India Equity Research Report Skill

Generates institutional-quality Buy / Sell / Hold research reports for NSE/BSE-listed stocks, grounded entirely in live data fetched from authoritative sources. Never hallucinate financial figures.

0. Pre-flight: Read the data sources reference

Before writing a single word of the report, read /mnt/skills/user/india-equity-report/references/data-sources.md (or the bundled copy at references/data-sources.md) for the definitive list of approved sources and fetch URLs. Do not use any source not listed there.

1. Workflow

Step 1 — Identify the stock

• Resolve the company name → NSE ticker (e.g., RELIANCE, INFY, HDFCBANK).
• Confirm exchange: NSE preferred; BSE fallback (prefix BSE: if NSE unavailable).
• If ambiguous, ask the user to confirm before proceeding.

Step 1.5 — Fetch the Live CMP (MANDATORY — do this before anything else)

⚠️ CRITICAL: Screener.in's page often displays a stale cached price (e.g., it may show "13 Feb - close price" even when the report is run on Feb 27). Never use the price shown on the Screener.in page as the CMP. It is unreliable.

⚠️ CRITICAL: Yahoo Finance (HDFCBANK.NS etc.) shows US-session delayed quotes that can differ from the NSE close price by 10–15%. Do NOT use Yahoo Finance as a CMP source. It is structurally unreliable for Indian stocks.

#### The canonical CMP fetch method

Claude cannot execute GOOGLEFINANCE (that runs only in a live Google Sheet). Instead, use web search — Google's search result card pulls from the same Google Finance data feed and is equally reliable:

Step-by-step:

1. Run web_search: "[TICKER] NSE share price [CURRENT MONTH YEAR]" (e.g., "HDFCBANK NSE share price March 2026")
2. Read the price number from the Google Finance card in the search snippet — this is the current or last-close price from Google Finance.
3. If the search snippet doesn't show a clear price, run web_fetch: https://www.tickertape.in/stocks/[company-slug]-[TICKER] — Tickertape shows a clearly date-stamped last NSE closing price.
4. As an additional fallback: web_fetch: https://www.5paisa.com/stocks/[company-slug]-share-price — 5Paisa also shows confirmed NSE close with date.
5. Confirm the date: The price must be from the most recent trading day. If the date shown is more than 3 trading days old, flag it as "last available closing price as of [DATE]".
6. Record it as a concrete number: e.g., CMP: ₹869.05 [Source: Tickertape/NSE, 4 Mar 2026]

⚠️ DO NOT write raw formulas like =GOOGLEFINANCE("NSE:HDFCBANK","price") as the CMP in the report. Always resolve these to actual fetched numbers before writing the report. The report must display real prices (e.g., ₹869.05), never spreadsheet formulas.

Do not proceed to Step 2 until you have a concrete ₹ price with a date.

Step 2 — Fetch all raw data (do this BEFORE writing the report)

Use web_search and web_fetch tools sequentially. Fetch every section below. Log each fetch with the source URL so the report can cite it.

⚠️ Rule: Every number in the report must be followed by [Source: <URL or publication name, date>]. If a number cannot be sourced, write "data unavailable" — never estimate or infer.

Step 3 — Analyse

Run the analysis frameworks in references/analysis-frameworks.md.

Step 4 — Write the report

Follow the report template in references/report-template.md exactly.

Mandatory additions to the Valuation section (v1.1):

• Include a peer comparison table (minimum 3 peers) showing P/E, P/B, ROE, Revenue Growth for each peer alongside the subject stock. Source from Trendlyne peers tab or Screener.in comparison.
• Include the analyst consensus target (if fetched) as a reference data point alongside your independently derived target. Do not adopt it — just cite it as market context.

Step 5 — Quality Check (MANDATORY before publishing)

Before saving the .docx and presenting it to the user, perform a self-audit across these dimensions:

#### 5a. Price & Formula Check

• [ ] CMP is a real ₹ number (e.g., ₹869.05) — not a formula like =GOOGLEFINANCE(...)
• [ ] No spreadsheet formula syntax anywhere in the report body
• [ ] Price Snapshot box contains actual fetched numbers, not placeholders
• [ ] CMP date is the most recent trading day (flag if >3 days old)
• [ ] CMP source is Tickertape, Google Finance card, or 5Paisa — NOT Yahoo Finance or Screener.in price field

#### 5b. Data Integrity Check

• [ ] Every financial figure has an inline source tag [Source: URL, date]
• [ ] No figures marked "data unavailable" that could reasonably be found with one more search — if so, do that search now
• [ ] Screener.in price field was ignored (only historical financials used from there)
• [ ] Yahoo Finance was not used for CMP
• [ ] No analyst consensus figures invented — only cited if fetched from Trendlyne or news articles
• [ ] Peer comparison table is present in the Valuation section with sourced figures

