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

Equity Capital Markets

Wakefit Innovations / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wakefit-innovations" target="_blank" data-smartkarma-citation="entities:45405:1" rel="noopener">Wakefit Innovations (1684049D IN)</a> 's INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.</li>
<li>Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.</li>
<li>Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&amp;P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention</li>
</ul>



Wakefit Innovations (1684049D IN) 's INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.
Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.
Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&amp;P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention


Wakefit Innovations Ltd IPO- Forensic Analysis

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

Equity Bottom-Up

<ul>
<li>Wakefit Innovations' INR 1,288.89 crore IPO signaling the pivot of India's largest D2C home brand toward institutional funding for accelerated omnichannel expansion.</li>
<li>The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.</li>
<li>While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India's rapidly formalizing home and furnishings sector.</li>
</ul>


Wakefit Innovations' INR 1,288.89 crore IPO signaling the pivot of India's largest D2C home brand toward institutional funding for accelerated omnichannel expansion.
The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.
While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India's rapidly formalizing home and furnishings sector.


Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

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>Insider buying activity often signals that a positive shift in the business cycle may be approaching for certain businesses.</li>
<li>We highlight large and liquid companies that experienced significant insider buying during December 2024, as reported on the stock exchanges.</li>
<li>
<a href="https://www.smartkarma.com/entities/jindal-stainless-ltd" target="_blank" data-smartkarma-citation="entities:10966:1" rel="noopener">Jindal Stainless (JDSL IN)</a> , <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN)</a> , <a href="https://www.smartkarma.com/entities/indegene-limited" target="_blank" data-smartkarma-citation="entities:36629:1" rel="noopener">Indegene (INDGN IN)</a> , <a href="https://www.smartkarma.com/entities/ncc-ltd" target="_blank" data-smartkarma-citation="entities:11975:1" rel="noopener">NCC Ltd (NJCC IN)</a> and <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a> have seen good buying by insiders.</li>
</ul>


Insider buying activity often signals that a positive shift in the business cycle may be approaching for certain businesses.
We highlight large and liquid companies that experienced significant insider buying during December 2024, as reported on the stock exchanges.

Jindal Stainless (JDSL IN) , Poonawalla Fincorp (POONAWAL IN) , Indegene (INDGN IN) , NCC Ltd (NJCC IN) and Sheela Foam Ltd (SFL IN) have seen good buying by insiders.


External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Cables &amp; Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.</li><li>The demand was driven by government spends on infrastructure projects along with stale demand from overseas markets.</li><li>Furthermore, it was led by an increase in private Capex spending and real estate up-cycle. The demand for cooling products was tepid (being a seasonally soft quarter) with some brands resorting to discounts to clear inventory. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cables &amp; Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.The demand was driven by government spends on infrastructure projects along with stale demand from overseas markets.Furthermore, it was led by an increase in private Capex spending and real estate up-cycle. The demand for cooling products was tepid (being a seasonally soft quarter) with some brands resorting to discounts to clear inventory. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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.

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> filed for it Japan listing, while <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> continued to work towards its H-share listing.</li>
<li>In the placement space, there were no major deals this week apart from Blue Star and <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) filed for it Japan listing, while Midea Group Co Ltd A (000333 CH) continued to work towards its H-share listing.
In the placement space, there were no major deals this week apart from Blue Star and Sheela Foam Ltd (SFL IN). 


ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

India

Sheela Foam Limited provides foam products. The Company manufactures polyurethane and polyester foam for home comfort, industrial, and technical sectors. Sheela Foam serves customers worldwide.

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

Sheela Foam Ltd (SFL IN)

Wakefit Innovations Ltd IPO- Forensic Analysis

Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

Nitin Mangal

Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition

Wakefit Innovations' IPO marks a shift towards institutional funding for accelerated omnichannel expansion, focusing on offline growth and brand...

Nimish Maheshwari

India: Monthly Insider Buying Update

Insider buying signals positive business cycle shift, highlighting companies like Jindal Stainless, Poonawalla Fincorp, Indegene, NCC Ltd, &...

Sreemant Dudhoria,CFA

Q2FY24 - Consolidated Earnings Preview

Cables & Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.Dixon

Axis Direct

ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wakefit Innovations Ltd IPO- Forensic Analysis

​Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

Nitin Mangal

Wakefit Innovations IPO: Blending Digital DNA With Offline Ambition

​Wakefit Innovations' IPO marks a shift towards institutional funding for accelerated omnichannel expansion, focusing on offline growth and brand...

Nimish Maheshwari

India: Monthly Insider Buying Update

​Insider buying signals positive business cycle shift, highlighting companies like Jindal Stainless, Poonawalla Fincorp, Indegene, NCC Ltd, &...

Sreemant Dudhoria,CFA

Q2FY24 - Consolidated Earnings Preview

Cables & Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.Dixon

Axis Direct

ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

Wakefit Innovations' IPO marks a shift towards institutional funding for accelerated omnichannel expansion, focusing on offline growth and brand...

Insider buying signals positive business cycle shift, highlighting companies like Jindal Stainless, Poonawalla Fincorp, Indegene, NCC Ltd, &...