capital director of research
10 Dec 2025 Read more
Growth Multiplier Fest 2025 Concludes with Grand Sufi Night and Awards Ceremony
16 Dec 2025 Read more
Structural tailwinds point to a longer, stronger equity cycle, say stock market honchos
15 Dec 2025 Read more
Indian equities stage strong comeback amid Festive Demand in Gujarat Vaibhav media
11 Nov 2025 Read more
Indian equities stage strong comeback amid Festive Demand and Global Optimism in Western Times media
11 Nov 2025 Read more
Despite short-term volatility, India remains world’s most attractive market
Read more
Sustainability Convergence Summit & Awards 2025 Unites Leaders To Shape India’s Green Future
22 Sep 2025 Read more
Sustainability Convergence Summit & Awards 2025 Charts India’s Green Roadmap in Mumbai
22 Sep 2025 Read more
On The Cover PL Capital Group: Powering India’s Financial Growth with Trust & Innovation
01 Jul 2025 Read more
Lowest retail inflation since 2019 providesfurther leeway to cut rates: Experts
15 May 2025 Read more
PL Asset Management launches its first Performing Credit Fund with a target size of INR 500 cr
13 May 2025 Read more
Ready to buy stocks after Trump tariff shook the market? Here are 20 top picks
16 Apr 2025 Read more
Buy or sell: Vaishali Parekh recommends three stocks to buy today — 8 April 2025
08 Apr 2025 Read more
$1 billion in 1 day: FIIs log their second biggest dumping of Indian stocks in 2025
08 Apr 2025 Read more
How to invest Rs 10 lakh in FY26 for long term growth? Inderbir Singh Jolly shares a smart strategy: Inderbir Singh Jolly
02 Apr 2025 Read more
Analysts estimate minimal impact of Trump’s 25% tariff on cars and parts on Indian firms
01 Apr 2025 Read more
Buy Crompton Greaves Consumer Electricals; target of Rs 441: Prabhudas Lilladher
05 Mar 2025 Read more
GNFC share price rises 7.5% in last 5 trading sessions: remains technical pick of Prabhudas Lilladher with 12% upside
01 Aug 2024 Read more
Buy or sell: Apollo Tyres to Union Bank, Vaishali Parekh recommends three stocks to buy today — July 10
10 Jul 2024 Read more
Consumer Durables Q1 Results Preview – Healthy Demand, Driven By Season: Prabhudas Lilladher
08 Jul 2024 Read more
F&O Talk: Go long in Nifty, Bank Nifty with buying on declines, says Shilpa Rout of Prabhudas Lilladher
01 Jul 2024 Read more
BackBack Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 27
27 Jun 2024 Read more
Prabhudas Lilladher sees Nifty at 22,584 in 12 months; lists top stock picks for model portfolio
22 Nov 2023 Read more
Market balanced despite headwinds, says Prabhudas Lilladher. Here are its stock picks
24 Nov 2023 Read more
Meet The Team
Co Head, Institutional Equities CFA
Experience: 23+ years
With over two decades of experience in the capital markets, Amnish Aggarwal brings a wealth of knowledge and expertise to his role. He joined PL in 2013 and leads a 30+ member research team.
Amnish is instrumental in generating investment ideas for institutional clients and preparing detailed research reports on result updates, sectoral, thematic trends, and other domestic and global events impacting the markets. His flagship India Strategy report, released twice quarterly, is highly sought after by industry veterans and investors.
He is known for his deep analytical skills and has a comprehensive understanding of companies spanning various sectors with an expertise in consumption-related sectors.
His contributions have earned recognition through rankings in Asiamoney and Institutional Investor, and he has been honored with the Starmine awards in 2009 and 2010.
Amnish holds a CFA qualification and is a Rank Holder in his Post Graduate Degree in Finance from the Institute of Chartered Financial Analysts of India (ICFAI)
Co-Head of Research, Institutional Equities B.Tech, MBA in Finance
Experience: 23+ years
Swarnendu Bhushan is a seasoned professional with 23+ years of experience. He joined PL in 2023 as the Co-Head of Research.
He has extensive experience in equity research, oil & gas, and chemicals sector with in-depth understanding of upstream, downstream and gas utilities.
His expertise lies in his ability to identify and analyse global and domestic trends in the sector and providing valuable insights to clients for managing their equity investments effectively.
Swarnendu holds a B.Tech and M.Tech in Chemical Engineering from IIT Kharagpur and the National University of Singapore, respectively. He has also completed his MBA in Finance from the Indian School of Business (ISB), Hyderabad.
Director - Institutional Equity Sales MBA
Experience: 20 years
Rohan Karnani has overall work experience of more than 20 years and 17 years of experience in institutional equity sales.
Before joining PL Capital, Rohan was Director at Haitong International Securities (Singapore) Pte based in Singapore. In this role, he was responsible for Pan-Asia (China, HK, Japan, Taiwan, Korea, India) equity sales to clients based in Singapore.
Rohan has also worked with JM Financial Institutional Equities for six years in India. At JM, he was a part of the team that was involved in several prominent IPO’s, QIP's and large size block deals.
Apart from relations with several DII’s and FII’s, Rohan also has strong relations with multiple corporates in India.
His key focus always has been to value add to clients with his strength being bottoms up idea generation and style being “Quality at Reasonable Price”
On the academic front, he has completed his MBA.
Head of Sales Trading and Dealing Engg. Diploma in Industrial Electronics
Experience: 30+ years
Rajesh Chougule brings over 30 years of experience in Institutional Equity Business.
His expertise spans across a mix of equity sales & sales trading, getting an edge of managing relationship with Head of Equities, FMs & Traders.
He has previously worked at Motilal Oswal Financial services, Nirmal Bang Institutional Equities, Emkay Global Financial Services.
In his previous role, he held the position of Senior Vice President at Motilal Oswal Financial services.
He holds an Engineering Diploma in Industrial Electronics and is a certified Systems Analyst.
Awards won by our research team
Thomson Reuters Analyst Awards 2016 Winner
MCX Awards 2022 Leading Member - Research
Asia Money Rankings 2018: 11 Analysts in top 20 ranks in respective sectors
Best Equity Research Firm 2016(India) by Wealth & Finance International
#1 Broker by accuracy of call across Large, Mid & Small caps by Marketsmojo.com
PL Ringside View
An institutional investor is a company or organization that invests money on behalf of clients or members. A mutual fund, an insurance company, a hedge fund, a private equity fund are few examples of institutional investors.
Institutional equities is a business division of a brokerage house which serves institutional clients like mutual funds, insurance companies, hedge funds, etc.
The institutional research desk provides in-depth research and analysis of publicly traded companies. Institutional equities traders facilitate the buying and selling of these stocks on behalf of their clients.
Overall, it helps institutions make informed investment decisions and manage their equity portfolios efficiently.
Under Institutional Equities, PL enables its institutional clients to invest in the markets with the help of its value-added research, meaningful corporate access and customised sales and trading support.
