SrNo Value

FINANCIAL ANALYSIS

1 Sales growth CAGR >15% for last 7-10 years

2 Profitability NPM >8%

3 Tax payout >30%

4 Interest coverage >3

5 Debt to Equity ratio < 0.5

6 Current ratio >1.25

7 Cash flow Operation CFO > 0

8 Cumulative PAT vs. CFO cPAT ~ cCFO
VALUATION ANALYSIS

9 P/E ratio Read: 3 Principles to decide ideal PE ratio to pay for a stock
10 P/E to Growth ratio (PEG ratio) <1
Earnings Yield (EY) = (EPS/Current
11 Stockprice) *100% > 10 year G-Sec yield

12 P/B ratio <1

13 Price to Sales ratio (P/S ratio) < 1.5

14 Dividend Yield (DY) > 0%

BUSINESS & INDUSTRY ANALYSIS

15 Comparison with industry peers Sales growth > peers

Increase in production capacity and sales Production capacity & sales volume
16 volume CAGR ~ Sales CAGR

17 Conversion of sales growth into profits Profit CAGR ~ Sales CAGR

18 Conversion of profits into cash cPAT ~ cCFO

Creation of value for shareholders from the Increase in Mcap in last 10 yrs. >
19 profits retained Retained profits in last 10 yrs.
MANAGEMENT ANALYSIS

20 Background check of promoters & directors Web search

21 Management succession plans Good succession plan should be in place
No salary increase with declining
22 Salary of promoters vs. net profits profits/losses

23 Project execution skills Green/brownfield project execution

24 Consistent increase in dividend payments Dividend CAGR > 0

25 Promoter shareholding > 51%
26 Promoter buying the shares Insider buying ++
27 FII shareholding ~ 0%

28 Product diversification Pure play

29 Govt. influence No govt. interference in profit making

30 Earnings Yield (EY) EY > 10 Yr G-Sec Yield

31 Self Sustainable Growth Rate(SSGR) SSGR > Achieved Sales Growth Rate
32 Free Cash Flow(FCF) FCF/CFO >> 0

33 Credit RatingHistory BBB- & above

Remarks

Growth should be consistent year on year. Ignore companies where sudden spurt of sales
in one year is confounding the 10 years performance. Very high growth rates of >50% are
unsustainable.

Look for companies with sustained operating & net profit margins over the years
Tax rate should be near general corporate tax rate unless some specific tax incentives are
applicable to the company.

Look for companies with D/E ratio of as low as possible. Preferably zero debt

Positive CFO is necessary. It’s great if CFO meets the outflow for CFI and CFF
Cumulative PAT and CFO are similar for last 10 years

Such companies provide good margin of safety

EY should be greater than long term government bond yields or bank fixed deposit interest
rates

However, I find P/B ratio irrelevant for sectors other than financial services
James O’Shaughnessy: Buy if P/S ratio is < 1.5 and sell if >3
Higher the better. DY of >5% is very attractive. However, do not focus a lot on DY for
companies in fast growth phase

The Company must show sales growth higher than peers. If its sales growth is similar to
peers, then there is no Moat
Company must have shown increased market penetration by selling higher volumes of its
product/service
A Moat would result in increasing profits with increasing sales. Otherwise, sales growth is
only a result of unnecessary expansion or aggressive marketing push, which would erode
value in long term

If cPAT >> cCFO, then either the profits are fictitious or the company is selling to any
John Doe for higher sales without having the ability to collect money from them

Otherwise company is destroying wealth of shareholders

There should not be any information questioning the integrity of promoters & directors
Salary being paid to potential successors should be in line with their experience
promoter should not have a history of seeking increase in remuneration when the profits of
the company declined in past
Company should have shown good project execution skills with cost and time overruns.
Exclude capacity increase by mergers & acquisitions.

Dividends should be increasing with increase in profits of the company

Higher the better
If promoter of a company buys its shares, investors should buy too
the lower the better

Company should be either a pure play (only one business segment) or related products.
Pure play model ensures that the management is specialized in what they are doing.
Entirely different unrelated products/services are a strict NO. An investor should rather
buy stocks of different companies, if she wants such diversification.

No cap on profit returns or pricing of product. No compulsion to supply to certain clients.

Higher the EY than 10 Yr G-Sec Yield, the better

Higher the SSGR than achieved Sales Growth, the better

Higher the FCF as proportion of CFO, the better
Current credit rating should be minimum BBB- Credit rating should have been improving
over the years
 Data for Charts (Please don't touch any number below)
Margins
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Operating Margin 10% 15% 15% 16% 15% 15% 17% 16% 16%
PBT Margin 8% 14% 13% 13% 10% 9% 12% 12% 11%
Net Margin 6% 11% 10% 9% 7% 7% 12% 10% 8%
Tax% 24% 23% 25% 27% 28% 26% 3% 19% 22%
Management Effectiveness
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
ROE 11% 13% 11% 12% 10% 9% 8% 9% 10%
ROCE 9% 10% 9% 11% 10% 9% 8% 9% 10%
Rolling 3Years ROE 0% 0% 12% 12% 11% 10% 8% 8% 8%
Revenue & Profit Growth
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Revenue Growth -27% 12% 29% 45% 5% -22% 49% 26% 3%
PBT Growth 25% 3% 23% 12% -3% 3% 51% 13% 11%
Net Profit Growth 26% 0% 21% 10% 0% 35% 26% 9% 7%

Revenue & Profit

Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Revenue 374,372 272,583 303,954 390,823 568,337 596,679 466,307 694,673 876,396
PBT 31,114 38,737 40,034 49,426 55,227 53,606 55,461 83,815 94,464
Net Profit 23,640 29,861 29,833 36,080 39,837 39,880 53,739 67,845 74,088
Dividend Paid 2943.0 3095.4 3254.9 3553.2 3851.9 4120.4 4511.5 5412.0 6089.4
Cash Flows
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
CFO 34,374 38,134 49,550 71,459 42,346 94,877 26,958 110,654 115,032
FCF - -64,118 -71,852 -12,791 34,482 8,747 -25,061 -52,221 -143,524
FCF(=CFO+CFI) -30,332 1,948 -16,651 3,267 -52,161 22,380 -115,427 1,492 22,031

Debt history Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Debt 168251.0 194714.0 217475.0 239843.0 307714.0 355133.0 278962.0 319158.0 451664.0
Equity 218499 231556 263709 293506 387112 449166 700172 779485 715872
D/E 77% 84% 82% 82% 79% 79% 40% 41% 63%

EPS history Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
EPS 17 22 22 27 29 29 42 50 55
EPS YoY 0% 26% 0% 24% 10% 0% 44% 18% 9%
SSGR% 0% 0% 0% 7% 5% 4% 3% 4% 4%
Sales Growth% 0% -26% 10% 28% 44% 5% -19% 46% 24%
PE 11.0 11.0 14.0 15.0 21.0 17.2 21.7 24.1 19.5

Mukherjea ratios
EBITDA 45977 53993 55529 74184 92656 97836 103222 128181 154338
CFO/EBITDA 75% 71% 89% 96% 46% 97% 26% 86% 75%
Provisioning for debtor 16

Yield on cash
Interest earning 8528.00 ### 9222.00 9869.00 8406.00 8570.00 ### ### 12020.00
Cash & Bank 12545.00 ### 3023.00 4255.00 ### ### ### ### 68664.00
Yield on cash 68% 111% 305% 232% 76% 28% 129% 54% 18%

contengencies libalities as %age of Net worth

CWIP to gross block(Fixed Assets)

Net Fixed Assets (N 156458.0 ### ### ### ### ### ### ### 724805.0
Capital Work in Pro 166462.0 ### ### ### ### ### ### ### 293752.0
CWIP to Fixed Asset 106% 124% 164% 46% 45% 20% 23% 27% 41%

The statement "Capital work in progress to gross block, which signifies that a high ratio ma
evaluate the proportion of capital work in progress (CWIP) in relation to the gross block of
related to the capital expenditure (capex) undertak

The gross block represents the total value of a company's fixed assets, including property, p
the historical cost of acquiring and constructin

Auditor's fees growing faster than revenue

Contingent liabilities as % of net worth (as I could not find how to calculate Net worth , I am using Net Profit PAT as Net worth
Contingent liabilities 5
PAT 23566 29745 29901 36075 39588 39354 49128 60705 66702
%contingent liabilit 0% 0% 0% 0% 0% 0% 0% 0% 0%

FCF as % of Sales
Free cash flow (cash flow from operations + cashflow from investing) to median revenues wh
Free cash flow (CFO -30332 1948 -16651 3267 -52161 22380 -115427 1492 22031
Median Revenue rolling 3 years 303,954 303,954 390,823 568,337 568,337 596,679 694,673
%FCF to median rev #DIV/0! #DIV/0! -5% 1% -13% 4% -20% 0% 3%
%FCF to revenue -8% 1% -5% 1% -9% 4% -25% 0% 3%
%CFO to revenue 9% 14% 16% 18% 7% 16% 6% 16% 13%
Compare free cash flow to median revenues: Divide the calculated free cash flow by the med
ratio indicates how much cash flow is generated relative to the company's revenue. A higher
generating strong cash flows compared to its revenue, which is generally a positive sign. Con
concerns about the company's ability to convert revenue into cash or potential misappropriat
Compare free cash flow to median revenues: Divide the calculated free cash flow by the med
ratio indicates how much cash flow is generated relative to the company's revenue. A higher
generating strong cash flows compared to its revenue, which is generally a positive sign. Con
concerns about the company's ability to convert revenue into cash or potential misappropriat
 Mar/24
18%
12%
9%
25%

Mar/24
10%
10%
9%

Mar/24
899,041 939,838
104,727 104,634
79,020 79,496
6766.0

Mar/24
158,788
7,673
45,207

Mar/24
458991.0 0
793481.0
58%

Mar/24 Last4Q
58 59
7% 1%
3%
3%
25.4 21.3

178677
89%
 30

10.00
97225.00
0%

779985.0
338855.0
43%

at a high ratio may indicate unsubstantiated capex" refers to a metric used to

the gross block of a company. This analysis helps identify potential concerns
e (capex) undertaken by the company.

luding property, plant, and equipment (PPE), at a given point in time. It reflects
ng and constructing these assets.

