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.

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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>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

<ul>
<li>RPSGV reported a steady Q1FY26. Revenue from the Sports business was around INR 520cr as per the typical run-rate. FMCG business maintained its annualized at around INR 550cr run-rate.</li>
<li>The BPO business reported 19%+ YoY growth in constant currency terms. The EBIT margin expanded 10bp QoQ. The Mall business reported steady revenue of around INR 35cr, despite ongoing renovation.</li>
<li>At current valuation, RPSGV is trading at a holding company discount of 83%. Even if the discount narrows to 70%, upside potential is 75%+ over three years.</li>
</ul>


RPSGV reported a steady Q1FY26. Revenue from the Sports business was around INR 520cr as per the typical run-rate. FMCG business maintained its annualized at around INR 550cr run-rate.
The BPO business reported 19%+ YoY growth in constant currency terms. The EBIT margin expanded 10bp QoQ. The Mall business reported steady revenue of around INR 35cr, despite ongoing renovation.
At current valuation, RPSGV is trading at a holding company discount of 83%. Even if the discount narrows to 70%, upside potential is 75%+ over three years.


<ul>
<li>RPSG Ventures reported a strong Q4FY25 led by the BPO business that has been growing well. BPO revenues grew 3%+ QoQ and 30%+ YoY. EBIT margin has sustained at 11%+.</li>
<li>The FMCG business after posting INR 550cr+ annualized revenue run-rate for the past few quarters saw a dip in Q4FY25 with annualized revenue at INR 520cr.</li>
<li>The Sports segment reported similar revenue YoY at INR 135cr+, led by part revenue recognition from IPL 2025 that began at end of March, similar to that in 2024.</li>
</ul>


RPSG Ventures reported a strong Q4FY25 led by the BPO business that has been growing well. BPO revenues grew 3%+ QoQ and 30%+ YoY. EBIT margin has sustained at 11%+.
The FMCG business after posting INR 550cr+ annualized revenue run-rate for the past few quarters saw a dip in Q4FY25 with annualized revenue at INR 520cr.
The Sports segment reported similar revenue YoY at INR 135cr+, led by part revenue recognition from IPL 2025 that began at end of March, similar to that in 2024.


RPSG Ventures: BPO Business Doing Well | Holding Company Discount at 82%

<ul>
<li>With INR 145cr revenue in the FMCG business in Q3FY25, RPSGV has sustained its INR 550cr+ annualized revenue run-rate from the last quarter, which implies it is scaling up well.</li>
<li>The BPO business ("Firstsource") has normalized after seeing tough times a few quarters ago. Q3FY25 revenue grew 30%+ YoY and 10%+ QoQ. EBIT margin has been steady at 11% QoQ.</li>
<li>Within the Sports business, the IPL franchise, Lucknow Super Giants, announced a new captain, Rishabh Pant, under whose leadership there is likely to be more aggression towards result orientation.</li>
</ul>


With INR 145cr revenue in the FMCG business in Q3FY25, RPSGV has sustained its INR 550cr+ annualized revenue run-rate from the last quarter, which implies it is scaling up well.
The BPO business ("Firstsource") has normalized after seeing tough times a few quarters ago. Q3FY25 revenue grew 30%+ YoY and 10%+ QoQ. EBIT margin has been steady at 11% QoQ.
Within the Sports business, the IPL franchise, Lucknow Super Giants, announced a new captain, Rishabh Pant, under whose leadership there is likely to be more aggression towards result orientation.


RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Growing Now

<ul>
<li>The FMCG business continues to sustain annualized revenue of INR 500cr+ and with Q2FY25 revenue at INR 146cr, it is possible that annualized revenue may now sustain at INR 550cr+.</li>
<li>After having bottomed out a couple of quarters ago, the BPO business - <a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions ("FSL")</a>, is now performing strong with 6.9% QoQ and 22.7% YoY growth in revenue.</li>
<li>Revenue in the Sports business varies significantly each quarter based on scheduling of the sports events. Accordingly, in Q2FY25, revenues were not significant at INR 20cr.</li>
</ul>


The FMCG business continues to sustain annualized revenue of INR 500cr+ and with Q2FY25 revenue at INR 146cr, it is possible that annualized revenue may now sustain at INR 550cr+.
After having bottomed out a couple of quarters ago, the BPO business - Firstsource Solutions ("FSL"), is now performing strong with 6.9% QoQ and 22.7% YoY growth in revenue.
Revenue in the Sports business varies significantly each quarter based on scheduling of the sports events. Accordingly, in Q2FY25, revenues were not significant at INR 20cr.


RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up

India

RPSG Ventures is a diversified investment company that operates as a holding entity for high-growth businesses across various sectors, including Information Technology (IT) services, Business Process Management (BPM), Fast-Moving Consumer Goods (FMCG), Real Estate, and Sports. As a standalone entity, it provides IT consultancy and support services primarily to the power sector. The company is headquartered in Kolkata, West Bengal, and was founded in 2017.

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RPSG Ventures (RPSGVENT IN)

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

RPSG Ventures (RPSGV): Steady Q1FY26

RPSGV is trading at an attractive holding company discount of 83%. Even if the discount narrows to 70%, an investment in RPSGV offers upside...

Ankit Agrawal, CFA

RPSG Ventures: BPO Business Doing Well | Holding Company Discount at 82%

RPSG Ventures' FMCG and the Sports businesses have tremendous potential to scale up. The BPO business has also stabilized. An investment in RPSG...

Ankit Agrawal, CFA

RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Growing Now

RPSGV's FMCG and Sports businesses are scaling up well and has significant value unlocking potential which could narrow the holding company...

Ankit Agrawal, CFA

RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up

RPSGV is scaling up its FMCG business well, which is the core of our thesis. Its Sports business also has significant value unlocking potential via...

Ankit Agrawal, CFA

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