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

Kolte Patil Developers / Equity Bottom-Up

<ul>
<li>Q1FY26 pre-sales came in weak led by delayed launches; however, <a href="https://www.smartkarma.com/entities/kolte-patil-developers-ltd" target="_blank" data-smartkarma-citation="entities:6819:1" rel="noopener">KPDL's</a> management has guided to do INR 3500cr+ (25% YoY growth) in pre-sales for the full-year FY26.</li>
<li>During Q1FY26, KPDL completed allotment of 14.3% equity stake to Blackstone bringing in INR 417cr of capital that is earmarked to be predominantly used as growth capital. </li>
<li>Due to ongoing transition phase with <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> being added as a promoter, the business development activity has been slow. However, more clarity and visibility is expected post Q2.</li>
</ul>


Q1FY26 pre-sales came in weak led by delayed launches; however, KPDL's management has guided to do INR 3500cr+ (25% YoY growth) in pre-sales for the full-year FY26.
During Q1FY26, KPDL completed allotment of 14.3% equity stake to Blackstone bringing in INR 417cr of capital that is earmarked to be predominantly used as growth capital. 
Due to ongoing transition phase with Blackstone (BX US) being added as a promoter, the business development activity has been slow. However, more clarity and visibility is expected post Q2.


Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

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

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

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> raised 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 and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Travel Food Services Ltd (1450229D IN) raised 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 and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

<ul>
<li>FY25 was a tough year for Kolte Patil due to delay in new launches which led to lower than expected pre-sales. FY25 pre-sales growth was flat YoY vs 20%+ guided.</li>
<li>Business development activity was also underwhelming at INR 4000cr vs INR 8000cr guided. This has been due to delays, suggesting that FY26 will be better led by spillover.</li>
<li>In terms of execution, 2 Million Square Feet (MSF) was delivered in FY25 leading to revenue of INR 1764cr, up 27% YoY, and EBITDA of 227cr, up 252% YoY.</li>
</ul>


FY25 was a tough year for Kolte Patil due to delay in new launches which led to lower than expected pre-sales. FY25 pre-sales growth was flat YoY vs 20%+ guided.
Business development activity was also underwhelming at INR 4000cr vs INR 8000cr guided. This has been due to delays, suggesting that FY26 will be better led by spillover.
In terms of execution, 2 Million Square Feet (MSF) was delivered in FY25 leading to revenue of INR 1764cr, up 27% YoY, and EBITDA of 227cr, up 252% YoY.


Kolte Patil: FY25 Was Tough But FY26 Is Poised To Be Strong

<ul>
<li>Kolte Patil's Q3FY25 performance update's key highlight was acquisition of a 22 acre joint development project with topline potential worth INR 4000cr representing saleable area of 5 Million Square Feet.</li>
<li>Q3FY25 pre-sales was not as robust as approval of new projects got delayed in Mumbai due to elections. However, Kolte Patil has guided to cover this up in early FY26.</li>
<li>Even with the delay, Kolte Patil is projecting to close FY25 pre-sales at INR 3000cr+ (vs INR 3500cr guided), which implies that Q4FY25 pre-sales could be INR 850cr+.</li>
</ul>


Kolte Patil's Q3FY25 performance update's key highlight was acquisition of a 22 acre joint development project with topline potential worth INR 4000cr representing saleable area of 5 Million Square Feet.
Q3FY25 pre-sales was not as robust as approval of new projects got delayed in Mumbai due to elections. However, Kolte Patil has guided to cover this up in early FY26.
Even with the delay, Kolte Patil is projecting to close FY25 pre-sales at INR 3000cr+ (vs INR 3500cr guided), which implies that Q4FY25 pre-sales could be INR 850cr+.


Kolte Patil: Q3FY25 Performance and Promoter Change Update

India

Kolte-Patil Developers Ltd. builds residential housing, commercial complexes, and mixed residential and commercial projects.

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Kolte Patil Developers (KPDL IN)

Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

Kolte Patil reported a weak Q1FY26, however it is going through a transition phase both in terms of operations (due to delay in approvals) and...

Ankit Agrawal, CFA

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Travel Food Services IPO Trading - Decent Anchor; Subdued Overall Demand

Travel Food Services (TFS) raised about US$233m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Kolte Patil: FY25 Was Tough But FY26 Is Poised To Be Strong

Kolte Patil had a tough FY25 due to delay in approvals, because of which the new launches got delayed and consequently the pre-sales achieved was...

Ankit Agrawal, CFA

Kolte Patil: Q3FY25 Performance and Promoter Change Update

While Kolte Patil reported weaker than expected Q3FY25 pre-sales due to temporary delays, it is on track as per its 3-year guidance. With...

Ankit Agrawal, CFA

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