Profit PAT as Net worth in the formula)

6
69621
0%

dian revenues which is to check if cash generated by business is being siphoned off or whether reporte
45207
876,396
5%
5%
18%
h flow by the median revenue to obtain the ratio. This
evenue. A higher ratio suggests that the company is
positive sign. Conversely, a lower ratio could raise
tial misappropriation of funds
off or whether reported revenue/earnings are believable
Consistence Sales growth
Profitability (NPM>8%-10%) 8% Sales and debt in (
Tax payout (>30%) 25%
Interest coverage (>3) 3 1,000,000
TATA CONSULTANCY SERVICES LTD

Debt to Equity ratio (<50%) 58% 900,000

Cash flow Operation (>0) 158788.0 800,000
cPAT 444385 700,000 355,133
cCFO 742172 307,714 3
600,000
cCAPEX 1026463 278,962
500,000 239,843
cFreeCashFlow -284291 217,475
400,000 194,714
FCF/CFO >> 0 0.05 168,251 6
300,000 596,679
568,337
DividendPaidRatio (Div/PAT) 9% 466,307
ROE >12% 9% 200,000374,372 390,823
303,954
272,583
ROCE >12% 6% 100,000
Profit CAGR 13% 0
Sales CAGR 10%
094 460 825 190 555 921 286
Profit CAGR ~ Sales CAGR 42 42 42 43 43 43 44 44
Sales Growth 3%
Net Profit growth 4% Revenue Deb
Sales Growth ~ Ne Profit Growth
SSGR 3% Sales and SSGR growth w

Receivable days (lowering is better) 13 50% TATA CONSULTANCY SERVICES LTD

P/E ratio 24
P/E to Growth ratio (PEG ratio) 1.74 40%
Earnings Yield (EY) (>10yrs GS) 4%
P/B ratio (Only for banks,etc) 30%

Price to Sales ratio (P/S ratio) (<1.5) 20%

Net Fixed assets (increasing) ?
Sales growth > peers 10%
Increase in production capacity and sales
volume 0%
Promoter shareholding (>51%) Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar
Promoter buying the shares ? -10% 15 16 17 18 19 20 21
FII shareholding ?
Govt. influence ? -20%
Pure play of business (Not too much
diversified business) ? -30%
Credit rating (> BBB-) ? SSGR% Sales Growth%
Salary of promoters vs. net profits
Background check of promoters & Operating and Free Cash F
directors
CWIP as % of gross Block 200,000
TATA CONSULTANCY SERVICES LTD
Cash Conversion Ratio
150,000

100,000

50,000
 200,000
TATA CONSULTANCY SERVICES LTD

150,000

100,000

50,000

0
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
-50,000 15 16 17 18 19 20

-100,000

-150,000

-200,000

CFO FCF FCF(=CFO+CFI) FCF as % of Sa

cPAT vs cCFO
800000.0
742172

700000.0

600000.0

500000.0
444385

400000.0

300000.0

200000.0

100000.0

0.0
cPAT cCFO

Revenue , Debt, Price,

1,000,000
TATA CONSULTANCY SERVICES LTD

900,000
1,000,000
TATA CONSULTANCY SERVICES LTD

900,000

800,000

700,000

600,000
568,

500,000

29
400,000 390,823
374,372 26.7 3811

300,000 21.6 21.5

303,954 307,
287584.00
272,583
260750.00
17.1 239,843
228608.00
215556.00 217,475
200,000 194,714
168,251

100,000

- 187.66 237.46 300.09 401.08 619

Mar/ Mar/ Mar/ Mar/ Ma
15 16 17 18 1
Revenue Debt PRICE:
 Sales and debt in (cr.) Capital Allocation Quality and re
14%
NCY SERVICES LTD 500000 TATA CONSULTANCY SERVICES LTD
458,991
451,664 450000 12%
400000
10%
355,133 350000
307,714 319,158 8%
300000
278,962
239,843 939,838 250000
899,041 6%
,475 876,396
200000
694,673 4%
596,679
568,337 150000
466,307
390,823 100000 2%
,954
50000
0%
0 Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar
5 90 555 921 286 651 016 382 t4Q 15 16 17 18 19 20 21
1 s
43 43 43 44 44 45 45 La

Revenue Debt ROE ROCE Net Margin Rolling 3Year

ales and SSGR growth with EPS Profit Margin and tax%

CY SERVICES LTD 70 30%TATA CONSULTANCY SERVICES LTD

25%
60

20%
50
15%
40
10%
30
5%
/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
20
18 19 20 21 22 23 24
0%
10 Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar
15 16 17 18 19 20 21

0
Operating Margin PBT Margin Net Ma
SGR% Sales Growth% EPS PE

perating and Free Cash Flow CFO,CFF,CFI and D/E

30% 200,000
ANCY SERVICES LTD TATA CONSULTANCY SERVICES LTD

20% 150,000

10% 100,000
 CFO,CFF,CFI and D/E
30% 200,000
ANCY SERVICES LTD TATA CONSULTANCY SERVICES LTD

20% 150,000

10% 100,000

50,000
0%
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
17 18 19 20 21 22 23 24 0
-10% Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ M
15 16 17 18 19 20 21
-50,000
-20%
-100,000
-30%
-150,000

-200,000
CF(=CFO+CFI) FCF as % of Sales %CFO to revenue
CFO CFI CFF Net Cash Flow (CFO+CFI+CFF)

FO Profit vs Sales CAGR 10yrs Number of shares (cr) and E

10.0% 8000 TATA CONSULTANCY SERVICES LTD

742172
9.0% 7000

8.0% 6000

7.0% 5000 42
6.0% 4000
29 29 6,445
6,339
5.0% 3000 27 5,926
5,922
22 22
4.0% 2000 17
2,943 2,948 2,959
3.0% 1000
2.0% 0
1.0% 094 460 825 190 555 921 286
42 42 42 43 43 43 44 44
0.0%
cCFO ROE >12% ROCE >12%
Share Capital (in cr) EPS

Revenue , Debt, Price, Reserve, PAT and EPS

1,000,000
70 TATA CONSULTANCY SERVI
ANCY SERVICES LTD

899,041
876,396 800,000
 1,000,000

ANCY SERVICES LTD

70 TATA CONSULTANCY SERVI

899,041
876,396 800,000
60
58.4

54.8 786715.00
772720.00

50.1 709106.00 50 600,000

693727.00 694,673

42.4
596,679
568,337 40
400,000

466,307
442827.00 451,664 458,991
29.5 29.5 30
390,823
26.7 381186.00
355,133 200,000

319,158
1.6 21.5
303,954 307,714
287584.00
278,962 20
,583
260750.00
608.00
239,843
217,475
,714 0
42094 42460
10

1485.85 -200,000
7.46 300.09 401.08 619.43 506.06 918.78 1208.51 1069.21 0
ar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
16 17 18 19 20 21 22 23 24
Sales
nue Debt PRICE: Reserves PAT EPS Interest
Selling and
cation Quality and return
Quarterly
RVICES LTD 300,000
TATA CONSULTANCY SERVICES LTD

250,000

200,000

150,000

100,000

50,000

ar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ 0

18 19 20 21 22 23 24 Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun-
22 22 23 23 23 23 24 24

Sales Expenses Interest

Net Margin Rolling 3Years ROE Profit before tax Tax Net profit

Margin and tax% Profit Over Time and Dividend Paid

120,000
CES LTD TATA CONSULTANCY SERVICES LTD

100,000

80,000

60,000

40,000

20,000

0
r/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
8 19 20 21 22 23 24 15 16 17 18 19 20 21 22

BT Margin Net Margin Tax%

PBT Net Profit Dividend Paid

Net Fixed assets and Receivable days

FF,CFI and D/E
90.0% 900,000 TATA CONSULTANCY SERVICES LTD
CES LTD

80.0% 800,000

70.0% 700,000 19

60.0% 600,000 16
FF,CFI and D/E
90.0% 900,000 TATA CONSULTANCY SERVICES LTD
CES LTD

80.0% 800,000

70.0% 700,000 19

60.0% 600,000 16
15
500,000
50.0%
12 12 1
400,000
r/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ 40.0% 10 724
19 20 21 22 23 24 627,798
300,000
30.0% 532,658541,258
200,000 6 403,885398,374
5
20.0%
100,000 156,458184,910198,526
10.0%
0
0.0% Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ M
15 16 17 18 19 20 21 22 2
Net Cash Flow (CFO+CFI+CFF) Debt to Equity
Net Fixed Assets (NFA) Receivables days (Low is better

r of shares (cr) and EPS Buying Price as Per PE range and Current EPS
CES LTD 70 1600 TATA CONSULTANCY SERVICES LTD
1
60 1400
1,254
58 1268
55
50 50 1200
1008
42 1000 1015
40

800
29 29 6,445 6,765 6,766 6,766 30
6,339
5,926
600
20
506
400
10
200
0

555 921 286 651 016 382 0

Min Average
43 43 44 44 45 45
current(EPS*(Min,Ave,MaxPE)) Min,Ave,Max (PE and E
re Capital (in cr) EPS LTP

Sales, Expense, Interest, PBT, Tax and Net profit

A CONSULTANCY SERVICES LTD

 Sales, Expense, Interest, PBT, Tax and Net profit

A CONSULTANCY SERVICES LTD

2094 42460 42825 43190 43555 43921 44286 44651 45016 45382

Sales Raw Material Cost Employee Cost Other Mfr. Exp Change in Inventory
Interest Profit before tax Tax Net profit Power and Fuel
Selling and admin Other Expenses Other Income Depreciation Dividend Amount
rly Cash Conversion Ratio

TATA CONSULTANCY SERVICES LTD

120%

100%

80%

60%

40%

20%

- Dec- Mar- Jun- Sep- Dec- 0%

23 24 24 24 24 Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ M
15 16 17 18 19 20 21 22 23 2
xpenses Interest
CFO/EBITDA
ax Net profit

nd Dividend Paid Interest on Cash and cash equivalent

it is taken from other income - please check annual-
TD report before investing
350%
TATA CONSULTANCY SERVICES LTD
300%

250%

200%

150%

100%

50%
r/ Mar/ Mar/ Mar/ Mar/ Mar/ 0%
20 21 22 23 24 Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ M
15 16 17 18 19 20 21 22 23 2

Yield on cash
Dividend Paid

nd Receivable days
CWIP as % of gross block
25
TATA CONSULTANCY SERVICES LTD
180%
160%
20
140%
120%
 25
TATA CONSULTANCY SERVICES LTD
180%
160%
20
140%
120%
15 15
100%
12 13
12 12 80%
779,985
724,805 10
627,798
60%
532,658541,258 40%
5 20%
0%
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ M
0 15 16 17 18 19 20 21 22 23 2
Mar/ Mar/ Mar/ Mar/ Mar/
20 21 22 23 24
CWIP to gross block(Fixed Assets)
Receivables days (Low is better)

nge and Current EPS

1495
1486
68

1015

rage Max

Min,Ave,Max (PE and EPS)

 45016 45382 last 4 Qtr

hange in Inventory
ower and Fuel
Dividend Amount
tio

ar/ Mar/ Mar/ Mar/

21 22 23 24

alent
heck annual-

ar/ Mar/ Mar/ Mar/

21 22 23 24

lock
 ar/ Mar/ Mar/ Mar/
21 22 23 24

ts)
 Sales and debt in (cr.)

