Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Pranav Bhavsar & the team at India Independent Insight (Iii), provide research on consumer companies operating or have exposure to in India. The research methodology focuses on carrying out on-the-ground channel surveillance/checks that include supplier/distributor/customer interactions, access to industry experts, and bespoke primary data sources that aid in providing unique insights and counter consensus ideas.  

Leveraging the team's forensic analysis along with channel surveillance, the team at Iii also aids investors in early identification of changing consumer trends, identification and quantification of accounting/governance risks, and the associated impact on the business model of the company.

Pranav has over 15 years of experience in the Indian equity market, and has worked with some of the global activists, long only and PE funds for their India projects. Prior roles also include building and leading an institutional sell-side desk. In his free time, Pranav is a traveler, biker, and a young Indian contributing to the country’s social and economic development.

Consumer Analyst / Channel Surveillance Specialist

India Channel Insight #22 | Bandhan Bank, AU Bank, Manappuram

India Channel Insight # 27 | Postcard from Uttar Pradesh (UP) | BJP Likely to Remain in Power

Hero Motocorp (HMCL IN) | Channel Interactions Point to a Wide Disconnect

Bandhan Bank (BANDHAN IN) | Pain in Assam Likely to Continue

Bandhan Bank – Twin Shocks (Covid + Elections) Bring Asset Quality Pain to the Fore

Bandhan Bank Q4FY21 Business Update – All Eyes on Bandhan Bank

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

Equity Bottom-Up

<div>
<h2>Channel Interactions </h2>
<p><a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a>: DSC managers in Bihar, Maharashtra and Karnataka indicate stress likely to remain for a longer period as COVID spreads in the hinterland. </p>
<p><a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)</a>: Dealer health continues to deteriorate. With widespread lockdowns, interest costs for dealers are mounting up. </p>
<p><a href="https://www.smartkarma.com/entities/bata-india-ltd" target="_blank" data-smartkarma-citation="entities:3051:1" rel="noopener">Bata India Ltd (BATA IN)</a> : Early expectations of re-opening remain muted. Normalisation still two quarters away. </p>
<p><a href="https://www.smartkarma.com/entities/nestle-india-ltd" target="_blank" data-smartkarma-citation="entities:13101:1" rel="noopener">Nestle India (NEST IN)</a>: NEST's rural plans may be in trouble. COVID and its impact on premium products could be felt more putting NEST's ambitious plan to expand in rural India. Underperformance unless a major risk-off is likely to continue. </p>
<h2>About India Channel Insight</h2>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
</div>


Channel Interactions 
Bandhan Bank Ltd (BANDHAN IN): DSC managers in Bihar, Maharashtra and Karnataka indicate stress likely to remain for a longer period as COVID spreads in the hinterland. 
Hero Motocorp (HMCL IN): Dealer health continues to deteriorate. With widespread lockdowns, interest costs for dealers are mounting up. 
Bata India Ltd (BATA IN) : Early expectations of re-opening remain muted. Normalisation still two quarters away. 
Nestle India (NEST IN): NEST's rural plans may be in trouble. COVID and its impact on premium products could be felt more putting NEST's ambitious plan to expand in rural India. Underperformance unless a major risk-off is likely to continue. 
About India Channel Insight


Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


India Channel Insight | Bandhan, Hero, Bata, Nestle