Pantomath Capital appoints Mitul Shah as MD – coverage and ECM Sales, Investment Banking

Pantomath Capital, a part of the Pantomath Group, has named Mitul Shah as Managing Director – Coverage and ECM Sales, Investment Banking. Based at Pantomath Capital Advisors, Shah will oversee institutional investor coverage, equity capital markets (ECM) sales and issuer engagement across the investor landscape.

Shah brings more than 25 years of professional experience, including close to two decades as a sell-side equity research analyst and nearly seven years in manufacturing engineering. He is known for his deep expertise spanning equity research, sectoral coverage, investor relationships and ECM-focused client interactions.

Before joining Pantomath, Shah served as Executive Director at DAM Capital, where he led research coverage for the automobile and auto ancillary sectors.

Earlier in his career, he spent several years with Reliance Securities’ institutional desk as Head of Research and Automobile Analyst, managing sector research teams and covering automobiles, aviation, IT services, PVC pipes and mid-cap stocks.

His professional journey also includes senior research positions at Quant Broking, Karvy Stock Broking and First Global Securities. Across these roles, Shah authored hundreds of research reports on Indian and global automobile sectors 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 expand our institutional coverage and equity capital markets franchise. As markets evolve, our focus remains on building a differentiated, insight-led investment banking platform, and Mitul will play a key role in that journey.”

Adding to this, Mitul Shah, Managing Director – Coverage and ECM Sales, Investment Banking, Pantomath Capital, said,
“I am delighted to join Pantomath at a time when Indian capital markets are undergoing a structural transformation. Pantomath’s integrated investment banking ecosystem, entrepreneurial mindset and strong emphasis on long-term value creation align closely with my professional philosophy. I look forward to working with issuers, investors and the leadership team to deepen institutional engagement, support quality capital raising and contribute meaningfully to the Group’s next phase of growth.”

Pantomath Capital Advisors has further reinforced its investment banking leadership through key appointments, including Hiren Raipancholia as Managing Director – ECM and Syndication. Raipancholia joins from Equirus, where he previously served as Executive Director.