Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research 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

Waaree Renewable Technologies / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-renewable-technologies" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Renewable Technologies (WAREERTL IN)</a> or (WRTL) is into Solar EPC and is a subsidiary of Waaree Energies Ltd. </li>
<li>Revenues and order book have increased exponentially in the last few years.</li>
<li>While the business has certainly picked up, there are few forensic checks that need attention; most important being the auditor’s comment on the need to increase strength of internal controls.</li>
</ul>



Waaree Renewable Technologies (WAREERTL IN) or (WRTL) is into Solar EPC and is a subsidiary of Waaree Energies Ltd. 
Revenues and order book have increased exponentially in the last few years.
While the business has certainly picked up, there are few forensic checks that need attention; most important being the auditor’s comment on the need to increase strength of internal controls.


Waaree Renewable Technologies Ltd- Forensic Analysis

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.

Equity Capital Markets

Waaree Renewable Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Energies</a>  is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2023. </li>
<li>In this note, we talk about the company’s past performance.</li>
</ul>



Waaree Energies  is looking to raise up to US$400m in its upcoming India IPO.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2023. 
In this note, we talk about the company’s past performance.


Waaree Energies Pre-IPO - Riding the Anti-China US Wave

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Energies Limited (0656504D IN)</a> (WEL) has filed its DRHP. The company is the largest player in the Solar PV Modules manufacturing space in the country.  </li>
<li>The company has seen a sharp growth in sales in F23, backed by China plus one phenomemon. </li>
<li>However, the financials do have a few talking points, such as high RPT, large inventory in transit, faster depreciating newer assets, etc.</li>
</ul>



Waaree Energies Limited (0656504D IN) (WEL) has filed its DRHP. The company is the largest player in the Solar PV Modules manufacturing space in the country.  
The company has seen a sharp growth in sales in F23, backed by China plus one phenomemon. 
However, the financials do have a few talking points, such as high RPT, large inventory in transit, faster depreciating newer assets, etc.


Forensics and Corporate Governance Analyst, Beat the Street

Nimish Maheshwari

Forensics and Corporate Governance 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

Waaree Renewable Technologies / Equity Bottom-Up

<ul>
<li>Prime Minister Modi unveils the Pradhanmantri Suryoday Yojana, a groundbreaking initiative aiming to install rooftop solar panels on one crore households, aligning with India's renewable energy targets.</li>
<li>The Suryodaya Yojana addresses challenges in the rooftop solar landscape, focusing on household installations, affordability, income generation, and energy self-reliance.</li>
<li>Despite challenges in implementation, the scheme, led by REC, holds the potential to significantly boost rooftop solar capacity, supporting India's commitment to cleaner energy and a sustainable future.</li>
</ul>


Prime Minister Modi unveils the Pradhanmantri Suryoday Yojana, a groundbreaking initiative aiming to install rooftop solar panels on one crore households, aligning with India's renewable energy targets.
The Suryodaya Yojana addresses challenges in the rooftop solar landscape, focusing on household installations, affordability, income generation, and energy self-reliance.
Despite challenges in implementation, the scheme, led by REC, holds the potential to significantly boost rooftop solar capacity, supporting India's commitment to cleaner energy and a sustainable future.


Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Premier Energies Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies Limited (0377949D IN)</a> is looking to raise US$300m in its upcoming India IPO. The bookrunners on the deal are JP Morgan, Kotak, and ICICI Securities.</li>
<li>Premier Energies (Premier) is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes EPC projects and provides follow-up O&amp;M services.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm was the second largest domestic manufacturer in terms of annual installed capacity as of Mar 2024.</li>
</ul>



Premier Energies Limited (0377949D IN) is looking to raise US$300m in its upcoming India IPO. The bookrunners on the deal are JP Morgan, Kotak, and ICICI Securities.
Premier Energies (Premier) is a manufacturer of solar photovoltaic (PV) cells, and solar modules. It also executes EPC projects and provides follow-up O&amp;M services.
As per Frost &amp; Sullivan (F&amp;S), the firm was the second largest domestic manufacturer in terms of annual installed capacity as of Mar 2024.


India

Waaree Renewable Technologies Limited operates as a renewable equipment company. The Company offers solar PV modules, batteries, and other solar products. Waaree Renewable Technologies serves customers in India.

Waaree Renewable Technologies (WAREERTL IN)

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

Waaree Renewable Technologies (WAREERTL IN)

Waaree Renewable Technologies Ltd- Forensic Analysis

While the business has certainly picked up, there are few forensic checks that need attention; such as auditor's comment on internal controls,...

Nitin Mangal

Waaree Energies Pre-IPO - Riding the Anti-China US Wave

Waaree Energies is looking to raise up to US$400m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Waaree Energies IPO- Forensic Analysis

Waaree Energies files DRHP as largest player in Indian Solar PV Modules manufacturing, showing growth in sales but with financial concerns like...

Nitin Mangal

Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Nimish Maheshwari

Premier Energies Pre-IPO Tearsheet

Premier Energies Limited (0377949D IN) is looking to raise US$300m in its upcoming India IPO. The bookrunners on the deal are JP Morgan, Kotak, and...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Waaree Renewable Technologies Ltd- Forensic Analysis

While the business has certainly picked up, there are few forensic checks that need attention; such as auditor's comment on internal controls,...

Nitin Mangal

Waaree Energies Pre-IPO - Riding the Anti-China US Wave

Waaree Energies is looking to raise up to US$400m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Waaree Energies IPO- Forensic Analysis

​Waaree Energies files DRHP as largest player in Indian Solar PV Modules manufacturing, showing growth in sales but with financial concerns like...

Nitin Mangal

Pradhanmantri Suryoday Yojana: Revolutionizing India's Solar Landscape

​Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...

Nimish Maheshwari

Premier Energies Pre-IPO Tearsheet

Premier Energies Limited (0377949D IN) is looking to raise US$300m in its upcoming India IPO. The bookrunners on the deal are JP Morgan, Kotak, and...

Clarence Chu

Waaree Energies files DRHP as largest player in Indian Solar PV Modules manufacturing, showing growth in sales but with financial concerns like...

Indian Prime Minister Modi launches the Pradhanmantri Suryoday Yojana, a game-changing initiative to install rooftop solar panels on one crore...