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

Beyond 280 #5 | Mahindra & Mahindra (MM IN) - Conversation with a Dealer

2022 High Conviction - Ashok Leyland (AL IN), Bet Against Broad-Based Recovery

India Channel Insight #25 | Mahindra and Mahindra, Escorts

Mahindra and Mahindra: Refurbished but Still Fragile

M&M: Q3FY21 Earnings Update - Capital Allocation Assessment and Restructuring Almost Complete

Mahindra and Mahindra: Deceleration Accelerates, Plateau Ahead

Gravity Works As WeWork Doesn't; Now Plan B

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

<p>Shares of <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> rallied cloud-high in last few months. The scrip may have gone gaga recently, but the rational is probably mundane and lacking any sanity. While we had highlighted in our last insight, <a href="https://www.smartkarma.com/insights/mahindra-and-mahindra-refurbished-but-still-fragile" target="_blank" data-smartkarma-citation="insights:45475" rel="noopener">Mahindra and Mahindra: Refurbished but Still Fragile</a> that still several loopholes exist, even when the new management had decided to bring a structural change to the company.</p>
<p>This insight is rather a brief update to the previous one where we touch upon capital allocation in general and why the 18% ROE dream is still far fetched.</p>

Shares of Mahindra &amp; Mahindra (MM IN) rallied cloud-high in last few months. The scrip may have gone gaga recently, but the rational is probably mundane and lacking any sanity. While we had highlighted in our last insight, Mahindra and Mahindra: Refurbished but Still Fragile that still several loopholes exist, even when the new management had decided to bring a structural change to the company.
This insight is rather a brief update to the previous one where we touch upon capital allocation in general and why the 18% ROE dream is still far fetched.

Mahindra & Mahindra

Mahindra and Mahindra: Fizzing Up