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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Thematic (Sector/Industry)

<ul>
<li>Today, the share of private players in defense manufacturing is around 20-25%. Most of the private participation has been as tier-2/tier-3 suppliers or as peripheral vendors for component manufacturing. </li>
<li>However, this has been changing. In recent times, contracts for defense equipments and systems have been awarded through competitive bidding to private players vs direct nomination exclusively to PSUs earlier.</li>
<li>For the first time in India's history, a private player led consortium is slated to win a major defense project that entails developing prototype of Advanced Medium Combat Aircraft (AMCA).</li>
</ul>


Today, the share of private players in defense manufacturing is around 20-25%. Most of the private participation has been as tier-2/tier-3 suppliers or as peripheral vendors for component manufacturing. 
However, this has been changing. In recent times, contracts for defense equipments and systems have been awarded through competitive bidding to private players vs direct nomination exclusively to PSUs earlier.
For the first time in India's history, a private player led consortium is slated to win a major defense project that entails developing prototype of Advanced Medium Combat Aircraft (AMCA).


India: Defense Privatization | Private Players Awarded Key Projects

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>FY26 Construction Equipment exports rose 31.5% to 17,394 units even as domestic volumes fell 6.7% to 113,229 units.</li>
<li>CEV Stage V compliance and lower trade barriers widen India’s addressable market beyond price-sensitive emerging economies.</li>
<li>
<a href="https://www.smartkarma.com/entities/action-construction-equipment-limited" target="_blank" data-smartkarma-citation="entities:17379:1" rel="noopener">Action Construction Equipment (ACCE IN)</a> and <a href="https://www.smartkarma.com/entities/carraro-india-ltd" target="_blank" data-smartkarma-citation="entities:56508:1" rel="noopener">Carraro India (CARRARO IN)</a> offer the clearest export-leverage; <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> and <a href="https://www.smartkarma.com/entities/beml-ltd" target="_blank" data-smartkarma-citation="entities:3249:1" rel="noopener">Beml Ltd (BEML IN)</a> retain stronger domestic or segment-mix dependence.</li>
</ul>


FY26 Construction Equipment exports rose 31.5% to 17,394 units even as domestic volumes fell 6.7% to 113,229 units.
CEV Stage V compliance and lower trade barriers widen India’s addressable market beyond price-sensitive emerging economies.

Action Construction Equipment (ACCE IN) and Carraro India (CARRARO IN) offer the clearest export-leverage; Escorts Kubota Limited (ESCORTS IN) and Beml Ltd (BEML IN) retain stronger domestic or segment-mix dependence.


Companies Benefiting in India’s Construction Equipment: Export Growth Vs Domestic Slump

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>India's Union Budget FY27 allocates a record Rs. 7.85 lakh crore to defence, a 15.19% increase, the largest-ever outlay. </li>
<li>This is driven by a doctrinal shift: defence spending is no longer calibrated to threat cycles, it is now a permanent infrastructure of the Indian state.</li>
<li>With no political dialogue on Kashmir, the IWT suspended, and China backing Pakistan, India has accepted that a high-tension equilibrium is the new normal, and is funding accordingly.</li>
</ul>


India's Union Budget FY27 allocates a record Rs. 7.85 lakh crore to defence, a 15.19% increase, the largest-ever outlay. 
This is driven by a doctrinal shift: defence spending is no longer calibrated to threat cycles, it is now a permanent infrastructure of the Indian state.
With no political dialogue on Kashmir, the IWT suspended, and China backing Pakistan, India has accepted that a high-tension equilibrium is the new normal, and is funding accordingly.


Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

<ul>
<li>India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.</li>
<li>The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.</li>
<li>
Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.</li>
</ul>


India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026, taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.
The pace and scale of approvals reinforce a multi-year procurement cycle, with indigenization becoming structural, expanding opportunities for domestic defence PSUs and private sector players.

Stronger order visibility led by BEL, improving execution clarity for HAL, BDL’s indigenization progress, and Astra Microwave’s restructuring position the sector for sustained growth momentum.


Thematic Report: India Defense Sector - Moving Into Growth Phase

<ul>
<li>India has approved INR 1 lakh crore ($12.6 billion) for building military systems at home, focusing on self-reliance.</li>
<li>This move boosts India’s defense strength with 193 defence contracts (92% domestic) already signed in FY25.</li>
<li>India is combining local manufacturing with stronger global ties, especially with the U.S, to strengthen its defense capabilities.</li>
</ul>


India has approved INR 1 lakh crore ($12.6 billion) for building military systems at home, focusing on self-reliance.
This move boosts India’s defense strength with 193 defence contracts (92% domestic) already signed in FY25.
India is combining local manufacturing with stronger global ties, especially with the U.S, to strengthen its defense capabilities.


Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

India

BEML Limited produces and sells earthmoving equipment, including railway rolling stock, heavy duty vehicles, wheel loaders, trailers, excavators and heavy recovery vehicles.

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Beml Ltd (BEML IN)

India: Defense Privatization | Private Players Awarded Key Projects

India's defense and aerospace industry is witnessing a pivotal moment with private players being awarded large-scale projects via competitive...

Ankit Agrawal, CFA

Companies Benefiting in India’s Construction Equipment: Export Growth Vs Domestic Slump

Domestic construction-equipment sales fell 6.7%, but exports rose 31.5% to 17,394 units. Stage V compliance raised the near-term cost of machines;...

Nimish Maheshwari

Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

Sudarshan Bhandari

Thematic Report: India Defense Sector - Moving Into Growth Phase

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...

Nimish Maheshwari

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India: Defense Privatization | Private Players Awarded Key Projects

India's defense and aerospace industry is witnessing a pivotal moment with private players being awarded large-scale projects via competitive...

Ankit Agrawal, CFA

Companies Benefiting in India’s Construction Equipment: Export Growth Vs Domestic Slump

Domestic construction-equipment sales fell 6.7%, but exports rose 31.5% to 17,394 units. Stage V compliance raised the near-term cost of machines;...

Nimish Maheshwari

Thematic Report- India: Defence Is No Longer a Choice, It's a Necessity!

​India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

Sudarshan Bhandari

Thematic Report: India Defense Sector - Moving Into Growth Phase

​India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

Sudarshan Bhandari

Atmanirbhar Bharat in Arms: India's Dual Strategy for Defense Dominance

​India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...

Nimish Maheshwari

India's Union Budget FY27 allocates record Rs. 7.85 lakh crore to defence, reflecting a shift to permanent infrastructure amid high-tension...

India's Defense Acquisition Council approved INR 2.38 lakh crore proposals, reinforcing a multi-year procurement cycle and boosting opportunities...

India approves $12.6 billion for building military systems at home, focusing on self-reliance and strengthening defense capabilities through local...