Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

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 Bottom-Up

PB Fintech Limited doing business as PolicyBazaar, develops and publishes an online financial services platform. The Company offers a consumer centric platform by partnering with financial services companies such as insurance companies to enhance their platform from a consumer e-commerce perspective.

<ul>
<li>It is reported that Life Insurance industry is evaluating a shift away from traditional front-loaded commissions toward a deferred commission structure.</li>
<li>Moreover, IRDAI has intensified oversight of distribution expenses and management costs in the general and health insurance segments and looks to lower the EoM cap for the insurers.</li>
<li>These changes if considered, could pose meaningful near-term growth and margin headwinds for PB Fintech or <a href="https://www.smartkarma.com/entities/pb-fintech-limited-policybazaar" target="_blank" data-smartkarma-citation="entities:33470:1" rel="noopener">Policybazaar (POLICYBZ IN)</a>, which is already under pressure from the GST rate cuts.</li>
</ul>


It is reported that Life Insurance industry is evaluating a shift away from traditional front-loaded commissions toward a deferred commission structure.
Moreover, IRDAI has intensified oversight of distribution expenses and management costs in the general and health insurance segments and looks to lower the EoM cap for the insurers.
These changes if considered, could pose meaningful near-term growth and margin headwinds for PB Fintech or Policybazaar (POLICYBZ IN), which is already under pressure from the GST rate cuts.


Forensic Accounting

Kaynes Technology India / Forensic Accounting

Kaynes Technology India Private Limited manufactures electronic components. The Company offers pcba's, bluetooth modules, and chipset. Kaynes Technology India serves defence, aerospace, railways, other transportation, health care, automobiles, and aerospace sectors worldwide.

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<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> has been under immense limelight following the Annual Report Review published by Kotak Institutional Equities</li>
<li>The management had come out with immediate clarifications, and according to them, the points raised in the note were more of disclosure discomforts rather than having financial impact.</li>
<li>In this note, we look at Kaynes from our lens. Here are the Key Findings which warrant further attention and could distort financial health.</li>
</ul>



Kaynes Technology India (KAYNES IN) has been under immense limelight following the Annual Report Review published by Kotak Institutional Equities
The management had come out with immediate clarifications, and according to them, the points raised in the note were more of disclosure discomforts rather than having financial impact.
In this note, we look at Kaynes from our lens. Here are the Key Findings which warrant further attention and could distort financial health.


Kaynes Technology India Ltd- From Our Lens

Equity Capital Markets

Wakefit Innovations / Equity Capital Markets

Wakefit Innovations Limited produces and distributes mattresses. The Company offers orthopaedic memory foam mattresses, protectors, and sleeping pillows, as well as furniture and furnishing products. Wakefit Innovations serves customers in India.

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<li>
<a href="https://www.smartkarma.com/entities/wakefit-innovations" target="_blank" data-smartkarma-citation="entities:45405:1" rel="noopener">Wakefit Innovations (1684049D IN)</a> 's INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.</li>
<li>Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.</li>
<li>Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&amp;P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention</li>
</ul>



Wakefit Innovations (1684049D IN) 's INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.
Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.
Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&amp;P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention


Wakefit Innovations Ltd IPO- Forensic Analysis

Meesho Limited operates as an online retailer. The Company retails apparels, jewelries, personal care, home and kitchen, footwear, bags, kids essentials, and electronics items at lower prices for resellers and consumers. Meesho serves customers in India.

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<li>
<a href="https://www.smartkarma.com/entities/meesho-inc" target="_blank" data-smartkarma-citation="entities:35872:1" rel="noopener">Meesho (1546271D IN)</a>'s INR 52.4 bn IPO is currently open for subscription. It consists of fresh issue worth INR 42.5 bn and OFS component worth INR 11.7 bn </li>
<li>The company is India’s largest E-Com platforms in terms of placed orders and user base, and make its mark in the value segment, offering mostly unbranded and regional branded products. </li>
<li>While KPIs signal growth and operational efficiencies, Meesho is still a loss maker. It has high litigation risk and seeing rapid increase in impairments and write offs with receivables</li>
</ul>



Meesho (1546271D IN)'s INR 52.4 bn IPO is currently open for subscription. It consists of fresh issue worth INR 42.5 bn and OFS component worth INR 11.7 bn 
The company is India’s largest E-Com platforms in terms of placed orders and user base, and make its mark in the value segment, offering mostly unbranded and regional branded products. 
While KPIs signal growth and operational efficiencies, Meesho is still a loss maker. It has high litigation risk and seeing rapid increase in impairments and write offs with receivables


Meesho Ltd IPO- Watch Out for Impairment Allowance

Olectra Greentech Limited manufactures automobiles. The Company produces and supplies electric buses using silicon rubber polymer composite insulators. Olectra Greentech serves customers in India.

