The 2013 All-India Research Team: Capital Goods, First: Lokesh Garg
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The 2013 All-India Research Team: Capital Goods, First: Lokesh Garg


Lokesh Garg

Kotak Securities

First-place appearances: 3

Total appearances: 3

Analyst debut: 2011

It’s three in a row at the top of the roster for Lokesh Garg, 35. “Lokesh is hardworking and industrious,” asserts one booster. The Kotak Securities analyst monitors 15 names, with “a better understanding than his competitors, focusing on not only [profit-and-loss statements] but also balance sheets and cash flow,” adds an asset manager in Singapore. A May downgrade of Cummins India from add to reduce further endeared Garg to clients. Domestic and international demand were soft, he advised, driving down margins for the Pune-based manufacturer of internal-combustion engines and public transport vehicles. Through mid-October the stock tumbled 21.5 percent, to 401.65 rupees, which was worse even than the sector’s 17.6 percent decline over that period. Garg remains cautious. The “investment cycle may take time to restart,” he believes. Also praised for his broad thematic pieces about such topics as lagging export markets, “Lokesh has distinguished himself by being a thought leader in an otherwise consensus-hugging sell side,” cheers another investor. “He puts together industry data to point out emerging trends ahead of the curve.” — Ben Mattlin

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