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

LIC Housing Finance (LICHF): Decent Q1FY26 | FY26 Looks Promising

LIC Housing Finance: Margins Remain Steady, Upgrade to ADD

The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows?

Long LIC Housing (LICHF IN) Vs. Short Bank of India (BOI IN): Statistical Arbitrage Pair Trade

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>LICHF's asset quality has improved considerably with Stage 3 assets now at 2.51% vs 2.62% QoQ and 3.06% YoY. Recoveries have been also meaningful and are likely to contribute further. </li>
<li>NIM declined to 2.62% vs 2.68% QoQ due to repricing of back book per the 25bp PLR cut. NIM is set to expand as borrowing costs come down.</li>
<li>While growth has been below par due to intense competition from PSU banks; adjusted for balance transfer, it has been decent. Furthermore, H2FY26 tends to be seasonally better.</li>
</ul>


LICHF's asset quality has improved considerably with Stage 3 assets now at 2.51% vs 2.62% QoQ and 3.06% YoY. Recoveries have been also meaningful and are likely to contribute further. 
NIM declined to 2.62% vs 2.68% QoQ due to repricing of back book per the 25bp PLR cut. NIM is set to expand as borrowing costs come down.
While growth has been below par due to intense competition from PSU banks; adjusted for balance transfer, it has been decent. Furthermore, H2FY26 tends to be seasonally better.


LIC Housing Finance (LICHF): Growth Still Elusive But Asset Quality Has Normalized