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

Macroeconomics

<ul>
<li>The Union Budget 2026-27 is a steady budget with silent fireworks. In our view, the Budget lays a good foundation for growth, while keeping the fiscal consolidation in check. </li>
<li>Key positives are change in reforms to attract foreign capital in the country, especially given the recent outflows. Tax reforms on IT/Services and emphasis on manufacturing is also a positive.</li>
<li>What we do not like is increase in transaction costs for HFTs and Arbitrageurs, thereby reducing market efficiency. Limits in MAT set off is another disadvantage to the corporates.</li>
</ul>


The Union Budget 2026-27 is a steady budget with silent fireworks. In our view, the Budget lays a good foundation for growth, while keeping the fiscal consolidation in check. 
Key positives are change in reforms to attract foreign capital in the country, especially given the recent outflows. Tax reforms on IT/Services and emphasis on manufacturing is also a positive.
What we do not like is increase in transaction costs for HFTs and Arbitrageurs, thereby reducing market efficiency. Limits in MAT set off is another disadvantage to the corporates.


Union Budget 2026- What We like and What We Don't