Fundamental Analysis: A Study On Selected Steel Companies in India

International Journal of Pure and Applied Mathematics
Volume 119 No. 12 2018, 14809-14824

ISSN: 1314-3395 (on-line version)
url: http://www.ijpam.eu
Special Issue
ijpam.eu
Fundamental Analysis: A Study on Selected

Steel Companies in India
1
J.V.V. Meghanath, 2K.S. Sekhara Rao, 3C.H. Sahyaja and 4I. Bhavani
1
KLU Business School,
Koneru Lakshmaiah Education Foundation,
Vaddeswaram, Guntur, Andhra Pradesh, India.
jvvmeghanath@gmail.com
2
sekharks@kluniversity.in
3
Sahyaja.ch@gmail.com
4
jvvmeghanath@gmail.com
Abstract
The study Fundamental analysis is nothing but examining the forces
that will destroy the well -being of the economy, industry groups, and
companies. This system will be utilized will be used to assess the worth of a
company’s stock. It can additionally make utilized for estimating esteem of
any sort of security, like securities or particular cash. This transform of key
dissection includes looking at those economic, monetary Also other
qualitative and additionally quantitative variables identified with An
security In this way Similarly as will determine its innate worth. Key
Investigation may be called quantitative Investigation Furthermore this
primarily includes those company’s monetary indicators (such as earnings,
14809
International Journal of Pure and Applied Mathematics Special Issue
liabilities, revenues, expenses and assets).

Keywords: Fundamental analysis, Steel companies, Company’s financial
statements, India.
14810
1. Introduction
This strategy is about dissecting the worth of a company’s stock value by
profound concentrating on of the fiscal information in the shares of the
organization. The study acknowledges those company’s income Furthermore
expenses, stakes what's more liabilities, management knowledge What's more
industry flow. In other words it focuses on the business and tries to work out
what the stock price should be. Fundamental analysis is defined as the
cornerstone of the investment. The study fundamental analysis is too broad,
however, it’s tough to know where to start.There are an unending number of
speculation methodologies that are altogether different from each other, yet all
utilization the basics. The fundamental piece of this investigation includes
digging into the monetary articulations. Crucial investigation takes a gander at
this data to accomplish focus on an organization's future execution. Essential
data that is investigated can likewise incorporate an organization's monetary
reports, and non-budgetary data, for example, appraisals of the development of
interest for items sold by the organization, business examinations, and far
reaching changes, changes in government strategies and so on. Will An
fundamentalist, he knows that On those business value of a stock has a
tendency should move towards its genuine worth or innate worth or is over
those present business sector price, the guru might buy the stock on he knows
that those stock cost might ascent Also move towards its inalienable worth or
true esteem. What's more assuming that the innate quality of a stock might
have been beneath the business price, At that point the mogul will offer those
stock on account of he will knew that those stock cost is setting off will fall and
that will originate closer will its innate worth.
Importance of Fundamental Analysis
Fig 1: Steps in Fundamental Analysis
Value investor also restricts their attention to under-valued companies, because

