Forensic analytics · Indian listed companies

Annual Reports Don't Lie— But They Do Hide

We read the notes, the related-party tables and the cash-flow statement so you don't have to — and write the story the numbers are telling. Built for research analysts and investment teams who can't afford a governance blow-up in their coverage.

How a story reads · illustrative

Following the money, page by page

  1. Reported profit grows, but cash from operations does not keep pace.
  2. Receivables climb faster than revenue for three straight years.
  3. In the same period, advances flow to a group entity.
  4. The auditor adds an emphasis of matter on recoverability.
  5. What to watch in the next filing to confirm or clear it.

An example of structure only — not a finding on any company.

Who it's for

Diligence that holds up when a stock goes wrong

Research analysts

Check a company before it enters your recommendation list, and keep a documented forensic read in your research records.

PMS & fund teams

Add an accounting-quality and governance layer to your process without hiring a forensic team.

Credit & lending teams

Spot stress in cash flows, receivables and contingent liabilities before it shows up in repayments.

The report

A score points the way. The story is what you pay for.

Every report is a written forensic narrative, reviewed by a Chartered Accountant, with each point tied back to the page of the annual report it came from.

The story

One page on what the numbers suggest is happening, in plain language.

The trail

How money and risk move through the company, step by step.

The evidence

Every point linked to an annual-report page or note.

What to watch

The disclosures that would confirm or clear each concern.

The screen

Our 40-point forensic score, as a summary in the appendix.

What we look at

Earnings quality

Accruals, revenue recognition, reliance on other income.

Cash conversion

Operating cash versus reported profit, working-capital build-up.

Balance-sheet stress

Debt trends, contingent liabilities, funding mismatches.

Related parties

Loans, advances and transactions with group entities.

Auditor & disclosures

Auditor changes, qualifications, emphasis of matter.

Promoter behaviour

Pledging, holding changes, dividends versus cash generation.

Pricing

Founding prices for our first members

Early buyers keep these prices for a full year.

Single story

₹999 / report
Any story from our library
  • Full written forensic narrative
  • Page references for every point
  • 40-point screen in the appendix
Buy a story

On request

₹4,999 / company
A story on a company you choose
  • Any NSE/BSE-listed company
  • Delivered in 3–5 working days
  • Member price ₹3,999
Request a company

Payment by UPI or bank transfer against invoice. Firm and team pricing on request.

Samples

Read one before you pay

Ask for any of these and we'll email you the full report.

Logistics

Delhivery

Full forensic story with page references and the 40-point screen.

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Auto marketplace

CarTrade

Full forensic story with page references and the 40-point screen.

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Trucking platform

BlackBuck

Full forensic story with page references and the 40-point screen.

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Chartered AccountantAll India Rank 34
CFA CharterholderCFA Institute
Forensic accounting & equity researchLong-standing practice
Who's behind it

Sonali, founder

D-Street Satya grew out of years of studying how Indian corporate collapses showed up in the numbers long before the headlines — from Satyam and IL&FS to DHFL, Yes Bank and Gensol.

Satya means truth. Each report turns the disclosures a company is required to make into a clear account of what they show, so that every company you cover gets the same scrutiny, documented and verifiable.

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