The Red Herring Reporter

Risks, Red Flags & Real Numbers decoded. 🚩

[Ameya @Finstor85]

Long time since I posted here.

Not because of markets. The technology, the process, and the conversations around both have been moving so fast that I had to choose. Focus. Realign. Reskill. Build.

In my line of work, that felt like the only honest move. The last 6–8 months were really hard. Loss of my FIL who was as close to me as my father, markets punishing bullish bets wore down hard.

I love to build. When I do, it helps me heal. Different people, different ways of coping. I was also wrong on some bets, and that stung.

Hard lesson for me: don’t put your neck out for a business or a person you haven’t known long enough. Show conviction in position size, not in posts. I learned that the expensive way.

One of the bigger lessons: the worst mistakes are often made in the best of times.

Looking back over the last two years, most of what I’m paying for today was done during the bullish phase back 2yrs ago. I trusted people. I took management at their word. I didn’t force a third perspective hard enough.

Bullishness clouded judgment on a few fronts. That’s not usually how I operate. This time the reasoning went quiet, and I missed things I should have seen. The intent was never bad. I still hold the positions. What wore me down was the DMs, the name-calling, the cheap shots. I thought I have lost the trust of those who looked up to me. For a while that made posting here feel pointless.

This isn’t the first time I’ve been against the wall. Every time I’ve been pushed into a corner, I’ve come back by doing the work.

The last six months were that: a lot of agentic systems, harnesses, and observability built inside the enterprise. Quiet work. Deeply satisfying. I’ll keep posting the things that matter. There are still enough people here who value the perspective and see beyond stocks and price points. That’s enough for me. I do not seek a reply or a like, just sharing a heartfelt message here. Cheers. Keep building.

[The Red Herring Reporter @RHReporter]

Game Changer saying their game is going to change sees “SIGNIFICANT UPSIDE POTENTIAL”

Vision Main Board

Negative Cash Flow

High Debtors due to Global Disruption😂😂

@alphaideas

[The Red Herring Reporter @RHReporter]

Affluence Fincon Service Private Limited

Common Directors: Dhiren Mahendrakumar Shah and Malay Shantilal Kothari

Listed Companies Bulk Deals: Z Tech (India), Cash U R Drive and Davangere Sugar

[The Red Herring Reporter @RHReporter]

Everybody is talking about Rajesh Exports Limited and 15 lakh crore fake billing orders by SEBI 🚨

Nobody is talking about the Actual Name that helped Rajesh Mehta in Derivative Trading and Pump up Financial Turnover 📈📉

Detail Thread…🧵

[The Red Herring Reporter @RHReporter]

Affluence Gems Private Limited

Common Directors: Dhiren Mahendrakumar Shah and Malay Shantilal Kothari

Listed Companies shareholding: Monika Alcobev, C2C Advance and Karbonsteel Engineering

[The Red Herring Reporter @RHReporter]

DSM UnFresh Foods is guiding 70–80% FY27 growth.

But cash flows are negative, positive CFO may take 2–3 years, working capital keeps rising, and debt lines may go up.

We flagged it near ₹150. Stock is already ~50% down.

Revenue can be shown.
Cash can’t be faked. ⚠️

[The Red Herring Reporter @RHReporter]

DSM Fresh Foods (#Zappfresh): Making Investors Maamu 😂

Acquired a Promoter Entity for ₹7.5 Crore which earns just ₹14.9 Lakh in Revenue

The "Silent OFS" Playbook:
How to exit via high-valuation Related Party Deal🚩🚩

[The Red Herring Reporter @RHReporter]

Balmer Lawrie Buyback Again Cancelled 🚨

5 May: Company said board will consider Buyback

15 May: Meeting postponed to 17 May

17 May: No Buyback announced‼️

Balmer Lawrie is repeating this pattern in 2022, 2024 & now 2026

[Beat The Street @BeatTheStreet10]

A Masterclass on Cash Flow Statements🚨

Recently reviewed an SME company’s Cash Flow Statement and found some shocking classifications:

• Non-current liabilities adjusted under working capital changes- even though they belong to Financing Activity/(else depend on line item but not shown as part of Operating Activity)

• Current investments deducted from Operating Cash Flow: turning positive CFO into negative -
Either shown as a part of Investing Activity or as a part of Cash Equivalent

• Only gain/loss on sale of assets shown, but actual sale proceeds missing from Investing Activity

• For the first time ever found interesting line item in Cash Flow from Financing Activity - “Proceeds from issue of Security Premium” 👀(Just Disclosure Change - Proceeds from issue of equity share)

Interestingly How this Man matched the Cash Balance?
Comment below - what can be the possible balancing figure here?

One more Interesting part?
The company raised funds to purchase a corporate office. This is exactly why smart investors don’t stop at Revenue, EBITDA or PAT.

The real story hides inside:
• Cash flow classifications
• Notes to accounts
• Working capital adjustments

#redflags

[The Red Herring Reporter @RHReporter]

Incred Holdings - Interesting snippet from DRHP

Company consider Marquee Investors as their important qualitative factor

[The Red Herring Reporter @RHReporter]

Research Analyst ROCKED 🥳
Baheti Recycling Industries SHOCKED 😰

On 5 May 2026 Concall of Baheti Recycling Industries

An Analyst raised question regarding OVERPRICED Preferential Issue at 592+‼️

Whereas the Fair Valuation Report Clearly states the Fair Value of 315 😱

[The Red Herring Reporter @RHReporter]

Capex Journey of KMEW 🔥

Specialized Work Boats + Tugs ➡️Integrated Repair Facility + Floating Dry Docks ➡️ Large Scale Vessels

[The Red Herring Reporter @RHReporter]

Knowledge Marine & Engineering Works Limited🚢

🚨KMEW enters Commercial Shipbuilding through Subsidiary Knowledge Shipyard Pvt Ltd

1. Acquires 15 acres of Prime Waterfront Land at Saphale, Palghar

2. Hull Fabrication along with Mechanical + Electrical Workshop at the Facility

[The Red Herring Reporter @RHReporter]

Fratelli Vineyards Limited

📢Lapse of Warrants and Forfeiture of Upfront Payment worth 2.72 crore

The Promoter themselves have NO Confidence in Business...⛔️

Vineyards ❌
Graveyards ✅
@goindiastocks

[The Red Herring Reporter @RHReporter]

Suraj Estate Developers ka Suraj Dubte Hue...🌅

Warrant holders chose not to convert even after paying 50% upfront ❌

~₹50cr forfeited, but no equity came in 🤡

Preferential Warrants Issue Price: 750/-
CMP: 238/-