Sl. No.

Factors 2022-23 2021-22

Q1 Q2 Q1
Section 1 GDP and Related Indicators
1.1 GDP (Value) 4078025 3685125 3917725
1.2 GDP Growth Rate 4.09% 14% 2.53%
1.3 Savings Rate
1.4 GDP Per Capita
Section 2 Labour
2.1 Unemployment Rate 7.83 6.43 9.17
2.2 Employment Rate( traeco)(globaldata) 43.4 43.9 43.1
2.3 Youth Unemployment Rate
Section 3 Prices
3.1 Inflation Rate % 5.53 3.01 8.4
3.2 Consumer Price Index 7.01 7.41 6.26
3.3 Food Inflation 7.28 7.04 5.6166666667
Section 4 Health
4.1 Corona Virus Vaccination Rate 72.281403742 66.925305287 15.696634899
4.2 Covid Cases 43.469M 44.591M 30.363M
Section 5 Money
5.1 Interest Rate 6.4 6.45 4
5.2 Cash Reserve Ratio 4.50% 4.50% 4.00%
5.3 Interbank Rate 4.49 4.79 3
5.4 Money Supply M1(inr b) 5304.7 5342.6 4855.9
5.5 Money Supply M2 54622.68 54312.47 49437.5
5.6 Money Supply M3 20,662.30 21,072.90 19,169.60
5.7 Forex Reserve
5.8 Repo Rate 4.9 5.9 4
5.9 Reverse Repo Rate 3.35 3.35 3.35
5.10 SLR 18 18 18
Section 6 Trade
6.1 Balance of Trade -9204384.91 -206299.55 -70609.1
6.2 Current Account B -13.4 -23.9 -8.1
6.3 Exports 846714.54 845323.09 724592.25
6.4 Import 1052296.78 1143736 891807.19
6.5 FDI Flow( USD in Millions)
6.6 FII Flow
6.7 Terrorism Index
6.8 External Debt $ 620.70B 617.1B 570B
6.9 Gold Reserves 319055 305964 271850
Section 7 Government Data
7.1 Government Debt to GDP
7.2 Budget Surplus/Deficit -147950 -78248 -151071
7.3 Government Revenue (INR 10 Miliions) 596040 607708 547399
7.4 Government Spending (INR 10 Miliions) 947911 875686 821644
7.5 Fiscal Expenditure
7.6 Credit Rating
 7.7 Corporate Tax Rate
7.8 Social Security Rate
Section 8 Business
8.1 Business Confidence 137.8
8.2 Manufacturing PMI 53.9 55.1 48.1
8.3 Service PMI 59.2 54.3 41.2
8.4 IIP
8.5 Internet Speed
8.6 Corruption Index
8.7 Corruption Rank
8.8 Deposit Growth 8.30% 9.20% 10.30%
8.9 Ease of Doing Business
8.10 Sectoral Production (based on your sector)
8.11 Competitiveness Index
8.12 Competitiveness Rank
Section 9 Consumer
9.1 Consumer Confidence 77.3 80.6 48.6
9.2 Consumer Spending (inr b) 22079.81 22295.72 17836.11
9.3 Disposable Personal Income (M INR)
9.4 Bank Lending Rate 8.80% 8.80% 8.80%
9.5 Household debt to GDP
Section 10 Housing
10.1 Housing Index 166.8 169.5 160.5
10.2 Construction Output 12.70% 7.90% 9.30%
 Fundamental Analysis -
2021-22 2020-21 2019-20 2018-19 Forecast
Q2 Q3 Q4 Yearly Yearly Yearly 2023

3246434 3589178 3821878 135584.73 145159.59 139929.14

20.10% 8.40% 5.40% -6.60% 3.74% 6.45% 4 Q1
28.24 29.868 31.749
140,973.40 149,495.20 139,167.40

6.86 7.91 7.57 6.5 8.75 6.65 8.3Q1

40.9 42.3 43.4 46.3 44 49.3
28.26 24.9 22.7

13.26 13.15 5.51 5.22 -4.11 1.74 5.7Q1

4.35 5.66 6.95 5.52 5.84 2.86
5.7166666667 4.58 5.89 6.111 4.5033333333 3.5675

33.740M 34.862M 43.026M 12.149M 1,397.00

4.9 5.9 6.25 4 5.15 6.5 6.5Q1

4.00% 4.00% 4.00% 4.5Q1
3.19 3 3.32 4.94 6.24 4.79
4831.4 5027.4 5332.9
49481.73 49691.54 52856.6
19,396.30 20,114.30 20,489.50