they believe that it’s hard to fall out of a ditch. The value comes from
14811
fundamental analysis only. Managers can also use this methodto determine
future growth rates for buying high priced growth stocks. What's more, they
may likewise incorporate central factors alongside specialized components into
PC models.
2. Review of Literature
According to Cristina Abad, Sten A. Thore, Joaquina Laffarga (1998) the study
revealed a Predictive majority of the data connection tying that the present
money related information will future earnings, Also An valuation connection
tying future income. to a firm value. These issues will also include its financial
position, industry sector, and the current economic environment, Kotrappa
(2000) studied that “the success of a corporation greatly depends upon sound
financing. When the original financing has been sound, a co-operation has less
fear for the future, provided it is given by a competent management”. Ben
McClure (2004) reveled that “each industry will need contrasts As far as its
client base, showcase stake Around firms, industry-wide growth, competition,
regulation and benefits of the business cycles”. Ou and penman (1989)
contemplated that the utilization about monetary articulation Investigation of
wage proclamation Furthermore monetary record proportions may be mostly to
conjecture future profit. Pascal Nguyen, (2003) develops a "straightforward
monetary score intended to catch here and now changes in firm working
effectiveness, gainfulness and budgetary approach."Lev and Thiagarajan
(1993) he defined theTheoretical contentions to investigation the proportions.
They showed that those income prediction signs needed to variables such as
development Previously, accounts receivables relative will deals Growth and
terrible edge rate need aid incrementally connected with contemporaneous
stock returns What's more need aid critical for foreseeing future income. Jim
berg (1999) directed An investigation – “Fundamental dissection utilizing
internet”. This consider mostly inspected that key examination takes a gander
In those key issues that drive the quality of the specific shares of the
organization. These issues incorporated its budgetary position, its business
sector, and the current investment nature's domain. The objective of the study
was to identify companies that may be considered undervalued in the market
with a view to investing when right time comes to us. In this study, Jim berg
illustrated that “ around the thing that key dissection may be what's more
entryway it Might be used”. Vanstone b. Finnie g. Also tan c's. (2004) directed
An investigation entitled- “Enhancing security determination in the australian
securities exchange utilizing basic Investigation Furthermore neural
Networks.”.This paper mostly inspects monetary exchanging from the
perspective from claiming security Choice. On practice, it will be unreasonable
for a monetary merchant to take part in the fill market for tradable securities
contending for financing capital. Dr. Maria nevis Soris Also v. Sornaganesh
(2012) led An investigation entitled- “Fundamental Investigation for NBFC
done India” “This consider directed should inspect those investment
supportability of the five significant NBFC in indian NBFC division Also its
14812
monetary execution. Fama and french (1992) after An more terrific examine
the relative stake valuation approach picked up around Notoriety indicating
that the B/M proportion may be a standout amongst the best logical variables of
recorded stock returns. In this method, investigators need will conjecture EPS
for those quite a while ahead What's more focus a proper price-to-earnings (P/E
ratio). ” Abardanell Also Bushee (1997) said that investigator needs monetary
support with trust On a lot of people (not all) basic indicators. Ultimately, their
work shows that the macroeconomic variables such as inflation, GDP, etc. And
the condition that the relationship between fundamentals and future earnings.
2.1Significance of the study
There are many investment avenues for an investor to invest in, of them Share
Market Industry is the one. Key examination may be a system for finding out
what's to come cost of a stock which a mogul wishes to purchase. It tries with
figure what's to come development of the money business utilizing signs
starting with those Economy, business Also agency Furthermore also those
genuine worth of a stock may be made Eventually Tom's perusing recognizing
those procuring possibility of the agency which relies ahead investment
surroundings Furthermore factors identifying with particular industry,
competitiveness, caliber about management, operational efficiency,
profitability, capital structure Also profit arrangement..
2.2 Research Gap
In the current changing environment investment avenues has been changing

