This excel sheet is for sole use of the buyer from drvijaymalik.com.

Any copyin
Instructions to the buyer:

Steps to use this excel sheet:

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Changes required in Settings in Microsoft Excel:

Target Company:
Instructions:
1
2
3
 This excel sheet is for sole use of the buyer from drvijaymalik.com. Any copying and sh
Instructions to the buyer:

This purchase is limited to the current version of the excel sheet only. Any future updates/versions of the excel sheet need to

If in future, because of any reasons, screener changes the format of data it provides in the "Data Sheet" or makes this templat
issues in this excel template.

In such a scenario, I might come up with a new version of the excel template. However, the new version needs to be bought s
Links to detailed articles on drvijaymalik.com have been provided under each formula segment in the "Description" sheet, whi
parameters.
In case you have any further query after going through the article links shared in the "Description" sheet, then you may ask yo
Queries" page. You may visit the "Ask Your Queries" page on the following link:
https://www.drvijaymalik.com/ask-your-queries

Steps to use this excel sheet:

It is highly advised that investors read the following article to see step by step screenshots of using this excel template includin
https://www.drvijaymalik.com/2017/06/how-to-use-screener-in-export-to-excel-feature-tool.html
Download and save the "Dr. Vijay Malik Screener Excel Template" file on your computer
log in to screener.in website with your user name and password
After logging in screener.in, copy and paste the following link in the web-browser and upload this excel sheet on this page.
https://www.screener.in/excel/

To upload, once you have reached the above webpage, click on the button "Choose File". A new dialogue box window will ope
saved the "Dr. Vijay Malik Screener Excel Template". Select the file and click open in the dialogue box.

After clicking "Open" the dialogue box will close and you would see the abridged path of the selected file next to the button "C

Now, click on the button "Upload" to finally upload the excel template in the screener system.
Done!
Now onwards, whenever you would click on export to excel button on the company page at screener website, you would get t
within a few minutes by analysing the data on the "Dr. Vijay Malik Analysis" sheet.

Changes required in Settings in Microsoft Excel:

In Excel go to File > Options > Trust Center > Trust Center Settings > Protected View, and then uncheck Enabled Protected Vi

Otherwise, when you would download "Export to Excel" file of companies from screener.in, the Data sheet would be filled p
blank.

Target Company:

The aim of the analysis is to find a debt free company, which is growing at a reasonable pace with sustained/improving profita
efficiency and has been generating positive Free Cash Flow over the years.

If an investor is able to find such a company that is available at a cheap price (P/E ratio < 10), then investment in such a compa
Instructions:
Detailed interpretations and descriptions of each of the parameters used for analysis on "Dr. Vijay Malik Analysis" sheet are pr
Please read the "Description" sheet thoroughly before analysing the data of any company.
Please do not make any change to any formula/sheet in this excel workbook. Any change might lead to corruption of the form
 This excel sheet is for sole use of the buyer from drvijaymalik.com. An
This sheet consists of interpretation and description of various parame
Parameter

Proft & Loss Statement Ana

Sales

Operating Profit

Operating Profit Margin (OPM)

Other Income

Interest

Profit before tax (PBT)

Tax%

Net profit after tax (PAT)

Net Profit Margin (NPM%)

You may read more about the Profit and Loss statement analysis in the following article:

Free Cash Flow Analysi

Cash from Operating Activity (CFO)

Capex (NFA+WIP change+Dep)

FCF (Free Cash Flow)

Total Debt (D)

Share Capital

Dividend Paid (Div) Without DDT

Cash + Investments (CI +NCI)

FCFE (Post Int. exp.)

Total Div 10 Yrs

Inc. in Debt in 10Yrs

Cash+Investments

FCF/CFO

Interest outgo (Rs. Cr.)

You may read more about the Free Cash Flow analysis in the following articles:

Return Ratios and working c

Self-Sustainable Growth Rate (SSGR)

Trade Receivables
Inventory

PBT/Avg. NFA (<10%,>25%)

ROE on Avg Equity (<7%,>25%)

ROCE (EBIT on Avg CE/TA) (<10%,>35%)

Incremental ROE 3Yr Rolling

Operating Efficiency Rati

Net Fixed Asset Turnover (High is better)

Receivables days (Low is better)

Inventory Turnover (High is better)

Working capital cycle days (Rec + Inv Days)

You may read more about the assessment of operating efficiency of a company in the following article:

Balance Sheet Analysis

Net Fixed Assets (NFA)

Capital Work in Progress (CWIP)

Dividend Paid (Div) Without DDT

Dividend Payout (Div/PAT)

Retained Earnings (RE=PAT-Div)

Price to earning

Mcap

Cash + Investments (CI +NCI)

Total Debt (D)

Total Equity (E)

Debt to Equity ratio (D/E)

Cost of funds

Interest outgo (Rs. Cr.)

Interest Coverage (OP/Int. Out)

You may read more about the Balance Sheet Analysis of a Company in the following article:

Cash Flow Statement Anal

Cash from Operating Activity (CFO)

Cash from Investing Activity (CFI)

Cash from Financing Activity (CFF)

Net Cash Flow (CFO+CFI+CFF)

Cash & Eq. at the end of year

You may read more about the Cash Flow Statement Analysis of a Company in the following articles:

Wealth Creation Assessm

Total Retained Earnings (RE) in 10 Yrs (A)

Total increase in Mcap in 10 yrs (B)

Value created per INR of RE (B/A)

You may read more about the wealth creation ability and other parameters for assessment of management quality in the fo

Costs as a percentage of S

Raw Material

Power & Fuel

Employee Costs

Selling & Admin Costs

Other Manufacturing Expenses

Other Expenses

Growth Trends

Sales Growth
OPM

PAT Growth

Avg. PE

Div Growth

Debt

Book Value

Current Share Market Da

CMP

P/E
P/B

P/E*P/B

Div Yield

Market Cap

Closing share price on March 31, 10 years

back

*Please note that if the data for any of the last 4 quarter is absent in the "Data Sheet", then the column L, which contains la
el sheet is for sole use of the buyer from drvijaymalik.com. Any copying and sharing of this exc
This sheet consists of interpretation and description of various parameters used in the sheet "Dr. Vijay Malik Analysis
Interpretation

Proft & Loss Statement Analysis

Higher the sales growth the better. However, very high growth rates in
excess of 35-50% are usually unsustainable

Higher the operating profit the better

Higher the OPM the better.