4 4 4 4 4.4 6.25
3.35 3.35 3.35 3.35 4 6
18 18 18 18 18 18

-165310.28 -163392.12 -141165.48

6.5 -9.6 -23 1,754.13 -1,748.49 16,677.22
737146 795993.89 794989.55
833455 970005.57 1022436
-53239.7 -37469.9

7.43 7.67 7.35

570B 593.1B 614.9
278317 292779 323596 248767 232160 166650

89.26% 89.41% 73.72%

-58842 -63752 -269942 -415914 -102294 -206132
551767 662526 445942 1689720 1752679 1666055
804373 895041 622817 3511181 2686870 2311422
 34% 25% 25.17% 25.17%
24% 24% 24% 24%

134.7 139.3 111.4 102.2 120

53.7 55.5 54 55.4 51.8 52
55.2 55.5 53.6 54.6 49.3 52.2
118.1 POINTS 129 130.1

40 points 40 points 41 points

86th 78th 81th
9.30% 9.60% 8.90% 12.10% 7.90% 10%
63rd 77th 126

61.36 points
43rd 43rd 58th

57.7 64.4 71.7 78

19483.46 23304.25 22624.05 82227.95 75049.31 82809.05
238573760 199689740  206982630
8.80% 8.80% 8.80% 8.80% 9.40% 9.45%
37.70% 34.50%

162.1 163.4 165.3 159.9 154.5 149

4.50% 3.80% 4.30% 12.60% -8.60% 5.80%
 Fundamental Analysis - Macro Economic Analysis Checklist

GDP Growth by country 2022, India's GDP is the fifth largest GDP in the world. In Q2 it is decreasing.
 reaching an all time high of 20.10 percent in the second quarter of 2021
In economic terms, saving is a decision to forego some current consumption in favour of higher future consumption, so the sav
The Gross Domestic Product per capita in India was last recorded at 1961.42 US dollars in 2021. The GDP per Capita in India

unemployment rate is 7.70% in urban India whereas only 6.00% in rural India.
employment rate is growing after post corona effect
youth unemployment rate is more it may be because of higher education or unavailability of job

Inflation rate of India is decling after covid ehich is favourable. But it is estimated to increase in next quarter
the CPI is constructed to focus on the buying habits of urban consumers and it is increasing. It has often been criticized as not
food inflation in India after covid once declined but may because of recession its now increasing

covid vaccination is implemented in India very effectively. So that people can deffended by corona virus
covid case in India is negligible comparing to its population

hike in the interest rate are taking place this is because of anticipation of recession
increasin CRR are taking place this is because of anticipation of recession
increasin bank rate are taking place this is because of anticipation of recession
M1 includes the most liquid portions of the money supply because it contains currency and assets that either are or can be quic
M2 decreased when other two money supply are increased
M3 is increasing as supply of money into the market is increasing

it is increasing as RBI expects recession in future

reverse repo is constant
statutory liquid ratio is also constant

balance of trade in India is negative it means imports are more than the exports
current account balance is also increase negatively
corporate tax increases so it will effect the corporates and their profits
social security rate is constant and it comprises of 12% from employee and 12% from employer

India’s manufacturing industry remained robust and expanded at a faster pace in October indicating a strong improvement in the health of th
strongest expansion in the services sector since August, supported by a sharp expansion in output and further job creation.

ease of doing business in India is accelarating because of government policy and credit facility availability

after pandamic consumer confident is in increasing trend but it is estimated to be reduce to 78