continuously, of them Share Market industry is the one. With the changes in
the Economic Environment, Industry, and company will impact on the future
earnings of the share market. The investor will know when to invest and where
to invest only after the fundamental analysis.
2.3Objectives of the study
1) To study the various elements of its financial position and performance.
2) To find whether to invest in the particular share of a company or not.
To analyze the performance the Iron and Steel sector companies have been
selected such as: Tata Steel, SAIL, JSW Steel, Jindal, and Visa Steel
companies of their performance levels in the investor point of view.
2.4 Hypothesis of the study
H1: Financial performance of companies differs significantly.
14813
3. Research Methodology
This study is used to assess days gone by execution and the required future
execution about organizations. On examine the profitability position of the
organizations Furthermore should examine the Different proportions of the
previous five a considerable length of time from claiming select organizations
In light of market underwriting..
Population: As per the Stock Exchange 7800 Companies are listed in the BSE
and in NSE 4000 companies are trading.
Sample size:there are 5 companies taken as sample such as: Tata Steel, SAIL,
JSW Steel, Jindal, and Visa Steel.
Sampling Method: Randomsampling method is used based on the research.
Data source: Study is based on secondary data
4. Data Analysis
Examination of fluctuation (ANOVA) is a measurable model and its related
strategies, (for example, "variety" among and between gatherings) used to
dissect the distinctions among aggregate means. In its minimum complex
shape, ANOVA gives a quantifiable trial of paying little mind to whether the
techniques for a couple of social affairs are comparable, and thusly aggregates
up the t-test to more than two get-togethers.ANOVAs are helpful for looking at
(testing) at least three means (gatherings or factors) for measurable importance.
It is adroitly like different two-example t-tests. ANOVA is a specific type of
measurable speculation testing intensely utilized as a part of the investigation
of exploratory information. Test outcome (ascertained from the invalid
speculation and the example) is called measurably critical in the event that it is
esteemed far-fetched to have happened by possibility, expecting reality of the
invalid theory. Measurably critical outcome, when a likelihood (p-esteem) is
not as much as a limit (criticalness level), legitimizes the dismissal of the
invalid theory, however just if the priori likelihood of the invalid speculation
isn't high.
Table1:Table shows the earning per share
Earnings Per Share

Tata Steel SAIL STEEL JSW STEEL JINDAL STEEL VISA STEEL
2012-13 50.28 5.25 79.28 17.04 -8.28
2013-14 64.21 6.33 53.86 13.89 -13.86
2014-15 64.49 5.07 88.24 -3.4 -21.95
2015-16 48.67 -10.02 -146.11 -11.14 -53.05
2016-17 33.67 -6.86 14.89 10.78 -12.97
Average 52.264 -0.046 18.032 5.434 -22.022
14814
This table clearly shows the values of EPS of different years for different
companies that are used in analyzing of earnings per share.
Earnings Per Share
100
50
0
-50
-100
-150
-200
2012-13 2013-14 2014-15 2015-16 2016-17 Earnings Per Share
Fig 2: Figure shows the Analysis of the Earning per share
The graphs show that the x –axis has shown the years from 2012-2017 and the
y-axis has shown the values.
Profit for every allotment or EPS are a critical monetary measure, which
demonstrates the productivity of shares of the organization. It may be
computed Eventually Tom's perusing isolating the organization's net pay with
its aggregate amount about remarkable greater part..It is an instrument that
market member’s use every now and again should gage those productivity of a
particular organization preceding purchasing its allotments. The higher the
profit for every offer of a company, the superior is its benefit.
Hypothesis
H1.1: Earnings per share of Tata Steel, SAIL, JSW Steel, Jindal, and Visa Steel
differ significantly
Table 2: Table shows the ANOVA
ANOVA
Source of Variation SS df MS F P-value F crit
Between Groups 14976.28 4 3744.0695 1.88619 0.152291639 2.866081
Within Groups 39699.81 20 1984.9907
Total 54676.09 24
This table clearly shows the calculation of one way ANOVA. The one-
way analysis of variance (ANOVA) is used to determine whether there are any
statistically significant differences between the means of two or more
14815
independent (unrelated) groups (although you tend to only see it used when
there are a minimum of three, rather than two groups).
Here the degrees of freedom (i.e., DF=n-1)
P-value is the calculated value out of variables that were taken.
F-value is the critical value or table value that was used to compare the
calculated value to know whether there is any significant difference between
variables.
If calculated P-value is more than 0.05 then it is said that there is a significant
different between variables.
Since, the calculated value of P is 0.152291639 which is more than the 5%

