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HBJ Capital is an independent equity research service provider since 2005. Today, it has grown into a financial services provider with core competence in equity research, catering to the needs of various market participants across the spectrum. It is headquartered in Bangalore and has associates operating out of various offices across India. HBJ Capital offers an independent and unbiased assessment of a company’s fundamentals and valuation. It is a unique concept globally, offering detailed equity research on Indian listed companies. In contrast with traditional equity research models, HBJ Capital’s research is carried out by an entity that does not have a transactional interest in the stock that is being researched. HBJ Capital also differs from conventional research in not making ‘buy’, ‘hold’, or ‘sell’ recommendations with target prices, and instead offers an opinion on the company’s fundamentals, business model and valuation. The advent of paid independent equity research makes for a new paradigm in the Indian equity market, empowering individual investors to make better-informed investment decisions backed by high-quality research from India’s leading research house.


  • It has been in business since 2005
  • Brand Y-o-Y growth: above 200 per cent for last two years
  • Market Share – HBJ Capital commands more than 25 per cent market share in equity related advisory services

HBJ Capital has been able to disrupt the status-quo in the market by the paid research model through subscription that creates no conflict of interest and offers highly specialised, insightful and unbiased research, unlike others in the business that have investment banking, brokerage divisions etc. It employs a cost-efficient delivery system using latest technologies to provide services to a wider group at affordable prices. HBJ Capital has standardised products to create a scalable brand. A research house, HBJ Capital is ahead of the market in spotting new trends and delivering independent and objective research on Indian equity markets.
HBJ Capital works with a very diverse set of customers that include retail investors, HNIs, corporate houses, brokerage firms, FIIs, DIIs, private equity firms and hedge funds. With an aim to create the largest financial services brand in the country, it continues to move forward with emphasis on value creation rather than value addition to customers.
HBJ Capital believes that there will always be room for specialised and niche businesses with the highest levels of professionalism, integrity and top level attention to clients and relationships looking for long term sustainability. HBJ Capital has been able to fine-tune the investment philosophy over the years with a strong focus on identifying good small and mid-cap businesses that can flourish in an emerging economy like India.
HBJ Capital is analysing companies on which very little research has been published and where getting data for analysis is tough. The nimble research process allows it to collect data and process it in uncanny ways.
HBJ Capital’s mission is to create the largest financial services brand in the country. HBJ Capital is simplifying the investment (to provide analytics) to create long term wealth for its customers through “Equity Investment”.

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