Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research 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

Bajaj Housing Finance / Equity Capital Markets

Bajaj Housing Finance Limited provides finance for housing. The Company offers loan to individuals and corporates for purchase, construction, and renovation of real estate properties. Bajaj Housing Finance serves customers in India.

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<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> upcoming IPO is worth INR 65.6 bn, comprising of fresh issue worth INR 35.6 bn and offer for sale worth INR 30 bn. </li>
<li>The company reports strong KPIs and has been better than peers in several aspects. AUM growth is strong and is driven by Developer Financing and Lease Rental Discounting. </li>
<li>There are few important cautions regarding the NHB observations and assignments.</li>
</ul>



Bajaj Housing Finance (BHF IN) upcoming IPO is worth INR 65.6 bn, comprising of fresh issue worth INR 35.6 bn and offer for sale worth INR 30 bn. 
The company reports strong KPIs and has been better than peers in several aspects. AUM growth is strong and is driven by Developer Financing and Lease Rental Discounting. 
There are few important cautions regarding the NHB observations and assignments.


Bajaj Housing Finance IPO- Forensic Analysis

Forensic Accounting

Shivam Autotech Ltd. manufactures automobile parts.  The Company produces transmission gears and spline shafts.

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<li>
<a href="https://www.smartkarma.com/entities/shivam-autotech-ltd" target="_blank" data-smartkarma-citation="entities:9451:1" rel="noopener">Shivam Autotech (SVAT IN)</a> or (SATL) serves OEMs by manufacturing a range of auto components and accessories including transmission gears, transmission shafts, etc.  </li>
<li>The company’s business performance over the last few years has looked grim with stagnant revenues, declining margins and ballooning losses. Balance sheet has only gotten more fragile.</li>
<li>Auditor’s comments on material weakness on internal controls, increasing receivables, balance sheet ALM mismatch are few red herrings to look out for.</li>
</ul>



Shivam Autotech (SVAT IN) or (SATL) serves OEMs by manufacturing a range of auto components and accessories including transmission gears, transmission shafts, etc.  
The company’s business performance over the last few years has looked grim with stagnant revenues, declining margins and ballooning losses. Balance sheet has only gotten more fragile.
Auditor’s comments on material weakness on internal controls, increasing receivables, balance sheet ALM mismatch are few red herrings to look out for.


Elgi Equipments Limited manufactures reciprocating and screw type air compressors, diesel engines. generators and pumps, garage equipment, auto products and heat pressure cleaners.  Elgi markets a range of wheel balancers, oil suction units, AC recovery plants, mobile service units, and pasteurizer and bottle washers.  The Company operates in India and markets its products globally.

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<li>
<a href="https://www.smartkarma.com/entities/elgi-equipments-ltd" target="_blank" data-smartkarma-citation="entities:14951:1" rel="noopener">Elgi Equipments (ELEQ IN)</a> headquartered in Tamil Nadu, India manufactures a range of air compressors and automotive equipments and sells across domestic and international geographies.</li>
<li>Overall, balance sheet looks strong with consistent FCF generation, upward sloping ROCEs and low risk of solvency</li>
<li>But one needs to be cautious about the performance of subsidiaries, especially the Belgium and US arms, and goodwill assessment, whistle blower trends, etc.</li>
</ul>



Elgi Equipments (ELEQ IN) headquartered in Tamil Nadu, India manufactures a range of air compressors and automotive equipments and sells across domestic and international geographies.
Overall, balance sheet looks strong with consistent FCF generation, upward sloping ROCEs and low risk of solvency
But one needs to be cautious about the performance of subsidiaries, especially the Belgium and US arms, and goodwill assessment, whistle blower trends, etc.


INOX India (INOX) is a manufacturer of cryogenic equipment.

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<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> or IIL is into design, engineering and manufacturing of cryogenic tanks and equipment. These are used in industrial gases, LNG, green hydrogen, metallurgy industries, etc</li>
<li>The company came up with its IPO in December 2023 and has posted a decent growth in the last few years.</li>
<li>One should however remain cautious about WC trend, receivables provisioning, RPT with promoters, etc.</li>
</ul>



INOX India Limited (INOX IN) or IIL is into design, engineering and manufacturing of cryogenic tanks and equipment. These are used in industrial gases, LNG, green hydrogen, metallurgy industries, etc
The company came up with its IPO in December 2023 and has posted a decent growth in the last few years.
One should however remain cautious about WC trend, receivables provisioning, RPT with promoters, etc.


