Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>BAF reported a strong Q1FY27 and gave an upbeat outlook for FY27. AUM grew 24% YoY and PAT grew 28% YoY. Number of new loans grew 20% YoY.</li>
<li>In Q1FY27, BAF added 194 Gold Loan branches. It now has 1701 Gold loan and 447 MFI branches which by end of FY27 will grow to 2,700+ and 520+, respectively.</li>
<li>BAF is targeting that FY28 onwards it delivers INR100,000cr of loan volume through FINAI and digital transformation, enabling it to become a pull business from being a push business.</li>
</ul>


BAF reported a strong Q1FY27 and gave an upbeat outlook for FY27. AUM grew 24% YoY and PAT grew 28% YoY. Number of new loans grew 20% YoY.
In Q1FY27, BAF added 194 Gold Loan branches. It now has 1701 Gold loan and 447 MFI branches which by end of FY27 will grow to 2,700+ and 520+, respectively.
BAF is targeting that FY28 onwards it delivers INR100,000cr of loan volume through FINAI and digital transformation, enabling it to become a pull business from being a push business.


Bajaj Finance (BAF): Bullish Outlook for FY27

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India's valuations are now close to long-term average.</li>
<li>We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.</li>
<li>23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).</li>
</ul>


Over past 10 weeks, India derated sharply. Headline forward PE is down 10% and valuations of some stocks and sectors more so. India's valuations are now close to long-term average.
We repeat our 10th August study of screening stocks with decent and robust growth forecast, reasonable valuations, healthy balance sheets. In August, 20 stocks showed up; now there are 37.
23 of these 37 are financials, more so among large-caps (8 of 11). Mid-caps (7 of 16 are non-financial) are more diverse. Non-financials dominate among Small-caps (8 out of 10).


Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>For banks, Q2 is likely to be a steady quarter for banks, with strong business growth and resilient asset quality. The key concern, however, remains pressure on NIMs.</li><li>Systemic growth was robust at ~19% YoY, with growth remaining broad-based and supported by overseas lending.</li><li>Deposit growth has also accelerated with strong support from FCNR (B) mobilisation, though it is likely to weigh on NIMs due to excess liquidity and lowerspread lending. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For banks, Q2 is likely to be a steady quarter for banks, with strong business growth and resilient asset quality. The key concern, however, remains pressure on NIMs.Systemic growth was robust at ~19% YoY, with growth remaining broad-based and supported by overseas lending.Deposit growth has also accelerated with strong support from FCNR (B) mobilisation, though it is likely to weigh on NIMs due to excess liquidity and lowerspread lending. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Banking, Financial Services & Insurance (BFSI) - ?Q2FY27E: Result Preview

<ul><li>Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.</li><li>SFBs continued to outpace the mid/larger banks, delivering robust business growth. FCNR(B) flows supported deposit mobilisation.</li><li>However, margins are likely to remain under pressure from higher CoF in Q2. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.SFBs continued to outpace the mid/larger banks, delivering robust business growth. FCNR(B) flows supported deposit mobilisation.However, margins are likely to remain under pressure from higher CoF in Q2. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Flash Note:Banks and NBFCs: Q2FY27E Provisional Update

<ul><li>Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.</li><li>The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.</li><li>In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market Performance-September Correction: A Confluence of Global and Domestic Headwinds: Indian equities enter October after a sharp September correction, with the market increasingly caught between resilient domestic economic fundamentals and a deteriorating global macro backdrop.The immediate triggers for the correction have been the renewed escalation in West Asia, a sharp rise in crude oil prices, elevated US bond yields, rupee depreciation, and sustained foreign portfolio outflows. At the same time, India's domestic growth indicators remain relatively robust, with Q1FY27 real GDP growth at 7.8%, August industrial production growth at 8.0%, and bank credit growth remaining strong.In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Axis Top Picks for the month of October 2026

India

Bajaj Finance is an Indian deposit-taking non-banking financial company (NBFC) that offers a diversified portfolio of financial products and services. These include consumer loans, SME and commercial lending, rural lending, fixed deposits, and various investment and insurance products. The company is headquartered in Pune, India, and was founded on March 25, 1987.

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Bajaj Finance (BAF IN)

Bajaj Finance (BAF): Bullish Outlook for FY27

BAF is upbeat about FY27 from a growth and profitability perspective. Growth momentum from Q1 is likely to continue throughout FY27 with all...

Ankit Agrawal, CFA

Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

India is 10% cheaper over past 10 weeks, some sectors & stocks more so. We screen 37 high growth stocks with decent future growth, sound valuations...

Manishi Raychaudhuri

Banking, Financial Services & Insurance (BFSI) - ?Q2FY27E: Result Preview

For banks, Q2 is likely to be a steady quarter for banks, with strong business growth and resilient asset quality. The key concern, however,...

Axis Direct

Flash Note:Banks and NBFCs: Q2FY27E Provisional Update

Q2FY27E provisional updates indicate broad-based strength in credit and deposit growth across lenders, in a relatively weaker quarter.

Axis Direct

Axis Top Picks for the month of October 2026

In September, the Nifty 50 declined 6.06%, the Nifty Midcap 100 fell 7.06%, Nifty Smallcap 250 declined by 3.1%, while Nifty 500 dropped 5.9%.

Axis Direct

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