Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

Thematic (Sector/Industry)

<p>The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.</p>

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36 trillion in annual revenue, with Bharti Infratel and Indus Towers accounting for 40.8% of the total market share. As the need to manage data traffic rises, tenancy ratio of towers is expected to increase from 1.7-1.9 to 2.9 by March 2020. We believe that this form of leasing will contribute significantly to the top line of telecom tower companies in India.

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

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>Last couple of days saw big announcements coming ahead of the IPL 2026 season. Two IPL franchises - Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) - have been sold. </li>
<li>RR has been sold at a valuation of INR 15000cr+, while RCB has been sold at a valuation of INR 16500cr+. This bodes well for RPSGV's 51% stake in LSG.</li>
<li>This provides re-rating catalyst for RPSGV's stock that has been under pressure due to 53%+ stake in <a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions</a>, a BPO business whose valuation has been impacted by AI concerns.</li>
</ul>


Last couple of days saw big announcements coming ahead of the IPL 2026 season. Two IPL franchises - Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) - have been sold. 
RR has been sold at a valuation of INR 15000cr+, while RCB has been sold at a valuation of INR 16500cr+. This bodes well for RPSGV's 51% stake in LSG.
This provides re-rating catalyst for RPSGV's stock that has been under pressure due to 53%+ stake in Firstsource Solutions, a BPO business whose valuation has been impacted by AI concerns.


RPSG Ventures (RPSGV): Q3FY26 Update | IPL Franchises - RR and RCB - Sold

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>February 2026 insider activity was very strong with 50+ companies reporting insider accumulation spanning large caps and midcaps.</li>
<li>We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>Also mentioned in this insight are the names which are available significantly below the insider buying price.</li>
</ul>


February 2026 insider activity was very strong with 50+ companies reporting insider accumulation spanning large caps and midcaps.
We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
Also mentioned in this insight are the names which are available significantly below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

ICICI Prudential Asset Management Company / Equity Bottom-Up

ICICI Prudential Asset Management Company (ICICIAMC IN)

ICICI Prudential Asset Management Company

<ul>
<li>Despite the broad-based weakness in Indian equity market, insider buying in December 2025 was very strong and broad-based esp in Mid/Small cap category.</li>
<li>We highlight 60 large, mid and small cap companies that experienced insider buying during December 2025 with total transaction value of USD 95 million, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Despite the broad-based weakness in Indian equity market, insider buying in December 2025 was very strong and broad-based esp in Mid/Small cap category.
We highlight 60 large, mid and small cap companies that experienced insider buying during December 2025 with total transaction value of USD 95 million, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in December?

<ul>
<li>The BPO business continues to see robust growth and margin expansion, despite challenging macro environment. The FMCG business has been maintaining INR 550cr annualized revenue run-rate.</li>
<li>The Sports business sees sporadic revenue recognition based on scheduling of the events, and in Q2 it saw some revenues coming from its football franchise, Mohun Bagan Super Giant.</li>
<li>In Nov 2025, RPSGV announced acquisition of 40% stake in an iconic luxury fashion brand, Falguni Shane Peacock (FSP) for an enterprise value of INR 455cr (5x EV/FY25 Sales).</li>
</ul>


The BPO business continues to see robust growth and margin expansion, despite challenging macro environment. The FMCG business has been maintaining INR 550cr annualized revenue run-rate.
The Sports business sees sporadic revenue recognition based on scheduling of the events, and in Q2 it saw some revenues coming from its football franchise, Mohun Bagan Super Giant.
In Nov 2025, RPSGV announced acquisition of 40% stake in an iconic luxury fashion brand, Falguni Shane Peacock (FSP) for an enterprise value of INR 455cr (5x EV/FY25 Sales).


RPSG Ventures (RPSGV): Steady Performance in the BPO Business Despite Macro Challenges

India

Firstsource Solutions Limited provides business process outsourcing services. The Company provides services globally to companies in the banking, financial services, and insurance industries.

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Firstsource Solutions (FSOL IN)

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

RPSG Ventures (RPSGV): Q3FY26 Update | IPL Franchises - RR and RCB - Sold

Our core thesis on RPSGV has been value unlocking in the Sports business and scaling up of the FMCG business. With sale of two IPL franchises...

Ankit Agrawal, CFA

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...

Sreemant Dudhoria

Insider Activity: Who Bought Their Own Stock in December?

Robust insider buying activity observed in the last week of December'25. Notable large names are Bajaj Finance, Supreme Industries, Acutaas...

Sreemant Dudhoria

RPSG Ventures (RPSGV): Steady Performance in the BPO Business Despite Macro Challenges

RPSGV continues to scale up well its FMCG and Sports businesses, which is key to our thesis. At the same time, the BPO business has stabilized thus...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Telecom Infrastructure in India: Keeping Pace with the Surge in Subscribers

The total number of telecom towers in India stood at about 420,000 at the end of FY 2016 and the industry was estimated to rake in INR 1.36...

Speeda Research

RPSG Ventures (RPSGV): Q3FY26 Update | IPL Franchises - RR and RCB - Sold

Our core thesis on RPSGV has been value unlocking in the Sports business and scaling up of the FMCG business. With sale of two IPL franchises...

Ankit Agrawal, CFA

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – February 2026

​February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...

Sreemant Dudhoria

Insider Activity: Who Bought Their Own Stock in December?

Robust insider buying activity observed in the last week of December'25. Notable large names are Bajaj Finance, Supreme Industries, Acutaas...

Sreemant Dudhoria

RPSG Ventures (RPSGV): Steady Performance in the BPO Business Despite Macro Challenges

RPSGV continues to scale up well its FMCG and Sports businesses, which is key to our thesis. At the same time, the BPO business has stabilized thus...

Ankit Agrawal, CFA

February 2026 saw strong insider accumulation in 50+ companies across large caps and midcaps, with key sectors and company names highlighted for...