(0.05) significance level and the null hypothesis the H1.1can be rejected.
Hence, it is concluded that,EPS of Tata Steel, SAIL, JSW Steel, Jindal, and
Visa Steel are not differ significantly.
Table 3: Table shows the analysis of net profit margin
Net Profit Margin
2012-13 13.25 4.86 5.07 10.64 -17.65
2013-14 15.37 5.6 2.94 8.88 -14.8
2014-15 15.41 4.57 4.7 -2.32 -26.18
2015-16 12.82 -10.58 -9.53 -8.11 -115.49
2016-17 7.17 -6.37 6.83 -7.12 -10.21
Average 12.804 -0.384 2.002 0.394 -36.866
This table clearly shows the values of Net Profit Margin of different years for
different companies that are used in the analysis.
14816
Net Profit Margin

40
20
0
-20 Tata Steel SAIL STEEL JSW STEEL JINDAL STEEL VISA STEEL
-40
-60
-80
-100
-120
-140
2012-13 2013-14 2014-15 2015-16 2016-17
Fig 3:Figure shows the Analysis of Net profit margin
The graphs show that the x –axis has shown the years from 2012-2017 and the
y- axis has shown the values.
The net profit margin is intended to be a measure of the overall success of a

business. A high net revenue shows that a business is estimating its items
accurately and is practicing great cost control. The proportion is intended to
concentrate consideration on the net revenue emerging from business activities
before intrigue and assessment is deducted.
Hypothesis
H1.2: Net Profit Margin of Tata Steel, SAIL, JSW Steel, Jindal, and Visa Steel
differ significantly.
Table 4:Table shows the ANOVA
ANOVA
Source of Variation SS Df MS F P-value F crit
Between Groups 7150.573 4 1787.643 4.146417 0.013188 2.866081
Within Groups 8622.592 20 431.1296
Total 15773.16 24
This table clearly shows the calculation of one way ANOVA. The restricted
investigation of fluctuation (ANOVA) is utilized to decide if there are any
factually critical contrasts between the methods for at least two autonomous
(inconsequential) gatherings.
Here the degrees of flexibility (i.e., DF=n-1)
P-esteem is the figured an incentive out of factors that were taken.
14817
variables.
If calculated P-value is less than 0.05 then it is said that there is a significant
different between variables.
Since the calculated value of P is 0.013188 which is less than the 5% (0.05)
significance level and the null hypothesis H1.2can be rejected. Hence, it is
concluded that, Tata Steel, SAIL, JSW Steel, Jindal, and Visa Steel are does
not differ significantly.
Dividend per Share

Table 5:Table shows the Dividend per share
Dividend Per Share
2012-13 8 2 10 1.6 0
2013-14 10 2.02 11 1.5 0

2014-15 8 2 11 0 0
2015-16 8 0 7.5 0 0
2016-17 10 0 2.25 0 0
Average 8.8 1.204 8.35 0.62 0
This table clearly shows the values of Dividend per share of different years for
different companies that are going to be used in analyzing of Dividend per
share.
Dividend Per Share
12
10
0
2012-13 2013-14 2014-15 2015-16 2016-17
Fig 4: Figure shows the analysis of dividend per share
14818
The graph shows that the x –axis has shown the years from 2012-2017 and the
Dividend per share is a measure of the dividend payout per share of common
stock. The measure is utilized to assess the measure of profits that a salary
financial specialist may hope to get in the event that he or she were to purchase
an organization's stock. The measure is particularly powerful that the sum per
share shows administration's readiness to make steady payouts to speculators.
Hypothesis
H1.3: Dividend per share of Tata Steel, SAIL, JSW Steel, Jindal, and Visa
Steel differ significantly
ANOVA
Source of Variation SS df MS F P-value F crit
Between Groups 384.9699 4 96.24248 28.63494 5.01E-08 2.866081
Within Groups 67.22032 20 3.361016
Total 452.1902 24
independent (unrelated) groups.
variables.
If calculated P-value is more than 0.05 then it is said that there no significant
different between companies regarding dividend per share.Since, the calculated
value of P is 5.01 which is more than the 5% (0.05) significance level so,
hypothesis H1.3can be rejected. Hence, it is concluded that, Tata Steel, SAIL,
JSW Steel, Jindal, and Visa Steel are not differs significantly.
Analysis of Return on Investment

