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

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Ramakrishna Forgings Ltd- Forensic Review

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

Ramkrishna Forgings  / Forensic Accounting

<ul>
<li>On April 26, 2025, <a href="https://www.smartkarma.com/entities/ramkrishna-forgings-ltd" target="_blank" data-smartkarma-citation="entities:13278:1" rel="noopener">Ramkrishna Forgings (RMKF IN)</a> (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.</li>
<li>The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.</li>
<li>While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.</li>
</ul>


On April 26, 2025, Ramkrishna Forgings (RMKF IN) (RKFL) disclosed that during the annual physical verification of inventory for the financial year ending March 31, 2025, there were discrepancies observed.
The company has appointed independent external agencies to dig-out the findings, but the fact that management expects a 4-5% erosion of net-worth has caught the attention of many.
While this exposes the accounting and governance, the bigger picture is that it also exposes a big audit blind spot relating to inventory discrepancy threshold of 10%.


Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot