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: A-602, Titanium Business Park, Makarba, Ahmedabad - 380051 |
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

Kalyan Jewellers IPO: In a Recovery Following a Strategy Mishap

Kalyan Jewellers IPO: Not a Gold Rush But Could Be a Time-Tested Investment Like Gold It Self

Equity Capital Markets

Kalyan Jewellers / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/kalyan-jewellers" target="_blank" data-smartkarma-citation="entities:29714:1" rel="noopener">Kalyan Jewellers (KALYAN IN)</a> is a pan-India jeweler with 107 showrooms located across 21 states in India. It also has a sizeable presence in Middle East with 30 showrooms across UAE, Oman, Qatar, Kuwait and Bahrain. Our research on the jewelry industry in India suggests that except for Tanishq [owned by <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>] which has carved out itself as a standout premium brand, most other pan-India and organized players have limited differentiation relative to competition. Kalyan is no exception. Its operational metrics suggest that it lags the market leader, Tanishq, by a wide margin despite being one of the largest organized players in the sector in terms of revenue and market share. </p>

Kalyan Jewellers (KALYAN IN) is a pan-India jeweler with 107 showrooms located across 21 states in India. It also has a sizeable presence in Middle East with 30 showrooms across UAE, Oman, Qatar, Kuwait and Bahrain. Our research on the jewelry industry in India suggests that except for Tanishq [owned by Titan Co Ltd (TTAN IN)] which has carved out itself as a standout premium brand, most other pan-India and organized players have limited differentiation relative to competition. Kalyan is no exception. Its operational metrics suggest that it lags the market leader, Tanishq, by a wide margin despite being one of the largest organized players in the sector in terms of revenue and market share. 

Pre-IPO | Kalyan Jewelers: Nothing Differentiated and Nowhere Near to Market Leader Tanishq