Safal Niveshak Stock Analysis Excel (Ver.

3
www.safalniveshak.com

HOW TO USE THIS SPREADSHEET

Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here - https://www.screener.in/r
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/e
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you will see details of you
financial statement table called "Quarterly Results" and click on "View Consolidated". Now, all data you see for this company w

Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Click the button and the
the exact format as "Safal Niveshak's Stock Analysis Excel Ver. 3.0". Now onwards, any excel you export for any company on S
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY08 (March 2008). This is be
from, say, FY10, you will see incorrect data for FY08 and FY09 (which will be of Hero Motocorp on whose financials I have crea

2. All financial data of your chosen company will be automatically updated in the sheet you download, except "Cash and Bank"
which you must update manually from the company's annual reports. Don’t forget to make these changes as these numbers are
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Ste
Sheet" because this will cause errors in your future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually from Annual Reports (
growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before wo
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do tha
some discrepancy in numbers (though rare), but you will know this only when you read annual reports.
6. I will keep on updating the sheet from time to time and will update the same on the website. I invite you to share your feedba
together.
7. This excel won't work for banking and financial services companies.

Note: All data is sourced from Screener.in

 Stock Analysis Excel

Basic Company Details

Parameters Details
Company OTI CNC AUTOMATION LTD
Current Stock Price (Rs) 969
Face Value (Rs) 2.0
No. of Shares (Crore) 22.7
Market Capitalization (Rs Crore) 22,034 LARGE CAP
Latest P/E 94.19 Bad
Latest EPS 10.29
OVERHALL #DIV/0! #DIV/0!
Key Financials - Trend
Parameters Details POINTS
Sales Growth (9-Year CAGR) #DIV/0! #DIV/0!
Profit Before Tax Growth (9-Year CAGR) #DIV/0! #DIV/0!
Net Profit Growth (8-Year CAGR) #DIV/0! #DIV/0!
Average Debt/Equity (5-Years, x) 7.9 Bad
Average Return on Equity (10-Years) -28.2% Bad
Average Return on Equity (5-Years) -35.3% Bad
Average Return on Equity (3-Years) -29.3% Bad
Average P/E (10-Years, x) 123.8 Bad
Average P/E (5-Years, x) 123.8 Bad
Average Return on capital (10-Years) 4.1% Bad
Average Return on capital (5-Years) 4.1% Bad
Average Return on capital (3-Years) 7.9% Bad
Average EPS (10- YEARS)% #DIV/0! #DIV/0!
Average EPS (5- YEARS)% -89.4% Bad
Intrinsic Value 634 OVERVALUED
Margin of safety 425 SELL
Discount
Ben price Formula (Low Range)
Graham -544 SELL
-1 SELL
Ben Graham Formula (High Range) -2 SELL

Key Financials - Ratios

Parameters Details POINTS
Debt to equity 0.22 Good
PEG Ratio -10.25 Good
Price to book value
Interest Coverage Ratio 3.79 Good
Current ratio
Current assets
Quick Ratio
Dividend Yield 0.00
Dividend payout 0.00
Cash from Operating Activity (CFO) #REF!
Net Cash Flow current year #REF!
FCF curret year #REF!
total FCF for years #REF!
total net profit for 10 years 250
Operating Profit Margin 23%

AVERAGE EPS 10YEARS (4.41)

AVERAGE EPS 5YEARS (9.19)

liquidity check
current ratio bigger is better
quick ratio greater than 1
cash ratio more than 1

solvency check
dept to inventory ratio lesser the ratio better
debt to network ratio decreasing trend better
total debt to network ratio lower the ration better

operating efficiency
Fixed Asset Turnover Ratio
Operating Cycle
Cash Conversion Cycle should be less

operating performance
Gross Margin
Operating Profit Margin
Net Profit Margin
Return on Asset (ROA)
Return on Equity (ROE)
Return on Capital Employed (RoCE)

FINANCIAL RISK CHECK

Debt Equity Ratio more than 2 is more risky
Interest Coverage Ratio least more than 1 is good

PRICE VALUATION CHECK

Price Earning Ratio (P/E) 15 above is overvalued
Price-Earning To Growth Ratio (PEG) below 1 is undervalued
Price To Book Value Ratio (P/B) above 1.5 overvalued
Dividend Yield
 Net profi t
300
#DIV/0!
250
#DIV/0! 234
#DIV/0! 200
0
0 150 151
0
0 100
0
0 50
0 18 15
- - - - -
0
0 -50 -50 -48
#DIV/0! -70
0 -100
5 40633 40999 41364 41729 43555 43921 44286 44651 45016 45382 Trailing
5

10
10

10
Current Ratio = Current Asset / Current Liability
Quick Ratio = (Current Assets – Inventory) / Current Liability
Cash Ratio = Cash & Cash equivalents / Current Liabilities