consumer spending increases as disposal income increases and credit availability

costruction cost reduction will benefits every project

Total Macro Economic Analysis Score
Favorable (YES = 1/NO = 0)
0
1

0
0 ma
0

1
1
0

1 950990357
1 1420972759

1
1
1
1
0
1

1
1
1

0
 0
1

1
1

0
1
1

0
1
0
1
0

1
22
 Sl. No. Factors
Section M General Information about the industry
M1 Industry Name
M2 Business Description
M3 Number of players in India (DATA)
M4 Major Players in the world
M5 Major Players in India
M6 Total Revenues of the industry (DATA)
M7 Total Exports from industry in India (DATA)
M8 Total imports from the industry (DATA)
M9 CAGR of Sales Revenue of the industry (DATA)
M10 Positives about the industry based on your readings
M11 Strengths of the Industry
M12 Weaknesses of the industry
M13 Opportunities for the industry
M14 Threats for the industry
Section 1 Sensitivity to the Business Cycle
1.1 How the sales revenue of the sector was effected during Covid Pandemic?
1.2 How the recovery of the sector is taking place?
1.3 What is the position of the industry with debt? (DATA)
1.5 What are major risks for the industry in terms of macro factors? Whether they are managed well
Section 2 Industry Life Cycle Analysis
2.1 139,167.40
2.2 From how long the industry is in existence (Pioneer Stage)
2.3 How long the industry last in the market? Or there would be continues growth?
2.4 Are there any options for innovations to keep the industry alive?
2.5 How many firms divested from this industry?
Section 3 Structure and Characteristics of an Industry
3.1 Structure of the industry and nature of competition
3.1.1 What is the government policy towards licensing in this industry?
3.1.2 Are there any entry barriers for the domestic firms?
3.1.3 Are there any entry barriers for the foreign firms?
3.1.4 What is the degree of homogeneity or differentiation in the industry?
3.1.5 How is the competition from foreign firms?
3.1.6 How is the functional performance of the products? Where the products are mainly used?
3.1.7 What is the pricing policy adopted by the industry?
3.1.8 Are there any substitutes available for the products produced by the industry?
3.1.9 How is the quality of the products produced by the industry players in India?
3.2 Nature and Prospects of Demand
3.2.1 Who are the major customers for the industry?
3.2.2 What is the present demand condition for the products of the industry?
3.2.3 What are the key determinants of demand?
3.2.4 What is the degree of cyclicality in demand?
3.2.5 What is the expected rate of growth in the foreseeable future?
3.3 Cost, Efficiency and Profitability
3.3.1 What is the proportion of raw material cost in the total cost of production?
 3.3.2 What is the proportion of labour cost in the total cost of production?
3.3.3 What is the proportion of overhead cost in the total cost of production?
3.3.4 Industry Average - Gross Profit Margin
3.3.5 Industry Average - Net Profit Margin
3.3.6 Industry Average - ROE
3.3.7 Industry Average - Book Value per Share
3.3.8 Industry Average - EPS
3.3.9 Industry Average - DPS
3.3.10 Industry Average - Dividend Pay-out Ratio
3.3.11 Industry Average - Debt Equity Ratio
3.3.12 Industry Average - Interest Coverage Ratio

3.3.13 Industry Average - Current Ratio

3.3.14 Industry Average - Cash Ratio
3.3.15 Industry Average - P/E
3.3.16 Industry Average - Beta
3.3.17 Whether the industry has control over the prices of input and output?
3.3.18 What is the behaviour of prices for the inflationary conditions? Are they sensitive?
3.4 Technology and Research
3.4.1 What is the degree of technological stability in the industry?
3.4.2 How important are the technological changes for the industry?
3.4.3 What is the Research and Development outlays as a percentage of industry sales? (DATA)
3.4.4 What is the Proportion of sales growth attributable to new products? (DATA)
3.4.5 Whether the industry is trying to implement the technological changes taking place around the g
Section 4 Profit Potential of the industry - Porters Model
4.1 Threats of New Entrants
4.1.1 The new entrants have to invest substantial resources to enter the industry. (Higher investment
4.1.2 Existing firms control the distribution channels and enjoy some kind of proprietary experience curv
4.1.3 The government policy limits or even prevents new entrants. (If YES is positive)
4.2 Bargaining Power of Buyers
4.2.1 What is the size of buyers firms? (Large size is positive)
4.2.2 What is the switching cost for different buyers? (High cost is positive)
4.2.3 Whether there is a threat of backward integration? (If No - Positive)
4.3 Threat of substitute Products
4.3.1 What is the performance of substitute products? (If the performance is good then negative)
4.3.2 What is the switching cost for different buyers? (High cost is positive)
4.3.3 Whether the substitute industry is profitable one? (If YES Negative)
4.4 Bargaining Power of Suppliers
4.4.1 Whether the sellers are concentrated or scattered? (Scattered is Positive)
4.4.2 What is the switching cost for different buyers? (High cost is positive)
4.4.3 Whether there is a threat of forward integration? (If No - Positive)
4.5 Rivalry among existing competitors
4.5.1 How many players are there in the industry? (If the number is large then Negative)
4.5.2 Whether there is a balance in the industry between different firms? (If yes then Negative)
4.5.3 How is the competition among the firms? (If intensive then Negative)
 Fundamental Analysis - Industry Analysis Checklist
2022-23
Comment Q1 Q2
AUTOMOBILE
automobile industry, the business of producing and selling self-powered vehicles, including passenger cars, trucks, farm
16
Honda, Toyota, volkswagen,Ford, Kia, Hyundai, BMW, Nissan
ndra & mahindra, Tata motors, Ashok leyland, Hero motocrop, Eicher motors, TVS motor company
16 (Rs. in B) 2034.4 2078.56

