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>FMCG revenues jumped to INR 170cr in Q1FY27 vs typical run-rate of INR 130-140cr earlier, while the EBIT loss also narrowed to around INR -45cr vs INR -60cr+ YoY. </li>
<li>The Property business saw -10% YoY decline in revenue to INR 30cr+ due to impact on footfalls from ongoing renovation in the Quest Mall in Kolkata.</li>
<li>The BPO Business (Firstsource Solutions) continues to see strong growth and margin expansion. QoQ revenue grew by 2.2% in constant currency (CC) terms while EBIT margin expanded 20bp QoQ.</li>
</ul>


FMCG revenues jumped to INR 170cr in Q1FY27 vs typical run-rate of INR 130-140cr earlier, while the EBIT loss also narrowed to around INR -45cr vs INR -60cr+ YoY. 
The Property business saw -10% YoY decline in revenue to INR 30cr+ due to impact on footfalls from ongoing renovation in the Quest Mall in Kolkata.
The BPO Business (Firstsource Solutions) continues to see strong growth and margin expansion. QoQ revenue grew by 2.2% in constant currency (CC) terms while EBIT margin expanded 20bp QoQ.


<ul>
<li>BPO business performed strong in Q4FY26 with 11%+ YoY and 3% QoQ growth in revenue in constant currency terms. EBIT margin also improved to 12.2%, up 30bp QoQ.</li>
<li>FMCG business' revenues remained flattish YoY at around INR 130cr, however, the losses narrowed considerably to INR -42cr vs INR -56cr YoY.</li>
<li>The Sports business' revenue stayed steady at INR 700cr+ for full-year FY26, however EBIT declined considerably to INR 136cr vs INR 327cr YoY.</li>
</ul>


BPO business performed strong in Q4FY26 with 11%+ YoY and 3% QoQ growth in revenue in constant currency terms. EBIT margin also improved to 12.2%, up 30bp QoQ.
FMCG business' revenues remained flattish YoY at around INR 130cr, however, the losses narrowed considerably to INR -42cr vs INR -56cr YoY.
The Sports business' revenue stayed steady at INR 700cr+ for full-year FY26, however EBIT declined considerably to INR 136cr vs INR 327cr YoY.


RPSG Ventures: Steady Q4FY26 Led by BPO Business

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Nimish Maheshwari

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Event-Driven

<ul>
<li>RCB sold to Aditya Birla-led consortium at INR16,660 crore, Rajasthan Royals acquired by Kal Somani consortium at INR15,032 crore, both on 24_Mar-26 confirming IPL franchises now trade at 20-22x revenue.</li>
<li>IPL franchise pricing has structurally converged with lower-end Premier League football clubs, redefining the scarcity premium for media-linked sports assets globally and resetting comparables for every team not yet transacted.</li>
<li>RPSG Ventures, holds a 51% interest in LSG,  a franchise valued conservatively at INR7,000-9,000 crore, making it one of the widest sporting asset discounts in the public markets.</li>
</ul>


RCB sold to Aditya Birla-led consortium at INR16,660 crore, Rajasthan Royals acquired by Kal Somani consortium at INR15,032 crore, both on 24_Mar-26 confirming IPL franchises now trade at 20-22x revenue.
IPL franchise pricing has structurally converged with lower-end Premier League football clubs, redefining the scarcity premium for media-linked sports assets globally and resetting comparables for every team not yet transacted.
RPSG Ventures, holds a 51% interest in LSG,  a franchise valued conservatively at INR7,000-9,000 crore, making it one of the widest sporting asset discounts in the public markets.


Cricket's New Asset Class: IPL Team's Billion-Dollar Valuation

<ul>
<li>Last couple of days saw big announcements coming ahead of the IPL 2026 season. Two IPL franchises - Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) - have been sold. </li>
<li>RR has been sold at a valuation of INR 15000cr+, while RCB has been sold at a valuation of INR 16500cr+. This bodes well for RPSGV's 51% stake in LSG.</li>
<li>This provides re-rating catalyst for RPSGV's stock that has been under pressure due to 53%+ stake in <a href="https://www.smartkarma.com/entities/firstsource-solutions-ltd" target="_blank" data-smartkarma-citation="entities:3099:1" rel="noopener">Firstsource Solutions</a>, a BPO business whose valuation has been impacted by AI concerns.</li>
</ul>


Last couple of days saw big announcements coming ahead of the IPL 2026 season. Two IPL franchises - Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) - have been sold. 
RR has been sold at a valuation of INR 15000cr+, while RCB has been sold at a valuation of INR 16500cr+. This bodes well for RPSGV's 51% stake in LSG.
This provides re-rating catalyst for RPSGV's stock that has been under pressure due to 53%+ stake in Firstsource Solutions, a BPO business whose valuation has been impacted by AI concerns.


RPSG Ventures (RPSGV): Q3FY26 Update | IPL Franchises - RR and RCB - Sold

<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

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: FMCG Business Scaling Up

RPSGV is scaling up its FMCG and Sports businesses, both of which holds tremendous growth potential. At current valuation, an investment in RPSGV...

Ankit Agrawal, CFA

RPSG Ventures: Steady Q4FY26 Led by BPO Business

Our core thesis continues to rely on upside from the scale up in the FMCG and the Sports businesses, and derive protection on the downside from the...

Ankit Agrawal, CFA

Cricket's New Asset Class: IPL Team's Billion-Dollar Valuation

IPL franchise valuations soar as RCB and Rajasthan Royals sold for record prices, setting new benchmarks in sports asset pricing.

Nimish Maheshwari

RPSG Ventures (RPSGV): Q3FY26 Update | IPL Franchises - RR and RCB - Sold

Our core thesis on RPSGV has been value unlocking in the Sports business and scaling up of the FMCG business. With sale of two IPL franchises...

Ankit Agrawal, CFA

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

RPSG Ventures: FMCG Business Scaling Up

RPSGV is scaling up its FMCG and Sports businesses, both of which holds tremendous growth potential. At current valuation, an investment in RPSGV...

Ankit Agrawal, CFA

RPSG Ventures: Steady Q4FY26 Led by BPO Business

Our core thesis continues to rely on upside from the scale up in the FMCG and the Sports businesses, and derive protection on the downside from the...

Ankit Agrawal, CFA

Cricket's New Asset Class: IPL Team's Billion-Dollar Valuation

​IPL franchise valuations soar as RCB and Rajasthan Royals sold for record prices, setting new benchmarks in sports asset pricing.

Nimish Maheshwari

RPSG Ventures (RPSGV): Q3FY26 Update | IPL Franchises - RR and RCB - Sold

Our core thesis on RPSGV has been value unlocking in the Sports business and scaling up of the FMCG business. With sale of two IPL franchises...

Ankit Agrawal, CFA

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

IPL franchise valuations soar as RCB and Rajasthan Royals sold for record prices, setting new benchmarks in sports asset pricing.