Current Liability / Total inventory

Current Liability / Networth
Total Debt / Networth

Net Sales / Average Fixed Asset

365 * (Avg. Inventory + Avg. Ac Receivables) / COGS
365 * (Avg. Inventory + Avg. Ac Receivables – Avg Ac Payables) / COGS

Gross Income / Net Sales

Operating Profit / Net Sales
Net Profit / Total Income
Net Profit / Total Asset
Net Profit / Total Equity
Total Assets – Current Liability

Total Debt / Equity

PBIT / Interest

Current Price / Earning Per Share

PE Ratio / EPS Growth Rate
Current Price / Book Value Per Share
Dividend Per Share / Current Price
#DIV/0! 1
#DIV/0! 2
#DIV/0! 3
0 4
0 5
0 6
0 7
0 8
0 9
0 11
0 12
0 13
#DIV/0! 14 #DIV/0!
0 15 -67.055468
5 16
5 17

5 19

10
10
0
10
(Net Sales – COGS) / Net Sales
(Gross Income – Operating Expense) / Net Sales
[PBDIT – Depreciation – Interest – Taxes] / Total Income

PBIT / (Total Asset – Current Liability)

 Warning! Excel can be a wonderful tool to analyze
the past. But it can be a weapon of mass destruction
to predict the future! So be very careful of what you
are getting into. Here, garbage in will always equal
garbage out.

Remember! Focus on decisions, not outcomes.

Look for disconfirming evidence. Calculate. Pray!

Please! It's your money. Please don't blame me if

results of this excel cause you to lose it all! I've
designed this excel to aid your own thinking, but
you alone are responsible for your actions. I want to
live peacefully ever after! I am not a sadist who
wants you to do the hard work by analyzing
companies on your own. But I'd rather give you a
compass instead of a map, for you can confuse map
with territory and lose it all. All the best!

LARGE SMALL MICRO

20000 5000 1000
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Parameter

Consumer monopoly or commodity?

Understand how business works

Is the company conservatively financed?

Are earnings strong and do they show an

upward trend?

Does the company stick with what it

knows?

Has the company been buying back its

shares?

Have retained earnings been invested

well?

Is the company’s return on equity above

average?

Is the company free to adjust prices to

inflation?
Does the company need to constantly
reinvest in capital?

Conclusion

Never Forget
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation

Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that
makes the product unique. Such companies will typically have high gross and operating profit margins because of their
unique niche. However, don't just go on margins as high margins may simply highlight companies within industries with
traditionally high margins. Thus, look for companies with gross, operating and net profit margins above industry norms.
Also look for strong growth in earnings and high return on equity in the past.

Try to invest in industries where you possess some specialized knowledge (where you work) or can more effectively
judge a company, its industry, and its competitive environment (simple products you consume). While it is difficult to
construct a quantitative filter, you should be able to identify areas of interest. You should "only" consider analyzing
those companies that operate in areas that you can clearly grasp - your circle of competence. Of course you can
increase the size of the circle, but only over time by learning about new industries. More important than the size of the
circle is to know its boundaries.

Seeks out companies with conservative financing, which equates to a simple, safe balance sheet. Such companies tend
to have strong cash flows, with little need for long-term debt. Look for low debt to equity or low debt-burden ratios. Also
seek companies that have history of consistently generating positive free cash flows.

Rising earnings serve as a good catalyst for stock prices. So seek companies with strong, consistent, and expanding
earnings (profits). Seek companies with 5/10 year earnings per share growth greater than 25% (along with safe balance
sheets). To help indicate that earnings growth is still strong, look for companies where the last 3-years earnings growth
rate is higher than the last 10-years growth rate. More important than the rate of growth is the consistency in such
growth. So exclude companies with volatile earnings growth in the past, even if the "average" growth has been high.

Like you should stock to your circle of competence, a company should invest its capital only in those businesses within
its circle of competence. This is a difficult factor to screen for on a quantitative level. Before investing in a company, look
at the company’s past pattern of acquisitions and new directions. They should fit within the primary range of operations
for the firm. Be cautious of companies that have been very aggressive in acquisitions in the past.

Buffett prefers that firms reinvest their earnings within the company, provided that profitable opportunities exist. When
companies have excess cash flow, Buffett favours shareholder-enhancing maneuvers such as share buybacks. While
we do not screen for this factor, a follow-up examination of a company would reveal if it has a share buyback plan in
place.

Seek companies where earnings have risen as retained earnings (earnings after paying dividends) have been
employed profitably. A great way to screen for such companies is by looking at those that have had consistent earnings
and strong return on equity in the past.

Consider it a positive sign when a company is able to earn above-average (better than competitors) returns on equity
without employing much debt. Average return on equity for Indian companies over the last 10 years is approximately
16%. Thus, seek companies that earn at least this much (16%) or more than this. Again, consistency is the key here.