7.50% 5.77%
its trend in the market and more demand because of rise in income of people espetially in young generation.
Huge demand, increase in income
Shortage of semi conductor, bargaining power of supiers
EV
High R & D cost
Comment Favourable (YES = 1/NO = 0)
According to the Society of Indian Automobile Manufactur 0
Recovery is taking at fast rate 1

Recesion 0

80+ YEARS 1
This industry will not end. Yes their will be growth 1
EV, self driven cars 1
Since 2017, 4 major automobile manufacturers stopped their operations in India. Including global giants like Harley-Davidson,

Vehicles manufactured in the country have to comply wi 1

The automotive industry is an oligopoly. The firms produce similar cars and 1trucks at similar prices. It is very expensive to crea
same as above 1
homogeneity
High 1
mainly for personal use and commertial use 1
The company aims to set up a customer-based price in the market. This is primarily achieved by providing low price for their p
No 1
average 1

all common people 1

it is in growth stage 1
Rise in income level of people, better credit facility an 1
The automobile industry is a highly cyclical one, i.e. 0
India's Automotive Market was valued at USD 100 billio 1

NA
NA
NA
23.34%
4.28 6.13

557.49
11.58 18.73

4.75 8.19

1.39
0.49
29.2 53.14
NA
no 0
yes 0

changing day by day. Today trend in automobile sector i 0

AS AUTOMOBILE SECTOR MAINLY DEPENDS ON TECNOL 0
Automobile sector requires hugeresearch and developm 1
NA
YES BECAUSE MAJOR PLAYERS ARE GOING EV 1

yes 1
yes 1
yes high import tax 1

SMALL 0
high 1
yes 0

0
high 1
NO(RAILWAY,AIR) 1

scattered 1
low 0
yes 0

16 1
yes, Industry is very large but matured and There is m 0
moderate 1
Total Industry Analysis Score 26
 2021-22 2020-21 2019-20 2018-19 Forecast Comments
Q1 Q2 Q3 Q4 Yearly Yearly Yearly 2023

ding passenger cars, trucks, farm equipment, and other commercial vehicles.

1458.56 1549.12 1753.28 2062.08 5570.56 5814.56 7519.04

-2.85% 2.41% 6.66% 4.37% 2.40% 4.16% 10.29%

175.71B 159.46B 146.35

global giants like Harley-Davidson, General Motors, Ford, and UM. And partially HONDA also.. The lack of hot selling cars and void in the SU

d by providing low price for their products or services to a limited period of time. This later on, with a revised version comes into the marke
20.88% 19.28% 21.10% 38.39% 37.80% 25.86% 35.07%
-0.47 4.83 3.99 5.65 25.98 -22.37 7.21
4.01% 2.21% 3.23% 9.26% 14.15%
-1 525.28 -1 596.46 524.94 494.37 519.99
5.75 12.56 10.24 14.82 36.25 51.54 70.71
24.6321 22.7036 21.9885
34.88% 32.36% 23.93%
77.17% 69.38% 64.80%
1.09 4.12 6.52 9.06 22.06 18.2 29.61
11.89 9.85
1.51 1.72 1.6 1.53 1.64
0.62 0.83 0.78 0.45 0.38
30.38 402.37 31.13 29.67 31.44 18.61 22.65

2.10% 1.30% 1.29% 1.12%

ng cars and void in the SUV sub-segments made this brand exit the country. Though Endeavour tasted success, Ford had to have some oth

on comes into the market as a premium product with a little raise in the price.
ss, Ford had to have some other product to stay in profit. some other reason are high operating cost, high compitition
 Fundamental Analysis - Tren
Company Name
Symbol
Major Trend Sub Trends 2011 (Base Year)
Trend in Sales Revenue 100
Income Statement Trend Trend in Total Expenses 100
Trend in Profit 100
Trend in Equity 100
Balance Sheet Trend Trend in Debt 100
Trend in Fixed Assets 100
Trend in CF from OA 100
Cash Flow Trend Trend in CF from IA 100
Trend in CF from FA 100
Trend in Current Ratio 100
Trend in Debt Equity Ratio 100
Ratio Trends Trend in N/P Ratio 100
Trend in EPS 100
Trend in DPS 100
Trend in ROE 100
Trend in Market Price 100
Market Trend Trend in P/E 100
Trend in Price to Book Value 100

Sub Trends 2011 (Base Year)