Focus on the trend of OPM over the years. If OPM has been fluctuating a
lot over the years in a cyclical manner, then it means that the company
does not have pricing power over its customers and is not able to pass on
increase in raw material costs to them.

On the contrary, if OPM is stable/improving over the years, then it means

that the company has sustainable advantages (MOAT) and is able to pass
on the increase in raw material costs to its buyers to protect its margins

Compare other income with the cash + Investments held by the company. If
the non operating income is not equal to atleast the bank FD return on the
cash + investments, then the investor should analyse it deeper to see where
the cash has been invested by the company, which is not yielding atleast
bank FD return.

Do not get influenced by a low interest expense. Always try to find out
whether company has been capitalizing the interest cost. Simple method is
to multiply total debt with an assumed interest rate and then find out the
total interest outgo as has been explained in the calculation of interest
coverage below.

Tax payout ratio should be near the standard corporate tax rate in India i.e.
about 30-33%. If the tax payout ratio is low, then invetsor should try to find
out if the company has any tax incentives like a unit operating out of special
economic zone (SEZ) etc.
Higher the PAT growth rate the better.

Higher the NPM the better.

Be wary of companies, which show high sales growth with declining/not

improving NPM. Companies, which chase growth at the cost of profitability
usually do not create sustainable wealth for shareholders
fit and Loss statement analysis in the following article:

Free Cash Flow Analysis

Higher the CFO the better. Always compare CFO with PAT to see if the
funds are getting stuck or released from working capital

It is an important parameter which represents the money spent by the

company in its operations/plants which is not reflected in the P&L
statement.

An investor should always compare Capex with CFO to see whether the
company is able to fund its capital expansion through its operating cash
flow

Companies that show high sales growth without much capex have the
potential of turning out to be good investments.

Free cash flow is the most important parameter of the company analysis. It
is like the discretionary surplus that the company makes, which can be
distributed to reward the shareholders.

I believe that if a company is not able to generate FCF, then it should be

avoided by investors, however good its sales growth and profitability
margins be.

Lower the debt, the better.

Debt represents the excess funds used by the company than what it is
generating from its operations. It is like living beyond your means.

ideally, share captial should be constant or decrease due to buy back.

Increase in share captial over the years, which is not due to bonus shares,
represents dilution of stake of existing shareholders.

A company, which generates FCF should pay dividends to shareholders to

share the fruits of growth with the shareholders.
 Very high cash levels in companies, which do not payout dividends should
be looked with caution. It might be that the cash shown on the balance
sheet is fictitious.

Free Cash Flow to Equity (FCFE): Higher the FCFE, the better.

The interpretation is same as FCF (Free Cash Flow) shared above in terms of
availability of surplus cash with the company after meeting captial
expenditure. FCFE is more stringent than FCF as in addition to deducting
Capex, it also deducts interest payment from CFO

A decline in debt over the years is better

Companies with good cash generation over the years will witness their total
debt decline over the years whereas the companies, which rely on debt to
fund their growth, will witness the total debt increase over the years

Very high cash levels in companies, which do not payout dividends should
be looked with caution. It might be that the cash shown on the balance
sheet is fictitious.

Ideally the FCF generated by the company should be more or less similar
to the sum of dividends paid out and the cash+investments held. If there
is a significant difference in FCF and Div+cash+Investment, then the
investor should do further analysis to see the usage/sources of cash

Higher the proportion of Free Cash Flow out of Cash Flow from Operations,
the better.

lower the interest outgo the better.

Cash Flow analysis in the following articles:

Return Ratios and working capital

SSGR higher than the sales growth rate is desirable.

Lower the trade receivables, the better it is for the company

Lower the inventory, the better it is for the company

Higher the PBT/Avg. NFA, the better

Higher the ROE, the better.

However, always be cautious with the companies with high ROE and high
Debt/Equity.

In such companies high leverage is the reason for high ROE, which is not
sustainable

Higher the ROCE, the better

Ideally, incremental ROE 3 years rolling should be stable or improving.

Operating Efficiency Ratios

 Higher the NFAT, the better.

High NFAT represents that the company is able to use its fixed assets in a
very efficient manner (many a times, due to the nature of its business) and
does not require to do a lot of capex)

Lower the receivables days, the better. It means that the company is not
giving higher credit period to customers to generate sales.

In case of fictitious sales where cash is not received from customers, the
company will see increasing receivables days.

Higher the inventory turhover ratio, the better.

Lower inventory turnover means that the company is accumulating a lot

of inventory, which might become obsolete later.

In the extreme cases, the inventory being shown might be fictitious and
may be an indicator of underlying fraud.

Lower the working capital days, the better for the company

ssment of operating efficiency of a company in the following article:

Balance Sheet Analysis

Increase in NFA means that the company has done capacity addition, which
should lead to higher sales/income in future.

Increase in CWIP means that the company is currently executing any

project/capacity expansion.

Once the underconstruction project is complete, it is shifted from CWIP to

NFA.

A company, which generates FCF should pay dividends to shareholders to

share the fruits of growth with the shareholders.
its good if the dividend payout ratio is constant or improving. It means that
the company follows:

1. a stable dividend policy.

2. is interested in sharing higher rewards of the growth with shareholders
with higher growth in business

Cumulative retained earnings should be compared with cumulative increase

in market capitalization over the years.

Lower the P/E ratio, the better.

Lower the current market cap, the better.

However, I do not advise investing in companies with market capitalziation

less than INR 25 cr.

Cumulative retained earnings should be compared with cumulative increase

in market capitalization over the years.

