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

Edelweiss Financial Services / Equity Bottom-Up

<ul>
<li>Edelweiss' asset management business is scaling up well and so are the insurance businesses. The insurance businesses are on track to breakeven by the end of FY27.</li>
<li>Disbursements in the credit businesses rose rapidly. NBFC disbursals crossed INR 1000cr in FY26 (tripled YoY), while HFC disbursements grew 27% YoY to INR 2171cr.</li>
<li>Adjusted for one-time impact from GST changes in the life insurance business and labour code related impact, Edelweiss reported a strong Q4FY26 and FY26. </li>
</ul>


Edelweiss' asset management business is scaling up well and so are the insurance businesses. The insurance businesses are on track to breakeven by the end of FY27.
Disbursements in the credit businesses rose rapidly. NBFC disbursals crossed INR 1000cr in FY26 (tripled YoY), while HFC disbursements grew 27% YoY to INR 2171cr.
Adjusted for one-time impact from GST changes in the life insurance business and labour code related impact, Edelweiss reported a strong Q4FY26 and FY26. 


India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Event-Driven

Edelweiss Financial Services / Event-Driven

<ul>
<li>Edelweiss reported slightly weaker than expected performance in the NBFC and Mutual Funds Business</li>
<li>However, management remains confident of a turnaround in both businesses, citing industry tailwinds, the credit cycle turning in favor of NBFCs, and robust retail inflows supporting MF profitability</li>
<li>We remain focused on the alternatives IPO as a value-unlocking event, currently expected before September. EAAA reported inline results, with fee-paying AUM at ~$5bn amid strong fund local raising oulook.</li>
</ul>


Edelweiss reported slightly weaker than expected performance in the NBFC and Mutual Funds Business
However, management remains confident of a turnaround in both businesses, citing industry tailwinds, the credit cycle turning in favor of NBFCs, and robust retail inflows supporting MF profitability
We remain focused on the alternatives IPO as a value-unlocking event, currently expected before September. EAAA reported inline results, with fee-paying AUM at ~$5bn amid strong fund local raising oulook.


Edelweiss: FY26 Earnings and SOTP Updates

<ul>
<li>We update our SOTP estimate on the stock based on 9mFY26 results as well as impact of recent transactions in Home Finance and Mutual Funds business</li>
<li>Shareprice is up 33% since Aug-2026 to Rs. 128/share in line with our original base case valuation. At revised SOTP, we estimate additional upside of 15-20%</li>
<li>We anticipate another round of re-rating as the company proceeds to  list the alternates business (EAAA) by Sept-2027</li>
</ul>


We update our SOTP estimate on the stock based on 9mFY26 results as well as impact of recent transactions in Home Finance and Mutual Funds business
Shareprice is up 33% since Aug-2026 to Rs. 128/share in line with our original base case valuation. At revised SOTP, we estimate additional upside of 15-20%
We anticipate another round of re-rating as the company proceeds to  list the alternates business (EAAA) by Sept-2027


<ul>
<li>
<a href="https://www.smartkarma.com/entities/edelweiss-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:15015:1" rel="noopener">Edelweiss</a> reported a decent Q3 as PAT of its underlying businesses grew 15% YoY to INR 129cr. For 9MFY26, the same grew 10%+ YoY to reach INR 450cr+.</li>
<li>The Mutual Fund (MF) and alternatives businesses continue to show strong growth in profitability, while the losses have been narrowing in the insurance businesses.</li>
<li>Edelweiss continues to unlock value across its businesses. Edelweiss sold a majority stake in Nido Home Finance to Carlyle. A minority stake was also sold in the alternatives business. </li>
</ul>



Edelweiss reported a decent Q3 as PAT of its underlying businesses grew 15% YoY to INR 129cr. For 9MFY26, the same grew 10%+ YoY to reach INR 450cr+.
The Mutual Fund (MF) and alternatives businesses continue to show strong growth in profitability, while the losses have been narrowing in the insurance businesses.
Edelweiss continues to unlock value across its businesses. Edelweiss sold a majority stake in Nido Home Finance to Carlyle. A minority stake was also sold in the alternatives business. 


