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

Nesco: Leveraging Strengths to Get Into Adjacencies like Wayside Amenities

Nesco: Strong Q2FY26 | Foods Business Scaling Up Rapidly

Nesco: Strong Q3FY26 | Foods Business Scaling Up Rapidly

NESCO Limited: The Mumbai's Most Underrated Landlord.

The Beat Ideas- Sirca Paints: A Premium Coating Company Widening Its Addressable Market

Amber Enterprises:Revenue Milestone Achieved, But Margins Face the Real Test

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>In Q4FY26, the IT Parks (Realty) business saw revenue growth of 4% YoY led by contractual rent increments. The BEC (Exhibitions) business performed well with revenue growth of 60%+ YoY. </li>
<li>For full-year FY26, the IT Parks business grew 8% YoY while the BEC business grew 30% YoY. Nesco's venture into Wayside amenities holds significant promise.</li>
<li>The Foods business continues to grow rapidly with revenues up 75%+ YoY in Q4Fy26. For full-year FY26, revenue in the Food business more than doubled to INR 238cr.</li>
</ul>


In Q4FY26, the IT Parks (Realty) business saw revenue growth of 4% YoY led by contractual rent increments. The BEC (Exhibitions) business performed well with revenue growth of 60%+ YoY. 
For full-year FY26, the IT Parks business grew 8% YoY while the BEC business grew 30% YoY. Nesco's venture into Wayside amenities holds significant promise.
The Foods business continues to grow rapidly with revenues up 75%+ YoY in Q4Fy26. For full-year FY26, revenue in the Food business more than doubled to INR 238cr.


NESCO

Nesco: Steady Q4FY26 Performance