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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> is in the limelight on the back of Income Tax investigation carried in December 2023 which revealed several accounted transactions.</li>
<li>In a circular, it is hinted that the IT department has detected unaccounted cash sales worth INR 10 bn, unaccounted cash payments made by distributors, and some non-genuine expenses.</li>
<li>However our forensics framework does not hint at any alarming red flags, apart from low FA turnover ratio, stock with third parties and board composition.</li>
</ul>



Polycab India (POLYCAB IN) is in the limelight on the back of Income Tax investigation carried in December 2023 which revealed several accounted transactions.
In a circular, it is hinted that the IT department has detected unaccounted cash sales worth INR 10 bn, unaccounted cash payments made by distributors, and some non-genuine expenses.
However our forensics framework does not hint at any alarming red flags, apart from low FA turnover ratio, stock with third parties and board composition.


Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Equity Bottom-Up

<ul>
<li>Our flash checks across a couple of dealers indicate pressure on margins across the industry. <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> is trying hard to gain market share.</li>
<li>Other names discussed include <a href="https://www.smartkarma.com/entities/pnb-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:23613:1" rel="noopener">PNB Housing Finance Ltd (PNBHOUSI IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a> and <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>. </li>
<li>
<a href="https://www.smartkarma.com/entities/varun-beverages-ltd" target="_blank" data-smartkarma-citation="entities:23653:1" rel="noopener">Varun Beverages (VBL IN)</a> and <a href="https://www.smartkarma.com/entities/schaeffler-india-ltd" target="_blank" data-smartkarma-citation="entities:6434:1" rel="noopener">Schaeffler India (SCHFL IN)</a> show up as interesting ARs to read. </li>
</ul>


Our flash checks across a couple of dealers indicate pressure on margins across the industry. Voltas Ltd (VOLT IN) is trying hard to gain market share.
Other names discussed include PNB Housing Finance Ltd (PNBHOUSI IN), Vedant Fashions (MANYAVAR IN) and Bandhan Bank Ltd (BANDHAN IN). 

Varun Beverages (VBL IN) and Schaeffler India (SCHFL IN) show up as interesting ARs to read. 


[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Forensics and Corporate Governance Analyst, Beat the Street

Nimish Maheshwari

Forensics and Corporate Governance 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

Waaree Renewable Technologies / Equity Bottom-Up

<ul>
<li>Prime Minister Modi unveils the Pradhanmantri Suryoday Yojana, a groundbreaking initiative aiming to install rooftop solar panels on one crore households, aligning with India's renewable energy targets.</li>
<li>The Suryodaya Yojana addresses challenges in the rooftop solar landscape, focusing on household installations, affordability, income generation, and energy self-reliance.</li>
<li>Despite challenges in implementation, the scheme, led by REC, holds the potential to significantly boost rooftop solar capacity, supporting India's commitment to cleaner energy and a sustainable future.</li>
</ul>


Prime Minister Modi unveils the Pradhanmantri Suryoday Yojana, a groundbreaking initiative aiming to install rooftop solar panels on one crore households, aligning with India's renewable energy targets.
The Suryodaya Yojana addresses challenges in the rooftop solar landscape, focusing on household installations, affordability, income generation, and energy self-reliance.
Despite challenges in implementation, the scheme, led by REC, holds the potential to significantly boost rooftop solar capacity, supporting India's commitment to cleaner energy and a sustainable future.


Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

<ul>
<li>In this Insight, we review the recent performance of <a href="https://www.smartkarma.com/entities/abb-india-ltd" target="_blank" data-smartkarma-citation="entities:8703:1" rel="noopener">ABB India Ltd (ABB IN)</a> , <a href="https://www.smartkarma.com/entities/siemens-ltd" target="_blank" data-smartkarma-citation="entities:6440:1" rel="noopener">Siemens Ltd (SIEM IN)</a> , <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>. </li>
<li>Most companies have performed in line with our expectations, we expect sectorial dynamics to remain in play. </li>
<li>We continue to favour ABB over Siemens (ABB/SIEM), Polycab over Havells (POLYCAB/HAVL).</li>
</ul>


In this Insight, we review the recent performance of ABB India Ltd (ABB IN) , Siemens Ltd (SIEM IN) , Polycab India (POLYCAB IN) and Havells India (HAVL IN). 
Most companies have performed in line with our expectations, we expect sectorial dynamics to remain in play. 
We continue to favour ABB over Siemens (ABB/SIEM), Polycab over Havells (POLYCAB/HAVL).


India Industrials | Quarterly Update - ABB India, Siemens, Polycab and Havells

<ul>
<li>While the earnings season continues, this will be the final dedicated earnings edition.</li>
<li>For reference, the previous earnings editions are <a href="https://www.smartkarma.com/insights/week-8-namaste-india-earnings-edition-part-i" target="_blank" data-smartkarma-citation="insights:115688" rel="noopener">[Week 8] Namaste India 🙏 | Earnings Edition - Part I</a> &amp; <a href="https://www.smartkarma.com/insights/week-9-namaste-india-earnings-edition-part-ii" target="_blank" data-smartkarma-citation="insights:116224" rel="noopener">[Week 9] Namaste India 🙏 | Earnings Edition - Part II</a> </li>
<li>At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.</li>
</ul>


While the earnings season continues, this will be the final dedicated earnings edition.
For reference, the previous earnings editions are [Week 8] Namaste India 🙏 | Earnings Edition - Part I &amp; [Week 9] Namaste India 🙏 | Earnings Edition - Part II 
At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.


[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

Havells India (HAVL IN)

Polycab India- Forensic Analysis

Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Nitin Mangal

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Nimish Maheshwari

India Industrials | Quarterly Update - ABB India, Siemens, Polycab and Havells

Recent performance of ABB India, Siemens, Polycab India, and Havells India reviewed. Sectorial dynamics expected to continue, with ABB and Polycab...

Pranav Bhavsar

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

Polycab India- Forensic Analysis

​Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Nitin Mangal

[#22] Namaste India 🙏 | Voltas Ltd (VOLT IN) | Margin Pressure to Continue

​Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Pranav Bhavsar

Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

​Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Nimish Maheshwari

India Industrials | Quarterly Update - ABB India, Siemens, Polycab and Havells

​Recent performance of ABB India, Siemens, Polycab India, and Havells India reviewed. Sectorial dynamics expected to continue, with ABB and Polycab...

Pranav Bhavsar

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

​This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

Polycab is under scrutiny for IT investigation that uncovered unaccounted transactions, but the forensics do give mixed signals. Attention should...

Industry margins under pressure, Voltas Ltd striving for market share. Other companies discussed include PNB Housing Finance Ltd, Vedant Fashions,...

Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Recent performance of ABB India, Siemens, Polycab India, and Havells India reviewed. Sectorial dynamics expected to continue, with ABB and Polycab...

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...