That's what is called "pricing power". Companies with moat (as seen from other screening metrics as suggested above
(like high ROE, high grow margins, low debt etc.) are able to adjust prices to inflation without the risk of losing
significant volume sales.
Companies that consistently need capital to grow their sales and profits are like bank savings account, and thus bad for
an investor's long term portfolio. Seek companies that don't need high capital investments consistently. Retained
earnings must first go toward maintaining current operations at competitive levels, so the lower the amount needed to
maintain current operations, the better. Here, more than just an absolute assessment, a comparison against
competitors will help a lot. Seek companies that consistently generate positive and rising free cash flows.

Sensible investing is always about using “folly and discipline” - the discipline to identify excellent businesses, and wait
for the folly of the market to drive down the value of these businesses to attractive levels. You will have little trouble
understanding this philosophy. However, its successful implementation is dependent upon your dedication to learn and
follow the principles, and apply them to pick stocks successfully.

Focus on decisions, not outcomes. Look for disconfirming evidence.

 A B C D E F G H I J K L M N O P Q
1 Balance Sheet
2 JYOTI CNC AUTOMATION LTD
3 Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
4 Equity Share Capital - - - - 29 29 29 29 33 45
5 Reserves - - - - 216 160 83 12 49 1,319
6 Borrowings - - - - 579 648 725 792 835 304
7 Other Liabilities - - - - 423 469 550 453 598 510
8 Total - - - - 1,247 1,307 1,388 1,286 1,515 2,178
9
10 Net Block - - - - 344 344 321 293 283 332
11 Capital Work in Progress - - - - 34 56 54 5 15 48
12 Investments - - - - 1 0 2 2 3 4
13 Other Assets - - - - 868 906 1,011 986 1,214 1,795
14 Total - - - - 1,247 1,307 1,388 1,286 1,515 2,178
15
16 Working Capital - - - - 444 437 461 533 615 1,285
17 Debtors - - - - 175 198 217 200 146 249
18 Inventory - - - - 591 625 645 634 820 866
19 Cash & Bank** 4,735 3,367 3,190 3,393 2,605 3,546 4,618
20 ** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports
21
22 Debtor Days - - - - 66 105 136 98 57 68
23 Inventory Turnover - - - - 2 1 1 1 1 2
24 Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.8 2.0 1.8 2.6 3.3 4.0
25 Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.4 3.4 6.4 19.2 10.2 0.2
26 Return on Equity 8% -27% -62% -117% 18% 11%
27 Return on Capital Employed 5% -3% -1% 4% 6% 14%
 A B C D E F G H I J K L M N O
1 Profit & Loss Account / Income Statement
2 JYOTI CNC AUTOMATION LTD
3 Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing
4 Sales - - - - 965 687 580 746 929 1,338 1,576
5 % Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! -29% -16% 29% 24% 44%
6 Expenses - - - - 874 680 548 674 832 1,038 1,207
7 Material Cost (% of Sales) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 42% 57% 80% 56% 73% 44% Check for wide fluctuations in key
8 Power and Fuel #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% 2% 2% 2% 2% 0% expense items. For manufacturing firms,
9 Other Mfr. Exp #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% 4% 6% 6% 5% 0% check their material costs etc. For
10 Employee Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 16% 22% 23% 19% 18% 15% services firms, look at employee costs.
11 Selling and Admin Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 6% 7% 5% 5% 5% 0%
12 Operating Profit - - - - 92 7 32 73 97 301 369
13 Operating Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 9% 1% 5% 10% 10% 22% 23%
14 Other Income - - - - 55 44 10 4 54 6 49
15 Other Income as % of Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! 5.7% 6.3% 1.7% 0.5% 5.8% 0.5% 3.1%
16 Depreciation - - - - 36 37 38 36 34 33 36
17 Interest - - - - 73 71 76 82 90 90 101
18 Interest Coverage(Times) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2 0 0 0 1 3 4
19 Profit before tax (PBT) - - - - 38 -58 -72 -42 28 185 281
20 % Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! -251% 24% -42% -167% 564%
21 PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% -8% -12% -6% 3% 14% 18%
22 Tax - - - - 20 -7 -2 7 13 34 47
23 Net profit - - - - 18 -50 -70 -48 15 151 234 282 250
24 % Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! -372% 39% -31% -131% 902%
25 Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% -7% -12% -6% 2% 11% 15% 5 YEARS 10YEARS
26 EPS - - - - 6.3 -17.1 -23.7 -16.4 4.6 6.6 10.3 #DIV/0! (9.19) (4.41)
27 % Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! -372% 39% -31% -128% 45% #DIV/0!
28 Price to earning 123.8 94.2
29 Price - - - - - - - - - 821 969
30 Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
31 Market Cap - - - - - - - - - 18,680
32 Retained Earnings - - - - 18 -50 -70 -48 15 151
33 Buffett's $1 Test 1,185.3
34
35
36 TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS
37 Sales Growth #DIV/0! #DIV/0! 6.8% 32.1%
38 PBT Growth #DIV/0! #DIV/0! 37.1% -237.2%
39 PBT Margin #DIV/0! #DIV/0! -1.9% 3.7%
40 Price to Earning 123.8 123.8 123.8 123.8
41
42 Check for long term vs short term trends here. Check if the growth over
past 3 or 5 years has slowed down / improved compared to long term (7 to
43 10 years) growth numbers.
44
 Common Size P&L
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 42% 57% 80% 56% 73%
Change in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! -15% 0% 25% 0% 16%
Power and Fuel #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% 2% 2% 2% 2%
Other Mfr. Exp #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% 4% 6% 6% 5%
Employee Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 16% 22% 23% 19% 18%
Selling and Admin Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 6% 7% 5% 5% 5%
Other Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 6% 7% 4% 2% 3%
Operating Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 40% 0% -44% 10% -21%
Other Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! 6% 6% 2% 0% 6%
Depreciation #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% 5% 7% 5% 4%
Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8% 10% 13% 11% 10%
Profit Before Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% -8% -12% -6% 3%
Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% -1% 0% 1% 1%
Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% -7% -12% -6% 2%
Dividend Amount #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0%