1,000,000TATA CONSULTANCY SERVICES LTD 500000 14%

TATA C
900,000 458,991
451,664 450000 12%
800,000 400000
10%
700,000 355,133 350000
307,714 319,158 8%
600,000 300000
278,962
500,000 239,843 250000 6%
939,838
899,041
217,475 876,396
400,000 194,714 200000
168,251 694,673 4%
300,000 596,679
568,337 150000
466,307 2%
200,000374,372 390,823 100000
303,954
272,583
100,000 50000 0%
Mar/
0 0
15
094 460 825 190 555 921 286 651 016 382 t4Q
s
42 42 42 43 43 43 44 44 45 45 La

Revenue Debt

CFO,CFF,CFI and D/E

200,000 90.0% 30%TATA CON
TATA CONSULTANCY SERVICES LTD

150,000 80.0%
25%
70.0%
100,000
20%
60.0%
50,000
15%
50.0%
0
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ 40.0% 10%
-50,000 15 16 17 18 19 20 21 22 23 24
30.0% 5%
-100,000
20.0%
0%
-150,000 10.0% Mar/
15
-200,000 0.0%
Operatin
CFO CFI CFF Net Cash Flow (CFO+CFI+CFF) Debt to Equity
-150,000 10.0% Mar/
15
-200,000 0.0%
Operatin
CFO CFI CFF Net Cash Flow (CFO+CFI+CFF) Debt to Equity

cPAT vs cCFO Profit vs Sales CAGR 10yrs

800000.0 10.0%
742172 TATA C
120%
9.0%
700000.0
8.0% 100%
600000.0
7.0% 80%
500000.0
444385 6.0%
60%
400000.0 5.0%
40%
4.0%
300000.0
3.0% 20%
200000.0
2.0% 0%
100000.0 Mar/
1.0% 15

0.0 0.0%
cPAT cCFO ROE >12% ROCE >12%

Interest on Cash and cash equivalent

it is taken from other income - please check annualreport
before investing TATA C
180%
350%
TATA CONSULTANCY SERVICES LTD 160%
300%
140%
250% 120%

200% 100%
80%
150%
60%
100% 40%
50% 20%
0%
0%
Mar/
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
15
15 16 17 18 19 20 21 22 23 24

Yield on cash
50% 20%
0%
0%
Mar/
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
15
15 16 17 18 19 20 21 22 23 24

Yield on cash
 Capital Allocation Quality and return S
14% 50% TATA CONSULTANC
TATA CONSULTANCY SERVICES LTD
12%
40%
10%
30%
8%
20%
6%
10%
4%

2% 0%
Mar/ Mar/ Mar
0% -10% 15 16 17
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
15 16 17 18 19 20 21 22 23 24 -20%

-30%
ROE ROCE Net Margin Rolling 3Years ROE

Profit Margin and tax%

30%TATA CONSULTANCY SERVICES LTD 8000 TATA CONSULTANC

25% 7000

20% 6000

5000
15%
4000
10%
3000
5% 22 22
2000 17
0% 2,943 2,948 2,9
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ 1000
15 16 17 18 19 20 21 22 23 24
0
4209442460428
Operating Margin PBT Margin Net Margin Tax%
 Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
15 16 17 18 19 20 21 22 23 24
0
4209442460428
Operating Margin PBT Margin Net Margin Tax%

Cash Conversion Ratio

300,000
TATA CONSULTANC
TATA CONSULTANCY SERVICES LTD
120%
250,000
100%
200,000
80%
150,000
60%

100,000
40%

20% 50,000

0% 0
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Sep- Dec-
15 16 17 18 19 20 21 22 23 24 22 22

CFO/EBITDA S
P

CWIP as % of gross block

TATA CONSULTANCY SERVICES LTD

180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
15 16 17 18 19 20 21 22 23 24

CWIP to gross block(Fixed Assets)

20%
0%
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
15 16 17 18 19 20 21 22 23 24

CWIP to gross block(Fixed Assets)

 Sales and SSGR growth with EPS Profit Ove

% TATA CONSULTANCY SERVICES LTD 70 120,000

TATA CONSULTANCY SE

% 100,000
60

% 80,000
50
% 60,000
40
% 40,000
30
%
20,000
Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
20
% 15 16 17 18 19 20 21 22 23 24
0
10 Mar/ Mar/ Mar/
% 15 16 17

% 0

SSGR% Sales Growth% EPS PE PBT

Number of shares (cr) and EPS Net Fixed as

0 TATA CONSULTANCY SERVICES LTD 70 900,000 TATA CONSULTANCY SER

0 800,000
58 60
55 700,000
0
50 50
600,000
0 42
40 500,000
0 400,000
29 29 6,765 6,766 6,766 30 10
6,339 6,445
0 27
5,922 5,926 300,000
22 22 20 6
0 200,000 5 403
17
2,943 2,948 2,959 100,000 156,458184,910198,526
0 10
0
0 0 Mar/ Mar/ Mar/ M
42094424604282543190435554392144286446514501645382 15 16 17 1

Share Capital (in cr) EPS Net Fixed Asset

 0
0 0 Mar/ Mar/ Mar/ M
42094424604282543190435554392144286446514501645382 15 16 17 1

Share Capital (in cr) EPS Net Fixed Asset

Quarterly Buying Price a

,000
TATA CONSULTANCY SERVICES LTD 1600 TATA CONSULTANCY SERV

1400
1,254
,000
1200
,000
1008
1000
,000
800

,000 600
506
,000 400

200
0
Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec-
0
22 22 23 23 23 23 24 24 24 24 Min

Sales Expenses Interest current(EPS*(Min

Profit before tax Tax Net profit LTP
 Profit Over Time and Dividend Paid
1,000,000
ATA CONSULTANCY SERVICES LTD
TATA CONSULTANCY SERVIC

800,000

600,000

Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
15 16 17 18 19 20 21 22 23 24

400,000
PBT Net Profit Dividend Paid

Net Fixed assets and Receivable days

TA CONSULTANCY SERVICES LTD 25

200,000

20
19

16
15 15
12 13 0
12 12
779,985 42094 42460
10 724,805 10
627,798
532,658541,258
6 403,885398,374
5 5

,458184,910198,526 -200,000
0
ar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
5 16 17 18 19 20 21 22 23 24

Net Fixed Assets (NFA) Receivables days (Low is better)

 0
ar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/ Mar/
5 16 17 18 19 20 21 22 23 24

Net Fixed Assets (NFA) Receivables days (Low is better)

Buying Price as Per PE range and Current EPS

A CONSULTANCY SERVICES LTD 1495
1,254 1486 1,000,000
TATA CONSULTANCY SE
1268

1008 900,000
1015

800,000

506
700,000

Min Average Max 600,000

current(EPS*(Min,Ave,MaxPE)) Min,Ave,Max (PE and EPS)

LTP
500,000

400,000
374,372

21.6
300,000
272,58
17.1
228608.
215556.00
200,000 194,71
168,251

100,000

- 187.66 237.46
Mar/15 Mar/1
- 187.66 237.46
Mar/15 Mar/1
 Sales, Expense, Interest, PBT, Tax and Net profit

CONSULTANCY SERVICES LTD

094 42460 42825 43190 43555 43921 44286 44651 4501

Sales Raw Material Cost Employee Cost Other Mfr. Exp Change in Inventory
Interest Profit before tax Tax Net profit Power and Fuel
Selling and admin Other Expenses Other Income Depreciation Dividend Amount
 Sales Raw Material Cost Employee Cost Other Mfr. Exp Change in Inventory
Interest Profit before tax Tax Net profit Power and Fuel
Selling and admin Other Expenses Other Income Depreciation Dividend Amount

Revenue , Debt, Price, Reserve, PAT and EPS

TA CONSULTANCY SERVICES LTD

772720.00

50.1
693727.00 694,673

42.4
596,679
568,337

466,307
442827.00
29.5 29.5
390,823
26.7 381186.00
374,372
355,133
319,158
21.6 21.5
303,954 307,714
287584.00
272,583 278,962
260750.00
17.1 239,843
228608.00
215556.00 217,475
194,714
168,251

187.66 237.46 300.09 401.08 619.43 506.06 918.78 1208.51

Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue Debt PRICE: Reserves PAT EPS
 187.66 237.46 300.09 401.08 619.43 506.06 918.78 1208.51
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue Debt PRICE: Reserves PAT EPS
44651 45016 45382 last 4 Qtr

Change in Inventory
Power and Fuel
Dividend Amount
 Change in Inventory
Power and Fuel
Dividend Amount

70

899,041
876,396
60
58.4

54.8 786715.00
772720.00

50.1 709106.00 50
0 694,673

40

7 458,991
451,664
30

319,158
2 20

10

1485.85
1208.51 1069.21 0
1 Mar/22 Mar/23 Mar/24
PAT EPS
 1485.85
1208.51 1069.21 0
1 Mar/22 Mar/23 Mar/24
PAT EPS
(INR Crores/10 Millions) RELIANCE INDU
YEARS Mar-14 Mar-15 Mar-16 Mar-17
Sales 374372 272583 303954 390823
Sales Growth -27% 12% 29%
Reserves 215556 228608 260750 287584
Operating Profit 37449 41781 46307 64315
Operating Profit Margin (OPM%) 10% 15% 15% 16%
Other Income 8528 12212 9222 9869
Interest 3316 3691 3849 8052
Profit before tax (PBT) 31114 38737 40034 49426
Tax% 24% 23% 25% 27%
Net Profit after tax (PAT) 23566 29745 29901 36075
Net Profit Growth 26% 1% 21%
Net Profit Margin (NPM%) 6% 11% 10% 9%
Cash Profit Margin (CPM%) -8% 1% -5% 1%
10Yr Cash profit Margin (10yr CPM%) 1% -2% -1% -5%
Cash from Operating Activity (CFO) 34374 38134 49550 71459
Capex (NFA+WIP+Dep) 102252 121402 84250
Total Debt (D) 168251 194714 217475 239843
Cash + Investments (CI +NCI) 88996 95043 85922 87117

