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>Two suppliers moving NCLT for ~INR 40 crore (INR 0.40bn) unpaid dues confirms acute working capital stress, flatly contradicting the Q4 claim of positive auto-segment free cash flow.</li>
<li>Monthly volumes recovered to only 16,144 units in June 2026, staying 20–36% below the raised 20–25k breakeven threshold.</li>
<li>This is the third external party legal action in twelve months that points to structurally impaired liquidity and eroding counterparty trust.</li>
</ul>


Two suppliers moving NCLT for ~INR 40 crore (INR 0.40bn) unpaid dues confirms acute working capital stress, flatly contradicting the Q4 claim of positive auto-segment free cash flow.
Monthly volumes recovered to only 16,144 units in June 2026, staying 20–36% below the raised 20–25k breakeven threshold.
This is the third external party legal action in twelve months that points to structurally impaired liquidity and eroding counterparty trust.


Ola Electric (OLAELEC) | Supplier NCLT Petitions Confirm Cash Stress

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics 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

Thematic (Sector/Industry)

<ul>
<li>India commissioned only 1.4 GWh, or 2.8%, of its original 50 GWh ACC PLI ambition by October 2025.</li>
<li>Agratas is pursuing licensed NMC cell manufacturing and proprietary LFP development in parallel, while AESC holds a 12% stake and supplies technology.</li>
<li>The differentiator is no longer announced capacity. It is technology absorption, yield ramp-up, domestic value addition and chemistry-level IP ownership.</li>
</ul>


India commissioned only 1.4 GWh, or 2.8%, of its original 50 GWh ACC PLI ambition by October 2025.
Agratas is pursuing licensed NMC cell manufacturing and proprietary LFP development in parallel, while AESC holds a 12% stake and supplies technology.
The differentiator is no longer announced capacity. It is technology absorption, yield ramp-up, domestic value addition and chemistry-level IP ownership.


Why India Need China for Battery Technology?

<ul>
<li>Q3 FY26 revenue crashed 55% YoY to INR 470 crore; market share collapsed from 35% in 2024 to under 4% in February 2026.</li>
<li>India's E2W market expanded 45.6% YoY to 1,11,709 units in Feb 2026. Ola Electric, once the undisputed #1, sold just 3,968 units, ranking 6th behind TVS, Bajaj, Ather, Hero etc. </li>
<li>Ola Electric is shrinking in a growing market. The structural reset- store closures, layoffs, and a breakeven target revised thrice downward, signals execution failure, not a temporary blip.</li>
</ul>


Q3 FY26 revenue crashed 55% YoY to INR 470 crore; market share collapsed from 35% in 2024 to under 4% in February 2026.
India's E2W market expanded 45.6% YoY to 1,11,709 units in Feb 2026. Ola Electric, once the undisputed #1, sold just 3,968 units, ranking 6th behind TVS, Bajaj, Ather, Hero etc. 
Ola Electric is shrinking in a growing market. The structural reset- store closures, layoffs, and a breakeven target revised thrice downward, signals execution failure, not a temporary blip.


Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.</li>
<li>As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.</li>
<li>The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.</li>
</ul>



Ola Electric (OLAELEC IN) since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.
As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.
The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.


2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

India

Ola Electric is an Indian electric vehicle manufacturer that designs and manufactures electric two-wheelers, including the Ola S1 series, and produces battery cells. The company also offers charging solutions and energy storage products. Ola Electric is headquartered in Bengaluru, India, and was founded in 2017.

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Ola Electric (OLAELEC IN)

Ola Electric (OLAELEC) | Supplier NCLT Petitions Confirm Cash Stress

Suppliers moving to NCLT for unpaid dues highlights working capital stress and contradicts positive cash flow claims, as monthly volumes remain...

Pranav Bhavsar

CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

The company has now officially filed for a Hong Kong listing and is said to be looking to raise US$5-7bn. The lead banks on the deal are BofA,...

Sumeet Singh

Why India Need China for Battery Technology?

China’s technology controls exposed the difference between announcing a gigafactory and mastering cell chemistry. Tata’s response: licensed NMC...

Nimish Maheshwari

Ola Electric: Balloon or Only Air?

Ola Electric's revenue crashed 55% YoY to INR 470 crore in Q3 FY26, with market share collapsing to under 4% in February 2026 as the company...

Nimish Maheshwari

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Ola Electric (OLAELEC) | Supplier NCLT Petitions Confirm Cash Stress

​Suppliers moving to NCLT for unpaid dues highlights working capital stress and contradicts positive cash flow claims, as monthly volumes remain...

Pranav Bhavsar

CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

The company has now officially filed for a Hong Kong listing and is said to be looking to raise US$5-7bn. The lead banks on the deal are BofA,...

Sumeet Singh

Why India Need China for Battery Technology?

China’s technology controls exposed the difference between announcing a gigafactory and mastering cell chemistry. Tata’s response: licensed NMC...

Nimish Maheshwari

Ola Electric: Balloon or Only Air?

​Ola Electric's revenue crashed 55% YoY to INR 470 crore in Q3 FY26, with market share collapsing to under 4% in February 2026 as the company...

Nimish Maheshwari

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

​Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Suppliers moving to NCLT for unpaid dues highlights working capital stress and contradicts positive cash flow claims, as monthly volumes remain...

Ola Electric's revenue crashed 55% YoY to INR 470 crore in Q3 FY26, with market share collapsing to under 4% in February 2026 as the company...

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...