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>
<a href="https://www.smartkarma.com/entities/nesco-ltd" target="_blank" data-smartkarma-citation="entities:13095:1" rel="noopener">Nesco</a> reported a strong Q2FY26 led by 20% YoY growth in BEC (exhibitions) revenue.  IT Parks segment also reported YoY growth of 11% YoY in revenue.</li>
<li>The Foods segment continues to grow rapidly. Q2FY26 revenue more than doubled to INR 54cr vs INR 24cr YoY and EBIT grew to INR 5cr vs INR 2cr+ YoY.</li>
<li>Core EBIT grew 18% YoY in Q2FY26. Nesco's growth prospects remain strong led by continuous expansion and synergistic expansion into adjacencies like Foods, Events and most recently into Wayside Amenities.</li>
</ul>



Nesco reported a strong Q2FY26 led by 20% YoY growth in BEC (exhibitions) revenue.  IT Parks segment also reported YoY growth of 11% YoY in revenue.
The Foods segment continues to grow rapidly. Q2FY26 revenue more than doubled to INR 54cr vs INR 24cr YoY and EBIT grew to INR 5cr vs INR 2cr+ YoY.
Core EBIT grew 18% YoY in Q2FY26. Nesco's growth prospects remain strong led by continuous expansion and synergistic expansion into adjacencies like Foods, Events and most recently into Wayside Amenities.


Nesco: Strong Q2FY26 | Foods Business Scaling Up Rapidly

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

National Stock Exchange of India / Index Rebalance

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.</li>
<li>In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.</li>
<li>We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.</li>
</ul>


NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.


External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

<ul><li>The upswing in the residential market continues driven by (1) Low interest rates (2) Higher disposable income and (3) Pricing discipline.</li><li>Demand for commercial realty will continue to recover in short to medium term, led by (1) Large hiring in IT/ITeS and other sectors (2) Return to office trend.</li><li>Leasing activity in the commercial segment has started to see a revival, driven by return to office trend post easing of covid-led r...(continued).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The upswing in the residential market continues driven by (1) Low interest rates (2) Higher disposable income and (3) Pricing discipline.Demand for commercial realty will continue to recover in short to medium term, led by (1) Large hiring in IT/ITeS and other sectors (2) Return to office trend.Leasing activity in the commercial segment has started to see a revival, driven by return to office trend post easing of covid-led r...(continued).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Real Estate and Ceramics: Real Estate on an Upswing

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.

<p>Containerisation of generalised cargo in India is stated to be only about 22%, a very low figure compared to the 80% in developed nations. The segment remains in a sorry state with the logistics sector largely inundated by unorganised players. Nevertheless, we think the introduction of GST, multimodal logistics parks and the dedicated freight corridors could prove to be a game changer. Also the container manufacturing sector in India is almost negligent and new players could easily gain market share over the current market which is dominated by Chinese containers being imported into the country at a premium.</p>

Containerisation of generalised cargo in India is stated to be only about 22%, a very low figure compared to the 80% in developed nations. The segment remains in a sorry state with the logistics sector largely inundated by unorganised players. Nevertheless, we think the introduction of GST, multimodal logistics parks and the dedicated freight corridors could prove to be a game changer. Also the container manufacturing sector in India is almost negligent and new players could easily gain market share over the current market which is dominated by Chinese containers being imported into the country at a premium.

Containerisation: Prerequisite to Efficient Inter-Modal and Multi-Modal Transportation in India

India

Nesco Ltd. is a diversified company involved in manufacturing and engineering products for railways and forging, realty development, and runs an exhibition center.

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NESCO (NESCO IN)

Nesco: Strong Q2FY26 | Foods Business Scaling Up Rapidly

Nesco continues to grow well and holds tremendous future potential led by continued growth in leasing and expansion into adjacencies like Foods,...

Ankit Agrawal, CFA

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Real Estate and Ceramics: Real Estate on an Upswing

The upswing in the residential market continues driven by (1) Low interest rates (2) Higher disposable income and (3) Pricing discipline.

Nirmal Bang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nesco: Strong Q2FY26 | Foods Business Scaling Up Rapidly

Nesco continues to grow well and holds tremendous future potential led by continued growth in leasing and expansion into adjacencies like Foods,...

Ankit Agrawal, CFA

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Real Estate and Ceramics: Real Estate on an Upswing

The upswing in the residential market continues driven by (1) Low interest rates (2) Higher disposable income and (3) Pricing discipline.

Nirmal Bang

Containerisation: Prerequisite to Efficient Inter-Modal and Multi-Modal Transportation in India

Containerisation of generalised cargo in India is stated to be only about 22%, a very low figure compared to the 80% in developed nations. The...

Speeda Research