Indian Accounting Research Analyst, India Independent Insight

Nitin Mangal

Indian Accounting Research Analyst

India Independent Insight

India Independent Insight (Iii), is a collaborative initiative by Nitin Mangal and Pranav Bhavsar. Nitin Mangal is a SEBI registered Independent Analyst (SEBI Reg. INH 000004723) and Pranav Bhavsar is a SEBI registered Investment Advisor (SEBI Reg. INA 000011510). With Iii our endeavor is to deliver Independent & Unbiased research on Indian Mid to large cap companies. Iii typically provides counter consensus views which cover forensic research along with on-ground primary research. Our research process is a combination of a deep dive on accounting, governance and channel checks.

Independent & Unbiased Research

Equity Capital Markets

Tata Technologies / Equity Capital Markets

Tata Technologies Limited provides engineering and design services and product lifecycle management (PLM) products and services primarily to manufacturers and their suppliers in the automotive, aerospace, and engineering markets. Its range of services includes IT consultancy, SAP implementation and maintenance, trading, networking solutions, CAD/CAM engineering, and design consultancy. 

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> awaited IPO is set to launch for subscription this week.</li>
<li>The company is one of the largest ER&amp;D player that is based in India with revenues crossing INR 44 bn in F23. </li>
<li>Balance sheet remains strong and cash rich. There are however, doubts on revenue recognition policy, forex risk and reliance on Tata Group.</li>
</ul>



Tata Technologies (TATATECH IN) awaited IPO is set to launch for subscription this week.
The company is one of the largest ER&amp;D player that is based in India with revenues crossing INR 44 bn in F23. 
Balance sheet remains strong and cash rich. There are however, doubts on revenue recognition policy, forex risk and reliance on Tata Group.


Flair Writing Industries  / Equity Capital Markets

Flair Writing Industries Limited provides writing instruments. The Company offers various types of pens, markers, hi-lighters, and pencils. Flair Writing Industries serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/flair-writing-industries-ltd" target="_blank" data-smartkarma-citation="entities:40327:1" rel="noopener">Flair Writing Industries (1656496D IN)</a> 's INR 5.9 bn upcoming IPO consists of fresh issue worth INR 2.9 bn and OFS worth INR 3 bn (at the upper end).</li>
<li>The company is the largest pen manufacturer in India and one of the top three players in the Indian Writing Instruments Industry.</li>
<li>While the company has shown a handsome growth since the pandemic, some operating metrics pertaining to employees don’t seem to add up.</li>
</ul>



Flair Writing Industries (1656496D IN) 's INR 5.9 bn upcoming IPO consists of fresh issue worth INR 2.9 bn and OFS worth INR 3 bn (at the upper end).
The company is the largest pen manufacturer in India and one of the top three players in the Indian Writing Instruments Industry.
While the company has shown a handsome growth since the pandemic, some operating metrics pertaining to employees don’t seem to add up.


Flair Writing Industries IPO- Forensic Analysis

Jyoti CNC Automation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jyoti-cnc-automation" target="_blank" data-smartkarma-citation="entities:40154:1" rel="noopener">Jyoti CNC Automation (0907734D IN)</a> plans to come up with ~INR 10 bn IPO</li>
<li>JCAL is an established player in manufacturing of metal cutting CNC machines, mostly in 5-Axis category. It has 8% market share in India and is 12th largest global player.</li>
<li>Even though JCAL has bright order book visibility, it remains unprofitable, largely because of concerns with subsidiaries.</li>
</ul>



Jyoti CNC Automation (0907734D IN) plans to come up with ~INR 10 bn IPO
JCAL is an established player in manufacturing of metal cutting CNC machines, mostly in 5-Axis category. It has 8% market share in India and is 12th largest global player.
Even though JCAL has bright order book visibility, it remains unprofitable, largely because of concerns with subsidiaries.