Trend in Sales Revenue 334463.4
Trend in Total Expenses 317343.5
Trend in Profit 30797.3
Trend in Equity 186207.2
Trend in Debt 133640.4
Trend in Fixed Assets 294824.5
Trend in CF from OA -9388.6
Trend in CF from IA -18832
Trend in CF from FA 19354.8
Trend in Current Ratio 1.3
Trend in Debt Equity Ratio 64.73
Trend in N/P Ratio 9.21
Trend in EPS 26.73
Trend in DPS 5.25
Trend in ROE 25.2
Trend in Market Price 330.46
Trend in P/E 13.1
Trend in Price to Book Value 2.88
Fundamental Analysis - Trend Analysis Checklist
Company Name Mahindra & Mahindra
Symbol
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
163.563098 187.2957 200.1145 189.4436 201.3726 221.2492 244.8163 276.5025 185.8677 181.6358
169.603663 194.4257 208.1352 204.1275 214.9111 239.0184 258.8607 294.649 206.5807 201.6091
101.523835 133.1026 151.537 101.8748 102.2307 120.0768 243.8652 172.595 4.125037 58.85224
114.007246 135.6428 155.9551 170.5015 174.0687 193.8426 241.8041 259.6247 255.9571 272.0208
133.209718 167.0416 203.1452 235.7584 171.2099 231.5761 249.4501 294.2975 344.8657 259.1607
118.18838 143.3848 165.101 186.8701 192.3886 223.7073 265.0217 318.7847 349.2289 319.9347
48.8443431 144.1173 60.93134 -116.1536 -262.1019 -49.72413 -77.84228 456.9872 38.61172 -2014.838
165.944138 159.0139 251.9377 249.007 335.4795 352.0699 320.6154 422.0598 424.238 1033.052
253.554157 265.9092 318.2911 111.5046 176.1842 339.9167 353.1646 719.0397 358.1928 20.98859
101.538462 100.7692 110.7692 90.76923 92.30769 93.84615 92.30769 90.76923 91.53846 107.6923
116.731037 121.4738 135.6095 108.6359 112.4826 128.9356 116.0049 139.0854 162.0732 160.9764
62.1064061 71.00977 75.67861 53.74593 50.70575 54.28882 99.56569 62.43214 2.171553 32.35613
99.4762439 130.0412 147.8863 99.28919 109.0535 127.8339 258.8851 182.9779 4.302282 61.09241
119.047619 119.0476 128.5714 114.2857 114.2857 123.8095 142.8571 161.9048 44.7619 166.6667
80.0793651 88.73016 85.59524 50.63492 47.7381 52.18254 89.60317 54.96032 1.269841 17.65873
108.969315 122.2175 137.6173 186.2222 188.6068 200.5961 211.2994 244.7951 170.1598 190.7341
100.534351 94.58015 94.65649 170.687 173.8168 143.7405 81.52672 105.1908 100.458 201.2214
85.7638889 88.54167 86.11111 94.44444 85.76389 85.06944 75.69444 63.54167 27.43056 73.61111

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
547058.7 626435.4 669309.7 633619.6 673517.7 739997.7 818820.8 924799.7 621659.3 607505.3
538226.2 616997.3 660503.4 647785.4 682006.3 758509.4 821477.5 935049.4 655570.4 639793.4
31266.6 40992 46669.3 31374.7 31484.3 36980.4 75103.9 53154.6 1270.4 18124.9
212289.7 252576.7 290399.6 317486.1 324128.5 360948.9 450256.6 483439.8 476610.5 506522.3
178022 223235 271484 315068.5 228805.6 309479.2 333366.1 393300.3 460879.9 346343.4
348448.3 422733.5 486758.3 550938.7 567208.8 659543.9 781348.9 939855.3 1029612 943245.8
-4585.8 -13530.6 -5720.6 10905.2 24607.7 4668.4 7308.3 -42904.7 -3625.1 189165.1
-31250.6 -29945.5 -47444.9 -46893 -63177.5 -66301.8 -60378.3 -79482.3 -79892.5 -194544.4
49074.9 51466.2 61604.6 21581.5 34100.1 65790.2 68354.3 139168.7 69327.5 4062.3
1.32 1.31 1.44 1.18 1.2 1.22 1.2 1.18 1.19 1.4
75.56 78.63 87.78 70.32 72.81 83.46 75.09 90.03 104.91 104.2
5.72 6.54 6.97 4.95 4.67 5 9.17 5.75 0.2 2.98
26.59 34.76 39.53 26.54 29.15 34.17 69.2 48.91 1.15 16.33
6.25 6.25 6.75 6 6 6.5 7.5 8.5 2.35 8.75
20.18 22.36 21.57 12.76 12.03 13.15 22.58 13.85 0.32 4.45
360.1 403.88 454.77 615.39 623.27 662.89 698.26 808.95 562.31 630.3
13.17 12.39 12.4 22.36 22.77 18.83 10.68 13.78 13.16 26.36
2.47 2.55 2.48 2.72 2.47 2.45 2.18 1.83 0.79 2.12
 2022 Insert - Trend Line
230.5698
248.9265
213.5681
305.1722
416.3241
335.6736
-1090.115
259.7929
-268.8274
103.0769
138.8074
92.61672
221.474
220
58.84921
245.9481
103.9695
71.18056