Common Size Balance Sheet

Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Equity Share Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% 2% 2% 2% 2%
Reserves #DIV/0! #DIV/0! #DIV/0! #DIV/0! 17% 12% 6% 1% 3%
Borrowings #DIV/0! #DIV/0! #DIV/0! #DIV/0! 46% 50% 52% 62% 55%
Other Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! 34% 36% 40% 35% 39%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block #DIV/0! #DIV/0! #DIV/0! #DIV/0! 28% 26% 23% 23% 19%
Capital Work in Progress #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3% 4% 4% 0% 1%
Investments #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
Other Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 70% 69% 73% 77% 80%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! 14% 15% 16% 16% 10%
Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! 47% 48% 46% 49% 54%
Cash & Bank #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% 2% 2% 2% 2%
Mar-17
100%
A common-size financial statement is displays line
44% items as a percentage of one selected or common
-7% figure. Creating common-size financial statements
0% makes it easier to analyze a company over time and
0% compare it with its peers. Using common-size
15% financial statements helps investors spot trends that a
0% raw financial statement may not uncover.
12%
36%
0%
2%
7%
14%
3%
11%
0%

Mar-17
2%
61%
14%
23%
100%
15%
2%
0%
82%
100%
11%
40%
18%
 Cash Flow Statement
JYOTI CNC AUTOMATION LTD
Rs Cr Mar-11 Mar-12 Mar-13 Mar-14 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Total
Cash from Operating Activity (CFO) - - - - 144 25 28 39 12 -48 199
% Growth YoY #DIV/0! #DIV/0! #DIV/0! #DIV/0! -83% 14% 37% -70% -513%
Cash from Investing Activity - - - - 54 -36 -18 -31 -32 -170 -232
Cash from Financing Activity - - - - -191 -2 -3 -15 34 505 327
Net Cash Flow - - - - 8 -13 7 -8 14 286 294
CFO/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0 0 0 0 0 -0
CFO/Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8 -0 -0 -1 1 -0
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF -315 -212 -364 -565 -463 -912 -1,128 -1,599 -1,226 -872 -7,657
Average FCF (3 Years) -1,233
FCF Growth YoY -33% 72% 55% -18% 97% 24% 42% -23% -29%
FCF/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! -0 -1 -2 -2 -1 -1
FCF/Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! -25 18 16 33 -81 -6

** Manually enter this number;

Convert to Rs Crore if not already
done in the Annual Reports; Use
"Capital expenditure" number
shown under "Cash Flow from
Investing Activities" segment of
Consolidated Cash Flow Statement
available in the Annual Reports
 Key Ratios
JYOTI CNC AUTOMATION LTD
Mar/11 Mar/12 Mar/13 Mar/14 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Sales Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! -28.9% -15.5% 28.7% 24.5%
PBT Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 24.4% -41.7% ###
Net Profit Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 39.2% -31.0% ###
Dividend Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating Cash Flow Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! -83.0% 14.2% 37.4% -69.7%
Free Cash Flow Growth -32.9% 72.1% 55.2% -18.1% 97.3% 23.6% 41.8% -23.3%

Operating Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 9.5% 1.0% 5.5% 9.7% 10.5%
PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4.0% -8.4% -12.3% -5.6% 3.0%
Net Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.9% -7.3% -12.1% -6.5% 1.6%

Debtor Days - - - - 66.2 105.0 136.3 97.9 57.3

Inventory Turnover - - - - 1.6 1.1 0.9 1.2 1.1
Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0!#DIV/0! 2.8 2.0 1.8 2.6 3.3
Debt/Equity #DIV/0! #DIV/0! #DIV/0!#DIV/0! 2.4 3.4 6.4 19.2 10.2
Debt/Assets #DIV/0! #DIV/0! #DIV/0!#DIV/0! 46.4% 49.6% 52.2% 61.6% 55.1%
Interest Coverage (Times) #DIV/0! #DIV/0! #DIV/0!#DIV/0! 1.5 0.2 0.1 0.5 1.3
Return on Equity 7.5% -26.5% -62.2% ### 18.4%
Return on Capital Employed 4.6% -3.0% -0.6% 3.7% 5.7%
Free Cash Flow (Rs Cr) -315 -212 -364 -565 -463 -912 -1,128 -1,599 -1,226
Mar/24
44.0%
564.1%
901.7%
#DIV/0!
###
-28.9%