Self-Sustainable Growth Rate (SSGR) 7%

PBT/Avg. NFA (<10%,>25%) 23% 21% 16%
ROE on Avg Equity (<7%, >25%) 11% 13% 11% 12%
ROCE (EBIT on Avg CE/TA) (<10%,>35%) 6% 7% 6% 7%
Incremental ROE 3Yr Rolling 12% 12%
Profit/Mcap 43% 42% 34% 15%

Net Fixed Asset Turnover (High is better) 2.4 1.5 1.5 1.0
Receivables days (Low is better) 5.2 6.0 9.8 16.4
Inventory Turnover (High is better) 60.8 80.8 70.8 69.7
Net Fixed Assets (NFA) 156458.0 184910.0 198526.0 403885.0
Capital Work in Progress (CWIP) 166462.0 228697.0 324837.0 187022.0
Share Capital (in cr) 2943.0 2948.0 2959.0 5922.0
Dividend Paid (Div) Without DDT 2943.0 3095.4 3254.9 3553.2
Dividend Payout (Div/PAT) 12% 10% 11% 10%
Price to earning(NetProfit) 2.3 2.4 3.0 6.6
Mcap 55234.6 70003.7 88794.4 237512.6
Cash + Investments (CI +NCI) 88996.0 95043.0 85922.0 87117.0

Total Debt (D) 168251.0 194714.0 217475.0 239843.0

Total Equity (E) 218499.0 231556.0 263709.0 293506.0
Debt to Equity ratio (D/E) 77% 84% 82% 82%
Cost of funds 12.5%
Interest outgo (Rs. Cr.) 3316.0 3691.0 3849.0 8052.0
Interest Coverage (OP/Int.Out) 7.1 8.1 7.8 4.5

Cash from Operating Activity (CFO) 34374.0 38134.0 49550.0 71459.0

Cash from Investing Activity (CFI) -64706.0 -36186.0 -66201.0 -68192.0
Cash from Financing Activity (CFF) 8444.0 -3210.0 8617.0 -2001.0
Net Cash Flow (CFO+CFI+CFF) -21888.0 -1262.0 -8034.0 1266.0
Capex (NFA+WIP+Dep) 0.0 102252.0 121402.0 84250.0
FCF (Free Cash Flow= CFO-CAPEX) 34374.0 -64118.0 -71852.0 -12791.0

Total increase in Retained Earnings (RE) in 10 Yrs 571,159.0

Total increase in Mcap in 10yrs 1,641,386.2
Current RE (reserves) (A) 786,715.0
Current Market cap (B) 1,696,620.8
Value created per INR of RE (B/A) 2.2

cPAT 444385
cCFO 742172
Profit CAGR 13%
Sales CAGR 10%
 RELIANCE INDUSTRIES LTD
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Last 4 Quarters REMARKS
568337 596679 466307 694673 876396 899041 939838
45% 5% -22% 49% 26% 3% 1
381186 442827 693727 772720 709106 786715
84250 89266 80790 108581 142318 162498 164128
15% 15% 17% 16% 16% 18% 17% 2
8406 8570 22432 19600 12020 16179 17607
16495 22027 21189 14584 19571 23118 23875
55227 53606 55461 83815 94464 104727 104634
28% 26% 3% 19% 22% 25% 24% 3
39588 39354 49128 60705 66702 69621 69192
10% -1% 25% 24% 10% 4%
7% 7% 11% 9% 8% 8% 7% 4
-9% 4% -25% 0% 3% 5%
-2% -6% -5% -4% -2% -2%
42346 94877 26958 110654 115032 158788
7864 86130 52019 162875 258556 151115
307714 355133 278962 319158 451664 458991
246716 307687 382225 430442 304224 322897

5% 4% 3% 4% 4% 3% 4
14% 12% 10% 14% 14% 14%
10% 9% 7% 8% 9% 9% 4
6% 5% 5% 6% 6% 6% 4
11% 10% 8% 8% 8% 9%
11% 12% 8% 7% 9% 7%

1.4 1.1 0.9 1.1 1.2 1.2 4

19.3 12.0 14.9 12.4 11.8 12.8 4
55.3 59.2 86.0 69.7 71.1 84.3
398374.0 532658.0 541258.0 627798.0 724805.0 779985.0 4
179463.0 109106.0 125953.0 172506.0 293752.0 338855.0
5926.0 6339.0 6445.0 6765.0 6766.0 6766.0
3851.9 4120.4 4511.5 5412.0 6089.4 6766.0
10% 10% 9% 9% 9% 10%
9.3 8.2 12.6 13.5 10.8 14.4 24.5
367066.1 320775.9 621285.4 817677.1 723437.5 ### 1696620.8
246716.0 307687.0 382225.0 430442.0 304224.0 322897.0

307714.0 355133.0 278962.0 319158.0 451664.0 458991.0

387112.0 449166.0 700172.0 779485.0 715872.0 793481.0
79% 79% 40% 41% 63% 58% 4
16495.0 22027.0 21189.0 14584.0 19571.0 23118.0
2.4 1.8 2.3 4.2 3.4 3.0 4

42346.0 94877.0 26958.0 110654.0 115032.0 158788.0 4

-94507.0 -72497.0 -142385.0 -109162.0 -93001.0 ###
55906.0 -2541.0 101904.0 17289.0 10455.0 -16646.0
3745.0 19839.0 -13523.0 18781.0 32486.0 28561.0 4
7864.0 86130.0 52019.0 162875.0 258556.0 151115.0
34482.0 8747.0 -25061.0 -52221.0 -143524.0 7673.0
Growth Trends 10Yr 7Yr 5Yr 3Yr TTM
Sales Growth 27% 17% 10% 24% 5%
OPM Growth 48% 20% 14% 26% 1%
Reserves 41% 17% 16% 4%
cCFO 742172
cCAPEX ###
cFCF ###
(₹ Crores) RELIANCE INDUSTRIES LTD
Narration Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Sales Growth -27.2% 11.5% 28.6% 45.4% 5.0%
Sales 374,372 272,583 303,954 390,823 568,337 596,679
Gross Profit Margin 21.9% 31.7% 28.4% 29.4% 29.8% 31.2%
Operating Profit 37,449 41,781 46,307 64,315 84,250 89,266
Operating Profit Margin (OPM%) 10% 15% 15% 16% 15% 15%
Other Income 8,528 12,212 9,222 9,869 8,406 8,570
EBITDA 45,977 53,993 55,529 74,184 92,656 97,836
Interest 3,316 3,691 3,849 8,052 16,495 22,027
Depreciation 11,547 11,565 11,646 16,706 20,934 22,203
Profit before tax (PBT) 31,114 38,737 40,034 49,426 55,227 53,606
Tax 7,474 8,876 10,201 13,346 15,390 13,726
Tax% 24% 23% 25% 27% 28% 26%
Net profit after tax (PAT) 23,566 29,745 29,901 36,075 39,588 39,354
Net Profit Margin (NPM%) 6% 11% 10% 9% 7% 7%

Cash from Operating Activity (CFO) 34,374 38,134 49,550 71,459 42,346 94,877
Capex [(NFA+WIP) change+Dep] 102,252 121,402 84,250 7,864 86,130
Free Cash Flow (FCF) (64,118) (71,852) (12,791) 34,482 8,747
Total Debt (D) 168,251 194,714 217,475 239,843 307,714 355,133
Total Equity (E) 218,499 231,556 263,709 293,506 387,112 449,166
D/E (Debt by Equity) 0.8 0.8 0.8 0.8 0.8 0.8
Share Capital 2,943.0 2,948.0 2,959.0 5,922.0 5,926.0 6,339.0
Dividend Paid (Div) Without DDT 2,943 3,095 3,255 3,553 3,852 4,120

PBT/Avg. NFA (<10%,>25%) 23% 21% 16% 14% 12%

ROE on Avg Equity (<7%,>25%) 13% 11% 12% 10% 9%
ROCE (EBIT on Avg CE/TA) (<10%,>35%) 8% 7% 8% 8% 7%

Net Fixed Asset Turnover (High is better) 1.60 1.59 1.30 1.42 1.28
Receivables days (Low is better) 7 8 12 15 15
Inventory Turnover (High is better) 5.5 6.4 7.1 8.9 8.4
Months of RM held as Inv. (Low is better) 3.3 2.7 2.4 2.0 2.1
Working capital cycle days (Rec + Inv Days) 73 65 63 57 58

Net Fixed Assets (NFA) 156,458 184,910 198,526 403,885 398,374 532,658
Capital Work in Progress (CWIP) 166,462 228,697 324,837 187,022 179,463 109,106

Dividend Paid (Div) Without DDT 2,943 3,095 3,255 3,553 3,852 4,120
Dividend Payout (Div/PAT) 12% 10% 11% 10% 10% 10%
Retained Earnings (RE=PAT-Div) 20,623 26,650 26,646 32,522 35,736 35,234
Price to earning 11 11 14 15 21 17
Market Capitalization ### ### ### ### ### ###
Cash + Investments (CI +NCI) 88,996 95,043 85,922 87,117 246,716 307,687

Cash Flows Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Cash from Operating Activity (CFO) 34,374 38,134 49,550 71,459 42,346 94,877
Cash from Investing Activity (CFI) (64,706) (36,186) (66,201) (68,192) (94,507) (72,497)
Cash from Financing Activity (CFF) 8,444 (3,210) 8,617 (2,001) 55,906 (2,541)
Net Cash Flow (CFO+CFI+CFF) (21,888) (1,262) (8,034) 1,266 3,745 19,839
Cash & Eq. at the end of year 12,545 11,028 3,023 4,255 11,081 30,920
DUSTRIES LTD Dec-23 Dec-99 Dec-99
Last 10 Yrs
Mar-21 Mar-22 Mar-23 Mar-24 Last 4 Quarters Total
-21.8% 49.0% 26.2% 2.6% -99.5%
466,307 694,673 876,396 899,041 4,542 5,443,165
35.3% 28.8% 29.4% 34.3%
80,790 108,581 142,318 162,498 703
17% 16% 16% 18% 15%
22,432 19,600 12,020 16,179 35 127,038
103,222 128,181 154,338 178,677 738 984,593
21,189 14,584 19,571 23,118 22 135,892
26,572 29,782 40,303 50,832 140 242,090 1
55,461 83,815 94,464 104,727 576
1,722 15,970 20,376 25,707 138
3% 19% 22% 25% 24%
49,128 60,705 66,702 69,621 428 444,385
11% 9% 8% 8% 9% 8.16%

