Abhay Modi is an investment research professional with more than 25 years of experience across equity research, financial services, infrastructure, capital goods and related sectors. He joined Helios Capital in 2019 and currently serves as its Head of Research in India, contributing to the research infrastructure that supports the firm's investment process.
His career spans research and investment-oriented roles across organisations including Reliance Capital, Indian Hotels, Duff & Phelps and Artemis Advisors. His experience combines fundamental company analysis, sector research, idea generation and investment recommendations.
At Helios, Abhay Modi's role is centred on research leadership rather than direct fund management. His work forms part of the broader Helios investment research team, where structured research, stock screening and detailed company analysis are used to support investment decisions.
About Abhay Modi
Abhay Modi is the Head of Research at Helios Capital India, with more than 25 years of investment and equity research experience. He joined Helios Capital in 2019, bringing extensive experience in researching Indian companies and sectors.
Over his career, Abhay Modi has worked across different parts of the investment research ecosystem, with exposure to banking, financial services, insurance, infrastructure and capital goods. His experience includes fundamental research, company analysis, financial modelling, industry assessment and generating investment ideas.
His current position at Helios places him in a research-leadership role within the firm's India platform. Rather than being positioned as an individual fund manager, Abhay Modi contributes to the research process that helps the wider investment team assess businesses, industries and potential investment opportunities.
For more information about the organisation, see Helios Capital Asset Management India.
Abhay Modi's Education and Qualifications
Abhay Modi's academic background combines engineering with management education.
He completed his engineering education at NIT Rourkela before pursuing an MBA from IIM Ahmedabad. This combination of technical and management education has complemented his subsequent career in equity research and investment analysis.
His professional experience has subsequently focused on understanding businesses, industries, financial statements, valuations and the broader factors that influence investment decisions in Indian equities.
Abhay Modi's Investment Career Before Helios Capital
Before joining Helios Capital, Abhay Modi built his career across several organisations and investment-related roles.
His professional journey includes experience with Reliance Capital, where he developed exposure to financial and investment-related research. He also worked with Indian Hotels, gaining corporate and business-sector experience.
Another part of his career involved Duff & Phelps, where his professional exposure included analytical and valuation-oriented work. Such experience is relevant to the detailed assessment of companies and businesses that forms an important part of fundamental investment research.
Abhay Modi later became associated with Artemis Advisors, where he took on a senior investment research role. His work at Artemis Advisors included researching companies and sectors and developing investment ideas and recommendations.
His Artemis experience is particularly relevant to understanding the breadth of his equity research background. He worked across areas including banking, financial services, insurance, infrastructure and capital goods, giving him exposure to businesses with different operating models, regulatory environments and capital structures.
This career progression eventually led him to Helios Capital in 2019, where he took on responsibility for research leadership in India.
Abhay Modi's Role as Head of Research at Helios Capital India
As Head of Research, Abhay Modi's role is focused on the research side of Helios Capital's investment platform.
The position involves supporting a structured approach to researching companies and investment ideas. This includes understanding businesses, evaluating sectors, reviewing financial information and challenging the assumptions behind potential investment opportunities.
Research leadership is particularly important in an investment organisation where several analysts and investment professionals may evaluate companies independently before ideas reach the portfolio-construction stage.
Abhay's experience across multiple sectors allows him to contribute to this process through a broad understanding of Indian equities, company fundamentals and sector dynamics.
It is important to distinguish this role from that of a fund manager. Abhay Modi should be described as Head of Research at Helios Capital India, rather than as the manager of any specific Helios PMS or AIF strategy.
Abhay Modi's Equity Research Experience at Artemis Advisors
Abhay Modi's tenure at Artemis Advisors forms an important part of his investment research career.
As an Executive Director at Artemis Advisors, his work included idea generation and investment recommendations across several sectors. His research coverage included banking and financial services, insurance, infrastructure and capital goods.
This type of cross-sector research requires more than simply reviewing financial statements. Analysts typically need to understand competitive positioning, management quality, industry structure, earnings drivers, capital allocation and valuation.
Abhay's experience in these sectors therefore adds considerable depth to his background as an equity research professional. It also provides context for his current role at Helios, where fundamental research and disciplined company analysis are central to the investment process.
Abhay Modi's Role in the Helios Investment Research Process
One of the defining features of the Helios investment process is its emphasis on structured research and Elimination Investing.
The Helios Elimination Investing Framework is designed to narrow the investment universe by systematically assessing companies against a set of elimination factors. The objective is not simply to find companies that appear attractive initially, but to identify and remove businesses that do not meet the required investment criteria.
The research process can involve several stages, including:
- Initial screening: Analysts examine companies against the firm's research criteria.
- Analyst assessment: Individual analysts conduct fundamental research and assign ratings or recommendations.
- Initial Buy List: Companies that clear the initial research filters can move into further consideration.
- Deep-dive research: Selected businesses undergo more detailed analysis covering financials, industry structure, management and other relevant factors.
- ESG and valuation analysis: Research can incorporate business-quality considerations alongside valuation and risk assessment.
- Core Buy List: Companies that withstand the deeper research process can progress to the firm's Core Buy List.
- Research challenge: Investment ideas are subject to discussion and challenge within the broader investment team.
- Daily Investment Meetings: Research findings and investment ideas can be discussed collectively before investment decisions are taken.
Abhay Modi's relevance here is as the Head of Research, helping lead the research function within this broader framework. The Elimination Investing methodology should therefore be understood as part of the Helios investment and research process, rather than presented as Abhay's personally created or individually owned strategy.
Helios Investment Strategies Supported by the Research Team
The Helios research ecosystem supports investment strategies across its India platform. These include PMS and AIF offerings, with research contributing to the broader process of identifying and evaluating investment opportunities.
| Helios strategy | Context |
| Helios India Rising Portfolio PMS | Helios India PMS strategy |
| Helios India Emerging Star Portfolio PMS | Helios India PMS strategy |
| Helios India Long Short Fund | Helios alternative investment strategy |
| Helios India Alternate Fund | Helios AIF platform |
These strategies should be viewed as part of the broader Helios investment ecosystem and not as funds personally managed by Abhay Modi.
For readers looking to understand the wider PMS landscape, portfolio management services provide additional context on how professionally managed investment strategies work.
Helios Research and Investment Leadership
Abhay Modi is part of a wider investment leadership ecosystem at Helios. Readers can also explore the profiles of Dinshaw Irani and Samir Arora to understand other senior investment professionals associated with the firm.
The profile of Dharmendra Grover can also provide additional context on the firm's PMS/AIF investment-management team.