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

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

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 defence production reached Rs. 1.78 lakh crore and exports Rs. 38,424 crore, while capability gaps remain in electronics, seekers, counter-drone systems, secure networks and materials.</li>
<li>Platform assembly creates volume; design authority, embedded software and subsystem IP can create recurring upgrades, higher switching costs and export freedom.</li>
<li>BEL is the broadest proxy, while Data Patterns, Astra Microwave, Paras Defence and Zen offer narrower technology exposure. HAL, BDL and Solar remain execution-led plays.</li>
</ul>


FY26 defence production reached Rs. 1.78 lakh crore and exports Rs. 38,424 crore, while capability gaps remain in electronics, seekers, counter-drone systems, secure networks and materials.
Platform assembly creates volume; design authority, embedded software and subsystem IP can create recurring upgrades, higher switching costs and export freedom.
BEL is the broadest proxy, while Data Patterns, Astra Microwave, Paras Defence and Zen offer narrower technology exposure. HAL, BDL and Solar remain execution-led plays.


India's Defence Opportunity Is Shifting From Platforms To Technology

<ul>
<li>India’s private space ecosystem is moving towards commercialisation, with companies developing launch vehicles, satellites and aerospace technologies.</li>
<li>The global space industry is being reshaped by reusable rockets and lower launch costs. India currently remains significantly more expensive than global leaders.</li>
<li>India’s long-term opportunity depends on building scale, improving launch economics and developing reusable launch technology.</li>
</ul>


India’s private space ecosystem is moving towards commercialisation, with companies developing launch vehicles, satellites and aerospace technologies.
The global space industry is being reshaped by reusable rockets and lower launch costs. India currently remains significantly more expensive than global leaders.
India’s long-term opportunity depends on building scale, improving launch economics and developing reusable launch technology.


India Aerospace Opportunity: Can The Space Economy Become The Next Manufacturing Revolution?

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!

India

Bharat Electronics Ltd. manufactures electronic communication equipment, night vision equipment such as image converter tubes, night vision binoculars, and goggles, periscopes, gunsights and tank electronics.  The Company's electronic communication products include HF/VHF transmitters, receivers, microwave radio relays, radars and other electronic components required by defense services.

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Bharat Electronics (BHE 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

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

India's Defence Opportunity Is Shifting From Platforms To Technology

India’s defence opportunity is shifting from platform manufacturing to IP, electronics and design authority, favouring firms with technology depth...

Nimish Maheshwari

India Aerospace Opportunity: Can The Space Economy Become The Next Manufacturing Revolution?

Can India transform its space ecosystem from a low-cost scientific programme into a globally competitive commercial aerospace industry?

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

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52-week Range

Market Cap (USDm)

P/E

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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

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

India's Defence Opportunity Is Shifting From Platforms To Technology

India’s defence opportunity is shifting from platform manufacturing to IP, electronics and design authority, favouring firms with technology depth...

Nimish Maheshwari

India Aerospace Opportunity: Can The Space Economy Become The Next Manufacturing Revolution?

Can India transform its space ecosystem from a low-cost scientific programme into a globally competitive commercial aerospace industry?

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

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