Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research 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

Ramkrishna Forgings  / Forensic Accounting

Ramkrishna Forgings Ltd. manufactures iron and steel forgings. The Company primarily manufactures components for the automobile industry and its products are also sold to other industries including railways, aerospace, defense, material handling, construction equipment and mines.

<ul>
<li>On April 26, 2025, <a href="https://www.smartkarma.com/entities/ramkrishna-forgings-ltd" target="_blank" data-smartkarma-citation="entities:13278:1" rel="noopener">Ramkrishna Forgings (RMKF IN)</a> (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.</li>
<li>The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.</li>
<li>While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.</li>
</ul>


On April 26, 2025, Ramkrishna Forgings (RMKF IN) (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.
The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.
While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.


Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

Ather Energy Private Limited manufactures and sells electric scooters. The Company offers scooters and related accessories, and also manages two wheeler fast charging grid network. Ather Energy serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> kickstarts its INR 29.8 bn worth IPO this week, comprising of fresh issue worth INR 26.3 bn and 11.1 mn OFS valued at INR 3.5 bn. </li>
<li>Ather, a pioneer, was the first entity to launch a smart scooter back in 2018. The company currently is 4th largest EV player with a market share of 10.7%. </li>
<li>Although it shows strong R&amp;D profile and a positive warranty trend, Ather continues its heavy cash burn and has exorbitant wages, loss of market share, increased discounting, etc.</li>
</ul>



Ather Energy (1207922D IN) kickstarts its INR 29.8 bn worth IPO this week, comprising of fresh issue worth INR 26.3 bn and 11.1 mn OFS valued at INR 3.5 bn. 
Ather, a pioneer, was the first entity to launch a smart scooter back in 2018. The company currently is 4th largest EV player with a market share of 10.7%. 
Although it shows strong R&amp;D profile and a positive warranty trend, Ather continues its heavy cash burn and has exorbitant wages, loss of market share, increased discounting, etc.


Ather Energy IPO- Pioneer, But Falling Behind

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025. </li>
<li>This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country. </li>
<li>The product quality, service feedback and product positioning is relatively better than competition. <strong>The product is good, business probably not. </strong>
</li>
</ul>



Ather Energy (1207922D IN) IPO opened today (April 28, 2025) with a price band of Rs 304-321 per share, and will remain open until April 30, 2025. 
This insight focuses on our takeaways from visiting various Ather Showroom and Service Centers across the Country. 
The product quality, service feedback and product positioning is relatively better than competition. The product is good, business probably not. 



Ather Energy IPO | Showroom and Service Center Visits

Equity Bottom-Up

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

<ul>
<li>We interacted with Microfinance BU (Business Unit) managers of <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> across major states in India. </li>
<li>Our objective was to understand the current collection trends and asset quality issues especially in the Microfinance Portfolio. </li>
<li>Based on our interactions, we would like to put a case for declining provisions going ahead. </li>
</ul>


We interacted with Microfinance BU (Business Unit) managers of Bandhan Bank Ltd (BANDHAN IN) across major states in India. 
Our objective was to understand the current collection trends and asset quality issues especially in the Microfinance Portfolio. 
Based on our interactions, we would like to put a case for declining provisions going ahead. 


Bandhan Bank Ltd (BANDHAN IN) | Peak Provisions Behind

Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

<ul>
<li>We interact with our dealer network representing <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a>  and Birla Opus <a href="https://www.smartkarma.com/entities/grasim-industries-ltd" target="_blank" data-smartkarma-citation="entities:290:1" rel="noopener">Grasim Industries (GRASIM IN)</a> dealers with an objective to understand the current operating environment.</li>
<li>Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.</li>
<li>While <a href="https://www.smartkarma.com/entities/asian-paints-ltd" target="_blank" data-smartkarma-citation="entities:6354:1" rel="noopener">Asian Paints (APNT IN)</a> may appear to lose market share, we believe this would be transient in nature.</li>
</ul>


We interact with our dealer network representing Asian Paints (APNT IN)  and Birla Opus Grasim Industries (GRASIM IN) dealers with an objective to understand the current operating environment.
Aggression in a slow-moving market will result in short-term market share gains for players like Birla Opus.
While Asian Paints (APNT IN) may appear to lose market share, we believe this would be transient in nature.


Birla Opus | Short Term Gain, Long Term Pain

Trudence Capital Advisors
Independent & Unbiased Research

Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Nitin Mangal

Ather Energy IPO- Pioneer, But Falling Behind

Ather Energy launches INR 29.8 bn IPO, highlighting strong R&D play and positive warranty trend but faces challenges like cash burn, loss of...

Nitin Mangal

Ather Energy IPO | Showroom and Service Center Visits

Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality

Pranav Bhavsar

Bandhan Bank Ltd (BANDHAN IN) | Peak Provisions Behind

Interactions with Bandhan Bank's Microfinance BU managers in India suggest declining provisions may be on the horizon due to current collection...

Pranav Bhavsar

Birla Opus | Short Term Gain, Long Term Pain

In this Insight, we interact with Paint Dealers to understand market dynamics; Birla Opus may gain short-term market share, while Asian Paints...

Pranav Bhavsar

Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

​Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Nitin Mangal

Ather Energy IPO- Pioneer, But Falling Behind

​Ather Energy launches INR 29.8 bn IPO, highlighting strong R&D play and positive warranty trend but faces challenges like cash burn, loss of...

Nitin Mangal

Ather Energy IPO | Showroom and Service Center Visits

​Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality

Pranav Bhavsar

Bandhan Bank Ltd (BANDHAN IN) | Peak Provisions Behind

​Interactions with Bandhan Bank's Microfinance BU managers in India suggest declining provisions may be on the horizon due to current collection...

Pranav Bhavsar

Birla Opus | Short Term Gain, Long Term Pain

In this Insight, we interact with Paint Dealers to understand market dynamics; Birla Opus may gain short-term market share, while Asian Paints...

Pranav Bhavsar

Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Ather Energy launches INR 29.8 bn IPO, highlighting strong R&D play and positive warranty trend but faces challenges like cash burn, loss of...

Ather Energy IPO opens with promising product quality but uncertain business outlook. #AtherEnergy #IPO #ProductQuality

Interactions with Bandhan Bank's Microfinance BU managers in India suggest declining provisions may be on the horizon due to current collection...