2022
771171.6
789952.2
65773.2
568252.6
556377.2
989648
102346.5
-48924.2
-52031
1.34
89.85
8.53
59.2
11.55
14.83
812.76
13.62
2.05
Comment
There was a continuos upward trend in the sales revenue except 2020-21 which was due to covid-19.
Expenses during the year was higher at 248.9 as compared to previous last 2 years.
M&M reported profit of 213.56 as compared preceeeding years ,this is due to the strong performance of its automotive and fa
Company says is seeing high interest for new launched Scorpio-N; In the last three months, the stock has outperformed the m
An increase in gross non-performing assets (NPAs) as the pace of recoveries slows down.
Mahindra tractor has been running good returns for getting profits.
Cash from operating activity is negativ than historical averages.
Decrease in cash from investing has compared to 5 the previous years.
Negative figure indicates company is servicing debt or making dividend payments.
A decline in this ratio can be attributable to an increase in short-term debt, a decrease in current assets, or a combination of b
the equity of the company's shareholders is bigger, and it does not require any money to finance its business and operations
net profit ratio had slighty decreased form base year and 2020 it was droped to 4 and in 2022 it is in upper trend.
This suggests that, as the business progressed over the last few years, it gained the confidence of market participants. It is qui
The company is easily earning enough to cover its dividend payments and it is great to see that these earnings are being trans
ROE is better compared to last few years.
market price is increaseing year by year .on 2019 -20 the price decreases and on 2022 price increase to 245.
A low PE ratio means that a stock is cheap and its price may rise in the future.
Price to book value from base year it was constant till 2018-19. From 19-20 there is a fall to 27.43 due to covid .
Total Trend Analysis Score
Favourable (YES = 1/No = 0)
1
0
1
1
0
1
0
0
0
0
1
1
1
1
1
1
0
1
11
 Fundame
Company Name Mahindra & mahindra
Symbol m&m
Sl. No. Financial Ratio 2022-23 2021-22
Q1 Q2 Q1 Q2
Section 1 Profitability Ratios
1.1 G/P Margin 15% 17% 5% 23%
1.2 N/P Margin 7.73 9.28 2.21 8.98
1.3 ROE 20.7 9.93
1.4 Book Value Per Share 388.09 360.73
1.5 EPS 19.74 24.93 3.82 17.36
Section 2 Marketability Ratios
2.1 Dividend Per Share
2.2 Dividend Pay Out
2.3 Dividend Yield
Section 3 Leverage Ratios
3.1 Debt-Equity Ratio 137.48 151.82
3.2 Interest Coverage Ratio 2.82 2.88 0.14 3.14
Section 4 Growth Performance
4.1 CAGR of Sales
4.2 CAGR of EPS
4.3 CAGR of Total Expenses
4.4 CAGR of DPS
4.5 Sustainable Growth Rate
Section 5 Liquidity Ratio
5.1 Current Ratio 1.32 1.36
5.2 Cash Ratio 0.32 0.35
Section 6 Valuation Multiples
6.1 Price to Earnings 13.73 14.55 25.84 17.37
6.2 Price to Book Value 2.79 2.07
Section 7 Volatility Measures
7.1 Beta 1.064 0.039 1.526 0.308
7.2 Volatility in ROE
 Fundamental Analysis - Financial Analysis Checklist
ndra & mahindra
m&m
2021-22 2020-21 2019-20 2018-19
Q3 Q4 Yearly Yearly Yearly

19% 16% 15% 13% 15%

10.53 8.63 2.98 0.2 5.75
15.95 4.45 0.32 13.85
374.51 374.51 360.55 367.52
22.36 20.13 16.33 1.15 48.91

