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/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a>  came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares. </li>
<li>They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications. </li>
<li>Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.</li>
</ul>



Oswal Pumps (1019841D IN)  came out with an IPO in June to raise fresh equity of INR 8.9 bn and offer for sale of 8.1 mn shares. 
They are among the few fully integrated Turnkey Solar Pumping System providers in India, manufacturing solar pumps, modules, controllers, and offering complete installation services for agricultural applications. 
Forensic takeaways include misstatement of cash flow, absence of details on the order book, possible margin and growth concerns and certain violations of regulations and regular delay in filing dues.


Oswal Pumps

Oswal Pumps Ltd- IPO to the Rescue