Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin is founder of Trudence Capital 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 news papers such as Wall Street Journal, Financial Times, Business Standard etc.

Indian Accounting Research Analyst

India Channel Insight | Reliance Digital, Tata Croma (Electronics Retailers)

India Channel Insight | Havells, Symphony, TTK Prestige, Indigo Paints, Reliance, APL Apollo, Aptus

India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

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

<p><a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>  is one of the leading players in the Fast Moving Electrical Goods (FMEG) industry. The company manufactures and sells switches, cables, lightings, ACs and other electrical consumer durables under its portfolio. </p>
<p>Analysis of recent annual reports reveal some serious balance sheet issues such as inventory expansion and margin management, misclassification of operating cash flows and questionable debt raising. Moreover according to our channel interactions, it should be noted that whatever the growth the company has generated in F21 is majorly a result of price hikes, where as the volume growth is considered to be muted.</p>

Havells India (HAVL IN)  is one of the leading players in the Fast Moving Electrical Goods (FMEG) industry. The company manufactures and sells switches, cables, lightings, ACs and other electrical consumer durables under its portfolio. 
Analysis of recent annual reports reveal some serious balance sheet issues such as inventory expansion and margin management, misclassification of operating cash flows and questionable debt raising. Moreover according to our channel interactions, it should be noted that whatever the growth the company has generated in F21 is majorly a result of price hikes, where as the volume growth is considered to be muted.

Havells India

Forensic Analysis: Havells India Ltd