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

Ramakrishna Forgings Ltd- Forensic Review

Ramkrishna Forgings Ltd: Missing Inventory Exposes the Audit Blind Spot

IndusInd Bank Crisis: More Discrepancies, Losses, Suspected Fraud

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>
<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> (or RKFL) Q4FY25 results received a qualified audit opinion where inventory correction resulted in loss of 6.7% of net-worth. </li>
<li>The result also included several alarming highlights including a resurgence of inventory bulk up, questionable recognition of DTA, increasing debt, excess remuneration given to directors, etc.</li>
<li>What also takes the limelight is the warrants issue where company has issued warrants at ~3x the floor price to the promoters amidst the financial irregularities.</li>
</ul>



Ramkrishna Forgings (RMKF IN) (or RKFL) Q4FY25 results received a qualified audit opinion where inventory correction resulted in loss of 6.7% of net-worth. 
The result also included several alarming highlights including a resurgence of inventory bulk up, questionable recognition of DTA, increasing debt, excess remuneration given to directors, etc.
What also takes the limelight is the warrants issue where company has issued warrants at ~3x the floor price to the promoters amidst the financial irregularities.


Ramkrishna Forgings: Where Inventory Vanishes and Optimism Appears