Cipher Research and Analytics
Independent research and advisory at the intersection of macroeconomics, capital modelling, and quantitative financial analysis.
Explore our work →What we do
We combine rigorous academic methodology with practitioner insight to deliver analysis that clients can act on with confidence.
Systematic analysis of macroeconomic dynamics — monetary policy, fiscal frameworks, growth cycles, and sovereign credit — with a focus on emerging markets and India's economic trajectory.
Actuarial and quantitative capital modelling for insurance and financial institutions — risk aggregation, internal model development, and regulatory capital frameworks including Solvency II.
Quantitative financial research spanning equity analysis, portfolio construction, factor modelling, and investment decision frameworks grounded in both fundamental and systematic approaches.
"The goal of analysis is not to eliminate uncertainty — it is to understand it well enough to act decisively within it."
Cipher Research and Analytics — Our Approach
Get in touch
Whether you require a bespoke research engagement, capital modelling support, or an ongoing advisory relationship — we welcome the conversation.
Our services
Three interconnected disciplines — macro research, capital modelling, and financial analytics — each grounded in quantitative rigour and practitioner experience.
Macro Research
We produce systematic, data-driven analysis of macroeconomic conditions across India and key emerging markets — growth dynamics, monetary policy transmission, fiscal sustainability, and sovereign credit risk.
Drawing on econometric methods (local projections, VAR frameworks, panel data analysis) alongside deep institutional knowledge of RBI and global central banks, we help clients develop macro views they can trade and plan around.
Typical deliverables
Capital Modelling
Specialist capital modelling support for insurance companies, reinsurers, and financial institutions — spanning model design, regulatory compliance (Solvency II, IAIS ICS), risk aggregation, and internal model governance.
With hands-on experience in ReMETRICA and Python-based modelling, we help firms build capital models that are technically robust and genuinely decision-useful.
Typical deliverables
Financial Analytics
Quantitative investment research across Indian listed equities — combining fundamental analysis with systematic factor frameworks to support portfolio construction, stock selection, and investment decision-making.
Our analytics capability spans data engineering, factor model development, backtesting infrastructure, and bespoke research tools for institutional investors, family offices, and asset managers.
Typical deliverables
"The goal of analysis is not to eliminate uncertainty — it is to understand it well enough to act decisively within it."
Cipher Research and Analytics — Our Approach
Our people
Cipher Research and Analytics was built by two IIT Delhi alumni who share a belief that rigorous, independent research is the most valuable thing a financial advisory firm can offer.
Founding Partners
Co-Founder · Macro Research & Capital Modelling
Chinmaya brings together rigorous quantitative methods and macro-financial insight, with deep expertise in actuarial capital modelling and India's evolving economic landscape. Prior to co-founding Cipher, he served as Senior Capital Analyst at AXA XL, leading P&C risk model implementation and working extensively on Solvency II internal model frameworks, SCR estimation, and risk concentration analysis.
His research interests span monetary policy transmission, emerging market fiscal dynamics, and systematic investment frameworks — with a particular focus on India's macro cycle and listed equity markets.
Co-Founder · Data & Quantitative Analytics
Chetan leads the firm's quantitative and technology capabilities, bringing strong analytical and engineering foundations from his background in computer science. His work focuses on building the data infrastructure, modelling pipelines, and analytical frameworks that underpin Cipher's research output.
[Detailed biography and professional background to be updated. Chetan's full profile will be added shortly.]
First-principles thinking
Every engagement begins with foundational reasoning — not received wisdom or templated frameworks.
Intellectual honesty
We communicate uncertainty clearly and never overstate the confidence of our conclusions.
Disciplinary breadth
Economics, engineering, and computer science — because complexity demands multiple lenses.
Practitioner rigour
Academic in method, practitioner in orientation — research clients can act on with confidence.
Get in touch
Whether you require a bespoke research engagement, capital modelling support, or an ongoing advisory relationship — we welcome the conversation.
Contact details
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