Very high cash levels in companies, which do not payout dividends should
be looked with caution. It might be that the cash shown on the balance
sheet is fictitious.

Lower the debt, the better.

Debt represents the excess funds used by the company than what it is
generating from its operations. It is like living beyond your means.

Compare the increase in equity with the retained earnings for the year.
They should ideally be the same.

lower the debt to equity ratio, the better.

However, more than the debt to equity ratio, it is important to check the
debt serviceability by way of interest coverage and FCF.

There have been cases where the company had low debt to equity ratio,
but still faced financial stress as the operating profit & cash was not
sufficient to meet debt obligations.
 lower the interest outgo the better.

Higher the interest coverage, the better.

nce Sheet Analysis of a Company in the following article:

Cash Flow Statement Analysis

Higher the CFO the better. Always compare CFO with PAT to see if the
funds are getting stuck or released from working captial

If higher outflow in CFI, then read the annual report to find out whether the
same is for capex or other investments

Contains debt repayments, interest payments, dividend payments

net cash made/consumed by the company in a year.

The higher the net cash flow the better

Very high cash levels in companies, which do not payout dividends should
be looked with caution. It might be that the cash shown on the balance
sheet is fictitious.

h Flow Statement Analysis of a Company in the following articles:

Wealth Creation Assessment

 Cumulative retained earnings should be compared with cumulative increase
in market capitalization over the years.

Cumulative retained earnings should be compared with cumulative increase

in market capitalization over the years.

At least INR 1 of incease in market capitalization should have happened for

every INR 1 retained by the company. Otherwise, it is a wealth destroying
company for shareholders.

The higher the value created, the better.

lth creation ability and other parameters for assessment of management quality in the following article:

Costs as a percentage of Sales

It is preferrable to have declining or stable Raw material costs as a % of
sales over the years. It indicates that the company is able to pass on
increase in raw material costs to its customers
It is preferrable to have declining or stable power & fuel costs as a % of
sales over the years.

It is preferrable to have declining or stable employee costs as a % of sales

over the years. Investors may also compare employee costs of a company
with its peers to find out whether there are any major differences

It is preferrable to have declining or stable Selling & Admin costs as a % of

sales over the years.
It is preferrable to have declining or stable other manufacturing expenses
as a % of sales over the years.
It is preferrable to have declining or stable other expenses as a % of sales
over the years.

Growth Trends

Higher the sales growth the better. However, very high growth rates in
excess of 35-50% are usually unsustainable
Higher the OPM the better.

Focus on the trend of OPM over the years. If OPM has been fluctuating a
lot over the years in a cyclical manner, then it means that the company
does not have pricing power over its customers and is not able to pass on
increase in raw material costs to them.

On the contrary, if OPM is stable/improving over the years, then it means

that the company has sustainable advantages (MOAT) and is able to pass
on the increase in raw material costs to its buyers to protect its margins

Higher the PAT growth rate the better.

Lower the P/E ratio, the better.

if the company generates positive FCF, then Higher the dividend growth
rate, the better

If FCF is negative, then the dividend is funded by debt and the investor
should not take any comfort of such dividend growth rate.

Lower the debt, the better.

Debt represents the excess funds used by the company than what it is
generating from its operations. It is like living beyond your means.

Higher the increase in book value over the years, the better.

Current Share Market Data

Ignore the absolute level of current market price. It does not matter
whether the current price is INR 10 or INR 10,000/-.

Always focus on other parameters of the company assessment

Lower the P/E ratio, the better.

 Lower the P/B ratio, the better.

Lower the P/E* P/B multiplication number, the better.

if the company generates positive FCF, then Higher the dividend yield, the
better

If FCF is negative, then the dividend is funded by debt and the investor
should not take any comfort of such dividend yield.

Lower the current market cap, the better.

However, I do not advise investing in companies with market capitalziation

less than INR 25 cr.

y of the last 4 quarter is absent in the "Data Sheet", then the column L, which contains last 12 months (TTM) figure, will remain blank.
k.com. Any copying and sharing of this excel sheet is prohibited.
arious parameters used in the sheet "Dr. Vijay Malik Analysis"
Description

tatement Analysis

Represents the operating income for the company in a given financial year.

The conditional formatting highlights the years where sales increased from previous year as "Green" and
years where sales decreased from previous year as "Red"
It represents EBITDA - Non Operating Income. EBITDA = Earnings before Interest, Tax, Depreciation &
Amortization.

= Operating Profit/Sales.

The conditional formatting highlights the years where OPM increased from previous year as "Green" and
years where OPM decreased from previous year as "Red"

Represents the non operating income for the financial year

Represents the interest amount expensed by the company in a financial year

Represents the profit before tax (PBT) for the financial year

=Tax/Sales. Represents the tax payout of the company for the financial year.

The conditional formatting highlights the years where Tax % is >29.5% as "Green" and years where Tax
% is <29.5% as "Red"
Represents the net profit reported by the company for the financial year

=PAT/Sales.

The conditional formatting highlights the years where NPM increased from previous year as "Green" and
years where NPM decreased from previous year as "Red"
 How to do Financial Analysis of Companies

Flow Analysis

Represents the CFO for the financial year as reported by the company in its cash flow statements.

The conditional formatting highlights the years where CFO is greater than PAT as "Green" and years
where CFO is less than PAT as "Red"

Represents the capital expenditure done by the company in a financial year. Capex = Depreciation +
Increase in (NFA+CWIP) over the year.

The conditional formatting highlights the years where Capex is less than CFO as "Green" and years
where Capex is higher than CFO as "Red"

FCF=CFO - Capex.

Represents the total debt of the company at the financial year ending date.

The conditional formatting highlights the years where total debt decreased from previous year as
"Green" and years where total debt increased from previous year as "Red"

Represents the issued and paid up share capital of the company at the end of financial year. Capital
increases due to either by raising further equity by the company or by issuance of bonus shares. Capital
is decreased in cases of share buyback by the company.

