Quick Read

This free NISM Research Analyst mock test has 14 MCQs and one case study with 4 questions, built for the revised NISM XV (NISM 15) pattern that applies from 20 January 2026. Every question has a worked answer. Together, they cover the chapters that carry the most marks: Financial Analysis, Valuation, Technical Analysis, and Risk and Return. NISM doesn't publish past question papers, so these are original practice questions, not PYQs. Use them to find your weak areas, then switch to full-length timed mocks in your last two weeks.

How the NISM XV Exam Is Structured in 2026

Detail	NISM XV (from 20 Jan 2026)
Questions	80 MCQs + 5 case studies × 4 questions
Total marks	100
Duration	2 hours
Pass mark	60 (60%)
Negative marking	0.25 per wrong 1-mark answer
Highest-weightage chapters	Technical Analysis (15), Financial Analysis (12), Valuation (12), Legal & Regulatory (10)

Before you rely on any mock test, check three things: does it have 5 case studies, does it run for 2 hours, and does it deduct 0.25 marks for each wrong answer?

Many free tests online still follow the old pattern with only 2 case studies. Scoring well on them can give you false confidence.

The case studies now carry 20 marks, so if you’re weak there, you’d need 60 of the remaining 80 MCQs right just to pass, with no room for mistakes.

A mock that matches the real pattern shows you that gap while you still have time to fix it. For the full chapter list and how many marks each chapter carries, see our NISM XV syllabus and chapter-wise weightage guide.

Are NISM XV Previous Year Question Papers Available?

No. NISM keeps its question bank confidential and does not disclose exam questions or answers, so there are no official previous year papers for Series XV.

Anything online labelled “NISM 15 PYQ” or “question paper PDF” is either recalled from memory by past candidates or put together as a practice set.

These sets can still help, but use them with care:

• Check the pattern. If a paper has only 2 case studies, it was built for the old exam and won’t prepare you for the 20 case-study marks you’ll face now.
• Check the answers. Recalled papers often have wrong or missing solutions, and practising a wrong method does more harm than skipping the question.
• Don’t rely on repeats. NISM says it reviews its question bank from time to time, so memorising old questions is a weak strategy. Understanding the concept is what carries you through.

NISM itself recommends the chapter-end sample questions and worked examples in the official workbook. Use those alongside the original questions below.

Each one is tagged with its chapter, so you know exactly which topic you’re practising and where to go back if you get it wrong.

NISM Research Analyst Sample Questions with Answers

Treat these the way you’d treat the real exam. Cover the answer, work each question out with a calculator, and note your choice before you check.

Give yourself about a minute per question, because that’s roughly the pace you’ll need on exam day. When you get one wrong, read the worked solution carefully. The mistake usually comes from the method, not the arithmetic.

Q1. Quick Ratio (Chapter 8: Financial Analysis)

A company has a current ratio of 2.5:1, current liabilities of ₹800 crore and inventory of ₹400 crore. What is its quick ratio?

• a) 1.5:1
• b) 2.0:1
• c) 2.5:1
• d) 3.0:1

Answer: (b) 2.0:1

Formula: Quick ratio = (Current assets − Inventory) ÷ Current liabilities

Current assets = 2.5 × 800 = ₹2,000 crore

Quick assets = 2,000 − 400 = ₹1,600 crore

Quick ratio = 1,600 ÷ 800 = 2.0

Q2. Dividend per Share (Chapter 8: Financial Analysis)

A company's net profit is ₹10 lakh, it has 40,000 shares, and it retains 40% of its profit. What is the dividend per share?

• a) ₹10
• b) ₹15
• c) ₹25
• d) ₹40

Answer: (b) ₹15

Formula: DPS = EPS × Payout ratio

EPS = 10,00,000 ÷ 40,000 = ₹25

Payout ratio = 100% − 40% = 60%

DPS = 25 × 0.6 = ₹15

Q3. Inventory Turnover (Chapter 8: Financial Analysis)

A company holds inventory for 25 days on average. Assuming 365 days in a year, what is its inventory turnover?

• a) 9.1 times
• b) 12.0 times
• c) 14.6 times
• d) 25.0 times

Answer: (c) 14.6 times

Formula: Inventory turnover = 365 ÷ Inventory days

365 ÷ 25 = 14.6 times

Q4. Closing Stock (Chapter 8: Financial Analysis)

Opening stock is ₹2,00,000, purchases are ₹15,00,000 and cost of goods sold is ₹10,00,000. What is the closing stock?

• a) ₹3,00,000
• b) ₹5,00,000
• c) ₹7,00,000
• d) ₹13,00,000

Answer: (c) ₹7,00,000

Formula: Closing stock = Opening stock + Purchases − COGS

2,00,000 + 15,00,000 − 10,00,000 = ₹7,00,000

Q5. Cash Flow Classification (Chapter 8: Financial Analysis)

Cash received from selling a company's office premises is shown under:

• a) Operating activities
• b) Investing activities
• c) Financing activities
• d) It is not shown

Answer: (b) Investing activities

Buying and selling long-term assets such as property, plant and equipment is classified as an investing activity.