26,958 110,654 115,032 158,788 CFO 742,172

52,019 162,875 258,556 151,115 Capex 1,026,463
(25,061) (52,221) ### 7,673 FCF (284,291) 2
278,962 319,158 451,664 458,991 FCFE (FCF - Int exp) (420,183)
700,172 779,485 715,872 793,481 Total Div 10 Yrs 43,598
0.4 0.4 0.6 0.6 Inc. in Debt 10Y 290,740
6,445.0 6,765.0 6,766.0 6,766.0 Surplus funds (173,041) 3
4,512 5,412 6,089 6,766 FCF/CFO -38%

10% 14% 14% 14%

7% 8% 9% 9%
6% 7% 7% 8% 4
0.87 1.19 1.30 1.19
15 11 11 12
6.0 7.3 7.1 6.1
3.1 2.3 2.4 3.0 5
76 61 62 72

541,258 627,798 724,805 779,985

125,953 172,506 293,752 338,855 6
4,512 5,412 6,089 6,766
9% 9% 9% 10%
 44,617 55,293 60,613 62,855 400,787
24 27 22 29 7
### ### ### ### 1,696,621
382,225 430,442 304,224 322,897 322,897

Last 10 Yrs
Mar-21 Mar-22 Mar-23 Mar-24 Total
26,958 ### ### ### 742,172
(142,385) (109,162) (93,001) (113,581) (860,418)
101,904 17,289 10,455 (16,646) 178,217 8
(13,523) 18,781 32,486 28,561 59,971
17,397 36,178 68,664 97,225

Source: Screener.in
Dec-99 ### ### ### ### Dec-99 Dec-99
 Key Ratios
RELIANCE INDUSTRIES LTD
Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Sales Growth -27.2% 11.5% 28.6% 45.4% 5.0% -21.8% 49.0% 26.2%
PBT Growth 24.5% 3.3% 23.5% 11.7% -2.9% 3.5% 51.1% 12.7%
Net Profit Growth 26.3% -0.1% 20.9% 10.4% 0.1% 34.8% 26.2% 9.2%
Dividend Growth 5.2% 5.2% 9.2% 8.4% 7.0% 9.5% 20.0% 12.5%
Operating Cash Flow Growth 10.9% 29.9% 44.2% -40.7% 124.1% -71.6% 310.5% 4.0%
Free Cash Flow Growth #DIV/0! 12.1% -82.2% ### -74.6% ### 108.4% 174.8%

Operating Margin 10.0% 15.3% 15.2% 16.5% 14.8% 15.0% 17.3% 15.6% 16.2%
PBT Margin 8.3% 14.2% 13.2% 12.6% 9.7% 9.0% 11.9% 12.1% 10.8%
Net Margin 6.3% 11.0% 9.8% 9.2% 7.0% 6.7% 11.5% 9.8% 8.5%

Debtor Days 5.2 6.0 9.8 16.4 19.3 12.0 14.9 12.4 11.8
Inventory Turnover 7.0 5.9 6.2 6.4 8.4 8.1 5.7 6.4 6.3
Fixed Asset Turnover 2.4 1.5 1.5 1.0 1.4 1.1 0.9 1.1 1.2
Debt/Equity 0.8 0.8 0.8 0.8 0.8 0.8 0.4 0.4 0.6
Debt/Assets 33.4% 32.5% 30.8% 29.6% 30.8% 30.5% 21.1% 21.3% 28.1%
Interest Coverage (Times) 10.4 11.5 11.4 7.1 4.3 3.4 3.6 6.7 5.8
Return on Equity 10.8% 12.9% 11.3% 12.3% 10.3% 8.9% 7.7% 8.7% 10.3%
Return on Capital Employed 8.9% 10.0% 9.1% 10.8% 10.3% 9.4% 7.8% 9.0% 9.8%
Free Cash Flow (Rs Cr) - -64,118 -71,852 ### ### 8,747 ### ### ###
 Mar/24
2.6%
10.9%
6.7%
11.1%
38.0%
-105.3%

18.1%
11.6%
8.8%

12.8
5.9
1.2
0.6
26.2%
5.5
10.0%
10.2%
7,673
What to look for? Explaination below against each row
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.
 Common Size P&L
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 78% 68% 72% 71% 70% 69% 65% 71% 71% 66%
Change in Inventory 0% -1% 2% 2% 1% 1% 2% 3% 3% 1%
Power and Fuel 4% 4% 4% 4% 3% 3% 3% 3% 3% 2%
Other Mfr. Exp 2% 3% 3% 2% 2% 2% 2% 2% 2% 2%
Employee Cost 2% 3% 3% 2% 2% 2% 3% 3% 3% 3%
Selling and Admin Cost 3% 7% 6% 7% 9% 10% 12% 9% 8% 9%
Other Expenses 1% -1% -1% -1% 0% 0% 0% 0% 1% 1%
Operating Profit 11% 17% 12% 12% 13% 13% 13% 9% 9% 17%
Other Income 2% 4% 3% 3% 1% 1% 5% 3% 1% 2%
Depreciation 3% 4% 4% 4% 4% 4% 6% 4% 5% 6%
Interest 1% 1% 1% 2% 3% 4% 5% 2% 2% 3%
Profit Before Tax 8% 14% 13% 13% 10% 9% 12% 12% 11% 12%
Tax 2% 3% 3% 3% 3% 2% 0% 2% 2% 3%
Net Profit 6% 11% 10% 9% 7% 7% 11% 9% 8% 8%
Dividend Amount 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%

Common Size Balance Sheet

Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 1% 0% 0% 1% 1% 1% 0% 0% 0% 0%
Reserves 43% 38% 37% 35% 38% 38% 53% 52% 44% 45%
Borrowings 33% 33% 31% 30% 31% 31% 21% 21% 28% 26%
Other Liabilities 23% 29% 32% 34% 30% 31% 26% 27% 27% 29%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 31% 31% 28% 50% 40% 46% 41% 42% 45% 44%
Capital Work in Progress 33% 38% 46% 23% 18% 9% 10% 12% 18% 19%
Investments 15% 14% 12% 10% 24% 24% 28% 26% 15% 13%
Other Assets 21% 17% 14% 17% 18% 21% 22% 20% 22% 23%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 1% 1% 1% 2% 3% 2% 1% 2% 2% 2%
Inventory 11% 8% 7% 7% 7% 6% 6% 7% 9% 9%
Cash & Bank 2% 2% 0% 1% 1% 3% 1% 2% 4% 6%
 Profit & Loss Account / Income Statement
RELIANCE INDUSTRIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trailing
Sales 374,372 272,583 303,954 390,823 568,337 596,679 466,307 694,673 876,396 899,041 939,838
% Growth YOY -27% 12% 29% 45% 5% -22% 49% 26% 3%
Expenses 336,923 230,802 257,647 326,508 484,087 507,413 385,517 586,092 734,078 736,543 775,710
Material Cost (% of Sales) 78% 68% 72% 71% 70% 69% 65% 71% 71% 66% Check for wide fluctuations in key expense
Power and Fuel 4% 4% 4% 4% 3% 3% 3% 3% 3% 2% items. For manufacturing firms, check their
Other Mfr. Exp 2% 3% 3% 2% 2% 2% 2% 2% 2% 2% material costs etc. For services firms, look at
Employee Cost 2% 3% 3% 2% 2% 2% 3% 3% 3% 3% employee costs.
Selling and Admin Cost 3% 7% 6% 7% 9% 10% 12% 9% 8% 9%
Operating Profit 37,449 41,781 46,307 64,315 84,250 89,266 80,790 108,581 142,318 162,498 164,128
Operating Profit Margin 10% 15% 15% 16% 15% 15% 17% 16% 16% 18% 17%
Other Income 8,528 12,212 9,222 9,869 8,406 8,570 22,432 19,600 12,020 16,179 17,607
Other Income as % of Sales 2.3% 4.5% 3.0% 2.5% 1.5% 1.4% 4.8% 2.8% 1.4% 1.8% 1.9%
Depreciation 11,547 11,565 11,646 16,706 20,934 22,203 26,572 29,782 40,303 50,832 53,226
Interest 3,316 3,691 3,849 8,052 16,495 22,027 21,189 14,584 19,571 23,118 23,875
Interest Coverage(Times) 10 11 11 7 4 3 4 7 6 6 5
Profit before tax (PBT) 31,114 38,737 40,034 49,426 55,227 53,606 55,461 83,815 94,464 104,727 104,634
% Growth YOY 25% 3% 23% 12% -3% 3% 51% 13% 11%
PBT Margin 8% 14% 13% 13% 10% 9% 12% 12% 11% 12% 11%
Tax 7,474 8,876 10,201 13,346 15,390 13,726 1,722 15,970 20,376 25,707 25,138
Tax% of PBT 24% 23% 25% 27% 28% 26% 3% 19% 22% 25% 24%
Net profit 23,640 29,861 29,833 36,080 39,837 39,880 53,739 67,845 74,088 79,020 79,496 Average Profit Growth 3yrs rolling
% Growth YOY 26% 0% 21% 10% 0% 35% 26% 9% 7% 14%
Net Profit Margin 6% 11% 10% 9% 7% 7% 12% 10% 8% 9% 8% MinEPS MaxEPS AverageEPS
EPS 17.1 21.6 21.5 26.7 29.5 29.5 42.4 50.1 54.8 58.4 58.7 29.488971213 58.397505062 43.943238138
% Growth YOY 26% 0% 24% 10% 0% 44% 18% 9% 7% MinPE MaxPE AvePE
Price to earning 11.0 11.0 14.0 15.0 21.0 17.2 21.7 24.1 19.5 25.4 21.3 17.160992031 25.443723981 21.302358006
Price 188 237 300 401 619 506 919 1,209 1,069 1,486 1,254
Dividend Payout 12.5% 10.4% 10.9% 9.8% 9.7% 10.5% 9.2% 8.9% 9.1% 9.7%
Market Cap 259,076 328,307 416,291 542,016 837,630 684,380 1,164,912 1,635,090 1,446,769 2,010,563
Retained Earnings 20,688 26,754 26,586 32,526 35,961 35,705 48,804 61,796 67,324 71,341
Buffett's $1 Test 4.1
Buying Price as Per PE range and Current EPS
1600
TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS Min Average3ys Current 1495
TATA CONSULTANCY SERVICES LTD 1486
Sales Growth
PBT Growth
10.2%
14.4%
16.8%
14.7%
9.6%
13.7%
24.5%
23.6%
10%
1400 1,254
PBT Margin 11.3% 11.1% 11.1% 11.5%
1268
NetProfit Growth 14.3% 14.9% 14.7% 13.7% 14% 4Qtr 1200
Price to Earning 18.0 20.6 21.6 23.0 17.2 21.6 25.4 25.4 21.3
1008
EPS 35.2 41.6 47.0 54.4 29.5 47.0 58.4 58.4 58.75
1000 1015
Min5yrs ave5yrs Max5yrs current 4Qtr
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 10 years) 800
growth numbers.