The conditional formatting highlights the years where Share Capital decreased from previous year as
"Green" and years where Share Capital increased from previous year as "Red"

Represents the dividend paid by the company in a financial year. The dividend shown here does not
include the dividend distribution tax (DDT).

The conditional formatting highlights the years where Dividend increased from previous year as "Green"
and years where Dividend decreased from previous year as "Red"
 =Cash & equivalesnt + Current Investments + Non Current Investments held by the company at the end
of the financial years

FCFE = CFO-Capex-Interest Expense from P&L

The formula assumes the deduction of all interest payments for the company as the capitalized interest
is deducted as a part of Capex and the non-capitalized interest is deducted as interest expense from P&L
Represents total dividend paid by the company over last 10 years

If the total debt has decreased over last 10 years, then this cell will be highlighted as "Green". If the total
debt has increased in last 10 years, then the cell will be highlighted "Red"

Represents the cash & equivalents + Current Investment + Non Current Investment held by the
company at the end of latest financial year

Represents the proportion of CFO, which has become available as free cash flow (FCF) to the
shareholders in last 10 years.

Higher proportion of CFO becoming available as FCF indicates low capex requirements, which is a
feature to identify cash cows.

=Cost of funds*(average of total debt at the start and end of the financial year).

The interest outgo, calculated on total debt, takes care of the interest that has been capitalized by the
company and therefore, has not been shown as interest expense in the P&L statement.

Free Cash Flow: A Complete Guide to Understanding FCF

3 Simple Ways to Assess Margin of Safety while buying stocks

and working capital

 Represents the debt-free self sustainable growth rate potential of a company. It has been observed that
companies growing at a higher rate than SSGR are using more resources than their inherent operations
can produce and therefore, witness increasing debt levels. Similarly, the companies that are growing at
a rate less than or equal to SSGR are able to sustain their growth rates without raising debt/see
declining debt levels.

It is to be kept in mind that SSGR does not take into account the funds getting blocked or released from
working capital

You may read more about SSGR in the following article:

https://www.drvijaymalik.com/2015/06/self-sustainable-growth-rate-measure-of.html

shows the total money consumed in or released from trade receivables over last 10 years
shows the total money consumed in or released from inventory over last 10 years

=PBT/average of Net Fixed Assets at the start and the end of the financial year

The conditional formatting highlights the years where PBT/NFA is > 25% as "Green" and years where
PBT/NFA is <10% as "Red". This is to highlight that if a company is not able to earn at least 10% or Bank
FD rate from its fixed assets, then it should ideally sell all its assets and put the amount in a bank fixed
deposit and earn higher return without taking the pains of running a business.

=PAT/average of shareholder's equity at the start and the end of the finanical year.

The conditional formatting highlights the years where ROE is > 25% as "Green" and years where ROE is
<7% as "Red". This is to highlight that if a company is not able to earn at least 7% post tax from its equity
or shareholders' funds, then it should ideally put its entire equity in a bank fixed deposit and earn higher
return without taking the pains of running a business.

=EBIT/average of total assets at the start and the end of the financial year. EBIT = Earnings before
Interest and Tax.

The conditional formatting highlights the years where ROCE is > 35% as "Green" and years where ROCE
is <10% as "Red". This is to highlight that if a company is not able to earn at least 7% pre-tax ROCE from
its assets, then it should ideally put its entire assets in a bank fixed deposit and earn higher return
without taking the pains of running a business.

Represents the incremental returns/profits generated by the earnings retained by the company over
any consecutive three years period. Represents the efficiency of utilization of incremental money being
deployed by the company management in its operations.

The conditional formatting highlights the years where incremental ROE increased from the previous
period as "Green" and years where incremental ROE decreased from previous years as "Red"

Efficiency Ratios
 =Sales/average of net fixed assets at the start and end of a financial year.

The conditional formatting highlights the years where NFAT increased from previous year as "Green"
and years where NFAT decreased from previous year as "Red"

=365/(Sales/average of account receivables at the start and end of the financial year)

The conditional formatting highlights the years where receivables days decreased from previous year as
"Green" and years where receivables days increased from previous year as "Red"

=Sales/average of inventory at the start and the end of the financial year

The conditional formatting highlights the years where inventory turnover increased from previous year
as "Green" and years where invenotry turnover decreased from previous year as "Red"

The formula calculates working capital days as a sum of receivables days and inventory days. It does not
take into account payables days as otherwise companies can easily mask poor working capital position
by delaying the payment to suppliers/vendors.

The conditional formating highlights the cells in which working capital days have decreased (i.e.
improved) over previous year as "Green" and the cells in which the working capital days have increased
(i.e. deteriorated) over previous year as "Red"

How to Analyse Operating Performance of a Company

Sheet Analysis

Represents the net fixed assets of the company after factoring in the accumulated depreciation at the
end of a financial year

Represents the capital work in progress (CWIP) of the company at the end of a financial year. CWIP
usually shows the projects under execution by the company. Once the projects get completed and
become operational, they are shifted from CWIP to the fixed assets (NFA).

Represents the dividend paid by the company in a financial year. The dividend shown here does not
include the dividend distribution tax (DDT).

The conditional formatting highlights the years where Dividend increased from previous year as "Green"
and years where Dividend decreased from previous year as "Red"
=Dividend paid/net profit after tax.

This criteria helps in identification of any stable dividend payout policy, if it is being followed by the
company for paying dividend year on year

=Net profit after tax - Dividend Payout

Cumulative retained earnings of last 10 years are compared with the increase in market capitalization of
the company over last 10 years to see whether the company has created atleast equal wealth for its
shareholders than the earnings that has been retained by it over last 10 years. It helps in identifying
companies which have generated wealth for shareholders from those companies which have destroyed
wealth for shareholders.

= Share market price/earnings per share for the period

P/E ratio is an important criteria to arrive at valuation levels of any company's stock

Represents the market capitalization of a company for the financial year. The share price taken here is
the average price for the month of april of each financial year.

