Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

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

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

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<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.


Insolation Energy

Insolation Energy Ltd- Forensic Analysis