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

HDFC Bank (HDFCB IN): Underperformance Turns into an Overweight Signal

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (16 Feb 2026)

HDFC Bank (HDFCB IN) Tactical Outlook: Hold or Sell?

Long HDFC Bank (HDFCB IN) Vs. Short Axis Bank (AXSB IN): Statistical Arbitrage in Indian Banks

HDFC Bank (HDFCB IN) Tactical Outlook After Q3 Earnings Call Release

HDFC Bank Ltd - Growth Momentum to Improve; LDR to Touch Pre-Merger Levels by FY27!

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>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank ("HDFCB")</a> is now all set to pivot its focus on loan growth. For FY27, HDFCB has guided to exceed the industry loan growth.</li>
<li>HDFCB is no longer constrained by the credit-deposit (CD) ratio. Even with higher growth, HDFCB projects the CD ratio to come down to around 90% in FY27 from 95%+ currently. </li>
<li>In Q3FY26, average deposits grew 12.2% YoY and average gross advances grew 9.8% YoY. Asset quality has been stable and cost of funds is inching downward with term deposits repricing.</li>
</ul>



HDFC Bank ("HDFCB") is now all set to pivot its focus on loan growth. For FY27, HDFCB has guided to exceed the industry loan growth.
HDFCB is no longer constrained by the credit-deposit (CD) ratio. Even with higher growth, HDFCB projects the CD ratio to come down to around 90% in FY27 from 95%+ currently. 
In Q3FY26, average deposits grew 12.2% YoY and average gross advances grew 9.8% YoY. Asset quality has been stable and cost of funds is inching downward with term deposits repricing.


HDFC Bank

HDFC Bank: At An Inflection Point