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

Mahindra & Mahindra – Ssanyong Goes Plotz

Mahindra & Mahindra – Found On Road Dead

M&M: Q3FY21 Earnings Update - Capital Allocation Assessment and Restructuring Almost Complete

Mahindra and Mahindra: Deceleration Accelerates, Plateau Ahead

M&M: Strong Rally in Stock Price Unwarranted; Delay in Crop Sowing May Affect Topline in 1HFY2019

The First Impact Of GST And Ind-AS Combine: Visible During Q2F18

Equity Bottom-Up

In our earlier extensive insight, <a href="https://www.smartkarma.com/insights/mahindra-and-mahindra-deceleration-accelerates-plateau-ahead" target="_blank" data-smartkarma-citation="insights:15530" rel="noopener">Mahindra and Mahindra: Deceleration Accelerates, Plateau Ahead</a> we spoke about how <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> had lost its mojo in the Indian auto industry, after having a purple patch till early 2010s. We highlighted severe operational, strategic and financial concerns that plagued the company, and that it will continue to underperform the Auto sector post 2017.
M&amp;M has struggled to cope up with its historic prowess in the sector, and has been a victim to market share and momentum loss in several segments (Standalone basis). 
The company has also announced a reshuffle of its leadership back in Dec 2019, and consequently has undergone several strategic business changes ranging from exit of investments to new tie ups. As a result, there has been a lot of optimism in the market about a more than average possibility of a revival, and that M&amp;M will regain the fortress back.
However on the contrary, looking at the dismal recent-past track record of the company, it is a herculean task for the management to turn around and so these decisions must be watched closely in the medium to long run before jumping on to the conclusions.

In our earlier extensive insight, Mahindra and Mahindra: Deceleration Accelerates, Plateau Ahead we spoke about how Mahindra &amp; Mahindra (MM IN) had lost its mojo in the Indian auto industry, after having a purple patch till early 2010s. We highlighted severe operational, strategic and financial concerns that plagued the company, and that it will continue to underperform the Auto sector post 2017.
M&amp;M has struggled to cope up with its historic prowess in the sector, and has been a victim to market share and momentum loss in several segments (Standalone basis). 
The company has also announced a reshuffle of its leadership back in Dec 2019, and consequently has undergone several strategic business changes ranging from exit of investments to new tie ups. As a result, there has been a lot of optimism in the market about a more than average possibility of a revival, and that M&amp;M will regain the fortress back.
However on the contrary, looking at the dismal recent-past track record of the company, it is a herculean task for the management to turn around and so these decisions must be watched closely in the medium to long run before jumping on to the conclusions.

Mahindra and Mahindra: Refurbished but Still Fragile