Institutional-grade research, made for all.
Spot tomorrow's market leaders early. Steer clear of the risks others miss. Every call rests on primary-document research, with a clear view and insight on valuation.
Pricing: ₹55,000/- + GST for a 12-month subscription
Subscribe NowTransform Your Investment Approach In the complex world of Indian equities, knowledge is power. Ridge Research offers you the key to unlock that power.
Curated, long-only ideas chosen for growth potential across market capitalizations. Each one comes with a full investment thesis, a clear buy/sell recommendation with insight on valuation, and a clear exit view, and is monitored for as long as it is active.
Companies where accounting or governance raises red flags, and where investors should stay cautious or avoid. Written with the forensic depth Ridge is known for.
Market updates and thematic research between company releases. Timely alerts and regular reviews on every active idea.
25+ companies. Covered in depth, not in bulk.
We look for high-potential companies at the cusp of significant growth, often before they become mainstream and frequently overlooked by larger investors.
Exhaustive due diligence tests every thesis before it reaches you.
We track the emerging themes likely to drive returns, so each idea is seen in its larger setting.
25+ companies, each given our full attention.
Led by Nitin Mangal, with 20+ years in Indian equities. Featured in the Wall Street Journal and Financial Times.
We screen the market systematically, then read annual reports, concalls and investor presentations in full, starting from a clean slate.
Detailed financial models stress-test each thesis across scenarios, while forensic checks on accounting and governance look for what others miss.
Each company ends with a CORE NOTE and a clear view: buy/neutral/avoid, with insight on valuation.
Regular reviews, timely alerts, market updates and thematic pieces keep you informed between company releases.
I'm Nitin Mangal, the founder/ Director of Trudence Capital Advisors Private Limited and I love reading annual reports. It is not only my work but my passion to constantly read annual reports and conference calls about various businesses in the Indian Listed Equity Space.
Well I have heard that statement so often, that I feel it's important to answer it here.
It's true that the majority of our work available in public, partly because of previous work experience and partly because of our commitments to clients at India Independent Insights (III), has been focused on accounting, forensics and governance.
But when we read the primary sources for our research, we are looking at the business from the lens of a risk manager and also from the lens of an investor. Hence, we are as much interested in the business potential of the companies as we are vigilant on the accounting & governance lapses that can lead to (mostly unseen by others) significant losses in investments.
12–15 high-conviction ideas, each with a buy/sell recommendation, and 10–13 core notes on companies to be cautious on or avoid, across 25+ companies. Plus regular reviews, market updates and thematic research.
In one word, NO. There are many good model portfolios which you can use.
The purpose of this service is to share our research with the subscribers, so that sophisticated investors can drastically cut down on research time.
But the eventual portfolio formation is left to the clients, because all investors have their own investment philosophy, investment style, risk appetite etc.
Most of the work is directly undertaken by me, with help from the team and sector experts. Nothing reaches you without being completely vetted by me.
No. Bespoke research is offered separately under India Independent Insights (III). For Ridge, the companies are our choice, with a focus on small and mid-cap names. We do discuss ideas/themes on our review calls every quarter.
Free trials are not permitted by regulations. A sample note is available so you know what you are getting. We accept a limited number of subscribers to maintain quality. Once enrolled, your price is locked for a full year.
If you answered yes, Ridge Research is your pathway to investment excellence.
Every day you wait is a day of missed opportunities. The market waits for no one, and neither does our early bird offer.
Don’t let another potentially life-changing investment slip through your fingers.
Well I have heard that statement so often, that I feel its important to answer it here.
It’s true that majority of our available work in public partly because of previous work experience and partly because of our commitments to clients at India Independent Insights ( III ) have been focused on accounting , forensics and governance.
But when we read the primary sources for our research, we are looking at the business from the lens of a risk manager and also from the lens of an investor. Hence, we are as much interested in the business potential of the companies as we are vigilant on the accounting & governance lapses that can be lead to (mostly unseen by others) significant losses in investments.
Annotated Annual Reports and Conference Calls along with our Notes & Comments : This will be the core deliverable. You will get a Note which will be summarizing the Annual Report / Concall and also referencing the relevant sections from the ARs/CCs. Along side that Note, will be the Annotated Annual Reports.
Notes will also have our view on what makes this company interesting ( or dangerous !!! ) from a portfolio perspective.
We will be doing at least 30 companies ( possibly a lot more ) annually.
On a weekly or a bi-weekly basis, I will be sharing the important announcements that are happening on the exchanges.
What you will not get is also important to understand:
No complicated models. It’s a pure research service and the attempt is to not unnecessarily fill models. The necessary data required to make sense of what we are reading will be covered in the note.
No Buy / Sell recommendation and no price target. While certain reasons of why a particular company warrants a look (or should be avoided ) will be provided.
In one word, NO. There are many good model portfolios which you can use.
The purpose of this service is to share our research with the subscribers.
The purpose of this service is for sophisticated investors to drastically cut down on research time
But the eventual portfolio formation is left to the clients because all investors have their own investment philosophy, investment style, risk appetite etc.
Most of what you will see will be directly undertaken by me.
I do take help of my team & also of people in my friend circle who know a particular sector or a company better than I do. I also bounce of my comments with experts in certain cases but nothing comes to you without being completely vetted by me.
As a part of this service, there is no be-spoke research ( We do that separately under India Independent Insight ). For this service, all the companies are of our choice. But keeping in mind the feedback of many prospective subscribers, the focus of this service will be small and midcap companies and not very large cap names.
Free Trials are not permissible by regulations & hence cant be given to you. I am happy to answer any questions regarding the service. You can reach me at [email protected]. A sample AR & Note is available here for you to see so that you are aware of what you are getting into.
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The cost of a single missed opportunity or an overlooked risk can far outweigh your investment in Ridge Research.
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Trudence Capital is a pioneering investment research firm dedicated to illuminating the path to investment excellence.