Represents the cash & equivalents + Current Investment + Non Current Investment held by the
company at the end of latest financial year

Represents the total debt of the company at the financial year ending date.

The conditional formatting highlights the years where total debt decreased from previous year as
"Green" and years where total debt increased from previous year as "Red"
Represents the total shareholders' funds invested in the company at the end of financial year. It includes
paid up capital and reserves including retained earnings.

=Total Debt/Total Equity

It represents the extent of leverage that a company has in its capital structure. Higher D/E ratio
represents high leverage and vice versa
 It is a manual entry field provided for the investors to put in the assumed cost of debt (Interest rate),
which the investor believes that lenders would be charging to the company for their loans.

The default value is 12%. The investor can change the value to her preference.

=Cost of funds*(average of total debt at the start and end of the financial year).

The interest outgo, calculated on total debt, takes care of the interest that has been capitalized by the
company and therefore, has not been shown as interest expense in the P&L statement.

=Operating profit/interest outgo

It represents the servicing ability of the company for the total interest outgo of the company, including
P&L and capitalized interest.

How to do Financial Analysis of Companies

atement Analysis

Represents the CFO for the financial year as reported by the company in its cash flow statements.

The conditional formatting highlights the years where CFO is greater than PAT as "Green" and years
where CFO is less than PAT as "Red"

Represents the CFI for the financial year as reported by the company in its cash flow statements.

Represents the CFF for the financial year as reported by the company in its cash flow statements.

Represents the Net cash inflow/outflow (CFO+CFI+CFF) for the financial year et reported by the
company in its net flow statements.

Represents the net cash & equivalents reported by the company at the end of the financial year.

Please not that Cash & Equivalents shown here does not include Current Investments (usually FDs and
Mutual Funds) and Non Current Investments (Equities, JV etc.) made by the company

How to do Financial Analysis of Companies

Understanding Cash Flow from Operations (CFO)

tion Assessment
 represents the sum of earnings retained and not distributed by the company over last 10 years

Represents the increase in market capitalization of the company since 10 years ago.

Please note that the increase in market capitalization has been taken upto the current date from the
market capitalization of 10 years before as I believe that the current market capitalization rather than
the market capitalization at the end of recent most financial year to be better representative of upto
date wealth generation data.

=Increase in market capitalization since 10 years ago/total retained earnings of last 10 years

it is expected that the company should atleast create a wealth of INR 1 in market capitalization for its
shareholders for every INR 1 of earnings retained by it.

uality in the following article:

How to do Management Assessment of a Company

rcentage of Sales

Formula used is (Raw Material Costs - Change in Inventory)/Sales for the year

Formula used is Power & Fuel costs/Sales for the year

Formula used is Employee costs/Sales for the year

Formula used is Selling & Admin Costs/Sales for the year

Formula used is Other Mfr. Exp/Sales for the year

Formula used is Other Expenses/Sales for the year

th Trends

Represents the trend of growth in sales for last 10 years, last 7 years, last 5 years, last 3 years and the
growth in last 12 months over last financial year sales

Assessment of sales growth trend is essential to find out whether the company has been showing
consistent sales growth year on year or it is influenced by very high/low sales growth in any particular
year
 Represents the trend of average Operating Profit Margin for last 10 years, last 7 years, last 5 years, last 3
years and the OPM in last 12 months

Represents the trend of growth in net profit after tax (PAT) for last 10 years, last 7 years, last 5 years,
last 3 years and the growth in last 12 months over last financial year PAT

Assessment of PAT growth trend is essential to find out whether the company has been showing
consistent PAT growth year on year or it is influenced by very high/low PAT growth in any particular year
Represents the trend of average Price to Earnings ratio (P/E) for last 10 years, last 7 years, last 5 years,
last 3 years and the OPM in last 12 months

Represents the trend of growth in Dividend for last 10 years, last 7 years, last 5 years and last 3 years

Represents the trend of growth in total debt for last 10 years, last 7 years, last 5 years and last 3 years
Represents the trend of growth in book value per share for last 10 years, last 7 years, last 5 years and
last 3 years

are Market Data

Represents the closing market price of the stock of the company for previous trading day

Represents the latest price to earnings (P/E) ratio based on the current market price and the earnings
per share (EPS) for last 4 quarters/trailing twelve months (TTM). If the data of any of the last 4 quarters
is absent, then the cell would show P/E ratio based on last financial year earnings

The conditional formating highlights the cell as "Green" whenever the latest P/E ratio is less than 10
 Represents the latest price to book value (P/B) ratio based on the current market price and the book
value at the end of recent most financial year

=latest P/E ratio * latest P/B ratio

The conditional formating highlights the cell as "Red" whenever the P/E*P/B ratio exceeds 22.5, which
is the maximum buy value guided by Benjamin Graham in his book "The Intelligent Investor"

=Dividend paid in last financial year/latest market capitalization

The conditional formatting highlights the cell as "Green" whenever the dividend yield is greater than 4%

Represents latest market capitalization of the company based on the closing price of the previous
trading day

it is a manual entry field, which is provided for the investor to punch in the split/bonus adjusted share
price of the company for the March 31 of the year 10 years back on her own so that she can get the
accurate increase in market capitalization since 10 years ago.

Please note that the default value is "0" and the formula for calculating increase in market capitalization
has been drafted in a manner that if "0" is put in this cell, then the increase in market capitalization is
shown as per the data provided by screener. However, if the investor puts in her value in this cell, then
the sheet will show the incresae in market capitalization as per her share price value.

ch contains last 12 months (TTM) figure, will remain blank.

