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

<ul>
<li>The CG Landscape for India Inc in 2025 saw several episodes of high-profile disclosures on accounting irregularity, employee frauds, senior level exits, misstated line items etc. </li>
<li>This raises questions on role, effectiveness and independence of audit reports which have given ‘clean opinions’ in several of these cases. </li>
<li>This insight also explores the trend in audit fee, as it is one of the key proxies for audit independence.</li>
</ul>


The CG Landscape for India Inc in 2025 saw several episodes of high-profile disclosures on accounting irregularity, employee frauds, senior level exits, misstated line items etc. 
This raises questions on role, effectiveness and independence of audit reports which have given ‘clean opinions’ in several of these cases. 
This insight also explores the trend in audit fee, as it is one of the key proxies for audit independence.


Governance Recap 2025: Clean Opinions, Dirty Outcomes

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Thematic (Sector/Industry)

<ul>
<li>Promoters of multiple large-cap Indian firms made significant insider purchases in March 2025.</li>
<li>Sectors with notable activity include financials, real estate, and specialty chemicals.</li>
<li>Many of these stocks have already rallied post-purchase, with gains reaching up to 30%.</li>
</ul>


Promoters of multiple large-cap Indian firms made significant insider purchases in March 2025.
Sectors with notable activity include financials, real estate, and specialty chemicals.
Many of these stocks have already rallied post-purchase, with gains reaching up to 30%.


Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

<ul>
<li>While we have been sharing monthly updates on insider buying activity in India,this time,we have taken a detour to publish it mid-month.The reason - steep decline in Indian equity market.</li>
<li>Given this sharp decline in mid and small-cap stocks, there has been a notable increase in insider buying activity in recent weeks.</li>
<li>As there are many companies (34 in total), we have divided this update into two parts for ease of reading. This is part 1 of the update.</li>
</ul>


While we have been sharing monthly updates on insider buying activity in India,this time,we have taken a detour to publish it mid-month.The reason - steep decline in Indian equity market.
Given this sharp decline in mid and small-cap stocks, there has been a notable increase in insider buying activity in recent weeks.
As there are many companies (34 in total), we have divided this update into two parts for ease of reading. This is part 1 of the update.


Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 1

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

<ul>
<li>Bharat Forge's North American Class 8 truck orders surged 159% YoY in Feb-26, signalling a clear CV cycle inflection.</li>
<li>With ATAGS execution commencing in H2 FY27 and domestic CV demand buoyed by GST reform tailwinds, BharatForge enters a rare multi-engine growth phase spanning auto exports, defence, and aerospace simultaneously.</li>
<li>FY27 earnings inflection story, backed by a visible INR 11,130 crore order book and a recovering global CV cycle, keeps the long-term thesis intact.</li>
</ul>


Bharat Forge's North American Class 8 truck orders surged 159% YoY in Feb-26, signalling a clear CV cycle inflection.
With ATAGS execution commencing in H2 FY27 and domestic CV demand buoyed by GST reform tailwinds, BharatForge enters a rare multi-engine growth phase spanning auto exports, defence, and aerospace simultaneously.
FY27 earnings inflection story, backed by a visible INR 11,130 crore order book and a recovering global CV cycle, keeps the long-term thesis intact.


Bharat Forge: A Proxy to the CV Cycle, Built for the Long Game

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

India

Ramkrishna Forgings Ltd. manufactures iron and steel forgings. The Company primarily manufactures components for the automobile industry and its products are also sold to other industries including railways, aerospace, defense, material handling, construction equipment and mines.

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Ramkrishna Forgings (RMKF IN)

Governance Recap 2025: Clean Opinions, Dirty Outcomes

High-profile corp. governance cases in India Inc in 2025 raise questions about audit report effectiveness and independence. Audit Fee becomes a...

Nitin Mangal

Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

Promoters increased stakes in key large-cap Indian stocks in March'25, signaling strong conviction. Focus on financials, real estate, and chemicals...

Sreemant Dudhoria

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 1

Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Sreemant Dudhoria

Bharat Forge: A Proxy to the CV Cycle, Built for the Long Game

Bharat Forge sees strong growth in North American truck orders, poised for multi-engine growth phase with ATAGS execution and GST reform tailwinds...

Sudarshan Bhandari

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Governance Recap 2025: Clean Opinions, Dirty Outcomes

​High-profile corp. governance cases in India Inc in 2025 raise questions about audit report effectiveness and independence. Audit Fee becomes a...

Nitin Mangal

Insider Buying Trends in Indian Equities (Market Cap > USD 1 Billion) – March 2025

Promoters increased stakes in key large-cap Indian stocks in March'25, signaling strong conviction. Focus on financials, real estate, and chemicals...

Sreemant Dudhoria

Prices Drop, Eyes Pop: Mid-Month Insider Buying Activity Update – Part 1

​Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Sreemant Dudhoria

Bharat Forge: A Proxy to the CV Cycle, Built for the Long Game

​Bharat Forge sees strong growth in North American truck orders, poised for multi-engine growth phase with ATAGS execution and GST reform tailwinds...

Sudarshan Bhandari

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

High-profile corp. governance cases in India Inc in 2025 raise questions about audit report effectiveness and independence. Audit Fee becomes a...

Insider buying activity in Indian mid and small-cap stocks has increased due to steep decline in equity market, prompting a mid-month update.

Bharat Forge sees strong growth in North American truck orders, poised for multi-engine growth phase with ATAGS execution and GST reform tailwinds...

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