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

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.

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<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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

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<li>Ola Electric saw a sharp sales collapse, lost its E2W leadership to TVS Motor, and witnessed founder Bhavish Aggarwal selling 1.54% stake worth INR 234 crore across two sessions.</li>
<li>The combination of a ~50–70% sales decline, market share erosion, guidance cuts, and promoter stake sales raises concerns around demand sustainability, execution gaps, and balance-sheet stress at the promoter level.</li>
<li>Despite selective operational improvements, Ola Electric’s weakening sales momentum and promoter de-risking signal a shift from aggressive growth to damage control, warranting a cautious stance until demand visibility stabilises.</li>
</ul>


Ola Electric saw a sharp sales collapse, lost its E2W leadership to TVS Motor, and witnessed founder Bhavish Aggarwal selling 1.54% stake worth INR 234 crore across two sessions.
The combination of a ~50–70% sales decline, market share erosion, guidance cuts, and promoter stake sales raises concerns around demand sustainability, execution gaps, and balance-sheet stress at the promoter level.
Despite selective operational improvements, Ola Electric’s weakening sales momentum and promoter de-risking signal a shift from aggressive growth to damage control, warranting a cautious stance until demand visibility stabilises.


Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

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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<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

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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<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


Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

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<a href="https://www.smartkarma.com/entities/mphasis-ltd" target="_blank" data-smartkarma-citation="entities:7672:1" rel="noopener">Mphasis Ltd (MPHL IN)</a> is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation. </li>
<li>It is majority-owned by the Blackstone Group, one of the world's largest private equity firms.</li>
<li>Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.</li>
</ul>



Mphasis Ltd (MPHL IN) is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation. 
It is majority-owned by the Blackstone Group, one of the world's largest private equity firms.
Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.


Mphasis Ltd- Unbilled Receivables to the Rescue

Accounting Diagnostics, Red Flags, Short-sell risk

Forensic Accounting
Accounting Diagnostics, Red Flags, Short-sell risk

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Nimish Maheshwari

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

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

Mphasis Ltd- Unbilled Receivables to the Rescue

Mphasis Ltd is a global IT services company specializing in cloud and cognitive services. Forensic concerns revolve around revenue booking and...

Nitin Mangal

2026 High Conviction Idea- Ola Electric: Mismanagement Masterclass

​Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Nitin Mangal

Ola Electric's Margin-Led Promoter Selling and Operational Sales Collapse Raise Governance Concern

​Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

Nimish Maheshwari

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

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

Mphasis Ltd- Unbilled Receivables to the Rescue

​Mphasis Ltd is a global IT services company specializing in cloud and cognitive services. Forensic concerns revolve around revenue booking and...

Nitin Mangal

Ola's struggles continue as management's optimistic narrative is detached from reality, with market share tumbling and strategic mismanagement...

Ola Electric faces sales collapse, loses E2W leadership, and founder sells stake, raising concerns about demand sustainability and balance-sheet...

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

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,...

Mphasis Ltd is a global IT services company specializing in cloud and cognitive services. Forensic concerns revolve around revenue booking and...