Gaureesh Vats Shukla runs forensic research on Indian listed companies and IPOs, built entirely from primary filings.
He has read several hundred Indian offer documents and analysed more than 250 IPOs over his career - most of them manually, before he built the structured extraction engine that now handles the work at scale. Over a hundred company and IPO analyses are published live on FinMinutes. Coverage runs the full cap spectrum, large caps through micro caps, alongside macro research and mutual funds, with particular depth in the segment institutional research does not reach: companies outside the top 100, and SME issues no research desk covers.
The work is built from primary documents rather than secondary summaries - annual reports, draft and final offer documents, restated financial statements, auditor reports including CARO annexures, related-party notes and earnings calls. To restated numbers he applies a standard forensic battery: Beneish M-score, Altman Z-double-prime, Piotroski F-score, DuPont decomposition and cash-conversion analysis. He also compares draft against final offer documents to identify what changed between filings - a check rarely performed in this market.
A second body of work is sector and market-entry research. Every Indian offer document embeds a commissioned industry report from CRISIL, CARE or Frost & Sullivan that the issuer paid heavily for and almost nobody reads. Across seventy-plus filings these have been assembled into a structured picture of Indian industries with little independent coverage. Combined with regulator, ministry and industry-body data, it supports market sizing, competitive landscape analysis, value chain mapping, unit economics, market-entry viability and commercial due diligence. He also tracks private and unlisted Indian companies with no listed comparables, among them Polymatech, Garuda Aerospace, NCDEX and Otis Elevator India.
The sectors closest to his work are defence and aerospace, semiconductors and electronics manufacturing, technology, engineering and EPC, solar and renewables, and capital goods - a reflection of the engineering degree that preceded the research. Banking and financial services has been a sustained coverage area, with a lender-specific framework built on net interest margin, asset quality, provisioning adequacy and price-to-book against return on assets.
The path was not linear. A fascination with markets took hold in the final year of an aerospace engineering degree at SRM and never let go. Postgraduate study at the University of Tokyo was the plan until COVID rewrote it. A seat at one of India's most reputed business schools lasted a month, because the curriculum did not match the conviction. He completed NISM's Post Graduate Programme in Securities Markets with a Research Analysis specialisation, and then chose to build rather than collect further credentials. FinMinutes is that build.