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<li>
<a href="https://www.smartkarma.com/entities/olectra-greentech-ltd" target="_blank" data-smartkarma-citation="entities:40365:1" rel="noopener">Olectra Greentech (OLECTRA IN)</a> , part of the MEIL Group, has transformed from a power insulator manufacturer into a pioneer and leading player in India's electric mobility segment.</li>
<li>The company is primarily known as the largest pure-electric bus manufacturer in India, operating through a long-term technology partnership with China's BYD Auto Industry Co Ltd.</li>
<li>Heavy reliance of the company on its associates for the sale of EVs, along with supplier concentration warrants attention. However, cash flow generation is improving, which is a positive</li>
</ul>



Olectra Greentech (OLECTRA IN) , part of the MEIL Group, has transformed from a power insulator manufacturer into a pioneer and leading player in India's electric mobility segment.
The company is primarily known as the largest pure-electric bus manufacturer in India, operating through a long-term technology partnership with China's BYD Auto Industry Co Ltd.
Heavy reliance of the company on its associates for the sale of EVs, along with supplier concentration warrants attention. However, cash flow generation is improving, which is a positive


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

Nitin Mangal
Forensic Analyst
• Trudence Capital Advisors

PB Fintech- Timing Shock Ahead?

Life insurance industry may shift to deferred commission structure, IRDAI tightening oversight on expenses could impact growth and margins for PB...

Nitin Mangal

Kaynes Technology India Ltd- From Our Lens

Kaynes faced scrutiny after Kotak Report on the company. Management clarifies concerns as more of disclosure issues rather than financial impact....

Nitin Mangal

Wakefit Innovations Ltd IPO- Forensic Analysis

Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

Nitin Mangal

Meesho Ltd IPO- Watch Out for Impairment Allowance

India's largest E-Com platform Meesho's KPIs look promising. Watch out for high litigation risk and increasing ECL provisions.

Nitin Mangal

Olectra Greentech Ltd- Forensic Analysis

Olectra has evolved from a power insulator manufacturer to a key player in India's E- Mobility sector. But there are key business risks involved,...

Nitin Mangal

PB Fintech- Timing Shock Ahead?

​Life insurance industry may shift to deferred commission structure, IRDAI tightening oversight on expenses could impact growth and margins for PB...

Nitin Mangal

Kaynes Technology India Ltd- From Our Lens

​Kaynes faced scrutiny after Kotak Report on the company. Management clarifies concerns as more of disclosure issues rather than financial impact....

Nitin Mangal

Wakefit Innovations Ltd IPO- Forensic Analysis

​Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

Nitin Mangal

Meesho Ltd IPO- Watch Out for Impairment Allowance

​India's largest E-Com platform Meesho's KPIs look promising. Watch out for high litigation risk and increasing ECL provisions.

Nitin Mangal

Olectra Greentech Ltd- Forensic Analysis

​Olectra has evolved from a power insulator manufacturer to a key player in India's E- Mobility sector. But there are key business risks involved,...

Nitin Mangal

Life insurance industry may shift to deferred commission structure, IRDAI tightening oversight on expenses could impact growth and margins for PB...

Kaynes faced scrutiny after Kotak Report on the company. Management clarifies concerns as more of disclosure issues rather than financial impact....

Wakefit Innovations scaled rapidly as one of the largest D2C player in its product segments. Whether its turnaround in PAT is a sustainable one,...

India's largest E-Com platform Meesho's KPIs look promising. Watch out for high litigation risk and increasing ECL provisions.

Olectra has evolved from a power insulator manufacturer to a key player in India's E- Mobility sector. But there are key business risks involved,...