CFA Research Challenge: India National Winners
Co-led the research and presentation that won the CFA Research Challenge at the India national level
Apoorv Sharma
Equity Research Intern at CLSA
From their time as
Investment Coordinator
Management Development Institute, Gurgaon • 2025 - 2026
Overview
Apoorv was part of the team that won the CFA Research Challenge at the India national level. The CFA Research Challenge is the largest finance case competition globally, requiring teams to produce a full equity research report and defend it before a panel of investment professionals.
The Story
Apoorv was part of the team that won the CFA Research Challenge at the India national level. The CFA Research Challenge is the largest finance case competition globally, requiring teams to produce a full equity research report and defend it before a panel of investment professionals.
The team's work on Delhivery formed the core of the submission. The analysis covered the full investment case: business model assessment, competitive moat identification, financial modeling with multiple valuation methodologies, scenario analysis, and primary research validation.
At the national finals, the team presented their thesis and fielded detailed questions on every assumption in the model. The panel tested the valuation upside, the moat durability, and the primary research methodology. The team defended each position with evidence gathered independently, not drawn from management commentary.
The win placed the team as India's representative, though they were unable to advance to the global round.