22.5%
13.8%
11.3%

67.9
1.5
4.0
0.2
13.9%
3.1
11.1%
14.5%
-872
What to look for?
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the management is allocating capital
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency

Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry

Lower/reducing is better. Compare with industry peer(s)

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)
Nil / lower than 0.5 / reducing is better
Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for positive and rising numbers. If the company consistently generates negative FCF over say 10 years, avoid it.
 25% Profit Margin Capital Allo
50%
Check for a rising trend an
20% Numbers > 20% long term
15% 0% has zero/marginal debt. C
10% 11 / 12 / 13 / 14 / 15 / 16
/
5% -50%an an an an an an
J J J J J J J
0%
-5% 11 12 13 14 15 16 17 18 19 1 -100%
/Check
/ for/ a rising
/ /
trend/ /
and/or / 20 / 2 / 22 / 23 / 24
consistency.
/ /
n n
-10%a Compare n
n an a close n a n n n n n n n n
J Ja Ja with J Ja Jacompetitor
J Ja Ja Ja Ja Ja Ja Ja
-15% -150%

Operating Margin PBT Margin

Net Margin ROE

1,600
Revenue Revenue and Pr
1000%
Check for a rising trend. Check for a ri
1,400 800% pare growth r
1,200 600%
1,000 400%
800 200%
600 0%
400 -200% /12 /13 /14 /15 /16 /
n n n n n n
200 Ja Ja Ja Ja Ja Ja
-400%
- -600%
11 12 13 14 15 16 17 18 19 20 21 22 23 24
n/ n/ n/ n/ n/ n/ n/ n/ n/ / n/ n/ n/ n/ Revenue Grow
Ja Ja Ja Ja Ja Ja Ja Ja Ja Jan Ja Ja Ja Ja
Net Profit Gro

200 Profit Over Time Operating and

500 Check
Check for a rising trend. for positive numb
150 which are rising over tim
-
100 1 2 3 4 5
-500 n/1 n/1 n/1 n/1 n/1 n/1
50 Ja Ja Ja Ja Ja Ja
-1,000
-
-50 /11 /12 /13 /14 /15 /16 /17 /18 /19 /20 /21 /22 /23 /24 -1,500
an an Jan Jan Jan Jan Jan Jan Jan an Jan an an an
-100J J J J J J -2,000

PBT Net Profit Operating Cash F

Data for Charts (Please don't touch any number below)
Margins
Mar/11 Mar/12 Mar/13 Mar/14 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Operating Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 9% 1% 5% 10% 10%
PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% -8% -12% -6% 3%
Net Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% -7% -12% -6% 2%

Management Effectiveness
Mar/11 Mar/12 Mar/13 Mar/14 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
ROE 8% -27% -62% -117% 18%
ROCE 5% -3% -1% 4% 6%

Revenue & Profit Growth

Mar/12 Mar/13 Mar/14 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Revenue Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! -29% -16% 29% 24% 44%
PBT Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! -251% 24% -42% -167% 564%
Net Profit Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! -372% 39% -31% -131% 902%

Revenue & Profit

Mar/11 Mar/12 Mar/13 Mar/14 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Revenue - - - - 965 687 580 746 929
PBT - - - - 38 -58 -72 -42 28
Net Profit - - - - 18 -50 -70 -48 15

Cash Flows
Mar/11 Mar/12 Mar/13 Mar/14 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Operating Cash Flow - - - - 144 25 28 39 12
Free Cash Flow -315 -212 -364 -565 -463 -912 -1,128 -1,599 -1,226
%
Capital Allocation Quality
Check for a rising trend and/or consistency.
Numbers > 20% long term are good. Also check if the company
% has zero/marginal debt. Compare with a close competitor Note: Please ignore the dates
/ 11 / 12 / 13 / 14 / 15 / 16 / 17 / 18 / 19 20 / 21 22 23 24 on the X-axis. The figures are
%an an an an an an an an an an/ an an/ an/ an/ for/as on the year ending date,
J J J J J J J J J J J J J which for most Indian
companies would be 31st
% March of that year

ROE ROCE

Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility. Com-
pare growth rates with a close competitor.

