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: Strong Q1FY26 Led by the Exhibitions and the Foods Segments

Nesco: Mixed Q1FY25, However On Track for Robust Growth

Nesco: Mixed Q2FY25, However Long-Term Prospects Remain Intact

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>Nesco reported a weak Q4FY25 led by weak performance in the exhibition segment ("BEC"). Revenue in the BEC segment was down -25% YoY and -30% QoQ.</li>
<li>On the other hand, the IT Parks segment performed strong. IT Parks segment's Q4FY25 revenue grew 2% QoQ and 15%+ YoY, led by improved occupancy and rise in rental rates.</li>
<li>Typically, the Foods business is linked to the BEC business. However, in Q4FY25, despite weak BEC revenues, the Foods business did well led by the catering business.</li>
</ul>


Nesco reported a weak Q4FY25 led by weak performance in the exhibition segment ("BEC"). Revenue in the BEC segment was down -25% YoY and -30% QoQ.
On the other hand, the IT Parks segment performed strong. IT Parks segment's Q4FY25 revenue grew 2% QoQ and 15%+ YoY, led by improved occupancy and rise in rental rates.
Typically, the Foods business is linked to the BEC business. However, in Q4FY25, despite weak BEC revenues, the Foods business did well led by the catering business.


Nesco: Weak Q4FY25 Due to Underwhelming Performance in BEC

Nesco Ltd

Nesco: Weak Q4FY25 Due to Underwhelming Performance in BEC