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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/affle-3i-limited" target="_blank" data-smartkarma-citation="entities:28934:1" rel="noopener">Affle 3i (AFFLE IN)</a> 's revenue recognition accounting differs from the peers despite same business model. Rising unbilled revenues coupled with a sharp increase in bad debts strike concerns.</li>
<li>Affle’s capitalisation rate of product-development costs has also increased over the last five years; standing above peers and supporting margins amidst slowdown in revenue growth.</li>
<li>Accounting prudence also remains under question for acquisitions. Investment in Bobble continues to be carried in full despite impairment risks while Appnext’s restructuring is interesting amid losses.</li>
</ul>



Affle 3i (AFFLE IN) 's revenue recognition accounting differs from the peers despite same business model. Rising unbilled revenues coupled with a sharp increase in bad debts strike concerns.
Affle’s capitalisation rate of product-development costs has also increased over the last five years; standing above peers and supporting margins amidst slowdown in revenue growth.
Accounting prudence also remains under question for acquisitions. Investment in Bobble continues to be carried in full despite impairment risks while Appnext’s restructuring is interesting amid losses.


Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>Insider Activity picked up in the month of June 2026 with significant number of transactions visible in sub INR 1 billion mcap companies.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during June 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Insider Activity picked up in the month of June 2026 with significant number of transactions visible in sub INR 1 billion mcap companies.
We highlight large and small cap companies that experienced significant insider buying during June 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in June 2026 ?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

LVMH Moet Hennessy Louis Vuitton SE / Technical Analysis

LVMH Moet Hennessy Louis Vuitton SE (MC FP)

<ul>
<li>Select regions such as the US, Europe, Japan, and India are bullish, while others are not -- namely Hong Kong and China.</li>
<li>Relative strength (RS) for MSCI ACWI Technology is breaking out to new highs while RS on the MSCI ACWI Discretionary Sector is on the cusp of a breakout. </li>
<li>We highlight several buy opportunities within global Technology and Consumer Discretionary.</li>
</ul>


Select regions such as the US, Europe, Japan, and India are bullish, while others are not -- namely Hong Kong and China.
Relative strength (RS) for MSCI ACWI Technology is breaking out to new highs while RS on the MSCI ACWI Discretionary Sector is on the cusp of a breakout. 
We highlight several buy opportunities within global Technology and Consumer Discretionary.


Add To Global Technology and Consumer Discretionary

<ul>
<li>Insider Activity started picking up in the month of May 2026, as the results season was coming to an end.</li>
<li>We highlight large and small cap companies that experienced significant insider buying during May 2026, as reported on the stock exchanges.</li>
<li>We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
</ul>


Insider Activity started picking up in the month of May 2026, as the results season was coming to an end.
We highlight large and small cap companies that experienced significant insider buying during May 2026, as reported on the stock exchanges.
We also present key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.


Insider Activity: Who Bought Their Own Stock in May 2026

<ul>
<li>March 2026 insider activity was very strong with 60+ companies reporting insider accumulation spanning large caps and mid/small caps.</li>
<li>We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.</li>
<li>Also mentioned in this insight are the names which are available significantly below the insider buying price.</li>
</ul>


March 2026 insider activity was very strong with 60+ companies reporting insider accumulation spanning large caps and mid/small caps.
We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.
Also mentioned in this insight are the names which are available significantly below the insider buying price.


Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

India

Affle 3i Limited is a global technology company that provides a consumer intelligence platform, delivering consumer engagements, acquisitions, and transactions through mobile advertising. The company operates on a Cost Per Converted User (CPCU) model, transforming online and offline user data into actionable insights for brands. It was incorporated in 1994 and is headquartered in Gurugram, India.

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Affle 3i (AFFLE IN)

Affle 3i Ltd- The Accounting Ad-Vantage

Behind Affle’s advertising growth lie critical accounting related questions on revenue recognition, capitalised development costs, acquisitions etc.

Nitin Mangal

Insider Activity: Who Bought Their Own Stock in June 2026 ?

While July is likely to be a weak month for insider buying due to the earnings season, notable transactions have been seen in companies such as...

Sreemant Dudhoria

Add To Global Technology and Consumer Discretionary

Relative strength (RS) for MSCI ACWI Technology is breaking out to new highs while RS on the ACWI Discretionary Sector is on the cusp of a...

Vermilion Research

Insider Activity: Who Bought Their Own Stock in May 2026

Insider buying activity increased in May 2026 as earnings season wrapped up, with focus on companies and sectors with significant insider...

Sreemant Dudhoria

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

There was strong insider buying activity even during the last week of March 2026. Notable names include GMR Airports, Info Edge, Jindal Stainless,...

Sreemant Dudhoria

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Affle 3i Ltd- The Accounting Ad-Vantage

Behind Affle’s advertising growth lie critical accounting related questions on revenue recognition, capitalised development costs, acquisitions etc.

Nitin Mangal

Insider Activity: Who Bought Their Own Stock in June 2026 ?

While July is likely to be a weak month for insider buying due to the earnings season, notable transactions have been seen in companies such as...

Sreemant Dudhoria

Add To Global Technology and Consumer Discretionary

Relative strength (RS) for MSCI ACWI Technology is breaking out to new highs while RS on the ACWI Discretionary Sector is on the cusp of a...

Vermilion Research

Insider Activity: Who Bought Their Own Stock in May 2026

​Insider buying activity increased in May 2026 as earnings season wrapped up, with focus on companies and sectors with significant insider...

Sreemant Dudhoria

Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026

There was strong insider buying activity even during the last week of March 2026. Notable names include GMR Airports, Info Edge, Jindal Stainless,...

Sreemant Dudhoria

Insider buying activity increased in May 2026 as earnings season wrapped up, with focus on companies and sectors with significant insider...