India independent Insight (Iii), Iii is a collaborative product of SEBI registered and regulated Analyst Nitin Mangal (SEBI Reg. INH 000004723), and SEBI registered & regulated Advisor Pranav Bhavsar (SEBI Reg. INA 000011510). We at Iii, aim to bring truly independent insights on Indian Equities. Our research process is a combination of a deep dive on accounting and governance, an area typically avoided by traditional sell-side research. We also when required, use on-ground primary research for re-validation of our own hypothesis or growth promises typically made to institutional investors. Independence is the core of our research which often means no management Interaction before or after the publication of the research report.