Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Olectra Greentech Limited manufactures automobiles. The Company produces and supplies electric buses using silicon rubber polymer composite insulators. Olectra Greentech serves customers in India.

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<li>
<a href="https://www.smartkarma.com/entities/olectra-greentech-ltd" target="_blank" data-smartkarma-citation="entities:40365:1" rel="noopener">Olectra Greentech (OLECTRA IN)</a> , part of the MEIL Group, has transformed from a power insulator manufacturer into a pioneer and leading player in India's electric mobility segment.</li>
<li>The company is primarily known as the largest pure-electric bus manufacturer in India, operating through a long-term technology partnership with China's BYD Auto Industry Co Ltd.</li>
<li>Heavy reliance of the company on its associates for the sale of EVs, along with supplier concentration warrants attention. However, cash flow generation is improving, which is a positive</li>
</ul>



Olectra Greentech (OLECTRA IN) , part of the MEIL Group, has transformed from a power insulator manufacturer into a pioneer and leading player in India's electric mobility segment.
The company is primarily known as the largest pure-electric bus manufacturer in India, operating through a long-term technology partnership with China's BYD Auto Industry Co Ltd.
Heavy reliance of the company on its associates for the sale of EVs, along with supplier concentration warrants attention. However, cash flow generation is improving, which is a positive


Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

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<a href="https://www.smartkarma.com/entities/mphasis-ltd" target="_blank" data-smartkarma-citation="entities:7672:1" rel="noopener">Mphasis Ltd (MPHL IN)</a> is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation. </li>
<li>It is majority-owned by the Blackstone Group, one of the world's largest private equity firms.</li>
<li>Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.</li>
</ul>



Mphasis Ltd (MPHL IN) is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation. 
It is majority-owned by the Blackstone Group, one of the world's largest private equity firms.
Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.


Mphasis Ltd- Unbilled Receivables to the Rescue

Greaves Cotton Limited manufactures internal combustion engines, power generation equipment and power transmission systems. The Company also manufactures mining, oilfield, construction and materials handling equipment, integrated systems and electronics. The Company's other products include 3-wheeler auto-rickshaws, polymers and resins.

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<li>
<a href="https://www.smartkarma.com/entities/greaves-cotton-ltd" target="_blank" data-smartkarma-citation="entities:11664:1" rel="noopener">Greaves Cotton (GRV IN)</a> has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.  </li>
<li>
<a href="https://www.smartkarma.com/entities/greaves-electric-mobility-ltd-geml" target="_blank" data-smartkarma-citation="entities:44227:1" rel="noopener">Greaves Electric Mobility Ltd (GEML) (1295040D IN)</a> its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.</li>
<li>Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.</li>
</ul>



Greaves Cotton (GRV IN) has evolved from a traditional diesel engine manufacturer into a comprehensive fuel-agnostic mobility and engineering solutions provider.  

Greaves Electric Mobility Ltd (GEML) (1295040D IN) its subsidiary (known by its flagship brand ‘Ampere’) plans to come out with an IPO of INR 10 bn and an offer-for-sale.
Regarding forensics, we draw comfort from the Management’s ability to diversify its businesses and make value-accretive acquisitions. However, frequent churn in management warrants attention.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Man Industries (India) / Forensic Accounting

Man Industries (India) Ltd. primarily operates through two divisions: Pipe Division and Aluminum Division. The Company's pipe division supplies SAW line pipes and coating systems for high pressure applications like Gas Utilities, Oil Refiners, Water Utilities and other petroleum products. Man Industries also manufactures aluminum and aluminum products.

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<li>SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged "deliberate misstatement".</li>
<li>The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.</li>
<li>While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.</li>
</ul>


SEBI barred Man Industries and three key executives from the securities market for 2Yrs, imposing 1 crore penalty on the company and officials for alleged "deliberate misstatement".
The order fundamentally questions the quality and credibility of past reported earnings, especially the non-consolidation of the loss-making subsidiary, Merino Shelters, and the alleged round-tripping of funds.
While MIIL cites its strong ₹4,700 crore order book and minimal operational impact, the significant governance discount will persist until the SAT appeal is settled.


SEBI Bars Man Industries and Key Management: Misstatement & Fund Diversion

KRBL Ltd is a food processing company. The Company produces, packs and exports a variety of rice brands.

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<li>Independent Director Anil Kumar Chaudhary resigned in September 2025 citing serious governance issues including suppression of dissent, withholding of information, arbitrary financial decisions, and board process irregularities.</li>
<li>These recent events suggest that previous governance controversies are not fully resolved, raising issues around board transparency, independent oversight, and risk to stakeholder trust.</li>
<li>While KRBL's operational performance remains strong, this development raises serious red flags about the company's governance culture.</li>
</ul>


Independent Director Anil Kumar Chaudhary resigned in September 2025 citing serious governance issues including suppression of dissent, withholding of information, arbitrary financial decisions, and board process irregularities.
These recent events suggest that previous governance controversies are not fully resolved, raising issues around board transparency, independent oversight, and risk to stakeholder trust.
While KRBL's operational performance remains strong, this development raises serious red flags about the company's governance culture.


Accounting Diagnostics, Red Flags, Short-sell risk