10yrs 9yrs 8yrs 7yrs 6yrs 5yrs 4yrs 3yrs 2yrs MIN Max Average
600
Sales Growth% 10% 16% 19% 15% 10% 11% 24% 14% 3% -22% 49% 14% 506
NetProfit Growth % 14% 13% 15% 14% 15% 19% 14% 8% 7% 0% 35% 17%
400
PE growth 10% 11% 9% 9% 4% 10% 5% 3% 30%
MinPE AveragePE MaxPE
Price TO BUY (MinEPS) 506 636 200
Price TO BUY (AverageEPS) 807 1015
Price To Buy (max EPS) 1486 0
Price To Buy (4QtrlastEPS) 1008 1268 1495 Min Average Max

current(EPS*(Min,Ave,MaxPE)) Min,Ave,Max (PE and EPS)

value Min Average Max LTP
Min,Ave,Max (PE and EPS) 506 1015 1486
current(EPS*(Min,Ave,MaxPE)) 1008 1268 1495
Current Price 1,254 1,254 1,254

506 1015 1486 1008 1268 1495

 Balance Sheet
RELIANCE INDUSTRIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Equity Share Capital 2,943 2,948 2,959 5,922 5,926 6,339 6,445 6,765 6,766 6,766
Reserves ### ### 260,750 287,584 381,186 442,827 693,727 772,720 709,106 786,715
Borrowings ### ### 217,475 239,843 307,714 355,133 278,962 319,158 451,664 458,991
Other Liabilities ### ### 225,618 277,924 302,804 358,716 340,931 399,979 438,346 502,576
Total ### ### 706,802 811,273 997,630 ### ### ### ### ###

Net Block ### ### 198,526 403,885 398,374 532,658 541,258 627,798 724,805 779,985
Capital Work in Progress ### ### 324,837 187,022 179,463 109,106 125,953 172,506 293,752 338,855
Investments 76,451 84,015 82,899 82,862 235,635 276,767 364,828 394,264 235,560 225,672
Other Assets ### ### 100,540 137,504 184,158 244,484 288,026 304,054 351,765 410,536
Total ### ### 706,802 811,273 997,630 ### ### ### ### ###

Working Capital -12,621 -71,352 -125,078 -140,420 -118,646 -114,232 -52,905 -95,925 -86,581 -92,040
Debtors 5,315 4,465 8,177 17,555 30,089 19,656 19,014 23,640 28,448 31,628
Inventory 53,248 46,486 48,951 60,837 67,561 73,903 81,672 107,778 140,008 152,770
Cash & Bank 4,735 3,367 3,190 3,393 2,605 3,546 4,739 5,829

Debtor Days 5 6 10 16 19 12 15 12 12 13
Inventory Turnover 7 6 6 6 8 8 6 6 6 6
Fixed Asset Turnover 2.4 1.5 1.5 1.0 1.4 1.1 0.9 1.1 1.2 1.2
Debt/Equity 0.8 0.8 0.8 0.8 0.8 0.8 0.4 0.4 0.6 0.6
Return on Equity 11% 13% 11% 12% 10% 9% 8% 9% 10% 10%
Return on Capital Employed 9% 10% 9% 11% 10% 9% 8% 9% 10% 10%
Total+CapitalWIP ### 998,295 ### ### ### ### ### ###
Change in Total+CapitalWIP -33,344 178,798 95,028 173,897 225,110 228,506 194,269
 Cash Flow Statement
RELIANCE INDUSTRIES LTD
Rs Cr Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Total
Cash from Operating Activity (CFO) 34,374 38,134 49,550 71,459 42,346 94,877 26,958 110,654 115,032 158,788 742,172
% Growth YoY 11% 30% 44% -41% 124% -72% 310% 4% 38%
Cash from Investing Activity -64,706 -36,186 -66,201 -68,192 -94,507 -72,497 ### ### -93,001 ### -860,418
Cash from Financing Activity 8,444 -3,210 8,617 -2,001 55,906 -2,541 101,904 17,289 10,455 -16,646 178,217
Net Cash Flow -21,888 -1,262 -8,034 1,266 3,745 19,839 -13,523 18,781 32,486 28,561 59,971
CFO/Sales 9% 14% 16% 18% 7% 16% 6% 16% 13% 18%
CFO/Net Profit 145% 128% 166% 198% 106% 238% 50% 163% 155% 201%
Capex 102,252 121,402 84,250 7,864 86,130 52,019 162,875 258,556 151,115
FCF -64,118 -71,852 -12,791 34,482 8,747 -25,061 -52,221 ### 7,673 -318,665
Average FCF (3 Years) -62,691
FCF Growth YoY #DIV/0! 12% -82% -370% -75% -387% 108% 175% -105%
FCF/Sales 0% -24% -24% -3% 6% 1% -5% -8% -16% 1%
FCF/Net Profit 0% -216% -240% -35% 87% 22% -51% -86% -215% 11%
RELIANCE INDUSTRIES LTD

PROFIT & LOSS 15 'Data Sheet'!A15:A999

16 Mar-15 Mar-16 Mar-17 Mar-18
Sales 17 374372.00 272583.00 303954.00 390823.00
Raw Material Cost 18 292563.00 186254.00 217518.00 276076.00
Change in Inventory 19 -1483.00 -2560.00 5218.00 8610.00
Power and Fuel 20 13261.00 10741.00 11251.00 14569.00
Other Mfr. Exp 21 8914.00 8272.00 9909.00 9691.00
Employee Cost 22 6262.00 7407.00 8388.00 9523.00
Selling and admin 23 12548.00 18808.00 18520.00 29111.00
Other Expenses 24 1892.00 -3240.00 -2721.00 -3852.00
Other Income 25 8528.00 12212.00 9222.00 9869.00
Depreciation 26 11547.00 11565.00 11646.00 16706.00
Interest 27 3316.00 3691.00 3849.00 8052.00
Profit before tax 28 31114.00 38737.00 40034.00 49426.00
Tax 29 7474.00 8876.00 10201.00 13346.00
Net profit 30 23566.00 29745.00 29901.00 36075.00
Dividend Amount 31 2943.00 3095.40 3254.90 3553.20

Quarters 40 'Data Sheet'!A40:A999

41 Sep-22 Dec-22 Mar-23 Jun-23
Sales 42 229409.00 216737.00 212834.00 207559.00
Expenses 43 198438.00 181728.00 174478.00 169466.00
Other Income 44 3656.00 3377.00 2996.00 3813.00
Depreciation 45 9726.00 10183.00 11452.00 11775.00
Interest 46 4554.00 5201.00 5819.00 5837.00
Profit before tax 47 20347.00 23002.00 24081.00 24294.00
Tax 48 4835.00 5196.00 2754.00 6112.00
Net profit 49 13656.00 15792.00 19299.00 16011.00
Operating Profit 50 30971.00 35009.00 38356.00 38093.00

BALANCE SHEET 55 'Data Sheet'!A55:A999

Report Date 56 Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 57 2943.00 2948.00 2959.00 5922.00
Reserves 58 215556.00 228608.00 260750.00 287584.00
Borrowings 59 168251.00 194714.00 217475.00 239843.00
Other Liabilities 60 117736.00 172727.00 225618.00 277924.00
Total 61 504486.00 598997.00 706802.00 811273.00
Net Block 62 156458.00 184910.00 198526.00 403885.00
Capital Work in Progress 63 166462.00 228697.00 324837.00 187022.00
Investments 64 76451.00 84015.00 82899.00 82862.00
Other Assets 65 105115.00 101375.00 100540.00 137504.00
Total 61 504486.00 598997.00 706802.00 811273.00
Receivables 67 5315.00 4465.00 8177.00 17555.00
Inventory 68 53248.00 46486.00 48951.00 60837.00
Cash & Bank 69 12545.00 11028.00 3023.00 4255.00
No. of Equity Shares 70 2943334138 2948021694 2958924277 5921826196
New Bonus Shares 71 0.00 0.00 0.00 ###
Face value 7 10.00 0.00 0.00 0.00

CASH FLOW: 80 'Data Sheet'!A80:A999

Report Date 81 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 82 34374.00 38134.00 49550.00 71459.00
Cash from Investing Activity 83 -64706.00 -36186.00 -66201.00 -68192.00
Cash from Financing Activity 84 8444.00 -3210.00 8617.00 -2001.00
Net Cash Flow 85 -21888.00 -1262.00 -8034.00 1266.00

PRICE: 90 187.66 237.46 300.09 401.08

DERIVED:
Adjusted Equity Shares in Cr 93 1380.56 1382.58 1387.22 1351.39

Graph Data:
P/L - Annual - YoY change Mar-15 Mar-16 Mar-17 Mar-18
Sales 382,900 284,795 313,176 400,692
Sales YoY -26% 10% 28%
EPS 17.1 21.5 21.6 26.7
EPS YoY 26% 0% 24%

Capex Calculation
Depreciation 11565.00 11646.00 16706.00
New Assets 90687.00 109756.00 67544.00
102252.00 121402.00 84250.00

