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

Ather Energy IPO | Showroom and Service Center Visits

Ather Energy IPO: Expensive and No Immediate Index Inclusion

Ather Energy IPO - Still Not Cheap Enough

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/ather-energy" target="_blank" data-smartkarma-citation="entities:43903:1" rel="noopener">Ather Energy (1207922D IN)</a> kickstarts its INR 29.8 bn worth IPO this week, comprising of fresh issue worth INR 26.3 bn and 11.1 mn OFS valued at INR 3.5 bn. </li>
<li>Ather, a pioneer, was the first entity to launch a smart scooter back in 2018. The company currently is 4th largest EV player with a market share of 10.7%. </li>
<li>Although it shows strong R&amp;D profile and a positive warranty trend, Ather continues its heavy cash burn and has exorbitant wages, loss of market share, increased discounting, etc.</li>
</ul>



Ather Energy (1207922D IN) kickstarts its INR 29.8 bn worth IPO this week, comprising of fresh issue worth INR 26.3 bn and 11.1 mn OFS valued at INR 3.5 bn. 
Ather, a pioneer, was the first entity to launch a smart scooter back in 2018. The company currently is 4th largest EV player with a market share of 10.7%. 
Although it shows strong R&amp;D profile and a positive warranty trend, Ather continues its heavy cash burn and has exorbitant wages, loss of market share, increased discounting, etc.


Ather Energy IPO- Pioneer, But Falling Behind