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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/titagarh-wagons-ltd" target="_blank" data-smartkarma-citation="entities:3261:1" rel="noopener">Titagarh Wagons (TWL IN)</a> (now ‘Titagarh Rail Systems’) has seen an extraordinary momentum in its share price in last couple of years, especially after bagging crucial contracts for Indian Railways.</li>
<li>The company was limping until F22 due to its Italian subsidiary (TFA). However, the recapitalization of TFA (including change in accounting) in F23 should make the balance sheet look better.</li>
<li>Forensic analysis revealed several takeaways, ranging from write-offs and internal audit issues to heavy contingent liabilities.</li>
</ul>



Titagarh Wagons (TWL IN) (now ‘Titagarh Rail Systems’) has seen an extraordinary momentum in its share price in last couple of years, especially after bagging crucial contracts for Indian Railways.
The company was limping until F22 due to its Italian subsidiary (TFA). However, the recapitalization of TFA (including change in accounting) in F23 should make the balance sheet look better.
Forensic analysis revealed several takeaways, ranging from write-offs and internal audit issues to heavy contingent liabilities.


Titagarh Rail Systems Ltd- Forensic Analysis

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

Texmaco Rail And Engineering / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/19892" target="_blank" data-smartkarma-citation="entities:19892:1">Texmaco Rail And Engineering Ltd (TXMRE IN)</a>, in its FY2016 Annual Report, repeatedly highlighted the conundrum that the Indian wagon industry has found itself in. FY2017 seems to be no different as orders fell 43.5% to 1,300 wagons from 2,300 in the previous fiscal year. The rolling stock segment accounted for nearly 65% of the company’s topline. Erratic ordering by the Indian Railways and a crowded market have led to underutilisation of capacity across the industry. In order to diversify its…</p>

Texmaco Rail And Engineering Ltd (TXMRE IN), in its FY2016 Annual Report, repeatedly highlighted the conundrum that the Indian wagon industry has found itself in. FY2017 seems to be no different as orders fell 43.5% to 1,300 wagons from 2,300 in the previous fiscal year. The rolling stock segment accounted for nearly 65% of the company’s topline. Erratic ordering by the Indian Railways and a crowded market have led to underutilisation of capacity across the industry. In order to diversify its…

India Small Cap Tour: Texmaco Rail & Engineering En Route to Becoming Total Rail Solutions Provider

India

Titagarh Wagons Ltd. manufactures railroad cars.  The Company produces railway wagons, Bailey bridges, earth moving and mining equipment, and steel and iron castings.

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Titagarh Wagons (TWL IN)

Titagarh Rail Systems Ltd- Forensic Analysis

Forensic analysis revealed several takeaways, ranging from revenue recognition and write-offs to heavy contingent liabilities.

Nitin Mangal

India Small Cap Tour: Texmaco Rail & Engineering En Route to Becoming Total Rail Solutions Provider

Texmaco Rail And Engineering Ltd (TXMRE IN), in its FY2016 Annual Report, repeatedly highlighted the conundrum that the Indian wagon industry has...

Mio Kato

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52-week Range

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