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

Amber Enterprises India Ltd: Forensic Analysis

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

Amber Enterprises India / Forensic Accounting

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<li>
<a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a> had witnessed a strong performance lately with revenues growing 81% and PAT growing 63% in the last two years.  </li>
<li>But, there have been concerns over capital allocation, especially with respect to JVs which are fetching negative ROI. Not to forget company received qualified audit opinion in FY26.</li>
<li>Under provisioning of debtors, warranty and ballooning asset impairments also raises eyebrows.</li>
</ul>



Amber Enterprises India (AMBER IN) had witnessed a strong performance lately with revenues growing 81% and PAT growing 63% in the last two years.  
But, there have been concerns over capital allocation, especially with respect to JVs which are fetching negative ROI. Not to forget company received qualified audit opinion in FY26.
Under provisioning of debtors, warranty and ballooning asset impairments also raises eyebrows.


Amber Enterprises India Ltd- Cooling Products, Burning Capital