(₹ Crores/10 Millions) VEDANTA LTD
Narration Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sales 6,670 10,136 8,978 2,749 66,152 73,710
Operating Profit 3,114 5,192 3,434 463 19,396 20,887
Operating Profit Margin (OPM%) 47% 51% 38% 17% 29% 28%
Other Income 461 552 235 35 2,073 (17,994)
Interest 56 87 433 475 5,094 5,659
Depreciation 75 96 106 197 6,882 7,159
Profit before tax (PBT) 3,445 5,560 3,129 (174) 9,493 (9,925)
Tax% 23% 24% 33% 25% -9% -15%
Net profit after tax (PAT) 2,629 4,222 2,696 2,280 6,299 (15,646)
Net Profit Margin (NPM%) 39% 42% 30% 83% 10% -21%
Cash from Operating Activity (CFO) 2,571 3,541 2,215 22 15,601 17,805
Capex {(NFA+WIP) change+Dep} 800 1,291 912 132,356 -14,318
FCF 2,741 924 (890) ### 32,123
Total Debt (D) 1,961 999 3,741 4,839 80,566 77,752
Share Capital 83 87 87 87 297 297
Dividend Paid (Div) Without DDT 270 304 348 9 964 1,216
Cash + Investments (CI +NCI) 6,957 9,697 14,264 16,095 45,595 45,302

Self-Sustainable Growth Rate (SSGR) 129% 60% 16%

Trade Receivables 338 683 549 142 4,620 3,605

Inventory 503 737 875 961 9,034 8,725

PBT/Avg. NFA (<10%,>25%) 242% 109% -5% 21% -13%

ROE on Avg Equity (<7%,>25%) 41% 19% 14% 14% -25%
ROCE (EBIT on Avg CE/TA) (<10%,>35%) 42% 20% 1% 12% -2%
Incremental ROE 3Yr Rolling -4% 24% -184%

Net Fixed Asset Turnover (High is better) 4.41 3.14 0.74 1.45 0.94
Receivables days (Low is better) 18 25 46 13 20
Inventory Turnover (High is better) 16.3 11.1 3.0 13.2 8.3
Working capital cycle days (Rec + Inv Days) 41 58 168 41 64

Net Fixed Assets (NFA) 2,177 2,416 3,307 4,136 87,205 70,108
Capital Work in Progress (CWIP) 79 544 837 723 43,128 38,748

Dividend Paid (Div) Without DDT 270 304 348 9 964 1,216
Dividend Payout (Div/PAT) 10% 7% 13% 0% 15% -8%
Retained Earnings (RE=PAT-Div) 2,359 3,918 2,348 2,272 5,335 (16,861)
Price to earning 14.9 6.0 6.3 5.9 8.9 -
Mcap 39,147 25,239 16,882 13,528 55,905 56,187
Cash + Investments (CI +NCI) 6,957 9,697 14,264 16,095 45,595 45,302

Total Debt (D) 1,961 999 3,741 4,839 80,566 77,752

Total Equity (E) 7,918 12,810 15,118 17,475 73,009 53,875
Debt to Equity ratio (D/E) 0.2 0.1 0.2 0.3 1.1 1.4
Cost of funds 12.0%
Interest outgo (Rs. Cr.) 178 284 515 5124 9499
Interest Coverage (OP/Int. Out) 29.2 12.1 0.9 3.8 2.2

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

Cash from Operating Activity (CFO) 2,571 3,541 2,215 22 15,601 17,805
Cash from Investing Activity (CFI) (5,234) (2,303) (4,724) (311) (2,890) (4,133)
Cash from Financing Activity (CFF) 2,682 (400) 1,726 238 (5,052) (13,956)
Net Cash Flow (CFO+CFI+CFF) 20 837 (784) (51) 7,659 (284)
Cash & Eq. at the end of year 2,392 897 98 36 7,686 5,696

Total Retained Earnings (RE) in 10 Yrs (A) (10,248)

Total increase in Mcap in 10 yrs (B) 2,133
Value created per INR of RE (B/A) (0.21)

Costs as % of Sales
Raw Material 8% 8% 11% 1% 35% 33%
Power & Fuel 0% 0% 0% 20% 11% 11%
Employee Costs 3% 2% 3% 10% 4% 4%
Selling & Admin Costs 7% 13% 25% 28% 6% 8%
Other Manufacturing Expenses 35% 24% 20% 20% 7% 7%
Other Expenses 1% 1% 3% 5% 7% 9%
 Dec-19 << Latest available quarterly results
Mar-16 Mar-17 Mar-18 Mar-19 Last 4 Quarters Total 10 Yrs TRENDS: 10Yr 7Yr
64,262 72,225 91,866 92,048 88,160 Sales Growth 34% 39%
(18,479) 21,131 20,670 23,103 22,270 OPM 24% 23%
0% 29% 23% 25% 25% PAT Growth 12% 15%
4,290 4,668 10,294 4,338 3,257 8,951 Avg. PE 9.2 9.3
5,778 5,855 5,112 5,689 5,314 34,238
8,572 6,292 6,283 8,192 9,099 43,855 CMP 111
(28,540) 13,652 19,569 13,560 11,114 P/E 4.9
37% 17% 30% 28% 5% P/B 0.7
(12,270) 6,958 10,342 7,065 8,472 14,575 P/E*P/B 3.2
-19% 10% 11% 8% 10% Div Yield 17.0%
20,377 18,083 17,366 23,754 CFO 121,335 Market Cap 41,279
-231 9,428 13,605 8,968 Capex 152,811
20,608 8,655 3,761 14,786 FCF (31,476) (10,248) Total Retained Earnings (RE) in
67,778 71,569 58,159 66,226 FCFE (Post Int. exp.) (65,714) 2,133 Total increase in Mcap in 10 yr
297 297 372 372 Total Div 10 Yrs 24,823 (0.21) Value created per INR of RE (B
1,038 5,777 7,886 7,012 Inc. in Debt in 10Yrs 64,265
57,095 61,085 33,916 41,434 Cash+Investments 41,434 0 Closing share price on March
FCF/CFO -26%
-22% -19% -10% -7% Interest Outgo 47940
Change in 10 Yrs
2,494 2,240 3,969 3,982 (3,644)
8,012 9,628 11,967 13,198 (12,695)

