Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

I possess investment research experience across asset classes and geographies, acquired at Investcorp (New York) and Howe & Rusling (Rochester). At Investcorp, an alternative asset manager, I was part of an investment team managing >$1bn in discretionary client assets. I was also a member of investment recommendation, monitoring, cross-asset strategy and macro outlook committees that met periodically for investment decisions and top-down views. At Howe & Rusling, a long-only asset manager, I helped cover US large-cap equity investments across sectors for growth and income focused portfolios as well as assisted in managing a US small-cap growth focused equity portfolio. I possess an MBA in finance and corporate accounting from University of Rochester in US, a CFA Charter, and an Engineering degree from Indian Institute of Technology Bombay in India.  

My current focus is L/S equity fundamental research across market cap and sectors with an eye on corporate governance and forensic accounting. I am currently based in India and my current coverage universe is biased towards India.

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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: 5184, Dolatganj Bajar, Ankit Hospital, Dahod (Gujarat) - 389151 |
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 L/S Analyst | Forensic Accounting | India

Bajaj Finance - Scaling with Strength – Growth, Quality, and FinAI Edge!

Bajaj Finance: FY26 Ends Strong | Upbeat Outlook for FY27

Primer: Bajaj Finance Ltd (BAF IN) - Aug 2026

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>BAF reported a strong Q1FY27 and gave an upbeat outlook for FY27. AUM grew 24% YoY and PAT grew 28% YoY. Number of new loans grew 20% YoY.</li>
<li>In Q1FY27, BAF added 194 Gold Loan branches. It now has 1701 Gold loan and 447 MFI branches which by end of FY27 will grow to 2,700+ and 520+, respectively.</li>
<li>BAF is targeting that FY28 onwards it delivers INR100,000cr of loan volume through FINAI and digital transformation, enabling it to become a pull business from being a push business.</li>
</ul>


BAF reported a strong Q1FY27 and gave an upbeat outlook for FY27. AUM grew 24% YoY and PAT grew 28% YoY. Number of new loans grew 20% YoY.
In Q1FY27, BAF added 194 Gold Loan branches. It now has 1701 Gold loan and 447 MFI branches which by end of FY27 will grow to 2,700+ and 520+, respectively.
BAF is targeting that FY28 onwards it delivers INR100,000cr of loan volume through FINAI and digital transformation, enabling it to become a pull business from being a push business.


Bajaj Finance (BAF): Bullish Outlook for FY27