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

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/geddit-convenience-pvt-ltd-zepto" target="_blank" data-smartkarma-citation="entities:35873:1" rel="noopener">Zepto (1936629D IN)</a> has scaled aggressively to INR 226 bn revenue and 1,139 dark stores by FY26; however, adj.EBITDA losses remain elevated at INR 54 bn despite improving unit economics.</li>
<li>Despite improving unit economics, profitability remains fragile; lower marketing intensity and the commencement of technology and post-opening store-cost capitalisation in FY26 have also supported reported EBITDA improvement.</li>
<li>Pre-IPO restructuring materially altered retained earnings. Litigation liabilities, high attritions, asset write offs, unbilled revenues, warrant additional scrutiny.</li>
</ul>



Zepto (1936629D IN) has scaled aggressively to INR 226 bn revenue and 1,139 dark stores by FY26; however, adj.EBITDA losses remain elevated at INR 54 bn despite improving unit economics.
Despite improving unit economics, profitability remains fragile; lower marketing intensity and the commencement of technology and post-opening store-cost capitalisation in FY26 have also supported reported EBITDA improvement.
Pre-IPO restructuring materially altered retained earnings. Litigation liabilities, high attritions, asset write offs, unbilled revenues, warrant additional scrutiny.


Zepto

Zepto IPO- The Cost of Going Quick