I have the list of proteins which are either inhibited or induced by action of certain small molecule. I would like to know the downstream effects of this action so that I can hypothesise a mode of action of the small molecule
You should try out David (https://david.ncifcrf.gov/) and select KEGG_pathways and try to find overrepresented pathways in your data. Then examine the pathways in detail and look for downstream pathways or components.