12 13 14 15 16 17 18 19 20 21 22 23 24
n/ an/ an/ an/ an/ an/ an/ an/ an/ an/ an/ an/ an/
J J J J J J J J J J J J

Revenue Growth PBT Growth

Net Profit Growth

Operating and Free

0 Check Cash Flow
for positive numbers and
which are rising over time.

1 2 3 4 5 6 7 8 9 0 1 2 3 4
0 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 /2 n/2 n/2 n/2 n/2
Ja Ja Ja Ja Ja Ja Ja Ja Ja Jan Ja Ja Ja Ja
0
0
0

Operating Cash Flow Free Cash Flow

Mar/24
22%
14%
11%

Mar/24
11%
14%

Mar/24
1,338
185
151

Mar/24
-48
-872
 Earnings Power Value (Bruce Greenwald)
Read the book - Value Investing: From Graham to Buffett and Beyond by Bruce Greenwald (EPV is explained
Explanation - Earnings power value (EPV) is a technique for valuing stocks by making an assumption about the sustainability o
capital but assuming no further growth. EPV formula = Adjusted Earnings / Cost of Capital

Company Name JYOTI CNC AUTOMATION LTD

Latest Year Ended Mar-24

Calculation of Normalized Earnings

(Rs Crore) Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Sales 687 580 746 929 1,338
EBIT 13 4 40 118 275
Less - Adjustment 0 0 0 1 1
EBIT (Adjusted) 13 4 40 117 273
EBIT Margin'(Adjusted) 2% 1% 5% 13% 20%
Tax Rate 13% 2% -16% 46% 18%
Earnings After Tax (Adjusted) 11 4 47 63 223
Depreciation 37 38 36 34 33
Maintenance Capex (See Table Below) #REF! #REF! #REF! #REF! #REF!
Earnings After Tax (Normalized, A) #REF! #REF! #REF! #REF! #REF!
Reported Profit After Tax (B) -50 -70 -48 15 151

EPV Process (as per Greenwald's book, slightly modified) -

1. Start with operating earnings, i.e. EBIT. Adjust any one-time charges. I deduct 0.5% of reported EBIT as this adjustment
2. Apply a tax rate to the adjusted EBIT. I use the actual tax rate calculated from the Income Statement. After reducing this tax,
3. Add back Depreciation
4. Subtract Maintenance Capex
5. After these four steps, you arrive at Normalized Earnings
6. Divide this Normalized Earnings number by the Discount Rate to arrive at EPV. I use 12% discount rate/cost of capital.
7. Note that Greenwald's process as per his book is slightly more detailed than what I have used here

Calculation of Maintenance Capex

(Rs Crore) Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Fixed Assets (PPE) 344 321 293 283 332
Net Sales 687 580 746 929 1,338
PPE/Sales 0.50 0.55 0.39 0.30 0.25
Change in Sales -278 -107 166 183 409
Total Capex #REF! #REF! #REF! #REF! #REF!
Growth Capex -111 -43 67 73 164
Maintenance Capex #REF! #REF! #REF! #REF! #REF!

Calculating Maintenance Capex, as per Greenwald's book -

1. Calculate the Average Gross Property Plant and Equipment (PPE) / Sales ratio over 5-7 years
2. Calculate current year’s increase in sales
3. Multiply PPE/Sales ratio by increase in sales to arrive at Growth Capex
4. Maintenance Capex = Total Capex figure from the cash flow statement minus Growth Capex calculated above
(Bruce Greenwald)
nd by Bruce Greenwald (EPV is explained Page 93 onwards)
ng an assumption about the sustainability of current earnings and the cost of
mula = Adjusted Earnings / Cost of Capital

EPV with Different Cost of Capital

Discount Rate EPV Net Cash** Total EPV Per Share
10% #REF! 4,314 #REF! #REF!
12% #REF! 4,314 #REF! #REF!
15% #REF! 4,314 #REF! #REF!
Current Market Cap (Rs Crore) 22,034
EPV as % of Market Cap #REF!

** Change the "Cash & Bank" number in "Balance Sheet" sheet

(Row #19) so that the correct number automatically reflects here

% of reported EBIT as this adjustment

Income Statement. After reducing this tax, we arrive at Adjusted Earnings After Tax

use 12% discount rate/cost of capital.

I have used here

ver 5-7 years

wth Capex calculated above

 Dhandho Intrinsic Value Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

JYOTI CNC AUTOMATION LTD JYOTI CNC AUT

Dhandho IV - Lower Range Dhandho IV - H
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 4,618 Year 1-3 15% 0
1 FY18 #REF! #REF! Year 4-6 10% 1
2 FY19 #REF! #REF! Year 7-10 5% 2
3 FY20 #REF! #REF! Discount Rate 12% 3
4 FY21 #REF! #REF! 4
5 FY22 #REF! #REF! Last 5-Years' CAGR 5
6 FY23 #REF! #REF! Sales 7% 6
7 FY24 #REF! #REF! PBT 37% 7
8 FY25 #REF! #REF! FCF #REF! 8
9 FY26 #REF! #REF! 9
10 FY27 #REF! #REF! 10
10 #REF! #REF! 10
Intrinsic Value #REF! Intrinsic V
Current Mkt. Cap. 22,034 Current Mkt. C
Premium/(Discount) to IV #REF! Premium/(Discount) t
intrinsic value share price #REF!
margin of safety #REF!
margin of safety % #REF!

