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/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a>  came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares. </li>
<li>They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications. </li>
<li>Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.</li>
</ul>



Oswal Pumps (1019841D IN)  came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares. 
They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications. 
Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.


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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> raised about US$162m in its India IPO.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</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>



Oswal Pumps (1019841D IN) raised about US$162m in its India IPO.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
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.


Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.</li>
<li>Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.</li>
<li>Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.</li>
</ul>


Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.


Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Anthem Biosciences / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anthem-biosciences" target="_blank" data-smartkarma-citation="entities:44206:1" rel="noopener">Anthem Biosciences (1234D IN)</a> is looking to raise about US$397m in its India IPO.</li>
<li>Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.</li>
</ul>



Anthem Biosciences (1234D IN) is looking to raise about US$397m in its India IPO.
Anthem Biosciences (ABS) is a contract research, development and manufacturing organisation (CRDMO) with fully integrated operations spanning drug discovery, development, and manufacturing.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the peer comp and IPO valuations.


Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Oswal Pumps (1019841D IN)

Oswal Pumps Ltd- IPO to the Rescue

Oswal Pumps recently came with an IPO. It is end-to-end solar pumping systems player in India but has concerns over cash flow, order book, and...

Nitin Mangal

Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

Oswal Pumps raised about US$162m in its India IPO. In this note, we will talk about the demand and trading dynamics, having looked at the...

Akshat Shah

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

Oswal, India's largest solar pump supplier, plans to expand and diversify but faces risks from subsidy dependence and policy challenges.

Rahul Jain

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Oswal Pumps Ltd- IPO to the Rescue

​Oswal Pumps recently came with an IPO. It is end-to-end solar pumping systems player in India but has concerns over cash flow, order book, and...

Nitin Mangal

Oswal Pumps IPO Trading - Decent Anchor; Strong Overall Demand

Oswal Pumps raised about US$162m in its India IPO. In this note, we will talk about the demand and trading dynamics, having looked at the...

Akshat Shah

Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)

​Oswal, India's largest solar pump supplier, plans to expand and diversify but faces risks from subsidy dependence and policy challenges.

Rahul Jain

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

Anthem Biosciences IPO - Thoughts on Peer Comp and Valuation

Anthem Biosciences is looking to raise about US$397m in its India IPO. In this note, we will talk about the peer comp and IPO valuations.

Akshat Shah

Oswal Pumps recently came with an IPO. It is end-to-end solar pumping systems player in India but has concerns over cash flow, order book, and...

Oswal, India's largest solar pump supplier, plans to expand and diversify but faces risks from subsidy dependence and policy challenges.