The case concerns a financial services company offering a full range of services and products ranging from equity and commodities broking to depository services and research to enhance the wealth of its clients and hence enable them to achieve their financial goals. Equity research is at the core of the services portfolio of the company. The case displays this activity of the firm, where it is required to take a call on the investment potential of the equity shares of a turnaround company at the prevailing price. The case has been structured to enable the application of learning of the theory and concepts of equity analysis and valuation, to practice. It involves the fundamental analysis of an equity investment. One may consider an additional option of employing technical analysis to enrich the investment call.