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

Sula Vineyards Pre-IPO - Big Fish in a Small Pond

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

Equity Bottom-Up

<ul>
<li>In a surprising turn of events, the management of <a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards (SULA IN)</a> has cancelled earnings call for Q4FY25 citing Indo-Pak conflict after posting bad quarterly numbers.</li>
<li>Receivable cycle has further elongated to all time high since the company became public.</li>
<li>Revenue growth yet remains muted post company became public in 2022.</li>
</ul>


In a surprising turn of events, the management of Sula Vineyards (SULA IN) has cancelled earnings call for Q4FY25 citing Indo-Pak conflict after posting bad quarterly numbers.
Receivable cycle has further elongated to all time high since the company became public.
Revenue growth yet remains muted post company became public in 2022.


Sula Vineyards

Sula Vineyards Q4FY25: What Is Hidden?