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 Limited:  Record Ownership and Dominance Among EM Financials

HDFC Bank (HDFCB): Management Upbeat on Growth

HDFC Bank (HDFCB IN) Vs. Union Bank Of India (UNBK IN): Pair Trade in Indian Banks Targeting 8%

HDFC Bank (HDFCB IN) Outlook: Any Rally From Here May End Quickly

HDFC Bank-Quality Franchise but Credit Growth Will Lag in near Term; Likely Revive in H2FY26 & FY27

HDFC Bank ("HDFCB"): Steady Performance in Line with Expectation

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>The stress periods are the times when the mettle of the best gets tested. We are in such a period and <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">HDFCB</a> has remained unscathed.</li>
<li>Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB's asset quality has remained pristine.</li>
<li>HDFCB's retail NPA ex-Agri has been steady at 0.82%. While HDFCB's competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.</li>
</ul>


The stress periods are the times when the mettle of the best gets tested. We are in such a period and HDFCB has remained unscathed.
Even Bajaj Finance, which is also rated gold-standard in underwriting and risk management, noted issues with asset quality in the current environment, however, HDFCB's asset quality has remained pristine.
HDFCB's retail NPA ex-Agri has been steady at 0.82%. While HDFCB's competitors have provided a cautious outlook, especially in unsecured loans, HDFCB has provided a stable outlook on asset quality.


HDFC Bank ("HDFCB"): Separating the Wheat from the Chaff