Hitesh Jain

Hitesh Jain

Vice President

Hitesh has more than a decade of experience in the Indian financial markets. He was previously an equity research analyst at ENAM Securities, one of India’s leading domestic brokerages. Prior to ENAM, he was at J.P. Morgan in the investment banking department. He has tracked Indian equities for ten years, covering a range of sectors, including banks, metals, logistics, aviation, consumer goods and textiles.

Hitesh holds an MBA and a Bachelor’s degree from Mumbai University.

Hitesh Jain has been with India Capital Research for more than six years and has ten years of financial markets experience. His first exposure to finance was in the cloth trading market, where he bought the first computer for the family business to better track orders and inventory.
Hitesh earned his MBA from Mumbai University in 2001 amidst a recession and a terrible hiring environment at Mumbai’s Dalal Street brokerages. Hitesh persevered to find his way to one of India’s first so-called knowledge process outsourcing companies, where he built valuation models in a cramped Mumbai office for clients at a bulge bracket investment bank in New York.
Hitesh was soon hired by JP Morgan in 2003 to support local Indian investment banking transactions. He refined his analytical skills and absorbed the company’s structured, process driven approach to research.
With this research tool kit, he was able to break into the upper tier of the equity market with a job as a research analyst at ENAM, one of India’s top investment banks and by far the leader in IPO underwriting. There he covered banks, consumer products, aviation, shipping, logistics and an industry he knew very well: textiles.
ENAM’s approach to equity research focuses on long-term fundamental analysis and three and a half years there made him a natural fit for India Capital. He stood out for his real world work experience and as a generalist with wide sector exposure in a field dominated by specialists. Having followed the markets since the mid 1990s he also had exposure to several market cycles, giving him a uniquely mature approach to investing in Indian markets.
He joined India Capital Research in 2007 and his research work has taken him to the bottom of open cast mines in Rajasthan and to high end clothing stores in Mumbai, from large container ports off the coast of Kutch to small-scale housing developments in the interiors of Gujarat. Everywhere he brings an inquisitive mind and deep fundamental research experience. At ICR he is the acknowledged expert on corporate governance and on Mumbai’s best street food.
Hitesh and his wife Bhavana live in Khar, Mumbai with their daughter, Viha.


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