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a normalized positive FCF as th
number is your assumption of FCF the business will earn in a normal year, without capex. Check the history of this business
assumption, and use your judgment wisely without twisting the model to fit your version of reality.
ue Calculation
tor by Mohnish Pabrai

JYOTI CNC AUTOMATION LTD

Dhandho IV - Higher Range
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) 4,618 Year 1-3 20%
FY18 #REF! #REF! Year 4-6 15%
FY19 #REF! #REF! Year 7-10 10%
FY20 #REF! #REF! Discount Rate 12%
FY21 #REF! #REF!
FY22 #REF! #REF!
FY23 #REF! #REF!
FY24 #REF! #REF!
FY25 #REF! #REF!
FY26 #REF! #REF!
FY27 #REF! #REF!
#REF! #REF!
Intrinsic Value #REF!
Current Mkt. Cap. 22,034
Premium/(Discount) to IV #REF!

a normalized positive FCF as the starting number. This

heck the history of this business while arriving at your
el to fit your version of reality.
 Ben Graham Formula (Low Range) Ben Graham Formula (High Range
Company Name I CNC AUTOMATION LTD Company Name
Year Ended Mar/24 Year Ended

Avg 5-Yr Net Profit (Rs Crore) (0.5) Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 26.1 Long-Term Growth Rate

Ben Graham Value (Rs Crore) (33) Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 22,034 Current Market Cap (Rs Crore)
intrinsic value share price (1.46) intrinsic value share price
margin of safety (0.98) margin of safety
margin of safety % -969.83 margin of safety %
EXPLANATION
Ben Graham's Original Formula: Value = EPS x (8.5 + 2G)
Here, EPS is the trailing 12 month EPS, 8.5 is the P/E ratio of a stock with 0% growth and g is the growth rate for the next 7-10

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 1962 when Graham was

Note: I have used Graham's original formula in the above calculations

m Formula (High Range)
I CNC AUTOMATION LTD
Mar/24

(0.5)
8.5
52.2

(62)
22,034
(2.71)
(1.82)
-970.67

is the growth rate for the next 7-10 years

of around 1962 when Graham was publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this num
resent, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
JYOTI CNC AUTOMATION LTD

Initial Cash Flow (Rs Cr) #REF! #REF!

22,034
Years 1-5 6-10 #REF!
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (4,314)

Year FCF Growth Present Value

1 #REF! 15% #REF!
2 #REF! 15% #REF!
3 #REF! 15% #REF!
4 #REF! 15% #REF!
5 #REF! 15% #REF!
6 #REF! 12% #REF!
7 #REF! 12% #REF!
8 #REF! 12% #REF!
9 #REF! 12% #REF!
10 #REF! 12% #REF!

Final Calculations
Terminal Year #REF!
PV of Year 1-10 Cash Flows #REF!
Terminal Value #REF!
Total PV of Cash Flows #REF!
Current Market Cap (Rs Cr) 22,034

Note: See explanation of DCF here

Valuation
N LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
JYOTI CNC AUTOMATION LTD
Particulars Mar/11 Mar/12 Mar/13 Mar/14 Mar/19 Mar/20 Mar/21
Net Profit (Rs Crore) - - - - 18 -50 -70
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% -7% -12%
Return on Equity 8% -27% -62%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 12%
Estimated Net Profit after 10 years (Rs Cr) 469
Current P/E (x) 146.1
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 9,371
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 3,017
Current Market Cap (Rs Cr) 22,034

Note: See explanation of this model here

el
Mar/22 Mar/23 Mar/24 CAGR (9-Yr) CAGR (5-Yr)
-48 15 151 #DIV/0! 52%
-6% 2% 11%
-117% 18% 11%
 Intrinsic Value Range
JYOTI CNC AUTOMATION LTD
Lower Higher Remember! Give importance to a stock's valuations / fair
EPV #REF! only "after" you have answered in "Yes" to these two que
Dhandho #REF! #REF! (1) Is this business simple to be understood? and (2) C
Ben Graham -33 -62 understand this business?
DCF #REF!
Don't try to quantify everything. In stock research, the les
Expected Return 3,017 mathematical you are, the more simple, sensible, and use
Current Market Cap. 22,034 be your analysis and results. Great analysis is generally "b
the-envelope".

