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

Thematic (Sector/Industry)

<ul>
<li>With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.</li>
<li>For this Postcard, we traveled to Mandya, a city in the southern state of Karnataka, also known as the 'Sugar City,' on a rented E6 by <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>.  </li>
<li>Sectors in focus include Consumer Finance, Mortgage Lenders, and Retailers.</li>
</ul>


With the "Postcard" series, our objective is to bring to our readers on-ground insights based on interactions across key channels located in tier 2 and tier 3 locations.
For this Postcard, we traveled to Mandya, a city in the southern state of Karnataka, also known as the 'Sugar City,' on a rented E6 by BYD (1211 HK).  
Sectors in focus include Consumer Finance, Mortgage Lenders, and Retailers.


Postcard from Mandya | Cruising Around the Sugar City in a BYD

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. </li>
<li>We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.</li>
<li>14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.</li>
</ul>


Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. 
We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.


Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

<ul>
<li>Following on from our previous note, we now identify inexpensive consistent compounders from the small and mid-cap universe in Asia ($1 - $5 bn in market capitalization).</li>
<li>28 stocks are on our list - 18 from onshore China, 5 from India, 2 each from Japan and Taiwan and 1 from Hong Kong.</li>
<li>Industrials, technology, healthcare and financials dominate the list. The list of large and mid-cap compounders shall largely form the backbone of our top stock choices for 2025.</li>
</ul>


Following on from our previous note, we now identify inexpensive consistent compounders from the small and mid-cap universe in Asia ($1 - $5 bn in market capitalization).
28 stocks are on our list - 18 from onshore China, 5 from India, 2 each from Japan and Taiwan and 1 from Hong Kong.
Industrials, technology, healthcare and financials dominate the list. The list of large and mid-cap compounders shall largely form the backbone of our top stock choices for 2025.


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>Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.</li>
<li>The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.</li>
<li>We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.</li>
</ul>


Demand outside gold remains soft; co‑funding costs show early easing; asset quality stress is shifting, with vehicle finance and micro‑LAP emerging as pain points.
The divergence across NBFC subsegments (gold, affordable housing, vehicle finance, micro-LAP) is widening, making sector-level staging less helpful - selective bets will matter more.
We remain biased toward affordable HFCs, gold financiers (to ride momentum), and select diversified NBFCs. Vigilance is needed to combat NIM pressure and rising unsecured stress.


NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

<ul>
<li>NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.</li>
<li>From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.</li>
<li>NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds</li>
</ul>


NBFCs are consistently delivering higher credit growth than the overall lending industry across most asset classes—driven by demand from underserved segments and enabled by tech-led agility.
From FY20–25, NBFCs saw higher CAGR in 5 of the 7 loan segments, and this trend is projected to continue through FY26—reinforcing their systemic importance in India’s credit landscape.
NBFCs are no longer niche lenders. With higher market share in fast-growing segments like personal loans, MSME, microfinance, and consumer durables, they are outgrowing the systemic pace—indicating stronger tailwinds


Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

India

PNB Housing Finance is an Indian housing finance company. It provides a range of financial products, including home loans for purchase, construction, repair, and up-gradation of residential and commercial properties, as well as loans against property and fixed deposit schemes. The company was incorporated in 1988 and is headquartered in New Delhi, India.

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PNB Housing Finance (PNBHOUSI IN)

Postcard from Mandya | Cruising Around the Sugar City in a BYD

In one of its first decisions, the newly formed NDA government, convened in its inaugural cabinet meeting on Monday, resolved to extend support to...

Pranav Bhavsar

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

Asian Equities: The SMID Compounders

We identify 28 inexpensive consistent compounders among the Asian small and mid-cap stocks. Onshore China (18) and India (5) dominate the list, as...

Manishi Raychaudhuri

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Postcard from Mandya | Cruising Around the Sugar City in a BYD

In one of its first decisions, the newly formed NDA government, convened in its inaugural cabinet meeting on Monday, resolved to extend support to...

Pranav Bhavsar

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

​Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

Asian Equities: The SMID Compounders

We identify 28 inexpensive consistent compounders among the Asian small and mid-cap stocks. Onshore China (18) and India (5) dominate the list, as...

Manishi Raychaudhuri

NBFC Q2FY26 Outlook - Rate Cuts, Credit Stress & Selective Wins in NBFCs

​Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

Sudarshan Bhandari

Charted Insights: NBFCs Continue to Outpace Industry Credit Growth — Stronger, Faster, Deeper

​NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...

Sudarshan Bhandari

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Soft demand outside gold, easing co-funding costs, shifting asset quality stress in vehicle finance and micro-LAP. Divergence in NBFC subsegments...

NBFCs in India are driving higher credit growth across various loan segments, outpacing the overall lending industry with tech-enabled agility and...