Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

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

Adani Ports & Special Economic Zone / Forensic Accounting

Adani Ports & Special Economic Zone (ADSEZ IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adani-ports-special-economic-zone-ltd" target="_blank" data-smartkarma-citation="entities:246:1" rel="noopener">Adani Ports &amp; Special Economic Zone (ADSEZ IN)</a> is the largest private port operator in India, with all-India container market share at 45.8% for Q3FY26.</li>
<li>We ran a forensic check on the company, with key issues surrounding audit remarks, cash in current account, and gain booked on divestments.</li>
<li>Related party sales have also grown by faster proportion in FY25 and these related parties enjoy a much higher credit period than the external customers.</li>
</ul>



Adani Ports &amp; Special Economic Zone (ADSEZ IN) is the largest private port operator in India, with all-India container market share at 45.8% for Q3FY26.
We ran a forensic check on the company, with key issues surrounding audit remarks, cash in current account, and gain booked on divestments.
Related party sales have also grown by faster proportion in FY25 and these related parties enjoy a much higher credit period than the external customers.


Adani Ports and SEZ Ltd- Cargo Growth, Accounting Currents