The study looked at a five-factor model to understand how different factors affect stock returns in the Indian market. They analyzed data from 486 companies over 15 years and found that factors like size, value, and profitability can help predict stock returns. The five-factor model explained variations in stock returns better than a simpler model, but didn't improve the accuracy significantly. This research has implications for how assets are priced and how to make investment decisions in the Indian stock market.