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

Kolte Patil: FY25 Was Tough But FY26 Is Poised To Be Strong

Kolte Patil: Q3FY25 Performance and Promoter Change Update

Kolte Patil (KPDL): Weak Q1FY26 Performance, However Medium-Term Potential Is Intact

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

Kolte Patil Developers / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kolte-patil-developers-ltd" target="_blank" data-smartkarma-citation="entities:6819:1" rel="noopener">Kolte Patil</a>  reported a weaker than expected Q2FY26. It has been also undergoing management changes since the onboarding of Blackstone as a promoter with 40% stake.</li>
<li>Notably, Atul Bohra quit as CEO in Nov 2025 with Rajesh Patil, a key promoter, taking over in the interim. The board of directors also saw addition of Blackstone executives.</li>
<li>While FY26 will be a transition year, we believe the ongoing leadership changes will lend Kolte Patil a strong foundation for future growth. We anticipate operations to normalize FY27 onwards.</li>
</ul>



Kolte Patil  reported a weaker than expected Q2FY26. It has been also undergoing management changes since the onboarding of Blackstone as a promoter with 40% stake.
Notably, Atul Bohra quit as CEO in Nov 2025 with Rajesh Patil, a key promoter, taking over in the interim. The board of directors also saw addition of Blackstone executives.
While FY26 will be a transition year, we believe the ongoing leadership changes will lend Kolte Patil a strong foundation for future growth. We anticipate operations to normalize FY27 onwards.


Kolte Patil: Management Changes and Q2FY26 Update