Q6. WACC (Chapter 10: Valuation Principles)

A firm's debt-to-equity ratio is 1.5:1. The pre-tax cost of debt is 10%, the cost of equity is 12% and the tax rate is 30%. What is its WACC?

• a) 8.2%
• b) 9.0%
• c) 10.8%
• d) 11.2%

Answer: (b) 9.0%

Formula: WACC = (Wd × Kd × (1 − t)) + (We × Ke)

Debt weight = 1.5 ÷ 2.5 = 60%, so equity weight = 40%

After-tax cost of debt = 10% × (1 − 0.30) = 7%

WACC = (0.6 × 7%) + (0.4 × 12%) = 4.2% + 4.8% = 9.0%

Q7. Relative Valuation (Chapter 10: Valuation Principles)

A company's EPS is ₹25 and comparable peers trade at a P/E of 18. What is its fair price based on the peer P/E?

• a) ₹180
• b) ₹250
• c) ₹450
• d) ₹720

Answer: (c) ₹450

Formula: Price = EPS × P/E

25 × 18 = ₹450

Q8. Dividend Discount Model (Chapter 10: Valuation Principles)

Next year's expected dividend is ₹10, the required return is 12% and dividends grow at a constant 7%. What is the share's value?

• a) ₹83
• b) ₹143
• c) ₹200
• d) ₹214

Answer: (c) ₹200

Formula: Value = D1 ÷ (k − g)

10 ÷ (0.12 − 0.07) = 10 ÷ 0.05 = ₹200

Q9. CAGR (Chapter 12: Fundamentals of Risk and Return)

A fund's NAV rises from ₹16 to ₹27 in 2 years. What is the CAGR?

• a) 29.3%
• b) 29.9%
• c) 34.4%
• d) 68.8%

Answer: (b) 29.9%

Formula: CAGR = (Ending value ÷ Beginning value)^(1/n) − 1

(27 ÷ 16)^(1/2) − 1 = √1.6875 − 1 = 1.299 − 1 = 29.9%

Trap: Option (c), 34.4%, is the simple annual return (68.75% ÷ 2). It ignores compounding.

Q10. CAPM (Chapter 12: Fundamentals of Risk and Return)

The risk-free rate is 6%, the market return is 12% and the stock's beta is 1.5. What is the required return?

• a) 9%
• b) 12%
• c) 15%
• d) 18%

Answer: (c) 15%

Formula: Required return = Rf + β × (Rm − Rf)

6% + 1.5 × (12% − 6%) = 6% + 9% = 15%

Q11. Bonus Issue (Chapter 9: Corporate Actions)

A share trades at ₹400 before a 1:1 bonus issue. What is its theoretical price after the bonus?

• a) ₹100
• b) ₹200
• c) ₹400
• d) ₹800

Answer: (b) ₹200

A 1:1 bonus gives one extra share for every share held, which doubles the share count. The company's value doesn't change, so the price halves: 400 ÷ 2 = ₹200.

Q12. Moving Average (Chapter 15: Technical Analysis)

A stock closes at ₹100, ₹102, ₹104, ₹103 and ₹106 over five days. What is its 5-day simple moving average?

• a) ₹102
• b) ₹103
• c) ₹104
• d) ₹106

Answer: (b) ₹103

Formula: SMA = Sum of closing prices ÷ Number of days

(100 + 102 + 104 + 103 + 106) ÷ 5 = 515 ÷ 5 = ₹103

Q13. RSI (Chapter 15: Technical Analysis)

An RSI reading above 70 is conventionally read as:

• a) Oversold
• b) Overbought
• c) Neutral
• d) A volume signal

Answer: (b) Overbought

RSI moves between 0 and 100. By convention, readings above 70 suggest a stock may be overbought, and readings below 30 suggest it may be oversold.

Q14. Golden Cross (Chapter 15: Technical Analysis)

A golden cross occurs when:

• a) A short-term moving average crosses above a long-term moving average
• b) A short-term moving average crosses below a long-term moving average
• c) Price touches a support level
• d) Volume doubles in one session

Answer: (a)

A golden cross is read as a bullish signal. A common example is the 50-day moving average crossing above the 200-day moving average. Option (b) describes the opposite, a death cross.

Check which chapters your wrong answers came from.

If most were from one chapter, revise that chapter first. If they were spread across chapters, you’re probably rushing, so slow down and recheck each step.

Then try the case study below, which tests several of these topics in one question set.

NISM XV Case Study Practice (2026 Pattern)

The revised exam has 5 case studies, each with 4 questions, together worth 20 marks. Every case gives you one company’s data, and the questions build on each other.

Read the full case once before you start, note the key figures, and solve the questions in order.

Here's the full case in the same format as the MCQs, with the company data in a table so it's easy to refer back to while solving.

