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

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<li>
<a href="https://www.smartkarma.com/entities/makemytrip-ltd" target="_blank" data-smartkarma-citation="entities:23580:1" rel="noopener">Makemytrip Ltd (MMYT US)</a> dominates India's online travel agency (OTA) market as the leading player with forte in all three segments, airlines, hotels and packages and bus ticketing. </li>
<li>For forensics, there aren’t many ‘red flags’ but one should be careful of change in accounting policy in bus ticketing where revenues are recognised earlier than before. </li>
<li>Moreover, reversal in DTA in FY25 seems puzzling along with commission system for tickets sold and purchased from Trip.com</li>
</ul>



Makemytrip Ltd (MMYT US) dominates India's online travel agency (OTA) market as the leading player with forte in all three segments, airlines, hotels and packages and bus ticketing. 
For forensics, there aren’t many ‘red flags’ but one should be careful of change in accounting policy in bus ticketing where revenues are recognised earlier than before. 
Moreover, reversal in DTA in FY25 seems puzzling along with commission system for tickets sold and purchased from Trip.com


Makemytrip Ltd

MakeMyTrip Ltd- Forensic Analysis