8.75 2.35 8.5

24.28 8.24 17.4
0.4 1.55 0.94

136.57 113.37 126.34 111.84

2.98 2.74 1.69 1.63 2.23

-2.04 -0.38 6.68

4.4 3.23 5.61
-5.24 -3.37 4.86

11.71 3.37 0.29 11.44

1.34 1.4 1.19 1.18

0.39 0.44 0.26 0.25

14.64 12.67 26.36 13.16 13.78

2.05 2.12 0.79 1.83

1.578 1.049 1.447 1.353 1.665

ncial Analysis Checklist

Comments

company can make

N/P improved a reasonable
on account profitinon
of increase sales, asperformance,
operation long as it keeps overhead
lower costs in
impairment control
losses on investments, higher gain on sale
long-term investment, lower tax expenses for the year.
higher ROE signals that a company efficiently uses its shareholder's equity to generate income
the firm's BVPS increases, the stock should be perceived as more valuable

dividend is given yearly,in 19-20 due to covid they gave less dividend.
dividend payout would have to be determined based on available financial resources, investment requirements and taking int
Dividend yeild is not good but during covid they gave good profits to investors.

This is decreased as they pay down loans and restructure debt.

Int coverage ratio is healtier compare to previous year this is due to repayment of borrowings during thr yr.

growth of the company is increasing because of high demand

current ratio is consistently getting up because they are repaying the debts.
ratio is under 0.5 and is risky.

PE Below 20 provides good investment . So PE is below 20 except 20-21.

Price to book ratio is above 1 , it is higher . But during covid theratio is below 1 , it is undervalued.

Total Financial Analysis Score

Favourable (YES=1/NO=0)

1
1
1
1

1
1
0

0
1
0

1
0

1
1

11
 Fundamental Analysis - Piotroski Score Ca

millions INR
Particulars 2021-22 2020-21
Revenue 771171.60 607505.30
Cost of Goods Sold 647784.14 516379.51
Gross Profit 123387.46 91125.80
Gross Margin 16.00 15.00
Net Income 65773.20 18124.90
Year End Current Assets 751480.00 721379.10
Year End Current Liabilities 562883.30 514460.10
Year End Total Assets 1741128.00 1664624.90
Long-term Debt 510576.10 527783.70
Operating Cash Flow 102346.50 189165.10
Diluted Shares Outstanding 1196.60 1110.30

Piotroski F Score Breakdown

Profitability
ROA 0.01088827879482 0.03777620025639
CFO 0.11363827370358 0.05878172081547
∆ROA -0.02688792146157 0.03701551202994
ACCRUAL
Leverage, Liquidity, Source of Funds
Change in the long term debt $17,208 $10,584
Average Total Asset Ratio 1702876.45 1705597.3
∆LEVER 0.01010501965659 0.00620533346295
∆LIQUID (CURRENT RATIO) 1.40220611860862 1.33505470849819
EQ_OFFER 1,110 1,197
Operating Efficiency
∆MARGIN -1.00 3.00
∆TURN 0.36495026597283 0.44291493790233
Total Score
Evaluation Criteria 0 to 3 Weak Financials
4 to 6 Average Financials
7 to 9 Strong Financials

Definitions & Explanation of Calculations

ROA: Return on assets. Net Income divided by year beginning total assets. F score is 1 if ROA is positi
CFO: Operating Cash Flow divided by year beginning total assets. F score is 1 if CFO is positive, 0 othe
∆ROA: Change in ROA from prior year. If ∆ROA>0, F score is 1. Otherwise, F score is 0.
ACCRUAL: CFO compared to ROA. If CFO>ROA, F score is 1. Otherwise, F score is 0.
∆LEVER: Change in Long-term Debt/Average Total Assets ratio. If the ratio compared to prior year is l
∆LIQUID: Change in current ratio. If current ratio increases from prior year, F score is 1, 0 otherwise.
EQ_OFFER: Total common equity between years. If common equity increases compared to prior year
∆MARGIN: Change in Gross Margin Ratio. If current year's ratio minus prior year's ratio >0, F Score is
∆TURN: Change in Asset Turnover Ratio (Revenue/Beginning Year Total Assets). If current year's ratio
ntal Analysis - Piotroski Score Calculator

2019-2020
621659.30
520079.30
101580.00
13.00
1270.40
640454.30
540095.20
1670066.60
499992.30
-3625.10
1108.60

SCORE

1 0.000761
1
0
1

0
1
0

0
0
4

sets. F score is 1 if ROA is positive, 0 otherwise.

