Tijori Finance (fundamental research platform)
Tijori Finance is a fundamental equity research and data analytics platform for Indian listed companies, accessible at tijori.in. Tijori distinguishes itself from general equity data platforms by offering depth in areas underserved by mainstream research tools: supply chain mapping between listed companies, detailed segment-level financial data, shareholding pattern evolution with promoter pledge tracking, and cross-company financial linkage analysis. Zerodha has an investment stake in Tijori and makes it accessible within the Kite and Zerodha Console ecosystem as a research tool for fundamentally oriented investors.
Background and features
Tijori was founded with a focus on making granular corporate data accessible to individual retail investors who were typically unable to afford institutional research platforms (Bloomberg Terminal, Refinitiv Eikon, CRISIL Research) that provided similar depth. The platform ingests data from NSE and BSE filings, Ministry of Corporate Affairs (MCA) filings, annual reports, credit rating agency disclosures, and supply chain announcements.
Supply chain mapping
Tijori’s most distinctive feature is its supply chain mapping: for each listed company, Tijori attempts to identify the company’s principal suppliers and customers among other NSE/BSE-listed entities, sourced from regulatory disclosures, annual report disclosures of related party transactions, and segment filings. This allows investors to trace how a demand or supply shock affecting one company propagates through its listed counterparties.
Segment-level financials
For diversified companies that report revenue and profit across multiple business segments, Tijori presents segment-level financial data disaggregated from the consolidated financials. This is useful for valuation purposes when a conglomerate’s different segments have materially different growth profiles and appropriate valuation multiples.
Shareholding and pledge tracking
Tijori tracks the quarterly shareholding pattern for all NSE/BSE-listed companies (sourced from exchange filings), including promoter holding percentage, FII holding, DII holding, and public holding. It highlights changes in promoter pledge (shares pledged by promoters as collateral), which is considered a risk indicator; rising promoter pledge levels have historically preceded corporate stress events in several Indian companies.
Financial comparison and benchmarking
Tijori allows comparison of a company’s financial metrics against sector peers and against historical percentiles, helping investors assess whether current valuations are elevated or depressed relative to the company’s own history and peer group.
Integration with the Zerodha ecosystem
Tijori is accessible from within Kite’s research navigation as a partner platform, authenticated via the Zerodha session for logged-in clients. Unlike Tickertape, which covers both fundamental data and mutual fund comparison, Tijori is more narrowly focused on deep equity research for listed companies. The two platforms are complementary in the ecosystem: Tickertape for broader coverage and screening, Tijori for forensic depth.
Regulatory positioning
Tijori’s data and analytics tools are positioned as research utilities. SEBI’s Investment Advisers Regulations (2013) and Research Analysts Regulations (2014) govern the provision of personalised advice and investment recommendations. Tijori presents data, metrics, and analytical tools without providing personalised stock recommendations, consistent with the regulatory boundary for non-advisory data platforms.
Additional analytical features
Earnings and revenue estimates
Tijori aggregates consensus earnings and revenue estimates from sell-side analyst research reports (where publicly available), presenting a forward P/E based on the consensus earnings per share estimate for the current and next financial year. This allows investors to compare trailing and forward valuation multiples, a relevant distinction for companies in investment cycles where trailing earnings are temporarily depressed.
Management and governance indicators
Tijori tracks several management quality and corporate governance indicators, including:
- Promoter and director remuneration: Compensation paid to promoter-directors and key management personnel as a percentage of net profit, sourced from annual reports.
- Related party transaction disclosures: Summary of related party transactions flagged from annual report disclosures.
- Auditor changes: History of statutory auditor appointments and changes, with auditor tenure. Frequent auditor changes or auditor qualifications in audit reports are noted.
- Contingent liabilities: Disclosed contingent liabilities (tax disputes, litigation) as a percentage of net worth.
These indicators assist investors in forensic analysis of management behaviour beyond the standard financial statement metrics.
Competitive intensity mapping
For each industry, Tijori maps the competitive landscape of listed companies in the sector, showing revenue market share, profitability comparison, and the trend in competitive positioning over five years. For industries where competitive dynamics are a key investment thesis (e.g., airlines, telecom, e-commerce platforms as they list), this competitive landscape view is particularly useful.
Commodity price sensitivity
For companies in commodity-sensitive sectors (steel, aluminium, fertilisers, paints, specialty chemicals), Tijori shows the historical correlation between the company’s operating margins and the price of its key input or output commodities. This helps investors understand the extent to which the company’s earnings are exposed to commodity price cycles.