Edelweiss: Q3FY26 Update | Sale of Nido Home Finance and EAAA

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>
<a href="https://www.smartkarma.com/entities/edelweiss-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:15015:1" rel="noopener">Edelweiss Financial Services (EDEL IN)</a> is divesting a controlling 73% stake in Nido Home Finance to Carlyle Group and Aditya Puri for approximately INR 2,100 crore</li>
<li>The transaction infuses INR 1,500 crore capital into Nido for growth while providing liquidity to Edelweiss for reducing corporate debt and strengthening its balance sheet</li>
<li>This strategic move unlocks significant value by monetizing a mature asset at a premium valuation while pivoting the group towards an asset-light business model</li>
</ul>



Edelweiss Financial Services (EDEL IN) is divesting a controlling 73% stake in Nido Home Finance to Carlyle Group and Aditya Puri for approximately INR 2,100 crore
The transaction infuses INR 1,500 crore capital into Nido for growth while providing liquidity to Edelweiss for reducing corporate debt and strengthening its balance sheet
This strategic move unlocks significant value by monetizing a mature asset at a premium valuation while pivoting the group towards an asset-light business model


Event Driven: Edelweiss ~ How Housing Finance Stake Sale Unlocks Value?

India

Edelweiss Financial Services is a diversified Indian financial services conglomerate offering a broad range of products and services, including credit (retail and corporate), asset management (mutual funds and alternative assets), asset reconstruction, and insurance (life and general). The company caters to corporations, institutions, and individuals, providing solutions such as investment banking, wealth management, and advisory services. Headquartered in Mumbai, India, it was founded in 1995.

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Edelweiss Financial Services (EDEL IN)

Edelweiss: Making All the Right Moves

Edelweiss continues to scale up its businesses rapidly, especially the asset management and insurance businesses. The credit business is also...

Ankit Agrawal, CFA

Edelweiss: FY26 Earnings and SOTP Updates

Edelweiss faces challenges in NBFC and MF biz, but management is optimistic citing industry tailwinds. EAAA reported inline results with $5bn fee...

Himanshu Dugar

EDEL IN - SOTP Update - EAAA IPO Awaited

Edelweiss has received SEBI approval to move ahead with the IPO. The timeline will likely be delayed given weak market sentiment. We expect...

Himanshu Dugar

Edelweiss: Q3FY26 Update | Sale of Nido Home Finance and EAAA

Edelweiss is continuing to scale up its underlying businesses, while also unlocking value in them. On the value unlocking front in particular,...

Ankit Agrawal, CFA

Event Driven: Edelweiss ~ How Housing Finance Stake Sale Unlocks Value?

Edelweiss Financial Services divests 73% stake in Nido Home Finance to Carlyle Group and Aditya Puri for INR 2,100 crore, unlocking value and...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Edelweiss: Making All the Right Moves

Edelweiss continues to scale up its businesses rapidly, especially the asset management and insurance businesses. The credit business is also...

Ankit Agrawal, CFA

Edelweiss: FY26 Earnings and SOTP Updates

​Edelweiss faces challenges in NBFC and MF biz, but management is optimistic citing industry tailwinds. EAAA reported inline results with $5bn fee...

Himanshu Dugar

EDEL IN - SOTP Update - EAAA IPO Awaited

Edelweiss has received SEBI approval to move ahead with the IPO. The timeline will likely be delayed given weak market sentiment. We expect...

Himanshu Dugar

Edelweiss: Q3FY26 Update | Sale of Nido Home Finance and EAAA

Edelweiss is continuing to scale up its underlying businesses, while also unlocking value in them. On the value unlocking front in particular,...

Ankit Agrawal, CFA

Event Driven: Edelweiss ~ How Housing Finance Stake Sale Unlocks Value?

​Edelweiss Financial Services divests 73% stake in Nido Home Finance to Carlyle Group and Aditya Puri for INR 2,100 crore, unlocking value and...

Sudarshan Bhandari

Edelweiss faces challenges in NBFC and MF biz, but management is optimistic citing industry tailwinds. EAAA reported inline results with $5bn fee...

Edelweiss Financial Services divests 73% stake in Nido Home Finance to Carlyle Group and Aditya Puri for INR 2,100 crore, unlocking value and...