VIRDIRESEARCH

About Virdi Research

An independent, education-first research publication on Indian markets. We explain the market. We don’t tell anyone what to buy.

Rowing boats on calm water in front of the old walls of Bombay Fort and the buildings behind them.
Bombay Fort from the sea. Dalal Street and the RBI both stand in the district named after it. From Charles Fawcett, 1936, Public domain, via Wikimedia Commons.

Who we are

Virdi Research is written by an author certified in NISM Series XV (Research Analyst) and Series X-A (Investment Adviser Level 1). It exists for people who want to understand Indian markets properly: students, new investors and professionals who want a calm second read of the day.

Every report is built the same way, in the same formats, so you can learn the structure once and read any of them quickly. The tone is deliberately plain. If a number is in a report, its source is too.

Our methodology

Five rules, applied to every note, lens and wrap before it goes out.

  1. Start from primary sources

    Data comes from the people who publish it: the RBI, MoSPI, the exchanges and company filings. Every figure in a report carries its source.

  2. Separate what happened from why

    We report the move first and the explanation second, and we say how confident the explanation is.

  3. Show the working

    Charts and tables sit next to the claim they support, with the period, the unit and the source on the chart itself.

  4. Say what we don't know

    Markets move for reasons nobody can see in the data. When a cause is a guess, we call it a guess.

  5. No calls, ever

    No buy or sell calls, no price targets, no tips, no model portfolios. The decision is yours, ideally with a SEBI-registered adviser.

Our NISM certifications

What they are

The National Institute of Securities Markets, an institute set up by SEBI, runs certification examinations for market professionals. The author has passed two of them:

  • NISM-Series-XV: Research Analyst. Research methodology, financial statements, valuation and the rules that govern research in India.
  • NISM-Series-X-A: Investment Adviser (Level 1). The basics of investing, financial planning and the regulation of investment advice.

What they mean here

They shape how reports are built: sourced, structured and free of recommendations.

What they do not mean

Certification is not registration. Passing these examinations does not make anyone a SEBI-registered Research Analyst or Investment Adviser. Virdi Research is not registered with SEBI in either capacity, and nothing on this site is investment advice.

What we will never publish

  • Buy, sell or hold calls
  • Price targets
  • Stock tips or picks
  • Recommended or model portfolios
  • Advice on your own money
  • Paid promotions of any security

Find us

Reports go out on Substack. Shorter notes and charts go out on X and Instagram. Read the full disclaimer before you rely on anything here.