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

Happy Forgings Limited / Equity Bottom-Up

<ul>
<li>Happy Forgings posted an all-time high quarter in Q3 FY26, with Revenue, EBITDA Margin 30.8% (+220bp YoY) and PAT Margin 22.3% setting new records</li>
<li>Funded by a Rs. 650 crore capex program, Forging capacity will increase to 1,50,000 tonnes &amp; machining capacity to 82,000 tonnes by FY27. </li>
<li>
Three Distinct growth engines(PV, Wind &amp; Industrial) will help in expanding margin vs resilient margins in core CV business.</li>
</ul>


Happy Forgings posted an all-time high quarter in Q3 FY26, with Revenue, EBITDA Margin 30.8% (+220bp YoY) and PAT Margin 22.3% setting new records
Funded by a Rs. 650 crore capex program, Forging capacity will increase to 1,50,000 tonnes &amp; machining capacity to 82,000 tonnes by FY27. 

Three Distinct growth engines(PV, Wind &amp; Industrial) will help in expanding margin vs resilient margins in core CV business.


Happy Forgings Three Growth Engine: Margins, Exports and Heavy Forgings

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

Ramkrishna Forgings / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ramkrishna-forgings-ltd" target="_blank" data-smartkarma-citation="entities:13278:1" rel="noopener">Ramkrishna Forgings (RMKF IN)</a> (or RKFL) Q4FY25 results received a qualified audit opinion where inventory correction resulted in loss of 6.7% of net-worth. </li>
<li>The result also included several alarming highlights including a resurgence of inventory bulk up, questionable recognition of DTA, increasing debt, excess remuneration given to directors, etc.</li>
<li>What also takes the limelight is the warrants issue where company has issued warrants at ~3x the floor price to the promoters amidst the financial irregularities.</li>
</ul>



Ramkrishna Forgings (RMKF IN) (or RKFL) Q4FY25 results received a qualified audit opinion where inventory correction resulted in loss of 6.7% of net-worth. 
The result also included several alarming highlights including a resurgence of inventory bulk up, questionable recognition of DTA, increasing debt, excess remuneration given to directors, etc.
What also takes the limelight is the warrants issue where company has issued warrants at ~3x the floor price to the promoters amidst the financial irregularities.


Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

<ul>
<li>On April 26, 2025, <a href="https://www.smartkarma.com/entities/ramkrishna-forgings-ltd" target="_blank" data-smartkarma-citation="entities:13278:1" rel="noopener">Ramkrishna Forgings (RMKF IN)</a> (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.</li>
<li>The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.</li>
<li>While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.</li>
</ul>


On April 26, 2025, Ramkrishna Forgings (RMKF IN) (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.
The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.
While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.


Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024. </li>
<li>The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability. </li>
<li>Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore</li>
</ul>


Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024. 
The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability. 
Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore


Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

Event-Driven

<ul>
<li>The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. </li>
<li>However, amid this volatility, one signal stood out: insider trading activity.</li>
<li>In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets</li>
</ul>


The start of 2025 has been particularly turbulent for Indian equities as broader market sentiment soured due to elevated valuations, foreign institutional investor (FII) outflows, and global macro uncertainty. 
However, amid this volatility, one signal stood out: insider trading activity.
In this report, we deep-dive into insider buying and selling trends from January 1 to March 3, 2025, to uncover where company promoters and top executives are placing their bets


Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

India

Ramkrishna Forgings Limited manufactures and supplies forged, machined, and fabricated components primarily for the automotive and railway sectors, but also serves industries such as farm equipment, earth moving, mining, construction, oil & gas, power, and general engineering. The company's diverse product portfolio includes crankshafts, axles, transmission gears, and bogie frames. Headquartered in Kolkata, India, the company was founded on November 12, 1981.

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Ramkrishna Forgings (RMKF IN)

Happy Forgings Three Growth Engine: Margins, Exports and Heavy Forgings

Happy Forgings achieves record-breaking performance in Q3 FY26 with all-time high revenue and margins, setting the stage for expansion into new...

Sudarshan Bhandari

Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

RKFL Q4FY25 results show inventory correction leading to 6.7% loss in net-worth, along with several irregularities. Warrants issued at 3x floor...

Nitin Mangal

Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Nitin Mangal

Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

Nimish Maheshwari

Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Happy Forgings Three Growth Engine: Margins, Exports and Heavy Forgings

​Happy Forgings achieves record-breaking performance in Q3 FY26 with all-time high revenue and margins, setting the stage for expansion into new...

Sudarshan Bhandari

Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

RKFL Q4FY25 results show inventory correction leading to 6.7% loss in net-worth, along with several irregularities. Warrants issued at 3x floor...

Nitin Mangal

Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

​Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Nitin Mangal

Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

​Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

Nimish Maheshwari

Insiders' Playbook: Who’s Buying and Selling Amid Market Turbulence?

​Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.

Nimish Maheshwari

Happy Forgings achieves record-breaking performance in Q3 FY26 with all-time high revenue and margins, setting the stage for expansion into new...

Ramkrishna Forgings discloses inventory discrepancies leading to potential 4-5% erosion of net-worth, highlighting audit blind spot.

Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

Indian equities face turbulence in early 2025 due to various factors, but insider trading activity provides a signal amid the volatility.