Mumbai: Pantomath Capital Advisors, one of India’s leading mid-market investment banking firms and part of the Pantomath Group, today announced the appointment of Mitul Shah as Managing Director – Coverage and ECM Sales, Investment Banking. The appointment further reinforces Pantomath’s senior leadership and institutional capabilities as it continues to scale its investment banking platform.
In his new role, Mitul will focus on strengthening institutional investor coverage, enhancing equity capital markets (ECM) sales capabilities, and deepening engagement between issuers and the investor ecosystem, in line with Pantomath’s long-term investment banking growth strategy.
Mitul brings over two-and-a-half decades of professional experience, including nearly two decades as a highly regarded sell-side equity research analyst and close to seven years in manufacturing engineering. He is widely recognised for his deep domain expertise across equity research, sector coverage, investor engagement, and ECM-related client interactions.
Prior to joining Pantomath, Mitul was associated with DAM Capital as Executive Director, where he led comprehensive research coverage of the automobile and auto ancillary sectors. His role involved building detailed financial models, authoring high-impact research reports, and engaging extensively with corporate management teams and institutional investors through conferences, plant visits, and domestic and international roadshows. He has consistently been ranked among the most-voted analysts by leading domestic and global fund houses and has featured on the top-rated analysts list by Asia Money and Bloomberg, underscoring the credibility and influence of his research.
Earlier, Mitul spent several years at Reliance Securities’ Institutional Desk as Head of Research and Automobile Analyst, where he supervised sectoral research teams and covered multiple sectors including automobiles, aviation, IT services, PVC pipes, and mid-cap stocks. During this tenure, his research portfolios delivered strong outperformance against benchmark indices. His career also includes senior research roles at Quant Broking, Karvy Stock Broking, and First Global Securities, where he authored several hundred research reports across the Indian and global automobile space and built long-standing relationships with corporate leaders, fund managers, and buy-side analysts.
Commenting on the appointment, Mahavir Lunawat, CMD, Pantomath Capital, said, “Mitul’s appointment is a strategic addition to Pantomath’s investment banking leadership as we deepen our institutional coverage and equity capital markets franchise. As markets evolve, our focus remains on building a differentiated, insight-led investment banking division, and Mitul will play a pivotal role in that journey.”
Mitul Shah, Managing Director – Coverage and ECM Sales, Investment Banking, Pantomath Capital, added, “I am delighted to join Pantomath at a time when the Indian capital markets are undergoing a structural transformation. Pantomath’s integrated investment banking ecosystem, entrepreneurial culture, and strong focus on long-term value creation strongly resonate with my professional philosophy. I look forward to working closely with issuers, investors, and the leadership team to strengthen institutional engagement, support high-quality capital raising, and contribute meaningfully to the Group’s next phase of growth.”
Mitul holds a Post Graduate Diploma in Business Management (Finance) from N. L. Dalmia Institute of Management Studies and a Bachelor’s degree in Mechanical Engineering from Sardar Patel College of Engineering, Mumbai University. His industry recognitions include the ET Now Starmine Best Earnings Estimator Award for the transport sector.
The appointment follows a series of senior leadership additions at Pantomath Capital Advisors, including the recent onboarding of Hiren Raipancholia as Managing Director – ECM and Syndication, reflecting the firm’s continued focus on strengthening its investment banking franchise.
