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

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<li>
<a href="https://www.smartkarma.com/entities/all-time-plastics-limited" target="_blank" data-smartkarma-citation="entities:55510:1" rel="noopener">All Time Plastics (ALLTIME IN)</a> delivered steady growth with resilient gross margins; however, FY26 profitability weakened as geopolitical headwinds and capacity additions increased overheads, while utilisation remained subdued.</li>
<li>FY25 receivables surged 79% despite 9% revenue growth, though normalised subsequently; recurring discrepancies between books and bank-reported working capital raise concerns over periodic reporting and reconciliation controls.</li>
<li>Governance warrants attention given sizeable pre-IPO property purchases from promoters, high promoter/KMP remuneration and an unexplained INR 150 mn corporate loan.</li>
</ul>



All Time Plastics (ALLTIME IN) delivered steady growth with resilient gross margins; however, FY26 profitability weakened as geopolitical headwinds and capacity additions increased overheads, while utilisation remained subdued.
FY25 receivables surged 79% despite 9% revenue growth, though normalised subsequently; recurring discrepancies between books and bank-reported working capital raise concerns over periodic reporting and reconciliation controls.
Governance warrants attention given sizeable pre-IPO property purchases from promoters, high promoter/KMP remuneration and an unexplained INR 150 mn corporate loan.


All Time Plastics- Few Cracks in the Mould