-43% 20% 25% 16%

-25% 13% 17% 11%
-11% 9% 12% 10%
157% -3% -90% -200%

0.98 1.05 1.19 1.12

17 12 12 16
7.7 8.2 8.5 7.3
65 57 55 66

61,591 75,631 78,455 86,327

38,461 27,557 32,055 24,959

1,038 5,777 7,886 7,012 24823 Div Growth 44% 54%

-8% 83% 76% 99%
(13,308) 1,181 2,456 53
- 11.7 10.0 9.7
26,641 81,660 103,360 68,615 41,279
57,095 61,085 33,916 41,434 41,434

67,778 71,569 58,159 66,226 Debt 48% 51%

44,039 60,425 63,312 62,297 Book Value 26% 22%
1.5 1.2 0.9 1.1
 8732 8361 7784 7463 47940
-2.1 2.5 2.7 3.1

Mar-16 Mar-17 Mar-18 Mar-19 Total 10 Yrs

20,377 18,083 17,366 23,754 121,335
(7,868) 2,681 15,480 (10,594) (19,897)
(11,303) (12,425) (39,255) (10,242) (87,987)
1,206 8,339 (6,409) 2,918 13,452
3,709 14,123 5,216 8,369

34% 30% 35% 28%

14% 14% 15% 20%
4% 3% 3% 3%
9% 9% 8% 8%
8% 8% 7% 8%
59% 6% 10% 7%
Source: Screener.in
 5Yr 3Yr TTM
7% 13% -4%
22% 25% 25%
2% -183% 20%
10.5 10.5 4.9

Retained Earnings (RE) in 10 Yrs (A)

increase in Mcap in 10 yrs (B)
e created per INR of RE (B/A)

ng share price on March 31, 10 years back

49% 89%

-4% -1% 14%

-3% 12% -2%
Version No

2.0

1.6

1.5

1.4

1.3

1.2

1.1
 Changes

Comprehensively revised the Excel Sheet:

1. Added the section of various expenses as a percentage of sales (Raw material, Power & Fuel, Employee Costs, Selling and Ad
percentage of sales).
2. Added working capital cycle (days) calculation based on inventory and trade receivables.
3. Added rows for trade receivables and inventory and the calculation of total funds consumed in/released from receivables a
the key reasons for differences in PAT and CFO.
4. Brought together the data of CFO, Capex, FCF, Total Debt, Share Capital, Dividend Payment and Cash + investment on the u
in the company in any year. E.g. in case, the company had a negative FCF, then investor can immediately see the sources of fu
more debt, which will increase total debt. OR the company may have raised additional equity, which will show as increase in s
show as decline in cash + investment. Similarly, if a company has positive FCF, then it may show as an increase in cash + invest
(decline in share capital). The presence of these data points at the top section of the dashboard helps in quick assessment of fl
5. Added a calcuation of Free Cash Flow to Equity (FCFE), which is calculated as (FCF-interest expense). FCFE calculated in this
capital expenditure (Capex) and all interest payments (both capitalzied as part of capex as well as the interest expensed in P&
6. Unhid the "depreciation" row in the dashboard
7. Removed the ratio "SG to Capex" as it was not proving to be useful.
Rectified the error which has creeped in while correcting the issues of version 1.5. The error was leading to the cells for the da
filled. The issue has been rectified in Version 1.6

1. Many times, in cases where the data for last 4 quarters is not present in screener.in (either the company does not declare q
screener data sheet does not have quarterly data), then the P/E ratio cell (O14) in the excel sheet which used to calculate P/E
we have edited the formula in such a fashion that if the data of any of the last 4 quarters is not present, then the P/E ratio cell

2. In cases, where the data for any of the last 4 quarters is not present, then the entire TTM column (i.e. column L), will remai

Unprotected the file with open access to users to edit & customize the template as per their preference

Resolved the reported error:

"if there is no data for particular year in screener, the template has taken the default data ( ie data of Vinati Organics).
e.g. when tried to analyse "Wonderla" , in screener there is no data for 2006, but after uploading the template & exporting th

1. Updated "Instructions" sheet with the guidelines to change Microsoft Excel settings to disable the "Protected View for files
where upon downloading the "Export to Excel" file from screener.in, the "Data Sheet" was filled properly, however, "Dr. Vijay

1. Added functionality to edit the cells "Closing share price on March 31, 10 years back" and "Cost of funds" in the sheet "Dr. V

2. Added interpretation and description of parameters "FCF/CFO" and "SG to Capex" in the "Description" Sheet.

3. Updated description of "Share Capital" to add the conditional formatting details in the "Description" Sheet.

4. Added sheet "Version History".

COMPANY NAME VEDANTA LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 371.72
Face Value 1.00
Current Price 111.05
Market Capitalization 41,279.44

PROFIT & LOSS

Report Date Mar-10 Mar-11 Mar-12 Mar-13
Sales 6,670.45 10,136.47 8,978.04 2,748.94
Raw Material Cost 655.42 905.27 955.62 317.71
Change in Inventory 120.92 47.45 -17.79 287.56
Power and Fuel 16.86 20.52 22.62 547.52
Other Mfr. Exp 2,345.83 2,453.15 1,814.70 537.31
Employee Cost 169.18 208.05 269.07 271.04
Selling and admin 434.13 1,337.64 2,226.24 758.53
Other Expenses 56.01 67.74 238.03 141.09
Other Income 460.66 551.70 234.58 34.84
Depreciation 74.50 96.38 106.14 197.46
Interest 55.51 87.18 433.26 474.65
Profit before tax 3,444.59 5,559.69 3,129.15 -173.97
Tax 805.55 1,337.24 1,021.38 -42.94
Net profit 2,629.13 4,222.45 2,695.50 2,280.25
Dividend Amount 270.07 304.19 347.64 8.69