Honasa Consumer  / Equity Capital Markets

Honasa Consumer Limited, doing business as Mamaearth, provides e-commerce services. The Company offers baby, skin, body, and hair care products, as well as mosquito protection roll on and creams. Mamaearth serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (1652951D IN)</a> IPO is a book built issue worth INR 17 bn, comprising INR 3.65 bn worth fresh issue and INR 13.4 bn of OFS (41.2 mn shares). </li>
<li>The company is renowned for its flagship brand, Mama Earth while it has acquired other brands recently such as B-Blunt, Dr. Sheth and has also ventured in the salon business. </li>
<li>Our concerns remain on the A&amp;P spends and related growth output, acquisition value and employee churning.</li>
</ul>



Honasa Consumer (1652951D IN) IPO is a book built issue worth INR 17 bn, comprising INR 3.65 bn worth fresh issue and INR 13.4 bn of OFS (41.2 mn shares). 
The company is renowned for its flagship brand, Mama Earth while it has acquired other brands recently such as B-Blunt, Dr. Sheth and has also ventured in the salon business. 
Our concerns remain on the A&amp;P spends and related growth output, acquisition value and employee churning.


Honasa Consumer Ltd IPO- Forensic Analysis

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aditya-vision-ltd" target="_blank" data-smartkarma-citation="entities:40299:1" rel="noopener">Aditya Vision (AVL IN)</a> and <a href="https://www.smartkarma.com/entities/electronics-mart-india-ltd" target="_blank" data-smartkarma-citation="entities:40300:1" rel="noopener">Electronics Mart India (EMIL IN)</a> are two organized regional players in the consumer durables industry with a rapid growth in the last year.</li>
<li>AVL carries several governance setbacks, including nomination and remuneration of directors and shareholding, along with some irregularities across balance sheet line items and cash management woes.</li>
<li>EMIL even though relatively better on the disclosure side has its own threats to the balance sheet, which includes litigations scare, trademark filing.</li>
</ul>



Aditya Vision (AVL IN) and Electronics Mart India (EMIL IN) are two organized regional players in the consumer durables industry with a rapid growth in the last year.
AVL carries several governance setbacks, including nomination and remuneration of directors and shareholding, along with some irregularities across balance sheet line items and cash management woes.
EMIL even though relatively better on the disclosure side has its own threats to the balance sheet, which includes litigations scare, trademark filing.


Nitin is a SEBI registered 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 news papers such as Wall Street Journal, Financial Times, Business Standard etc.

Nitin Mangal
Indian Accounting Research Analyst
• India Independent Insight

Tata Technologies IPO- Forensic Analysis

Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...

Nitin Mangal

Flair Writing Industries IPO- Forensic Analysis

Flair Writing Industries is one of the largest pen manufacturers in India. The company has shown handsome growth, however, there are concerns...

Nitin Mangal

Jyoti CNC IPO- Forensic Analysis

Jyoti CNC Automation has bright business prospects and strong order book. However, the company is struggling for profit. The numbers surrounding...

Nitin Mangal

Honasa Consumer Ltd IPO- Forensic Analysis

As the leading digital first BPC player, the company is known for its Mama Earth brand. However, concerns persist regarding online growth, employee...

Nitin Mangal

Aditya Vision, EMIL- Forensic Analysis

Aditya Vision and Electronics Mart India are regional players in consumer durables with rapid growth, this insight compares the financials and...

Nitin Mangal

Tata Technologies IPO- Forensic Analysis

​Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...

Nitin Mangal

Flair Writing Industries IPO- Forensic Analysis

​Flair Writing Industries is one of the largest pen manufacturers in India. The company has shown handsome growth, however, there are concerns...

Nitin Mangal

Jyoti CNC IPO- Forensic Analysis

​Jyoti CNC Automation has bright business prospects and strong order book. However, the company is struggling for profit. The numbers surrounding...

Nitin Mangal

Honasa Consumer Ltd IPO- Forensic Analysis

As the leading digital first BPC player, the company is known for its Mama Earth brand. However, concerns persist regarding online growth, employee...

Nitin Mangal

Aditya Vision, EMIL- Forensic Analysis

​Aditya Vision and Electronics Mart India are regional players in consumer durables with rapid growth, this insight compares the financials and...

Nitin Mangal

Tata Technologies' IPO is launching this week. While the balance sheet is strong and operations are profitable, there are concerns about contract...

Flair Writing Industries is one of the largest pen manufacturers in India. The company has shown handsome growth, however, there are concerns...

Jyoti CNC Automation has bright business prospects and strong order book. However, the company is struggling for profit. The numbers surrounding...

Aditya Vision and Electronics Mart India are regional players in consumer durables with rapid growth, this insight compares the financials and...