#### 5c. Formatting & Structure Check

• [ ] All section headers from the report template are present
• [ ] Scenario Analysis table (Bull/Base/Bear) is included
• [ ] Investment Verdict has separate guidance for (a) existing holders and (b) new investors, with specific price levels
• [ ] Executive Summary opens with a specific, compelling observation — not a generic company description
• [ ] SEBI disclaimer is present at the end
• [ ] No misplaced or broken markdown (stray #, **, > outside intended sections)
• [ ] Tables are properly formatted and all columns align

#### 5d. Docx-Specific Check

• [ ] Read /mnt/skills/public/docx/SKILL.md before generating the .docx
• [ ] File saved to /mnt/user-data/outputs/ and presented via present_files tool
• [ ] Markdown summary also pasted in chat

If any check fails, fix it before presenting the report. Do not skip this step even under time pressure — a report with raw formulas or missing data is worse than a shorter but accurate one.

2. Hallucination Prevention Rules

1. No fabricated figures — All EPS, revenue, margins, P/E ratios must come from fetched pages.
2. Cite every number — Inline source tag [Source: URL, date] mandatory.
3. No stale data — If a fetch returns data older than 6 months for financials, flag it explicitly.
4. No analyst consensus invention — Only cite consensus if fetched from Trendlyne, Bloomberg Quint, or Refinitiv (via news articles).
5. Uncertainty disclosure — If a key data point (e.g., FY25 guidance) is not found after 2 search attempts, state "Not available at time of report."
6. No price targets from thin air — Target price must be derived from a visible DCF, P/E re-rating, or EV/EBITDA model using fetched numbers.
7. Never display raw spreadsheet formulas in the report — The CMP and all prices must appear as concrete ₹ numbers (e.g., ₹869.05) fetched via web search/Tickertape. Never write =GOOGLEFINANCE(...) or any formula syntax in the report body — this is a spreadsheet tool, not a report element. Never use Screener.in's displayed CMP or Yahoo Finance — both are unreliable for current NSE prices. Always obtain CMP via the Step 1.5 procedure.

3. Output format

Deliver the report as a downloadable `.docx` file using the docx skill, AND paste a markdown summary in chat.

Read /mnt/skills/public/docx/SKILL.md before generating the .docx output.

Report length: 1,500–3,000 words (excluding data tables).

Mandatory: Include a Live Price Snapshot box

Every report must include a clearly visible Price Snapshot box near the top (in the cover/snapshot section) showing the actual fetched prices:

📊 PRICE SNAPSHOT (as of [DATE])
  CMP:         ₹[actual price]
  Prev. Close: ₹[actual price]
  52W High:    ₹[actual price]
  52W Low:     ₹[actual price]
  Market Cap:  ₹[actual value] Cr
  Source:      Google Finance / Tickertape (NSE)
Note: Prices reflect last NSE close. Verify current price on NSE/BSE before trading.

⚠️ All values in this box must be real numbers fetched in Step 1.5 — never write raw spreadsheet formulas (e.g. =GOOGLEFINANCE(...)) anywhere in the report. Source must be Tickertape, Google Finance card, or 5Paisa — not Yahoo Finance.

4. Tone & Style

• Write in the style of a Tier-1 Indian brokerage research report (e.g., ICICI Securities, Kotak Institutional, Motilal Oswal style).
• The reference benchmark for style and depth is a Macfos Ltd. (BSE: 543787) style report — institutional quality, conviction-driven narrative, callout boxes for key insights and risks, specific dates/numbers throughout.
• Use callout boxes (blockquotes >) for: key channel checks or "Practitioner's Edge" insights, ⚠️ critical financial risks (e.g. negative OCF paradox), valuation risk warnings, and anomaly explanations (one-time orders, base effects).
• The Executive Summary should open with the most interesting real-world observation about the company — not a generic "Company X is a leading provider of Y." Lead with WHY the stock matters NOW.
• The Investment Verdict section must include separate, actionable guidance for (a) existing holders and (b) new investors — with specific price levels, tranching strategy, and stop-losses.
• The Scenario Analysis table (Bull/Base/Bear) is mandatory in every report.
• The Valuation section must include a peer comparison table (≥3 peers) sourced from Trendlyne or Tickertape.
• End every report with the standard SEBI disclaimer as shown in the template.

5. Benchmark Quality Dimensions

Use these 5 dimensions to self-assess report quality before delivering:

A report scoring < 5/5 on this rubric should not be delivered. Fix failing dimensions first.