Hardi's Profound AI Rep
Hardi's view on revenue modelling shows how he reads beyond headline numbers to find the real driver.
Hardi Jain
Edges
Building Financial Models from Fundamentals
Hardi builds financial models by starting from a company's annual reports and working forward through historical data to management-guided estimates. This approach has been applied across NBFCs and AMCs at Investec, where the model forms the backbone of the research output and the valuation work. His accounting background gives him a grounded read on how financial statements are constructed, which informs how he interrogates the numbers before building forward. The result is a model that is anchored in what the company has actually reported, not just what consensus expects.
Spotted in 2 Stories
Structuring Peer Comparisons for Complex Companies
When a company does not fit a single peer group, Hardi breaks the business into its constituent segments and identifies relevant comparables for each line separately. This approach was applied in the initiating coverage report at Investec, where the subject company had five distinct business segments with no single listed peer that matched across all of them. For each segment, he selected peers based on business model similarity and company size, then benchmarked the segments individually before drawing conclusions at the consolidated level. This segment-by-segment framing produces a more precise read of relative positioning than a single blended peer group would allow.
Spotted in 1 Story
Reading Financial Statements with a Preparer's Eye
Hardi's background as a Chartered Accountant means he approaches company financials with an understanding of how statements are constructed, not just how they are read. At Torrent Power, he prepared quarterly and annual financial statements, coordinated with auditors, and managed statutory compliance for a subsidiary. This foundation now informs his equity research work at Investec, where he reads annual reports and builds financial models from the ground up. The revenue recognition error identified in the initiating coverage report, where the team's model was corrected after company feedback, reflects the kind of accounting-level scrutiny his background enables.
Spotted in 2 Stories
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Hardi Jain
About Me
Hardi Jain is a Chartered Accountant and Equity Research Associate at Investec, with a background spanning financial modelling, sector analysis, and statutory compliance.
At Investec, he covers the BFSI sector, focusing on NBFCs and AMCs. His work includes building financial models from historical data, forming forward estimates from management guidance, and contributing to initiating coverage reports.
Prior to Investec, he served as Assistant Manager at Torrent Power, where he prepared quarterly and annual financial statements and coordinated with internal and external auditors.
He completed his articleship at Ashok P Patel and Co, where he built his foundation in financial reporting, budgeting, and regulatory compliance.
Hardi Jain
Total client count can be misleading; in some businesses, a handful of clients drive almost all the revenue.”
Hardi Jain
On revenue modelling