SSGR Calculation
SSGR = NFAT*NPM*(1-DPR) – Dep 7%
Dep = Depn rate as % of net fixed assets 6%
DPR=Dividend payout Ratio=Dividend paid/PAT 10%
NPM = Net Profit margin as % of sales 10%
NFAT = Sales/Average net fixed assets 146%
Average net Fixed Assets 170,684.00 191,718.00 301,205.50
Average Equity 225027.5 247632.5 278607.5
Return on average equity 15%
No. of Equity Shares 70 29433341 29480217 29589243 59218262
PRICE: 90 187.66 237.46 300.09 401.08
Current Price 8
Market Cap 55234.60843 70003.72315 88794.35863 237512.6051
Share Capital 218499.00 231556.00 263709.00 293506.00
Debt 168251.00 194714.00 217475.00 239843.00
Profit 23566.00 29745.00 29901.00 36075.00
Enterprice Price (Equity+debt) 223485.61 264717.72 306269.36 477355.61
Book Value 218499.00 231556.00 263709.00 293506.00

Rolling ROE calculation

3 year return 27737.33 31907.00
3 year equity 237921.3333 262923.6667
0.116581951 0.121354614

Net Asset - Net liability 36933.00 46166.00 80270.00 73140.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 last 4 Qtr
568337.00 596679.00 466307.00 694673.00 876396.00 899041.00 939838.00
399167.00 410288.00 301765.00 494449.00 618746.00 590226.00
4680.00 5048.00 9064.00 21457.00 30263.00 4883.00
17029.00 15098.00 13214.00 17902.00 25062.00 22137.00
12198.00 11434.00 7687.00 12174.00 19658.00 18276.00
12488.00 14075.00 14817.00 18758.00 24872.00 25679.00
50221.00 62622.00 56154.00 63513.00 67369.00 77292.00
-2336.00 -1056.00 944.00 753.00 8634.00 7816.00
8406.00 8570.00 22432.00 19600.00 12020.00 16179.00 17607.00
20934.00 22203.00 26572.00 29782.00 40303.00 50832.00 53226.00
16495.00 22027.00 21189.00 14584.00 19571.00 23118.00 23875.00
55227.00 53606.00 55461.00 83815.00 94464.00 104727.00 104634.00
15390.00 13726.00 1722.00 15970.00 20376.00 25707.00 25138.00
39588.00 39354.00 49128.00 60705.00 66702.00 69621.00 69192.00
3851.90 4120.35 4511.50 5412.00 6089.40 6766.00

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

231886.00 225086.00 236533.00 231784.00 231535.00 239986.00
190918.00 184430.00 194017.00 193019.00 192477.00 196197.00
3841.00 3869.00 4534.00 3983.00 4876.00 4214.00
12585.00 12903.00 13569.00 13596.00 12880.00 13181.00
5731.00 5789.00 5761.00 5918.00 6017.00 6179.00
26493.00 25833.00 27720.00 23234.00 25037.00 28643.00
6673.00 6345.00 6577.00 5786.00 5936.00 6839.00
17394.00 17265.00 18951.00 15138.00 16563.00 18540.00
40968.00 40656.00 42516.00 38765.00 39058.00 43789.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

5926.00 6339.00 6445.00 6765.00 6766.00 6766.00
381186.00 442827.00 693727.00 772720.00 709106.00 786715.00
307714.00 355133.00 278962.00 319158.00 451664.00 458991.00
302804.00 358716.00 340931.00 399979.00 438346.00 502576.00
997630.00 1163015.00 1320065.00 1498622.00 1605882.00 1755048.00
398374.00 532658.00 541258.00 627798.00 724805.00 779985.00
179463.00 109106.00 125953.00 172506.00 293752.00 338855.00
235635.00 276767.00 364828.00 394264.00 235560.00 225672.00
184158.00 244484.00 288026.00 304054.00 351765.00 410536.00
997630.00 1163015.00 1320065.00 1498622.00 1605882.00 1755048.00
30089.00 19656.00 19014.00 23640.00 28448.00 31628.00
 67561.00 73903.00 81672.00 107778.00 140008.00 152770.00
11081.00 30920.00 17397.00 36178.00 68664.00 97225.00
5925868997 6338693823 6762068814 6765994014 6766094014 6766094014
### 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

42346.00 94877.00 26958.00 110654.00 115032.00 158788.00
-94507.00 -72497.00 -142385.00 -109162.00 -93001.00 -113581.00
55906.00 -2541.00 101904.00 17289.00 10455.00 -16646.00
3745.00 19839.00 -13523.00 18781.00 32486.00 28561.00

619.43 506.06 918.78 1208.51 1069.21 1485.85

1352.26 1352.37 1267.89 1352.98 1353.12 1353.14

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

576,743 605,249 488,739 714,273 888,416 915,220
44% 5% -19% 46% 24% 3%
29.3 29.1 38.7 44.9 49.3 51.5
10% -1% 33% 16% 10% 4%

20934.00 22203.00 26572.00 29782.00 40303.00 50832.00

-13070.00 63927.00 25447.00 133093.00 218253.00 100283.00
7864.00 86130.00 52019.00 162875.00 258556.00 151115.00

5% 4% 3% 4% 4% 3%
6% 5% 5% 5% 5% 6%
10% 10% 10% 9% 9% 9%
8% 7% 8% 8% 9% 8%
141% 133% 116% 111% 113% 123%
401,129.50 465,516.00 536,958.00 584,528.00 676,301.50 752,395.00
340309 418139 574669 739828.5 747678.5 754676.5
14% 12% 9% 7% 6% 5%
 59258690 63386938 67620688 67659940 67660940 67660940 135323693.72
619.43 506.06 918.78 1208.51 1069.21 1485.85
1253.75
367066.1033 320775.9396 621285.3585 817677.1426 723437.5381 1005340.07907019 1696620.81
387112.00 449166.00 700172.00 779485.00 715872.00 793481.00 793481.00
307714.00 355133.00 278962.00 319158.00 451664.00 458991.00 458991.00
39588.00 39354.00 49128.00 60705.00 66702.00 69621.00 69192.00
674780.10 675908.94 900247.36 1136835.14 1175101.54 1464331.08 2155611.81
387112.00 449166.00 700172.00 779485.00 715872.00 793481.00 793481.00

35188.00 38339.00 42690.00 49729.00 58845.00 65676.00

314775.6667 376594.6667 512150 642941 731843 762946
0.111787548 0.101804416 0.083354486 0.077346133 0.08040659 0.0860821080391

-32681.00 -72085.00 47318.00 81167.00 128547.00 157273.00

RELIANCE INDUSTRIES LTD
SCREENER.IN
Narration Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24
Sales ### ### ### ### ### ### ### ### ### ###
% Growth YOY 1% 4% 11% 12% 0% 7%
Expenses ### ### ### ### ### ### ### ### ### ###
Operating Profit 30,971 35,009 38,356 38,093 40,968 40,656 42,516 38,765 39,058 43,789
Other Income 3,656 3,377 2,996 3,813 3,841 3,869 4,534 3,983 4,876 4,214
Depreciation 9,726 10,183 11,452 11,775 12,585 12,903 13,569 13,596 12,880 13,181
Interest 4,554 5,201 5,819 5,837 5,731 5,789 5,761 5,918 6,017 6,179
Profit before tax 20,347 23,002 24,081 24,294 26,493 25,833 27,720 23,234 25,037 28,643
PBT Margin 9% 11% 11% 12% 11% 11% 12% 10% 11% 12%
% Growth YOY 30% 12% 15% -4% -5% 11%
Tax 4,835 5,196 2,754 6,112 6,673 6,345 6,577 5,786 5,936 6,839
Net profit 13,656 15,792 19,299 16,011 17,394 17,265 18,951 15,138 16,563 18,540
% Growth YOY 27% 9% -2% -5% -5% 7%
OPM 14% 16% 18% 18% 18% 18% 18% 17% 17% 18%
 INDIAN Stock Analysis Excel Warning! Excel can be a w
deadly weapon if you wish
(Ver. 1.0) of what you are getting
out. And if you need the
stock, you

Basic Company Details

Parameters Details
Company RELIANCE INDUSTRIES LTD
Current Stock Price (Rs) 1,254 Remember! Focus on d
Face Value (Rs) 10.0 e
No. of Shares (Crore) 1,353.2
Market Capitalization (Rs Crore) 1,696,621

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 10.2% Please! It's your money
cause you to lose it all! I
Profit Before Tax Growth (9-Year CAGR) 14.4% but you alone are respo
Net Profit Growth (8-Year CAGR) 12.8% ever after! I am not a
Average Debt/Equity (5-Years, x) 0.6 analyzing companies o
instead of a map, for you
Average Return on Equity (5-Years) 9.1%
Average P/E (5-Years, x) 21.6
Latest P/E (x) 7,061,986.7
P/FCF 221.12
P/OCF 10.68
Debt 458,991.00
debt/marketcap 27.05%
CALCULATIONS WITH MIN AVERAGE(5yrs) CURRENT
Min all average EPS(10,7,5,3yrs) 29.49 47.03 58.40
Windage growth % -22% 17%
Windage PE 1 -43.6992084521 twice of windage growth
2 10.9592169882 min PE
Minimum of 1 and 2 above 10.96
MARR(Min acceptable return rate) 15%
Min AVERAGE(3yrs) Current
Future 10yr EPS (after 10yrs) 83 133 165
Future Price after 10 yrs 914 1458 1811
Present Price (Future price/4) 229 365 453
MOS (PresentPrice/2 for 50%) 114 182 226
Warning! Excel can be a wonderful tool to analyze the past. But it can be a
deadly weapon if you wish to use it to predict the future! So be very careful
of what you are getting into. Here, garbage in will always equal garbage
out. And if you need the excel to tell you what you must do with a given
stock, you must not use this tool anyways.

