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

Equity Capital Markets

Capillary Technologies India Ltd (CTIL) / Equity Capital Markets

Capillary Technologies India Ltd (CTIL) (0611334D IN)

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<li>
<a href="https://www.smartkarma.com/entities/capillary-technologies-india-ltd-ctil" target="_blank" data-smartkarma-citation="entities:45404:1" rel="noopener">Capillary Technologies India Ltd (CTIL) (0611334D IN)</a> IPO has opened for subscription. It consists of fresh issue worth INR 3.45 bn along with OFS worth INR 5.33 bn.</li>
<li>Capillary is one of the rare SaaS companies having full stack offerings in customer loyalty and engagement solutions. It has a global presence and actively expanding to US and Europe. </li>
<li>While KPIs look good and company has turned around into profits, there are concerns with cash generation, overall consolidation process, increasing provision on receivables along with few governance issues.</li>
</ul>



Capillary Technologies India Ltd (CTIL) (0611334D IN) IPO has opened for subscription. It consists of fresh issue worth INR 3.45 bn along with OFS worth INR 5.33 bn.
Capillary is one of the rare SaaS companies having full stack offerings in customer loyalty and engagement solutions. It has a global presence and actively expanding to US and Europe. 
While KPIs look good and company has turned around into profits, there are concerns with cash generation, overall consolidation process, increasing provision on receivables along with few governance issues.


Capillary Technologies India IPO- Forensic Analysis