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 (RPSGV): Q3FY26 Update | IPL Franchises - RR and RCB - Sold

RPSG Ventures (RPSGV): Steady Performance in the BPO Business Despite Macro Challenges

Cricket's New Asset Class: IPL Team's Billion-Dollar Valuation

The Blockbuster Trap:  How Big-Release Hype Creates Short-Term Tops in PVR INOX?

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>BPO business performed strong in Q4FY26 with 11%+ YoY and 3% QoQ growth in revenue in constant currency terms. EBIT margin also improved to 12.2%, up 30bp QoQ.</li>
<li>FMCG business' revenues remained flattish YoY at around INR 130cr, however, the losses narrowed considerably to INR -42cr vs INR -56cr YoY.</li>
<li>The Sports business' revenue stayed steady at INR 700cr+ for full-year FY26, however EBIT declined considerably to INR 136cr vs INR 327cr YoY.</li>
</ul>


BPO business performed strong in Q4FY26 with 11%+ YoY and 3% QoQ growth in revenue in constant currency terms. EBIT margin also improved to 12.2%, up 30bp QoQ.
FMCG business' revenues remained flattish YoY at around INR 130cr, however, the losses narrowed considerably to INR -42cr vs INR -56cr YoY.
The Sports business' revenue stayed steady at INR 700cr+ for full-year FY26, however EBIT declined considerably to INR 136cr vs INR 327cr YoY.


RPSG Ventures: Steady Q4FY26 Led by BPO Business