Audience and use cases
Tijori Finance is primarily used by:
Investors conducting deep-dive company research: Investors evaluating whether to build a concentrated position in a specific company use Tijori to perform forensic analysis that goes beyond standard ratio-based screening.
Fund managers and family offices (smaller scale): Fund managers at small alternative investment funds or family offices who are researching Indian mid-cap and small-cap companies use Tijori’s supply chain and segment data to supplement their primary research.
Financial journalists and analysts: Tijori’s supply chain maps and shareholding data are used by financial journalists covering corporate stories involving related-company transactions or promoter-pledge-related distress events.
SEBI registered research analysts: Research analysts producing company-specific research reports use Tijori to cross-check supply chain data and governance indicators as part of their research methodology.
Comparison with competitors
Platforms offering comparable fundamental data depth for Indian equities include:
- Screener.in: Strong on financial ratios and custom formulae; less emphasis on supply chain or segment decomposition. The most widely used free alternative for fundamental screening.
- Tickertape: Broader coverage including mutual funds and a composite scorecard; less forensic depth than Tijori. Better for horizontal screening across a large universe than for vertical deep-dives.
- Trendlyne: Strong on analyst consensus, forecast data, and smart-money tracking. Complementary to Tijori rather than a direct substitute.
- Bloomberg/Refinitiv: Institutional-grade depth but priced for institutional subscribers (several lakhs per year); not accessible to retail investors without institutional affiliation.
Tijori occupies a specific niche in the market as the platform providing the deepest forensic analytical tools accessible to individual retail investors at an accessible price point. Its supply chain mapping and governance indicator features are not replicated by Screener.in or Tickertape, making Tijori complementary to rather than a substitute for those platforms in a serious investor’s toolkit.
Data sourcing and methodology
Tijori’s data is sourced from multiple public filing regimes:
Exchange filings: NSE and BSE require listed companies to file quarterly shareholding patterns, corporate actions, board meeting outcomes, annual reports, and financial results. Tijori ingests these filings systematically to build its financial database.
MCA (Ministry of Corporate Affairs) filings: MCA’s XBRL-based financial filing system requires all registered companies (listed and unlisted) to file annual financial statements. For listed companies, the MCA filing provides additional granularity (full balance sheet line items, notes to accounts) beyond the exchange-facing condensed financial results.
Annual reports: Tijori parses narrative sections of annual reports for management discussion and analysis (MD&A), segment reporting, related party transaction disclosures, and director remuneration tables. The use of natural language processing to extract structured data from unstructured annual report text is a technical differentiator for platforms like Tijori.
Credit rating disclosures: SEBI requires credit rating agencies to publish rating rationales on their websites. Tijori aggregates these rationale documents, which often contain industry and company analysis not available from other data sources, for companies with rated debt instruments.
Data quality varies across these sources: exchange financial results are timely but condensed; MCA filings are comprehensive but may lag the exchange filing by several weeks; annual report parsing introduces potential extraction errors for complex tables.
Pricing and accessibility
Tijori Finance operates on a freemium model. Basic company pages with standard financial ratios, shareholding patterns, and price history are accessible without registration. Advanced analytical features, supply chain maps, segment-level financial decomposition, governance indicators, and comparative competitive analysis, are available to subscribers. The subscription pricing is positioned substantially below institutional data services while providing more analytical depth than the major free platforms (Screener.in, Moneycontrol).
For individual retail investors who are willing to pay for research quality above the free-tier baseline, Tijori’s subscription represents the deepest available analytical resource for Indian listed companies at a price accessible to non-institutional buyers. This positioning, combined with Zerodha’s ecosystem integration, makes Tijori a natural choice for Zerodha’s more analytically oriented client base.
Investor discovery and screening on Tijori
Beyond its deep-dive analytical capability for individual companies, Tijori offers screening features that allow investors to filter the NSE/BSE universe using forensic criteria not available in standard screeners. Searches such as “companies where promoter pledge has decreased for four consecutive quarters” or “companies with segment-level revenue growth above 20% in the highest-margin segment” require the granular data that Tijori ingests from regulatory filings. These forensic screening capabilities extend Tijori’s utility from a pure research tool for known companies to a discovery tool for identifying investment candidates matching specific governance or financial quality criteria across the full listed universe.
See also
References
- Tijori Finance. “About Tijori”. tijori.in. Accessed May 2026.
- NSE. “Shareholding pattern filings”. nseindia.com. Accessed May 2026.
- SEBI. “SEBI (Research Analysts) Regulations, 2014”. sebi.gov.in. Accessed May 2026.