Table 7: Table shows the Return on Investment
Return On Investment
2012-13 9.17 5.29 4.61 6.12 -3.36
2013-14 10.48 6.13 2.79 4.51 -5.79
2014-15 9.65 4.81 3.97 -0.94 -9.55
2015-16 6.95 -10.53 -6.99 -3.48 -31.65
2016-17 6.93 -7.86 6.52 -2.15 -10.56
Average 8.636 -0.432 2.18 0.812 -12.182
14819
This table clearly shows the values of Return on Investment of different years
for different companies that are going to be used in analyzing of Return on
Investment.
Return On Investment
20
10
-10 Tata Steel SAIL STEEL JSW STEEL JINDAL STEEL VISA STEEL
-20
-30
-40
2012-13 2013-14 2014-15 2015-16 2016-17
Figure 5:Figure shows the Analysis of Return on Investment
The graph shows that the x –axis has shown the years from 2012-2017 and the
Return on Investment (ROI) is the benefit to an investor resulting from an

investment of some resource. A high ROI means the investment's gains
compare favorably to its cost. As an execution measure, ROI is utilized to
assess the effectiveness of a venture or to look at the efficiencies of a few
unique speculations.
Hypothesis
H1.4: Return on Investment of Tata Steel, SAIL, JSW Steel, Jindal, and Visa
Steel differ significantly
ANOVA
Source of Variation SS Df MS F P-value F crit
Between Groups 1141.928 4 285.4819 5.93112 0.002576 2.866081
Within Groups 962.6578 20 48.13289
Total 2104.586 24
independent (unrelated) groups.
14820
variables.
If calculated P-value is more than 0.05 then it is said that there is no significant
different between variables. Since, the calculated value of P is 0.002576 which
is less than the 5% (0.05) significance level so, hypothesis H1.4can be
accepted. Hence, it is concluded that, Tata Steel, SAIL, JSW Steel, Jindal, and
Visa Steel are differs significantly.
5. Findings & Suggestions

1.The five year Earnings per Share of the Tata steel company has greater
than all the other companies during the study period. On an average the Tata
steel company earned Earnings per Share of 52.264 followed by JSW Steel
18.032, JINDAL Steel 5.434, VISA Steel -22.022, and SAIL Steel -0.046.
Over the study period from 2012-13 to 2016-17 the Earnings per Share of
the Tata Steel Company did better in the share market value and the VISA
Steel Company least and it has a negative value.
2. The five year Net Profit Margin of the Tata steel company has greater
steel company earned Net Profit Margin of 12.804 followed by JSW Steel
Over the study period from 2012-13 to 2016-17 the Net Profit Margin of the
Tata Steel Company did better in the share market value and the VISA Steel
Company least and have a highest negative value.
3. The five year Dividend per Share of the Tata steel company has greater
steel company earned Dividend per Share of 8.8 followed by JSW Steel
8.35, JINDAL Steel 0.62, VISA Steel 0, and SAIL Steel 1.204. Over the
study period from 2012-13 to 2016-17 the Dividend per Share of the Tata
Steel Company did better in the share market value and the VISA Steel
Company least and it has a Zero value because it has not issued any
dividends.
4. The five year Return on Investment of the Tata steel company has greater
steel company earned Return on Investment of 8.636 followed by JSW Steel
Over the study period from 2012-13 to 2016-17 the Return on Investment of
14821
the Tata Steel Company did better in the share market value and the VISA
Steel Company least and it has a negative value.
6. Suggestions
On the basis of the findings of the study that the Tata steel Company have a
positive ratio in the Earnings Per Share, Operating Profit Margin, Net Profit
Margin, Debt Equity Ratio, Return On Asset, Dividend Per Share, Dividend
Pay Out, Current Ratio, and Return On Investment. And also that the share
price of the company is increasing from the May 2017 to Jan 2018 (it means
that on May 2017 the share price Rs 447 and it increased to Rs 774 on 17th Jan
2017). And it is suggested buy for the medium term.
7. Conclusion
Survival of the companies largely depends on satisfaction of their investor and
consumers for whom they are in business. Satisfied investor will take risk in
future and would like to invest in the companies from whom they are in
advantage. Companies with positive ratio have to develop more efficiency in
their approach and companies who are average and below average have to
explore their effort with optimum utilization of their available resources. The
Tata steel, and JINDAL Steel companies are strongly suggested to buy for the
medium term. The JSW Steel and SAIL Steel companies are suggested to buy
for the short term. And the VISA Steel company is not suggested to buy.
References
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Earnings, and Stock Prices", Journal of Accounting Research,
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[3] Adams et al. August (2009), "A Comparison of Alternative
Approaches to Equity Valuation of Privately held Entrepreneurial
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"Bookkeeping conservatism and the valuation of bookkeeping
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14823
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International Journal of Pure and Applied Mathematics