Also, your calculated "fair value" will be proven wrong i

future, so don't invest your savings just because you fall
with it. Don't look for perfection. It is overrated. Focus
decisions, not outcomes. Look for disconfirming evide
 importance to a stock's valuations / fair value
ave answered in "Yes" to these two questions -
ess simple to be understood? and (2) Can I
understand this business?

fy everything. In stock research, the less non-

are, the more simple, sensible, and useful will
nd results. Great analysis is generally "back-of-
the-envelope".

lated "fair value" will be proven wrong in the

vest your savings just because you fall in love
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
 A B C D E F G H I J K
1 JYOTI CNC AUTOMATION LTD
2 SCREENER.IN
3 Narration Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Dec-22 Mar-23 Sep-23 Dec-23 Mar-24
4 Sales - - - - - 239 446 302 378 450
5 % Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 88%
6 Expenses - - - - - 236 362 248 282 316
7 Operating Profit - - - - - 3 84 55 96 134
8 Other Income - - - - - 3 41 1 3 3
9 Depreciation - - - - - 9 11 8 9 8
10 Interest - - - - - 23 32 25 24 21
11 Profit before tax - - - - - -26 83 23 67 108
12 PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -11% 19% 8% 18% 24%
13 % Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -516%
14 Tax - - - - - -1 14 6 19 8
15 Net profit - - - - - -25 69 17 48 100
16 % Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -497%
17 OPM 1% 19% 18% 25% 30%
COMPANY NAME JYOTI CNC AUTOMATION LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 22.74
Face Value 2
Current Price 968.85
Market Capitalization 22033.88

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-19 Mar-20
Sales 965.26 686.77
Raw Material Cost 403.12 390.59
Change in Inventory -145.55 2.11
Power and Fuel 17.51 13.76
Other Mfr. Exp 37.6 25.94
Employee Cost 157.3 153.47
Selling and admin 55.64 47.07
Other Expenses 56.9 51.08
Other Income 54.75 43.5
Depreciation 35.55 37.29
Interest 72.64 70.71
Profit before tax 38.2 -57.53
Tax 19.71 -7.21
Net profit 18.48 -50.31
Dividend Amount

Quarters
Report Date Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Dec-22
Sales 238.84
Expenses 236.29
Other Income 2.64
Depreciation 8.56
Interest 22.51
Profit before tax -25.88
Tax -0.80
Net profit -25.08
Operating Profit 2.55

BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-19 Mar-20
Equity Share Capital 29.48 29.48
Reserves 216 160.21
Borrowings 578.66 648.12
Other Liabilities 423.33 468.86
Total 1247.47 1306.67
Net Block 344.44 343.86
Capital Work in Progress 33.94 56.38
Investments 1.30 0.23
Other Assets 867.79 906.2
Total 1247.47 1306.67
Receivables 175.06 197.59
Inventory 591.46 624.55
Cash & Bank 23.61 20.85
No. of Equity Shares 29479366 29479366
New Bonus Shares
Face value 10 10

CASH FLOW:
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-19 Mar-20
Cash from Operating Activity 144.49 24.57
Cash from Investing Activity 54.48 -35.5
Cash from Financing Activity -191.33 -1.81
Net Cash Flow 7.64 -12.75

PRICE:

DERIVED:
Adjusted Equity Shares in Cr 2.95 2.95
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-21 Mar-22 Mar-23 Mar-24

580.06 746.49 929.26 1338.47
463.86 418.78 679.53 583.47
144.90 -0.91 146.92 -90.24
10.80 13.60 16.73
33.41 46.04 45.01
131.39 141.84 166.24 204.51
30.04 34.72 46.84
23.77 17.93 24.45 159.32
10.03 3.57 53.79 6.49
37.78 35.79 33.62 32.75
75.51 82.2 89.70 89.72
-71.57 -41.75 27.85 184.95
-1.54 6.55 12.79 34.09
-70.03 -48.3 15.06 150.86

Mar-23 Sep-23 Dec-23 Mar-24

445.78 302.28 377.92 450.13
361.78 247.75 281.65 316.31
41.4 1.32 3.1 2.99
10.54 7.96 8.65 8.48
31.62 24.86 23.55 20.70
83.24 23.03 67.17 107.63
13.75 6.27 19.13 7.98
69.49 16.76 48.04 99.64
84 54.53 96.27 133.82
Mar-21 Mar-22 Mar-23 Mar-24
29.48 29.48 32.93 45.49
83.11 11.68 49.13 1319.14
725.12 792.16 834.98 303.78
550.49 452.92 598.35 509.94
1388.2 1286.24 1515.39 2178.35
321.22 292.5 283.07 332.14
53.73 5.48 15.38 47.83
1.86 1.96 3.39 3.66
1011.39 986.3 1213.55 1794.72
1388.2 1286.24 1515.39 2178.35
216.64 200.19 145.88 249.10
644.71 634.04 819.92 865.99
22.46 22.57 28.29 385.61
29479366 29479366 32929366

10 10 10 2

Mar-21 Mar-22 Mar-23 Mar-24

28.05 38.55 11.67 -48.25
-17.98 -31.06 -31.61 -170.49
-3.11 -15.16 33.59 504.98
6.96 -7.67 13.65 286.24

821.45

2.95 2.95 3.29 22.74

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