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

Nuvama Wealth Management / Equity Bottom-Up

<ul>
<li>Nuvama reported its highest ever quarterly PAT of INR 306cr in Q1FY27, a growth of 16% YoY. Revenue grew 18% YoY to reach INR 909cr.</li>
<li>Wealth Management saw its revenues grow by 19% YoY, led by the Private division where revenues grew by 27% YoY while the Wealth division revenue grew 13% YoY.</li>
<li>Revenue in Asset Services segment grew 34% YoY while the Capital Markets segment reported flat revenue. Within Asset Management, management fee grew 22% YoY and AUM grew by 12% YoY.</li>
</ul>


Nuvama reported its highest ever quarterly PAT of INR 306cr in Q1FY27, a growth of 16% YoY. Revenue grew 18% YoY to reach INR 909cr.
Wealth Management saw its revenues grow by 19% YoY, led by the Private division where revenues grew by 27% YoY while the Wealth division revenue grew 13% YoY.
Revenue in Asset Services segment grew 34% YoY while the Capital Markets segment reported flat revenue. Within Asset Management, management fee grew 22% YoY and AUM grew by 12% YoY.


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 is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.</li>
<li>The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.</li>
<li>Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.</li>
</ul>


Edelweiss is a financial services platform offering asset management, lending, and insurance. It has restructured its corporate model in recent years, shifting from a diversified conglomerate to operating standalone businesses.
The proposed IPO of the alternate-assets business and stake sale in MF business creates an event-driven opportunity. Group is out of liquidity issues now with legacy ARC assets resolved.
Stock corrected 20% in the last month after SEBI returned the IPO application. We note that the reason was just reporting changes and company is on track for 2026 IPO.


Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

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>ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate</li>
<li>Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.</li>
<li>There could be potential upside of 20% if delisting fails.</li>
</ul>


ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate
Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.
There could be potential upside of 20% if delisting fails.


ICICI Securities : A Special Situation Play with Limited Downside

<ul>
<li>Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.</li>
<li>Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.</li>
<li>Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.</li>
</ul>


Nuvama reported its first quarterly result since its listing, as a demerged entity. It reported strong growth across all its business segments.
Wealth management revenues grew 30% YoY, adjusted for one-off accounting impact. Cyclical recovery in the capital markets segment further helped.
Nuvama has potential to scale up rapidly and grow its profitability exponentially led by growth and operating leverage. At the current valuation, an investment in Nuvama has potential to triple.


Nuvama: Stellar Start as an Independent Listed Entity

<ul>
<li>Despite challenging market environment, Nuvama posted a resilient Q4FY26. Despite loss of a large client a few quarters ago, the asset services segment has come back strong.</li>
<li>Wealth management segment continued to benefit from structural growth across UHNI and HNI/Affluent cohorts. Fixed income led the capital markets segment performance on the back of Nuvama's strong competitive positioning.</li>
<li>An investment in Nuvama at the current valuation of INR 32000cr+ has potential to more than double over a holding period of three years.</li>
</ul>


Despite challenging market environment, Nuvama posted a resilient Q4FY26. Despite loss of a large client a few quarters ago, the asset services segment has come back strong.
Wealth management segment continued to benefit from structural growth across UHNI and HNI/Affluent cohorts. Fixed income led the capital markets segment performance on the back of Nuvama's strong competitive positioning.
An investment in Nuvama at the current valuation of INR 32000cr+ has potential to more than double over a holding period of three years.


India

Nuvama Wealth Management Limited is an Indian multinational wealth management company offering services in wealth management, asset management, asset servicing, and capital markets, catering to affluent, HNI, and UHNI clients. The company provides solutions across various asset classes including equities, fixed income, mutual funds, and alternative investments. Headquartered in Mumbai, India, it was established in 1993.

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Nuvama Wealth Management (NUVAMA IN)

Nuvama: Highest Ever PAT in Q1FY27

Nuvama's businesses - wealth management, asset management and asset services - have strong structural growth tailwinds which it is leveraging well...

Ankit Agrawal, CFA

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

Stock price is up 20% since this note. The company has completed a 15% stake sale in the AMC business to Wetbridge at a valuation of 3,000cr (the...

Himanshu Dugar

ICICI Securities : A Special Situation Play with Limited Downside

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

Nuvama: Resilient Performance

Nuvama continues to benefit from structural growth tailwinds in India in wealth management, asset management and asset services. At current...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nuvama: Highest Ever PAT in Q1FY27

Nuvama's businesses - wealth management, asset management and asset services - have strong structural growth tailwinds which it is leveraging well...

Ankit Agrawal, CFA

Edelweiss Financial (EDEL IN): Attractive Valuations with Value Unlocking on the Anvil

Stock price is up 20% since this note. The company has completed a 15% stake sale in the AMC business to Wetbridge at a valuation of 3,000cr (the...

Himanshu Dugar

ICICI Securities : A Special Situation Play with Limited Downside

​ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

Nuvama: Stellar Start as an Independent Listed Entity

Nuvama reported a strong Q2FY24. The business has high-growth longevity potential given wealth management as an industry is still in its infancy in...

Ankit Agrawal, CFA

Nuvama: Resilient Performance

Nuvama continues to benefit from structural growth tailwinds in India in wealth management, asset management and asset services. At current...

Ankit Agrawal, CFA

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.