Volume 119 No. 12 2018, 14809-14824

Fundamental Analysis: A Study on Selected

liabilities, revenues, expenses and assets).

Importance of Fundamental Analysis

Fig 1: Steps in Fundamental Analysis

Value investor also restricts their attention to under-valued companies, because

2.1Significance of the study

2.2 Research Gap

In the current changing environment investment avenues has been changing

2.3Objectives of the study

1) To study the various elements of its financial position and performance.

2) To find whether to invest in the particular share of a company or not.

2.4 Hypothesis of the study

H1: Financial performance of companies differs significantly.

Sampling Method: Randomsampling method is used based on the research.

Data source: Study is based on secondary data

Earnings Per Share

2012-13 2013-14 2014-15 2015-16 2016-17 Earnings Per Share

Fig 2: Figure shows the Analysis of the Earning per share

Here the degrees of freedom (i.e., DF=n-1)

P-value is the calculated value out of variables that were taken.

Since, the calculated value of P is 0.152291639 which is more than the 5%

2012-13 13.25 4.86 5.07 10.64 -17.65

2013-14 15.37 5.6 2.94 8.88 -14.8

2014-15 15.41 4.57 4.7 -2.32 -26.18

2015-16 12.82 -10.58 -9.53 -8.11 -115.49

2016-17 7.17 -6.37 6.83 -7.12 -10.21

Average 12.804 -0.384 2.002 0.394 -36.866

Net Profit Margin

2012-13 2013-14 2014-15 2015-16 2016-17

Fig 3:Figure shows the Analysis of Net profit margin

The net profit margin is intended to be a measure of the overall success of a

Here the degrees of flexibility (i.e., DF=n-1)

P-esteem is the figured an incentive out of factors that were taken.

Dividend per Share

2013-14 10 2.02 11 1.5 0

2012-13 2013-14 2014-15 2015-16 2016-17

Fig 4: Figure shows the analysis of dividend per share

Here the degrees of freedom (i.e., DF=n-1)

P-value is the calculated value out of variables that were taken.

Analysis of Return on Investment

2012-13 2013-14 2014-15 2015-16 2016-17

Figure 5:Figure shows the Analysis of Return on Investment

Return on Investment (ROI) is the benefit to an investor resulting from an

Source of Variation SS Df MS F P-value F crit

Between Groups 1141.928 4 285.4819 5.93112 0.002576 2.866081

Within Groups 962.6578 20 48.13289

Here the degrees of freedom (i.e., DF=n-1)

P-value is the calculated value out of variables that were taken.

5. Findings & Suggestions

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