Case: ABC Ltd

Item	Value
Revenue	₹500 crore
EBITDA	₹100 crore
Depreciation	₹20 crore
Interest	₹10 crore
Tax rate	30%
Shares outstanding	10 crore
Current share price	₹168

Case Q1. What is ABC's EBITDA margin?

• a) 10%
• b) 16%
• c) 20%
• d) 25%

Answer: (c) 20%

Formula: EBITDA margin = EBITDA ÷ Revenue

100 ÷ 500 = 20%

Case Q2. What is ABC's interest coverage ratio?

• a) 7x
• b) 8x
• c) 9x
• d) 10x

Answer: (b) 8x

Formula: Interest coverage = EBIT ÷ Interest

EBIT = EBITDA − Depreciation = 100 − 20 = ₹80 crore

80 ÷ 10 = 8x

Trap: Using EBITDA instead of EBIT gives 10x, which is option (d).

Case Q3. What is ABC's EPS?

• a) ₹4.90
• b) ₹5.60
• c) ₹7.00
• d) ₹8.00

Answer: (a) ₹4.90

Formula: EPS = Net profit ÷ Shares outstanding

PBT = EBIT − Interest = 80 − 10 = ₹70 crore

PAT = 70 × (1 − 0.30) = ₹49 crore

EPS = 49 ÷ 10 = ₹4.90

Case Q4. What is ABC's P/E ratio?

• a) 21.0x
• b) 24.0x
• c) 30.0x
• d) 34.3x

Answer: (d) 34.3x

Formula: P/E = Share price ÷ EPS

168 ÷ 4.90 = 34.3x

Each answer feeds into the next: EBIT gives you PBT, PBT gives you EPS, and EPS gives you the P/E.

One early mistake carries through the whole case, so double-check your first calculation before moving on.

How to Score Your Practice

Give yourself +1 for each correct answer and deduct 1.25 for each wrong one. Questions you left blank score zero. This is how NISM marks the real exam, so practise scoring the same way.

• 16 and above: Your concepts and calculations are exam-ready. Move on to full 100-mark mocks under a 2-hour timer.
• 12 to 15.75: You know the concepts, but some answers slip through because of errors or rushing. Redo the questions you got wrong, then retake this set after 2 days.
• Below 12: Some core topics need more work. Revise ratios, valuation and technical indicators before you take more mocks.

Treat your score as a starting point, not a verdict. Use it to decide what to study next, then come back to this set after revising to see how much you’ve improved.

If your score showed gaps across several chapters, guided study can help you close them faster. Our NISM Series XV Research Analyst Program takes you through the full syllabus chapter by chapter, with case-study practice along the way.

NISM XV Mock Test Strategy for Your Last 2 Weeks

Days 1–7: Find your weak spots:

• Take one chapter-wise test a day, starting with Chapters 15, 8, 10 and 14, since they carry the most marks.
• Write down every question you get wrong and why.

Days 8–12: Build speed and stamina:

• Take full 100-mark mocks under real conditions: 2 hours, a calculator and no breaks.
• Review each mock the same day while the mistakes are fresh.

Days 13–14: Revise, don’t test:

• Skip new mocks and a bad score this close to the exam only shakes your confidence.
• Go through your error notes, focusing on mistakes you made more than once.
• Read through a one-page formula sheet so the numericals feel familiar on exam day.

Common Mistakes in NISM XV Numericals

In NISM XV, most marks are lost on easy questions solved in a hurry, not on hard ones. These five mistakes come up again and again.

Mistake	What students do	What to do instead	Example
Ignoring compounding	Divide total return by the number of years	Use (End ÷ Start)^(1/n) − 1	Q9: 29.9%, not 34.4%
Forgetting tax on debt	Use the pre-tax cost of debt in WACC	Multiply by (1 − tax rate)	Q6: 7%, not 10%
Reading a ratio as a percentage	Treat D/E of 1.5:1 as 150% debt	Debt weight = 1.5 ÷ 2.5	Q6: 60% debt
Using EBITDA for interest coverage	Divide EBITDA by interest	Divide EBIT by interest	Case Q2: 8x, not 10x
Mixing lakh and crore	Lose or add a zero	Write the full number first	Q2: ₹10 lakh = ₹10,00,000

The wrong options in the exam are usually set up to catch exactly these slips. So when an answer comes too easily, check it once more before you move on.

Conclusion

NISM XV rewards students who practise for the exam as it is today: 80 MCQs, 5 case studies worth 20 marks, and a 0.25-mark penalty for every wrong answer.

Since NISM doesn’t release past papers, your best preparation is the official workbook combined with practice questions written for the current syllabus, like the ones on this page.

Use the 18 questions here to find out where you stand. Your score shows which chapters need attention, the case study shows how one calculation leads to the next, and the common mistakes show where easy marks usually slip away.

Fix those areas first, then build speed and stamina with full-length timed mocks in your last two weeks.

There’s no fixed exam date, so book your slot only when your mock scores are steadily above 90% makrs in our mock test . That way you walk in prepared, not just hopeful.