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

Forensic Accounting

Insolation Energy Limited provides renewable energy equipment. The Company offers solar PV modules, panels, batteries, and charge controller for solar electricity generation. Insolation Energy serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insolation-energy-ltd" target="_blank" data-smartkarma-citation="entities:44168:1" rel="noopener">Insolation Energy (INA IN)</a>, originated from Jaipur, Rajasthan has been a beneficiary of the heavy solar tailwinds in the last two years and has been involved in major capex phase.  </li>
<li>The company has received big contracts such as the MoU with government to the tune of INR 100 bn in spite of having net worth of only INR 1.1 bn.</li>
<li>As far as forensics is concerned, we notice several irregularities such as low capitalisations, misclassification of OCF, EPS, naïve accounting of investments, forex movements, strange movements in margins, etc.</li>
</ul>



Insolation Energy (INA IN), originated from Jaipur, Rajasthan has been a beneficiary of the heavy solar tailwinds in the last two years and has been involved in major capex phase.  
The company has received big contracts such as the MoU with government to the tune of INR 100 bn in spite of having net worth of only INR 1.1 bn.
As far as forensics is concerned, we notice several irregularities such as low capitalisations, misclassification of OCF, EPS, naïve accounting of investments, forex movements, strange movements in margins, etc.


Emerald Finance Limited is a financial services company. The Company offers banking products and financial services to corporate and retail customers, as well as provides artificial intelligence based loan management solutions. Emerald Finance serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emerald-finance-ltd" target="_blank" data-smartkarma-citation="entities:44167:1" rel="noopener">Emerald Finance (EMERALD IN)</a> is a Chandigarh-based NBFC. Since receiving its NBFC license in 2015, Emerald has broadened its offerings to include personal loans, business loans, and Early Wage Access.</li>
<li>The Company focuses on retail and MSME lending and acts as a loan origination platform for over 40 financial institutions through its subsidiary, Eclat Net Advisors Private Limited.   </li>
<li>Onto the forensics, there are unsecured loans to RPs, representing 15% of the networth, large amounts of cheques-in-hand reflected under Other loans and advances and incorrect calculation of EPS</li>
</ul>



Emerald Finance (EMERALD IN) is a Chandigarh-based NBFC. Since receiving its NBFC license in 2015, Emerald has broadened its offerings to include personal loans, business loans, and Early Wage Access.
The Company focuses on retail and MSME lending and acts as a loan origination platform for over 40 financial institutions through its subsidiary, Eclat Net Advisors Private Limited.   
Onto the forensics, there are unsecured loans to RPs, representing 15% of the networth, large amounts of cheques-in-hand reflected under Other loans and advances and incorrect calculation of EPS


Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Equity Bottom-Up

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

<ul>
<li>The paint industry experienced significant challenges in Q2FY24, with most companies reporting subdued performance.</li>
<li>Asian Paints reported typical fluctuations in market share of 1-1.5%, while Berger Paints and AkzoNobel both reported gains in their respective market positions.</li>
<li>Asian Paints' current market share reduction and increased competitive pressure stem from its size and the slowing macro environment.</li>
</ul>


The paint industry experienced significant challenges in Q2FY24, with most companies reporting subdued performance.
Asian Paints reported typical fluctuations in market share of 1-1.5%, while Berger Paints and AkzoNobel both reported gains in their respective market positions.
Asian Paints' current market share reduction and increased competitive pressure stem from its size and the slowing macro environment.


Asian Paints (APNT IN) | Navigating Turbulence

Vishal Mega Mart Private Limited operates as an online apparel store. The Company offers tops, shirts, skirts, jeans, dresses, palazzo, and other related products for men and women. Vishal Mega Mart serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart (1620871D IN)</a> IPO worth INR 80 bn is about to open this week. The IPO constitutes entirely of OFS. </li>
<li>The company is one of the top 3 offline first retailers, the most diversified retailers and caters to middle income and lower income group, largely in Tier 2 locations. </li>
<li>As far as forensics are concerned, one must pay attention to exorbitantly high attrition levels, rising related party transactions, few puzzling line items noticed in books, etc.</li>
</ul>



Vishal Mega Mart (1620871D IN) IPO worth INR 80 bn is about to open this week. The IPO constitutes entirely of OFS. 
The company is one of the top 3 offline first retailers, the most diversified retailers and caters to middle income and lower income group, largely in Tier 2 locations. 
As far as forensics are concerned, one must pay attention to exorbitantly high attrition levels, rising related party transactions, few puzzling line items noticed in books, etc.


Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> is best positioned to capitalize on the growing market for lab-grown diamonds (LGD) and alter its business growth trajectory.</li>
<li>LGD disruptions seen in other markets are unlikely to be seen in India due to the positioning of Jewellery in Household asset allocation. </li>
<li>We also believe that <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a>  LGD potential is underrated while the impact on <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>  is overrated.</li>
</ul>



Trent Ltd (TRENT IN) is best positioned to capitalize on the growing market for lab-grown diamonds (LGD) and alter its business growth trajectory.
LGD disruptions seen in other markets are unlikely to be seen in India due to the positioning of Jewellery in Household asset allocation. 
We also believe that Trent Ltd (TRENT IN)  LGD potential is underrated while the impact on Titan Co Ltd (TTAN IN)  is overrated.


Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

Trudence Capital Advisors
Independent & Unbiased Research

Insolation Energy Ltd- Forensic Analysis

Insolation Energy, based in Jaipur, Rajasthan, has benefited from the solar industry growth but shows several irregularities in financials...

Nitin Mangal

Emerald Finance Ltd- Forensic Analysis

Emerald Finance focuses on retail and MSME lending, acting as loan origination platform for over 40 FIs. Forensic concerns include unsecured loans...

Nitin Mangal

Asian Paints (APNT IN) | Navigating Turbulence

Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...

Pranav Bhavsar

Vishal Mega Mart IPO- Forensic Analysis

Vishal Mega mart is one of the large value-retailers and caters to middle/lower income groups in Tier 2 locations, but high attritions, notices...

Nitin Mangal

Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.

Pranav Bhavsar

Insolation Energy Ltd- Forensic Analysis

​Insolation Energy, based in Jaipur, Rajasthan, has benefited from the solar industry growth but shows several irregularities in financials...

Nitin Mangal

Emerald Finance Ltd- Forensic Analysis

Emerald Finance focuses on retail and MSME lending, acting as loan origination platform for over 40 FIs. Forensic concerns include unsecured loans...

Nitin Mangal

Asian Paints (APNT IN) | Navigating Turbulence

​Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...

Pranav Bhavsar

Vishal Mega Mart IPO- Forensic Analysis

Vishal Mega mart is one of the large value-retailers and caters to middle/lower income groups in Tier 2 locations, but high attritions, notices...

Nitin Mangal

Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

​Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.

Pranav Bhavsar

Insolation Energy, based in Jaipur, Rajasthan, has benefited from the solar industry growth but shows several irregularities in financials...

Q2FY24 was tough for the paint industry, with Asian Paints facing market share reduction due to size and macroeconomic factors, while Berger...

Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.