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

A Deep Dive into SEBI's IndusInd Bank Insider Trading Order

Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears

Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"?

IndusInd Bank Crisis: More Discrepancies, Losses, Suspected Fraud

Indusind Bank: KMP Resignations Amid Derivative Discrepancy Flags Strategic Concerns

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. </li>
<li>The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. </li>
<li>Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.</li>
</ul>



Indusind Bank (IIB IN) released their Q4 and FY25 results, which highlighted further episodes of bizarre accounting plays. 
The cumulative impact of material accounting adjustments was INR 26 bn, enough to engulf profits by 50% for the year. 
Noting the same, management and auditors, which were left blindfolded, suggested a possible fraud committed against the bank.


Indusind Bank

IndusInd Bank: Auditors Caught Napping