Indepedent Research, Unbiased Insights

Trudence Capital: In-Depth Forensics, On-the-Ground Insights

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WHO WE ARE

Trudence Capital is an independent investment research firm providing counter-consensus views, which cover forensic research along with on-ground primary research. Our research process combines a deep dive into accounting and governance, areas typically avoided by traditional sell-side research in India.

Founded by Nitin Mangal, a pioneer in accounting and governance research in India , and Pranav Bhavsar, an on-ground research specialist. Trudence brings together a team of exceptional analysts with diverse expertise to deliver unparalleled insights into the Indian equity landscape. Our unwavering commitment to forensic-level scrutiny, business model insights, and market context sets us apart, empowering our clients to navigate the complexities of the market with clarity and confidence.

The Trudence Advantage

At Trudence, we believe that true investment edge comes from:
  • Business Model Insights Understanding the business models of the companies by understanding the 'why' behind the number powered by on-ground intelligence.
  • Risk Management via Forensic Scrutiny Trusting faulty financials can be detrimental and we have unparalleled expertise to help you avoid stepping on these accounting landmines.
  • Corporate Governance Insights Uncovering risks and opportunities others overlook by doing a thorough governance and promoter level checks.
  • Market Context Companies don't operate in silos and putting a context to their performance with respect to broader economic trends adds to insights that help us hold on to winners.

OUR SERVICES
Our Arsenal of Investment Intelligence

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III (India Independent Insights): Institutional research focusing on accounting and on-ground insights.
  • Investigative research tailored for institutional investors
  • Deep-dive governance and forensic analysis aiding risking management
  • Boots-on-the-ground research for unparalleled primary market intelligence
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Ridge Research: Your ‘Head of Research’ of Indian Equities
  • Comprehensive analysis of 30+ companies annually
  • Focus on small and mid-cap companies.
  • Meticulously annotated reports and conference calls
  • CORE NOTES that synthesize complex and detailed information into actionable insights.
  • Market pulse updates as and when we find something interesting.
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Sprout Research: Actionable Detailed Investment Ideas
  • 12-15 thoroughly vetted investment ideas per year
  • Laser-focused on actionable, high-conviction opportunities
  • Detailed rationale and risk assessment for each idea
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Our Research Process

Trudence Capital: Unrivaled Equity Research for Informed Investing

At Trudence Capital, we unveil hidden value and foresee market shifts before they happen. Our rigorous, multi-dimensional research process is designed to give you the edge in today’s complex financial landscape.

Our Unparalleled Research Methodology

  1. Idea Generation: Where Innovation Meets Insight
    • Quantitative Framework: Our proprietary algorithms sift through vast datasets, identifying potential opportunities others miss.
    • Channel Surveillance: We tap into industry insiders, peer comparisons, and expert networks to gather real-time intelligence.
    • Macro/Market/Industry Scans: Our holistic approach ensures no stone is left unturned, from global economic trends to niche market dynamics.
  1. A.G.E. (Accounting, Governance & Earnings): The Foundation of Trust We believe in starting strong. Our A.G.E. analysis provides a crucial first-level check of key financial indicators, governance structures, and earnings quality. This step alone sets us apart, ensuring we invest our time – and potentially your capital – only in companies that pass our stringent initial criteria.
  1. Business Model Dissection: Uncovering the DNA of Success
    • Industry Analysis: We don’t just understand the business; we master its ecosystem.
    • Primary Document Deep Dive: Our experts scrutinize every filing, footnote, and disclosure.
    • The ‘Why’ and ‘How’: We go beyond what a company does to understand why it succeeds and how it can sustain that success.
    • Forensic and Governance Analysis: Our team includes forensic accountants and governance experts who spot red flags and opportunities that others miss.
    • Channel Insights: We build a 360-degree view of a company’s prospects through extensive interviews with customers, suppliers, and competitors.
  1. Opportunity Identification and Communication: Turning Insight into Action The culmination of our process is a comprehensive, insightful research note designed to revolutionize your investment process. We don’t just present data; we craft a compelling narrative backed by irrefutable evidence and actionable recommendations.

WHY TRUDENCE

Trudence Capital’s EDGE comes from its unique positioning and approach. Being Unbiased (we do not trade on our coverage) helps us identify gaps in core thesis, typically clouded due to ownership bias. Independence give us the courage to voice out opinions and insights typically avoided or overlooked by traditional research. The focus on accounting and on ground intelligence envisages us with the ability to provide a 360 degree view on public as well as private companies.
  • Depth Our multi-layered approach ensures we understand companies at a fundamental level.
  • Breadth From macroeconomic trends to minute accounting details, we cover it all.
  • Precision Our rigorous methodology minimizes blind spots and maximizes alpha-generating insights.
  • Actionability Every piece of research is designed with one goal: to inform and improve your investment decisions.

Don’t just INVEST. Invest with INSIGHT.

Partner with Trudence Capital and experience the power of truly informed decision-making.

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Meet the MINDS behind Trudence Capital

Nitin Mangal

Co-Founder & Lead Forensic Analyst

Pranav Bhavsar

Co-Founder & Lead On-Ground Specialist

Nitin Mangal

Co-Founder & Lead Forensic Analyst

Pranav Bhavsar

Co-Founder & Lead On-Ground Specialist

Puneet Khurana

Evidence Consultant

Voices of Success: What Our Clients Say

Trudence Capital brings a much-needed magnifying glass to scrutinize the accounts of Indian companies, flagging potential landmines. An invaluable resource for the discerning investor.
Abhimanyu SanghiManaging Partner at Dhyana Capital
I've deeply respected and admired Nitin's ability to find the most useful and important details about any company by just looking at their financial statements. His deep knowledge, experience and keen eye provides an unbiased view into understanding a business. I wish him and Trudence the very best, and wholeheartedly recommend him for his research and advisory prowess!
Deepak ShenoyCIO, Capital Mind
Our firm has been associated with IIInsight for over a year now. IIInsight excels in due diligence and primary research, offering clients a ground level view of what is happening across various industries and regions. Their team meticulously analyzes financial statements to uncover important details which many investors miss. This rigorous approach not only identifies potential risks but also uncovers valuable opportunities, giving us valuable insights. IIInsights commitment to detail and accuracy empowers funds to make decisions without having to worry about hidden risks.
Head of Research of a family office with $1 Bn AUM
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Trudence Capital is a pioneering investment research firm dedicated to illuminating the path to investment excellence. 

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