OLA Electric Mobility Limited manufactures electric vehicles. The Company focuses on designing, engineering, and manufacturing of electric scooters and bikes, as well as components like battery packs, motors, and vehicle frames. OLA Electric Mobility serves customers worldwide.

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<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> is launching its IPO, consisting of fresh issue worth INR 5.5 bn and offer for sale upto 84.9 mn shares.</li>
<li>The company delivered its first electric scooter in December 2021, and since then it has grown immensely to become a market leader with a share of 35%.</li>
<li>As far as forensics go, one should look out for related party transactions with promoters, some accounting policies, constant losses, need for capex, trend of expenses, etc.</li>
</ul>



Ola Electric (1700674D IN) is launching its IPO, consisting of fresh issue worth INR 5.5 bn and offer for sale upto 84.9 mn shares.
The company delivered its first electric scooter in December 2021, and since then it has grown immensely to become a market leader with a share of 35%.
As far as forensics go, one should look out for related party transactions with promoters, some accounting policies, constant losses, need for capex, trend of expenses, etc.


Nitin is founder of Trudence Capital 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 news papers such as Wall Street Journal, Financial Times, Business Standard etc.

Nitin Mangal
Indian Accounting Research Analyst
• Trudence Capital Advisors

Bajaj Housing Finance IPO- Forensic Analysis

Bajaj Housing Finance's IPO worth INR 65.6 bn shows strong KPIs and growth driven by Developer Financing and Lease Rental Discounting, but caution...

Nitin Mangal

Shivam Autotech Ltd- Forensic Analysis

SATL faces challenges with stagnant revenues, declining margins, and increasing losses. Watch out internal control weaknesses, balance sheet...

Nitin Mangal

ELGi Equipments- Forensic Analysis

Elgi Equipments (ELEQ IN) in India has a strong balance sheet with consistent FCF generation and low solvency risk, but caution is needed...

Nitin Mangal

Inox India Ltd- Forensic Analysis

INOX India got recently listed and has been growing well since the last few years. However, caution is advised regarding WC trends, receivables...

Nitin Mangal

Ola Electric IPO- Forensic Analysis

Ola Electric emerges as market leader with 35% share in electric scooters. Watch out for related party transactions, accounting policies, losses,...

Nitin Mangal

Bajaj Housing Finance IPO- Forensic Analysis

​Bajaj Housing Finance's IPO worth INR 65.6 bn shows strong KPIs and growth driven by Developer Financing and Lease Rental Discounting, but caution...

Nitin Mangal

Shivam Autotech Ltd- Forensic Analysis

SATL faces challenges with stagnant revenues, declining margins, and increasing losses. Watch out internal control weaknesses, balance sheet...

Nitin Mangal

ELGi Equipments- Forensic Analysis

​Elgi Equipments (ELEQ IN) in India has a strong balance sheet with consistent FCF generation and low solvency risk, but caution is needed...

Nitin Mangal

Inox India Ltd- Forensic Analysis

​INOX India got recently listed and has been growing well since the last few years. However, caution is advised regarding WC trends, receivables...

Nitin Mangal

Ola Electric IPO- Forensic Analysis

​Ola Electric emerges as market leader with 35% share in electric scooters. Watch out for related party transactions, accounting policies, losses,...

Nitin Mangal

Bajaj Housing Finance's IPO worth INR 65.6 bn shows strong KPIs and growth driven by Developer Financing and Lease Rental Discounting, but caution...

Elgi Equipments (ELEQ IN) in India has a strong balance sheet with consistent FCF generation and low solvency risk, but caution is needed...

INOX India got recently listed and has been growing well since the last few years. However, caution is advised regarding WC trends, receivables...

Ola Electric emerges as market leader with 35% share in electric scooters. Watch out for related party transactions, accounting policies, losses,...