ore is 1 if CFO is positive, 0 otherwise.
ise, F score is 0.
, F score is 0.
atio compared to prior year is lower, F score is 1, 0 otherwise.
year, F score is 1, 0 otherwise.
creases compared to prior year, F score is 1, 0 otherwise.
prior year's ratio >0, F Score is 1, 0 otherwise.
al Assets). If current year's ratio minus prior years >0, F score is 1, 0 otherwise.
 Fundamental Analysis - Company Analysis
Company Name
NSE SYMBOL
Sl. No Factors
M1 List the strengths of the company
1 Number one tractior brand globlly by volume
2 Low after-sale cost
3 Excellent products according to indian road conditions
M2 List the Weaknesses of the company
1 Two wheeler segment is not doing well
2 Tractor sales dependent on performance of rural agriculture sector
3 Geographical dependence
M3 List the Opportunities for the company
1 Huge potential in the EV market
3 Increasing demand for hybrid electric vehicles
M4 List the threats for the company
1 Stringent regulations
2 Competitors catching up with product development
3 Saturation in urban market and stagnation in rural market

1 Corporate Governance
1.1 Whether the management are closely related to the industry with their exper
1.2 What is the competence, motivation integrity, dynamism, and commitment
1.3 What is the management's stand on R&D?
1.4 How effective is the organizational structure of the firm? Is it suitable to the industry requirements?
1.5 Who are the BOD? Their qualification and expertise?
1.6 How many are independent directors in the board?
1.7 Who are the auditors?
1.8 Big 4?
1.9 From how long the auditors are associated with the firm?
1.10 Whether the company has any compliance issue with the regulatory authorit
1.11 Whether the company has any lawsuits pending? What is the effect of lawsuits
2 Technological and Production Prospectus
2.1 What is the technological competence of the firm?
2.2 What is the image of the company in the market?
2.3 What is the reach of the distribution network of the firm?
2.4 Does the company have unutilized capacity to exploit favourable market dev
3 Human Resource and Personnel
3.1 What is the employee turnover ratio for the current period?
3.2 Is the company over-staffed or under staffed? Or Balanced?
3.3 What is the state of company's industrial relations?
3.4 What is the extent of employee absenteeism?
4 Overall Competency and Prospectus
4.1 What is the overall growth prospect of the firm?
4.2 What are the products in the portfolio of the company that can create a diffe
4.3 How competitive is the position of the company in these products?
GD What is your overall opinion about the firm? What rating you will give out of 10 after considering over
Economic Analysis
Piotroski
Trend
Financial
Company
Industry
Analysis - Company Analysis
Mahindra & mahindra
m&m
Comment Favourable (YES=1/NO=0)

An integral part of the farm division, Mahindra tractors stands tall 1

Due to its reduced after sale cost than industry average and its avail 1
M&M's SUVs are perfectly suited to Indian road conditions especiall 1

Their lack of proper advertising for the bike didn't help the sales. T 0
Tractor sales depends upon the seasonal demand. 0
M&M depends 60% of its revenue from India, which affects its busine 0

Indian automative industry (including component manufacturing) is ex 1

Demand for HEVs iS expected to increase at a CAGR of 19% in next 3 1

Government & environmental agencies have restrictions governing M&Ms 0

M&M is still facing challenges from international and local markets 0
Adoption of products is slow in rural market and it is costly for M&M 0

Yes 1
To Invest in new product development, technology upgrades, increasi 1
Automative engineering and design, connected cars and electric 1
able to the industry requirements?
Mr. Anand G Mahindra, Dr Anish Shah, Mr Rajesh Jejurikar, Mr CP G 1
7(Mr. Vikram Singh Mehta,Mr. Haigreve Khaitan,Mr. Muthiah Muruga 1
Messrs B S R & Co.LLP( Chartered Accountants) 1
No 0
5 years 1
No 1
No 1

Industry 4.0,which incorporates next-gen technologies in automation, 1

M&M is one of the largest vehicle manufacturers by production in Ind 1
M&M has 300 dealerships spread across 240 cities. Around 1300 up-co 1
YES 1
Balanced (Number of Permanent Employees (nos.)
21297,Temporary / Casual / Employees (nos.) 27664, Unionised
Permanent Workforce (%) 86 ,Employee Benefit Expense (J Cr)
3306,Permanent Women Employees (nos.) 659. 1
GOOD 1

Their portfolio covers a wide range of products:heavy trucks, light

trucks, two-wheelers,SUV, tractors and school buses.
M&M has also built top industry-standard military vehicles and its
Willys jeeps were used for transportation in World War II. 1
To gain a competitive edge in the market, Mahindra & Mahindra alway 1
ou will give out of 10 after considering overall performance of the firm 5
Total 27

Total Fundamental Analysis Points 34

Fundamental Score for the company 16.03773585
Recommendation (BUY/HOLD/SELL)

58
9
18
21
44
62
212