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>Despite headwinds, growth continues to be strong as <a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama</a> benefits from the strong structural growth dynamics in the wealth management and the asset management segments in India.</li>
<li>Capital markets being cyclical saw de-growth, however, asset services segment provided stability, despite the loss of a large client.</li>
<li>Nuvama's positioning as a one-stop platform enables it to capture industry growth trends and target full wallet share of the client, while garnering synergies across segments. </li>
</ul>


Despite headwinds, growth continues to be strong as Nuvama benefits from the strong structural growth dynamics in the wealth management and the asset management segments in India.
Capital markets being cyclical saw de-growth, however, asset services segment provided stability, despite the loss of a large client.
Nuvama's positioning as a one-stop platform enables it to capture industry growth trends and target full wallet share of the client, while garnering synergies across segments. 


Nuvama: Decent Q3FY26 Despite Headwinds | Growth Continues to Be Strong

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>
<a href="https://www.smartkarma.com/entities/nuvama-wealth-management-ltd" target="_blank" data-smartkarma-citation="entities:40316:1" rel="noopener">Nuvama Wealth Management ("Nuvama")</a> reported a resilient Q2FY26 led by the wealth management segment, offsetting the negative growth in the asset services and capital markets segment.</li>
<li>The wealth and private sub-segments, respectively, reported revenue growth of 19% and 37% YoY led by robust inflows and strong transactional revenue from syndication in the private sub-segment.</li>
<li>The asset services business lost a large client resulting in 15% YoY decline in AUM. The capital markets segment being cyclical witnessed volatility and base effect led de-growth.</li>
</ul>



Nuvama Wealth Management ("Nuvama") reported a resilient Q2FY26 led by the wealth management segment, offsetting the negative growth in the asset services and capital markets segment.
The wealth and private sub-segments, respectively, reported revenue growth of 19% and 37% YoY led by robust inflows and strong transactional revenue from syndication in the private sub-segment.
The asset services business lost a large client resulting in 15% YoY decline in AUM. The capital markets segment being cyclical witnessed volatility and base effect led de-growth.


Nuvama: Resilient Q2FY26 Led by Wealth Management

India

Nuvama Wealth Management Limited provides financial services. The Company offers wealth management, portfolio management, and advisory services to individuals, institutions, trusts, private funds, charitable organizations, and investment companies. Nuvama Wealth Management serves customers India.

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Nuvama Wealth Management (NUVAMA IN)

Nuvama: Decent Q3FY26 Despite Headwinds | Growth Continues to Be Strong

Nuvama continues to grow rapidly by leveraging the structural growth drivers in the wealth management and the asset management segments in India....

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 Q2FY26 Led by Wealth Management

Nuvama continues to scale up well its Wealth, Private, Asset Management and Asset Services segments led by underlying structural growth tailwinds...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nuvama: Decent Q3FY26 Despite Headwinds | Growth Continues to Be Strong

Nuvama continues to grow rapidly by leveraging the structural growth drivers in the wealth management and the asset management segments in India....

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 Q2FY26 Led by Wealth Management

Nuvama continues to scale up well its Wealth, Private, Asset Management and Asset Services segments led by underlying structural growth tailwinds...

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.