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

Equity Capital Markets

Kent R O Systems / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kent-r-o-systems" target="_blank" data-smartkarma-citation="entities:44326:1" rel="noopener">Kent R O Systems (6592700Z IN)</a> Kent R O Systems Ltd plans to come up with its IPO</li>
<li>The company is the second largest player in the Indian water purifier market with a market share of about 20%, behind Eureka Forbes.</li>
<li>We are concerned with the related party transactions of the company, especially with the promoters. The lease rental policy, coupled with some impairments, and trademark infringement matter also attracts attention.</li>
</ul>



Kent R O Systems (6592700Z IN) Kent R O Systems Ltd plans to come up with its IPO
The company is the second largest player in the Indian water purifier market with a market share of about 20%, behind Eureka Forbes.
We are concerned with the related party transactions of the company, especially with the promoters. The lease rental policy, coupled with some impairments, and trademark infringement matter also attracts attention.


Kent R O Systems Ltd IPO- Purity at a Price

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

Equity Bottom-Up

<ul>
<li>Eureka Forbes, a water and cleaning solutions leader, delivered its second straight year of double-digit revenue growth and record Q4 adjusted EBITDA margin of 13.2%.</li>
<li>The growth appears structural, supported by a 14-million-customer service base, faster robotics and air purifier adoption, and a debt-free balance sheet.</li>
<li>The key benchmark is FY30: management targets 2x revenue to INR 5,400-5,600 crore and 3x adjusted EBITDA to INR 800-850 crore.</li>
</ul>


Eureka Forbes, a water and cleaning solutions leader, delivered its second straight year of double-digit revenue growth and record Q4 adjusted EBITDA margin of 13.2%.
The growth appears structural, supported by a 14-million-customer service base, faster robotics and air purifier adoption, and a debt-free balance sheet.
The key benchmark is FY30: management targets 2x revenue to INR 5,400-5,600 crore and 3x adjusted EBITDA to INR 800-850 crore.


Eureka Forbes: A Service-Led Compounder With a 2x Revenue, 3x EBITDA Roadmap

Thematic (Sector/Industry)

<ul>
<li>India's CCI intensively scrutinizes Reliance-Disney $8.5 billion merger amid major antitrust concerns.</li>
<li>Eureka Forbes, under new leadership, plans extensive distribution network growth and product launches.</li>
<li>Suzlon's Q1 consolidated net profit soars 200% YoY, reaching ₹302 crore with a 50% revenue increase.</li>
</ul>


India's CCI intensively scrutinizes Reliance-Disney $8.5 billion merger amid major antitrust concerns.
Eureka Forbes, under new leadership, plans extensive distribution network growth and product launches.
Suzlon's Q1 consolidated net profit soars 200% YoY, reaching ₹302 crore with a 50% revenue increase.


# 32 India Insight: Reliance Disney Merger, Eureka Forbes Distribution Plans, Suzlon Profits Surges

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.

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

<ul>
<li>We interact with a few business partners of <a href="https://www.smartkarma.com/entities/eureka-forbes-ltd" target="_blank" data-smartkarma-citation="entities:40398:1" rel="noopener">Eureka Forbes (EUREKAFO IN)</a>  to understand the latest on-ground business developments.</li>
<li>Key areas that are probed include feedback on product quality and innovation, attachment rates for AMC services, key drivers of volume, improvements in service quality, and product premiumization.</li>
<li>Based on our interactions, it is quite evident that the company is not interested in developing its offline sales channels, i.e., the franchises.</li>
</ul>


We interact with a few business partners of Eureka Forbes (EUREKAFO IN)  to understand the latest on-ground business developments.
Key areas that are probed include feedback on product quality and innovation, attachment rates for AMC services, key drivers of volume, improvements in service quality, and product premiumization.
Based on our interactions, it is quite evident that the company is not interested in developing its offline sales channels, i.e., the franchises.


India Channel Insight | Eureka Forbes (EUREKAFO IN) | Ignoring Offline Channel

India

Eureka Forbes is an Indian consumer goods company specializing in health and hygiene products. It manufactures and sells water purifiers (under the Aquaguard brand), vacuum cleaners, air purifiers, and home security systems. The company is headquartered in Mumbai, India, and was founded in 1982.

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Eureka Forbes (EUREKAFO IN)

Kent R O Systems Ltd IPO- Purity at a Price

Kent, the 2nd largest in Indian water purifier market has a bunch of related party transactions with promoters that raise eyebrows. Also, IP war...

Nitin Mangal

Eureka Forbes: A Service-Led Compounder With a 2x Revenue, 3x EBITDA Roadmap

Eureka Forbes achieves double-digit revenue growth, record Q4 margin, targets 2x revenue and 3x EBITDA by FY30 with strong customer base and debt...

Sudarshan Bhandari

# 32 India Insight: Reliance Disney Merger, Eureka Forbes Distribution Plans, Suzlon Profits Surges

India's CCI closely examines Reliance-Disney merger, Eureka Forbes expands distribution network, Suzlon's Q1 profits surge 200% YoY.

Sudarshan Bhandari

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

India Channel Insight | Eureka Forbes (EUREKAFO IN) | Ignoring Offline Channel

Interactions with Eureka Forbes business partners reveal a lack of interest in developing offline sales channels, quality and services issues for...

Pranav Bhavsar

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kent R O Systems Ltd IPO- Purity at a Price

​Kent, the 2nd largest in Indian water purifier market has a bunch of related party transactions with promoters that raise eyebrows. Also, IP war...

Nitin Mangal

Eureka Forbes: A Service-Led Compounder With a 2x Revenue, 3x EBITDA Roadmap

​Eureka Forbes achieves double-digit revenue growth, record Q4 margin, targets 2x revenue and 3x EBITDA by FY30 with strong customer base and debt...

Sudarshan Bhandari

# 32 India Insight: Reliance Disney Merger, Eureka Forbes Distribution Plans, Suzlon Profits Surges

​India's CCI closely examines Reliance-Disney merger, Eureka Forbes expands distribution network, Suzlon's Q1 profits surge 200% YoY.

Sudarshan Bhandari

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

India Channel Insight | Eureka Forbes (EUREKAFO IN) | Ignoring Offline Channel

​Interactions with Eureka Forbes business partners reveal a lack of interest in developing offline sales channels, quality and services issues for...

Pranav Bhavsar

Kent, the 2nd largest in Indian water purifier market has a bunch of related party transactions with promoters that raise eyebrows. Also, IP war...

Eureka Forbes achieves double-digit revenue growth, record Q4 margin, targets 2x revenue and 3x EBITDA by FY30 with strong customer base and debt...

India's CCI closely examines Reliance-Disney merger, Eureka Forbes expands distribution network, Suzlon's Q1 profits surge 200% YoY.

Interactions with Eureka Forbes business partners reveal a lack of interest in developing offline sales channels, quality and services issues for...