Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

Equity Bottom-Up

<ul>
<li>The near term impact of ONDC on OFD platforms like Zomato &amp; Swiggy is limited, longer term they will have to move from platform to a network centric model.</li>
<li>An external shock will be required to drive faster ONDC adaption as we have seen in the case of UPI.</li>
<li>Logistics companies especially the ones with express capabilities are likely beneficiaries in case ONDC scales up rapidly. </li>
</ul>


The near term impact of ONDC on OFD platforms like Zomato &amp; Swiggy is limited, longer term they will have to move from platform to a network centric model.
An external shock will be required to drive faster ONDC adaption as we have seen in the case of UPI.
Logistics companies especially the ones with express capabilities are likely beneficiaries in case ONDC scales up rapidly. 


India Food Delivery - Bracing for Disruption (ONDC)

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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

<ul>
<li>Electronic payments and consumption surged post the GST rate cut, with Delhivery reporting a record 104 million shipments in September 2025.</li>
<li>The Ecom Express integration and festive demand have positioned Delhivery for volume leadership and margin expansion.</li>
<li>With strong execution and improving capital efficiency, Delhivery is set to consolidate its dominance in India’s third-party logistics market.</li>
</ul>


Electronic payments and consumption surged post the GST rate cut, with Delhivery reporting a record 104 million shipments in September 2025.
The Ecom Express integration and festive demand have positioned Delhivery for volume leadership and margin expansion.
With strong execution and improving capital efficiency, Delhivery is set to consolidate its dominance in India’s third-party logistics market.


Delhivery: Riding the Festive Wave and the GST Boost

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a>  raised about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Jain Resource Recycling (2300699D IN)  raised about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Western Carriers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/western-carriers" target="_blank" data-smartkarma-citation="entities:39869:1" rel="noopener">Western Carriers (1489172D IN)</a> is looking to raise about US$100m in its upcoming India IPO.</li>
<li>Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Western Carriers (1489172D IN) is looking to raise about US$100m in its upcoming India IPO.
Western Carriers (India) Limited (WCIL) was the largest private, multimodal, rail focused, 4PL asset-light logistics company in India in terms of container volumes in FY22, as per 1Lattice.
In this note, we talk about the company’s historical performance.


Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

CJ Darcl Logistics Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cj-darcl-logistics-limited" target="_blank" data-smartkarma-citation="entities:43862:1" rel="noopener">CJ Darcl Logistics Limited (1506129D IN)</a> is looking to raise around US$100m in its upcoming India IPO.</li>
<li>CJ Darcl Logistics (CJDL) is a diversified logistics company in India, with market leadership in full truck load (FTL) vertical in terms of revenue for FY23, according to CRISIL.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



CJ Darcl Logistics Limited (1506129D IN) is looking to raise around US$100m in its upcoming India IPO.
CJ Darcl Logistics (CJDL) is a diversified logistics company in India, with market leadership in full truck load (FTL) vertical in terms of revenue for FY23, according to CRISIL.
In this note, we talk about the company’s historical performance.


CJ Darcl Logistics Pre-IPO - Diversifying and Integrating Operations for a Larger Pie

India

Blue Dart Express Limited operates a courier service and an integrated express package distribution company.  The Company offers delivery of packages and documents in India and throughout the world.

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Blue Dart Express (BDE IN)

India Food Delivery - Bracing for Disruption (ONDC)

ONDC is set to offer customers more options, alter business models for online food delivery players and provide a tailwind for express logistic...

Pranav Bhavsar

Delhivery: Riding the Festive Wave and the GST Boost

GST rate cut boosts electronic payments, Delhivery sees record 104 million shipments in September 2025, poised for volume leadership and margin...

Sudarshan Bhandari

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

CJ Darcl Logistics Pre-IPO - Diversifying and Integrating Operations for a Larger Pie

CJ Darcl Logistics Limited is looking to raise around US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Food Delivery - Bracing for Disruption (ONDC)

ONDC is set to offer customers more options, alter business models for online food delivery players and provide a tailwind for express logistic...

Pranav Bhavsar

Delhivery: Riding the Festive Wave and the GST Boost

​GST rate cut boosts electronic payments, Delhivery sees record 104 million shipments in September 2025, poised for volume leadership and margin...

Sudarshan Bhandari

Jain Resource Recycling IPO Trading - Decent Anchor; Tepid Overall Demand

Jain Resource Recycling raised about US$142m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Western Carriers Pre-IPO-Expanding Through a Combination of Asset-Light Model and Own Infrastructure

Western Carriers (India) Limited is looking to raise about US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

CJ Darcl Logistics Pre-IPO - Diversifying and Integrating Operations for a Larger Pie

CJ Darcl Logistics Limited is looking to raise around US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

GST rate cut boosts electronic payments, Delhivery sees record 104 million shipments in September 2025, poised for volume leadership and margin...