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.

-------------
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
-------------

Equity L/S Analyst | Forensic Accounting | India

Bajaj Finance: FY26 Ends Strong | Upbeat Outlook for FY27

Asian Equities: India Focus List After the Recent Dislocation - Financials and Small/Mid-Caps Abound

Bajaj Finance (BAF): Bullish Outlook for FY27

Bajaj Finance: From Credit Tightening to Digital Acceleration – A Transition Year in Motion

Bajaj Finance (BAF): Investor Day and Q2FY26 Update

Bajaj Finance Ltd - Lower Credit Costs and Operating Leverage to Drive RoA Improvement!

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
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
-------------

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">BAF</a> reported strong Q3FY26 with AUM growth of 22% YoY and PPOP growth of 19% YoY. However, accelerated ECL provisions and labour-code related provisioning dampened the PAT growth (-6% YoY).</li>
<li>Adjusted for the one-time provisions, PAT grew 23% YoY and 7%+ QoQ to reach INR 5317cr. ROA and ROE have been healthy at 4.6% and 19.6%, respectively.</li>
<li>Asset quality has stabilized now as loan loss to average AUF before accelerated ECL provisions came down to 1.91% in Q3FY26 vs 2.16% YoY and 2.05% QoQ.</li>
</ul>



BAF reported strong Q3FY26 with AUM growth of 22% YoY and PPOP growth of 19% YoY. However, accelerated ECL provisions and labour-code related provisioning dampened the PAT growth (-6% YoY).
Adjusted for the one-time provisions, PAT grew 23% YoY and 7%+ QoQ to reach INR 5317cr. ROA and ROE have been healthy at 4.6% and 19.6%, respectively.
Asset quality has stabilized now as loan loss to average AUF before accelerated ECL provisions came down to 1.91% in Q3FY26 vs 2.16% YoY and 2.05% QoQ.


Bajaj Finance (BAF): Strong Q3FY26 | FINAI Transformation Already Making a Mark