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

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a> has become India’s largest low-cost airline and world’s 7th largest aircraft carrier in its short history. </li>
<li>IndiGo lately saw resignation of its CEO, months after its worst operational crisis. This goes in sync with a numerous complaints received from the employees, including POSH cases and whistle-blowers.</li>
<li>Key forensic signals include aggressive depreciation of aircrafts, deviation between lease liabilities and assets, revenue recognition with advance from customers more than a year, non-core income driving profits etc.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN) has become India’s largest low-cost airline and world’s 7th largest aircraft carrier in its short history. 
IndiGo lately saw resignation of its CEO, months after its worst operational crisis. This goes in sync with a numerous complaints received from the employees, including POSH cases and whistle-blowers.
Key forensic signals include aggressive depreciation of aircrafts, deviation between lease liabilities and assets, revenue recognition with advance from customers more than a year, non-core income driving profits etc.


InterGlobe Aviation- Turbulence Beyond Operations