Quarters
Report Date Sep-17 Dec-17 Mar-18 Jun-18
Sales 21,590.00 24,361.00 27,630.00 22,206.00
Expenses 15,920.00 17,686.00 24,083.00 16,016.00
Other Income 1,105.00 323.00 7,933.00 418.00
Depreciation 1,507.00 1,645.00 1,683.00 1,796.00
Interest 1,427.00 1,125.00 1,205.00 1,452.00
Profit before tax 3,841.00 4,228.00 8,592.00 3,360.00
Tax 926.00 1,359.00 2,917.00 1,112.00
Net profit 2,045.00 1,994.00 4,802.00 1,533.00
Operating Profit 5,670.00 6,675.00 3,547.00 6,190.00

BALANCE SHEET
Report Date Mar-10 Mar-11 Mar-12 Mar-13
Equity Share Capital 83.10 86.91 86.91 86.91
Reserves 7,834.61 12,723.52 15,031.30 17,388.49
Borrowings 1,960.56 999.45 3,741.34 4,838.67
Other Liabilities 1,368.27 1,800.38 1,556.89 835.82
Total 11,246.54 15,610.26 20,416.44 23,149.89
Net Block 2,176.96 2,415.65 3,307.08 4,136.48
Capital Work in Progress 78.74 543.60 837.20 722.54
Investments 4,564.85 8,799.79 14,166.58 16,058.85
Other Assets 4,425.99 3,851.22 2,105.58 2,232.02
Total 11,246.54 15,610.26 20,416.44 23,149.89
Receivables 338.12 683.01 549.43 142.39
Inventory 502.54 737.41 875.15 960.95
Cash & Bank 2,391.84 897.03 97.74 36.12
No. of Equity Shares ### ### ### ###
New Bonus Shares
Face value 1.00 1.00 1.00 1.00

CASH FLOW:
Report Date Mar-10 Mar-11 Mar-12 Mar-13
Cash from Operating Activity 2,571.32 3,540.59 2,215.09 22.21
Cash from Investing Activity -5,233.81 -2,303.43 -4,724.42 -310.94
Cash from Financing Activity 2,682.11 -400.12 1,725.64 237.81
Net Cash Flow 19.62 837.04 -783.69 -50.92

PRICE: 471.10 290.40 194.25 155.65

DERIVED:
Adjusted Equity Shares in Cr 83.10 86.91 86.91 86.91
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

66,152.41 73,709.50 64,261.76 72,225.00 91,866.00 92,048.00
23,870.70 24,613.76 21,793.05 23,109.00 31,802.00 26,078.00
772.02 -55.45 -318.90 1,229.00 -450.00 -72.00
7,386.14 8,273.69 9,301.54 10,402.00 14,026.00 18,144.00
4,832.20 4,835.56 4,963.16 5,928.00 6,038.00 6,947.00
2,766.26 2,922.04 2,613.78 2,345.00 2,501.00 3,030.00
4,180.77 5,583.66 5,583.55 6,341.00 7,156.00 7,797.00
4,492.57 6,538.24 38,167.20 4,198.00 9,223.00 6,877.00
2,073.47 -17,994.28 4,289.82 4,668.00 10,294.00 4,338.00
6,882.32 7,159.16 8,572.44 6,292.00 6,283.00 8,192.00
5,094.41 5,658.78 5,778.13 5,855.00 5,112.00 5,689.00
9,492.53 -9,925.12 -28,540.17 13,652.00 19,569.00 13,560.00
-846.85 1,448.36 -10,677.55 2,333.00 5,877.00 3,862.00
6,298.51 -15,645.77 -12,270.47 6,958.00 10,342.00 7,065.00
963.63 1,215.65 1,037.75 5,776.65 7,886.40 7,012.20

Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

22,705.00 23,669.00 23,468.00 21,374.00 21,958.00 21,360.00
17,572.00 18,024.00 17,333.00 16,176.00 17,535.00 14,846.00
894.00 1,398.00 1,628.00 380.00 434.00 815.00
1,931.00 2,207.00 2,258.00 2,155.00 2,395.00 2,291.00
1,478.00 1,358.00 1,401.00 1,341.00 1,340.00 1,232.00
2,618.00 3,478.00 4,104.00 2,082.00 1,122.00 3,806.00
718.00 1,146.00 886.00 138.00 -1,609.00 1,141.00
 1,343.00 1,574.00 2,615.00 1,351.00 2,158.00 2,348.00
5,133.00 5,645.00 6,135.00 5,198.00 4,423.00 6,514.00

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

296.50 296.50 296.50 297.00 372.00 372.00
72,712.16 53,578.77 43,742.67 60,128.00 62,940.00 61,925.00
80,566.04 77,752.30 67,777.81 71,569.00 58,159.00 66,226.00
63,803.66 61,449.42 92,375.40 96,796.00 63,114.00 73,520.00
217,378.36 193,076.99 204,192.38 228,790.00 184,585.00 202,043.00
87,205.43 70,107.83 61,590.85 75,631.00 78,455.00 86,327.00
43,127.69 38,747.95 38,461.33 27,557.00 32,055.00 24,959.00
37,909.58 39,606.04 53,385.98 46,962.00 28,700.00 33,065.00
49,135.66 44,615.17 50,754.22 78,640.00 45,375.00 57,692.00
217,378.36 193,076.99 204,192.38 228,790.00 184,585.00 202,043.00
4,619.64 3,605.13 2,493.75 2,240.00 3,969.00 3,982.00
9,033.79 8,725.02 8,011.65 9,628.00 11,967.00 13,198.00
7,685.50 5,696.28 3,708.79 14,123.00 5,216.00 8,369.00
### ### ### ### ### ###

1.00 1.00 1.00 1.00 1.00 1.00

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

15,600.80 17,805.13 20,376.92 18,083.00 17,366.00 23,754.00
-2,889.96 -4,133.09 -7,867.89 2,681.00 15,480.00 -10,594.00
-5,051.63 -13,955.77 -11,302.95 -12,425.00 -39,255.00 -10,242.00
7,659.21 -283.73 1,206.08 8,339.00 -6,409.00 2,918.00

188.55 189.50 89.85 274.95 277.85 184.45

296.50 296.50 296.50 297.00 372.00 372.00