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

RPSG Ventures: BPO Business Doing Well | Holding Company Discount at 82%

RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up

RPSG Ventures: FMCG Business Is Scaling Up Well | BPO Business Is Growing Now

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>RPSGV reported a steady Q1FY26. Revenue from the Sports business was around INR 520cr as per the typical run-rate. FMCG business maintained its annualized at around INR 550cr run-rate.</li>
<li>The BPO business reported 19%+ YoY growth in constant currency terms. The EBIT margin expanded 10bp QoQ. The Mall business reported steady revenue of around INR 35cr, despite ongoing renovation.</li>
<li>At current valuation, RPSGV is trading at a holding company discount of 83%. Even if the discount narrows to 70%, upside potential is 75%+ over three years.</li>
</ul>


RPSGV reported a steady Q1FY26. Revenue from the Sports business was around INR 520cr as per the typical run-rate. FMCG business maintained its annualized at around INR 550cr run-rate.
The BPO business reported 19%+ YoY growth in constant currency terms. The EBIT margin expanded 10bp QoQ. The Mall business reported steady revenue of around INR 35cr, despite ongoing renovation.
At current valuation, RPSGV is trading at a holding company discount of 83%. Even if the discount narrows to 70%, upside potential is 75%+ over three years.


RPSG Ventures Limited

RPSG Ventures (RPSGV): Steady Q1FY26