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
nstead of a map, for you can confuse map with territory and lose it all. All
the best!
 GrowthLowP
Low Peloe PEHigh
EPS Growth Year High E
21.344644 2015 936.25 1128 43.86346308 52.84698142
25.348862 19% 2016 928 1318.45 36.60913915 -17% 52.01219776
29.882101 18% 2017 1183.1 1903.1 39.59226291 8% 63.68695422
35.761454 20% 2018 1828.5 2220 51.13047204 29% 62.07801363
41.210215 15% 2019 1084 2503.3 26.30415805 -49% 60.74464839
Average 18% 39.49989905 58.27375908

FutureEPS 48.582186 2020 1918.9915 2831.066632

-2%
22%
-3%
-2%
 Intrinsic Value Range
RELIANCE INDUSTRIES LTD
Lower Higher Remember! Give importance to a stock's valuation
Dhandho ### -1,938,577 only "after" you have answered in "Yes" to these tw
Ben Graham ### 2,382,019 (1) Is this business simple to be understood? an
DCF ### understand this business?
Expected Return ###
Don't try to quantify everything. In stock research,
Current Market Cap. 1,696,621 mathematical you are, the more simple, sensible, a
be your analysis and results. Great analysis is gene
the-envelope".
Explanation: Considering the above range, we Also, your calculated "fair value" will be proven w
can say that Hero Moto's IV range is between future, so don't invest your savings just because yo
Rs 55,000 crore to Rs 95,000 crore. It's a big with it. Don't look for perfection. It is overrated.
range, but that's fine (who is looking for decisions, not outcomes. Look for disconfirming
precision?). Now, if the current market cap is
within this IV range, it makes the stock
reasonably/attractively priced. If the current
market cap is higher then the higher value of
the range, it makes it overpriced. But
remember, these are just numbers!
 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.
 Dhandho Intrinsic Value Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

RELIANCE INDUSTRIES LTD RELIANCE INDUSTRIES LTD

Dhandho IV - Lower Range Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 5,829 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 (72,094) (64,370) Year 4-6 10% 1 FY18
2 FY19 (82,908) (66,094) Year 7-10 5% 2 FY19
3 FY20 (95,345) (67,864) Discount Rate 12% 3 FY20
4 FY21 (104,879) (66,653) 4 FY21
5 FY22 (115,367) (65,462) Last 5-Years' CAGR 5 FY22
6 FY23 (126,904) (64,293) Sales 10% 6 FY23
7 FY24 (133,249) (60,275) PBT 14% 7 FY24
8 FY25 (139,911) (56,508) FCF -26% 8 FY25
9 FY26 (146,907) (52,976) 9 FY26
10 FY27 (154,252) (49,665) 10 FY27
10 -1,542,523 (496,651) 10
Intrinsic Value (1,104,983) Intrinsic Value
Current Mkt. Cap. 1,696,621 Current Mkt. Cap.
Premium/(Discount) to IV -254% Premium/(Discount) to IV

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. This number is your assumption of FCF the business will earn in a normal year, without capex. Check the history o
business while arriving at your assumption, and use your judgment wisely without twisting the model to fit your version of re
Calculation
by Mohnish Pabrai

RELIANCE INDUSTRIES LTD

Dhandho IV - Higher Range
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) 5,829 Year 1-3 20%
(75,229) (67,169) Year 4-6 15%
(90,275) (71,966) Year 7-10 10%
(108,329) (77,107) Discount Rate 12%
(124,579) (79,172)
(143,266) (81,293)
(164,756) (83,470)
(181,231) (81,980)
(199,354) (80,516)
(219,290) (79,078)
(241,219) (77,666)
(3,618,280) (1,164,989)
Intrinsic Value (1,938,577)
Current Mkt. Cap. 1,696,621
Premium/(Discount) to IV -188%

use a normalized positive FCF as the starting

, without capex. Check the history of this
ng the model to fit your version of reality.
 Ben Graham Formula (Low Range) Ben Graham Formula (High Range
Company Name IANCE INDUSTRIES LTD Company Name
Year Ended Mar/24 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 62,914.4 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 7.3 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 1,458,396 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 1,696,621 Current Market Cap (Rs Crore)

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)
IANCE INDUSTRIES LTD
Mar/24

62,914.4
8.5
14.7

2,382,019
1,696,621

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
RELIANCE INDUSTRIES LTD

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

###
Years 1-5 6-10 -84%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) ###

Year FCF Growth Present Value

1 (72,094) 15% (64,370)
2 (82,908) 15% (66,094)
3 (95,345) 15% (67,864)
4 ### 15% (69,682)
5 ### 15% (71,549)
6 ### 12% (71,549)
7 ### 12% (71,549)
8 ### 12% (71,549)
9 ### 12% (71,549)
10 ### 12% (71,549)

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

Note: See explanation of DCF here

Valuation
S LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
RELIANCE INDUSTRIES LTD
Particulars Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Net Profit (Rs Crore) 23,566 29,745 29,901 36,075 39,588 39,354
Net Profit Margin 6% 11% 10% 9% 7% 7%
Return on Equity 11% 13% 11% 12% 10% 9%

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) 216,232
Current P/E (x) 24.4
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 4,324,645
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 1,392,420
Current Market Cap (Rs Cr) 1,696,621

Note: See explanation of this model here

Model
TD
Mar/21 Mar/22 Mar/23 Mar/24 CAGR (9-Yr) CAGR (5-Yr)
49,128 60,705 66,702 69,621 13% 12%
11% 9% 8% 8%
8% 9% 10% 10%
How to use it?
You can customize this workbook as you want.
You can add custom formating, add conditional formating, add your own formulas… do ANYTHING.
Please don't edit the "Data Sheet" only.

After customization, you can upload this back on Screener.

Upload on: https://www.screener.in/excel/

Download your customized workbooks now onwards.

Now whenever you will "Export to excel" from Screener, it will export your customized file.

TESTING:
This is a testing feature currently.
You can report any formula errors on the worksheet at: stressfreeinvesting1@gmail.com
… do ANYTHING.
COMPANY NAME RELIANCE INDUSTRIES LTD
LATEST VERSION 2.10
CURRENT VERSION 2.10

META
Number of shares 1,353.24
Face Value 10
Current Price 1253.75
Market Capitalization 1696620.81

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17
Sales 374372 272583 303954
Raw Material Cost 292,563.00 186,254.00 217,518.00
Change in Inventory -1,483.00 -2,560.00 5,218.00
Power and Fuel 13261 10741 11251
Other Mfr. Exp 8914 8272 9909
Employee Cost 6262 7407 8388
Selling and admin 12548 18808 18520
Other Expenses 1892 -3240 -2721
Other Income 8528 12212 9222
Depreciation 11547 11565 11646
Interest 3316 3691 3849
Profit before tax 31114 38737 40034
Tax 7474 8876 10201
Net profit 23566 29745 29901
Dividend Amount 2943 3095.4 3254.9

Quarters
Report Date Sep-22 Dec-22 Mar-23
Sales 229409 216737 212834
Expenses 198438 181728 174478
Other Income 3656 3377 2996
Depreciation 9726 10183 11452
Interest 4,554.00 5,201.00 5,819.00
Profit before tax 20347 23002 24081
Tax 4835 5196 2754
Net profit 13656 15792 19299
Operating Profit 30971 35009 38356

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17
Equity Share Capital 2943 2948 2959
Reserves 215556 228608 260750
Borrowings 168,251.00 194,714.00 217,475.00
Other Liabilities 117736 172727 225618
Total 504486 598997 706802
Net Block 156458 184910 198526
Capital Work in Progress 166462 228697 324837
Investments 76451 84,015.00 82899
Other Assets 105115 101375 100540
Total 504486 598997 706802
Receivables 5315 4465 8177
Inventory 53,248.00 46,486.00 48,951.00
Cash & Bank 12545 11028 3023
No. of Equity Shares 2943334138 2948021694 2958924277
New Bonus Shares
Face value 10 10 10

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17
Cash from Operating Activity 34374 38134 49550
Cash from Investing Activity -64706 -36186 -66201
Cash from Financing Activity 8444 -3210 8617
Net Cash Flow -21888 -1262 -8034

PRICE: 187.66 237.46 300.09

DERIVED:
Adjusted Equity Shares in Cr 1,380.56 1,382.58 1,387.22
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

390823 568337 596679 466307 694673 876396 899041
276,076.00 399,167.00 410,288.00 301,765.00 494,449.00 618,746.00 ###
8,610.00 4,680.00 5,048.00 9,064.00 21,457.00 30,263.00 ###
14569 17029 15098 13214 17902 25062 22137
9691 12198 11434 7687 12174 19658 18276
9523 12488 14075 14817 18758 24872 25679
29111 50221 62622 56154 63513 67369 77292
-3852 -2336 -1056 944 753 8634 7816
9869 8406 8570 22432 19600 12020 16179
16706 20934 22203 26572 29782 40303 50832
8052 16495 22027 21189 14584 19,571.00 ###
49426 55227 53606 55461 83815 94464 104727
13346 15390 13726 1722 15970 20376 25707
36075 39588 39354 49128 60705 66702 69621
3553.2 3851.9 4120.35 4511.5 5412 6089.4 6766

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

207559 231886 225086 236533 231784 231535 239986
169466 190918 184430 194017 193019 192477 196197
3813 3841 3869 4534 3983 4876 4214
11775 12585 12903 13569 13596 12880 13181
5,837.00 5,731.00 5,789.00 5,761.00 5,918.00 6,017.00 ###
24294 26493 25833 27720 23234 25037 28643
6112 6673 6345 6577 5786 5936 6839
16011 17394 17265 18951 15138 16563 18540
38093 40968 40656 42516 38765 39058 43789

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

 5922 5926 6339 6445 6765 6766 6766
287584 381186 442827 693727 772720 709106 786715
239,843.00 307,714.00 355,133.00 278,962.00 319,158.00 451,664.00 ###
277924 302804 358716 340931 399979 438346 502576
811273 997630 1163015 1320065 1498622 1605882 1755048
403885 398374 532658 541258 627798 724805 779985
187022 179463 109106 125953 172506 293752 338855
82862 235635 276767 364828 394264 235560 225672
137504 184158 244484 288026 304054 351765 410536
811273 997630 1163015 1320065 1498622 1605882 1755048
17555 30089 19656 19014 23640 28448 31628
60,837.00 67,561.00 73,903.00 81,672.00 107,778.00 140,008.00 ###
4255 11081 30920 17397 36178 68664 97225
5921826196 5925868997 6338693823 6762068814 6765994014 6766094014 6.8E+09
### ###
10 10 10 10 10 10 10

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

71459 42346 94877 26958 110654 115032 158788
-68192 -94507 -72497 -142385 -109162 -93001 -113581
-2001 55906 -2541 101904 17289 10455 -16646
1266 3745 19839 -13523 18781 32486 28561

401.08 619.43 506.06 918.78 1208.51 1069.21 1485.85

1,351.39 1,352.26 1,352.37 1,267.89 1,352.98 1,353.12 ###