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

Thematic (Sector/Industry)

<ul>
<li>The passage of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025 marks a significant regulatory inflection point for the sector and could uplift penetration levels in long-run.</li>
<li>Key reforms include 100% FDI, easing operational constraints, strengthening consumer protection, opening up of <a href="https://www.smartkarma.com/entities/life-insurance-corp-of-india" target="_blank" data-smartkarma-citation="entities:28829:1" rel="noopener">Life Insurance of India (LICI IN)</a> , etc. </li>
<li>Tighter commission regulation and increased competition may pressure intermediary profitability in the near term, posing earnings risk for platforms like <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> (PB Fintech) despite positive long-term sector fundamentals.</li>
</ul>


The passage of the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Bill, 2025 marks a significant regulatory inflection point for the sector and could uplift penetration levels in long-run.
Key reforms include 100% FDI, easing operational constraints, strengthening consumer protection, opening up of Life Insurance of India (LICI IN) , etc. 
Tighter commission regulation and increased competition may pressure intermediary profitability in the near term, posing earnings risk for platforms like Policybazaar (POLICYBZ IN) (PB Fintech) despite positive long-term sector fundamentals.


New Insurance Bill: Insurance for All by 2047

Forensic Accounting

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.

<ul>
<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 (OLAELEC IN)</a> since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.</li>
<li>As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.</li>
<li>The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.</li>
</ul>



Ola Electric (OLAELEC IN) since its IPO has been under scanner. The management presented a very optimistic narrative in Q1FY26, hoping to turn tides, increase volumes, along with better profitability.
As things stand, volumes continue to hit new lows, market share continues to tumble and the new narrative of Auto EBITDA positive could possibly be an eye wash.
The company’s strategic mismanagement is unmasked and and with internal controls disappearing . Ultimately, the promoter sell off could be a final nail in the coffin.


2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

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.


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.

<ul>
<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.

<ul>
<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

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