Company Name V-GUARD IND

Current Price (INR) ₹ 321.40

No. of Shares (crores) 43
Market Cap (crores) ₹ 13,953
TTM Net Profit (crores) ₹ 198
P/E Ratio 70.4x
TTM Operating Profit Margin 7.77%
Latest FY ROAE 11.99%
Latest FY ROACE 14.47%
Debt to Equity Ratio 0.32x
Free Cash Flows (FCF) ₹ 312
Debt to FCF 1.6x
V-GUARD INDUSTRIES LTD
₹ 321.40
43 Revenue Growth > 10% in 5 Y NO 👎
₹ 13,953 Net Profit Growth > 12% in 5 No 👎
₹ 198 P/E Ratio < 20x NO 👎
70.4x ROE Ratio > 15% YES 👌
7.77% ROCE Ratio > 14% YES 👌
11.99% Market Cap MIDCAP 😓
14.47% Debt to Equity Ratio < 1.5x YES 👌
0.32x Operating cash Flow in 5 Year Positive 👌
₹ 312 Free Cash Flow in 5 Years Positive 👌
1.6x

Discounted Cash Flow (DCF)OVERVALUED

Expected ROI next 10 Years
Expected Share price in 10 Yea
1.8x
₹ 575 ❎
Piotroski F-Score 4.0x
Read My Blog
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iNCOM

COMPANY NAME

INR (in crores) Mar-14

Sales 1,506
Operating Profit 123
Multibagger List
Other Income 5
EBITDA 127
Income Statement (Yearly)
Interest (21)
Depreciation (12)
Income Statement
Profit before tax (PBT) 94
(Quarterly)
Balance Sheet Tax (24)
Profit after tax (PAT) / Net Profit 70
Cash Flow Statement
Adjusted Equity Shares (in crores) 41.8
Ratio Analysis
Price 33
Info-graphics & Charts
Operating Profit Margin (OPM) % 8.1%
DCF Valuation Net Profit Margin (NPM) % 4.7%
Tax Payout % 25.6%
Investment Decission Dividend Payout % 19.2%
Interest Coverage Ratio (x) 5.5x
Stock Watchlist Earnings Per Share (EPS) 1.7
PE Ratio (x) 19.9x

Common Sizing Expenses

Year >> Mar-14

Sales 100%
Raw material Expenses 76%
Change in Inventory (1%)
Power and Fuel Cost 1%
Other Mfr. Exp 2%
Employee Cost 6%
Selling and Admin Expenses 9%
Other Expenses 0%
Operating Profit Margin (OPM) % 8.1%

As a Equity Analyst, give me financial analysis of 'Income Statement'!of V-GUARD IND

here is the 6 years sales numbers- 2311.74crores(FY18), 2566.44crores(FY19)", 2481.96c
here is the 6 years operating profit numbers- 187.72crores(FY18), 219.7crores(FY19)", 25
here is the 6 years Other income numbers- 10.33crores(FY18), 17.98crores(FY19)", 23.24
here is the 6 years EBITDA numbers- 198.05crores(FY18), 237.68crores(FY19)", 277.25c
here is the 6 years Interest numbers- 1.66crores(FY18), 1.27crores(FY19)", 3.73crores(FY
here is the 6 years Depriciation numbers- 19.11crores(FY18), 21.82crores(FY19)", 28.09c
here is the 6 years PBT numbers- 177.28crores(FY18), 214.59crores(FY19)", 245.43crore
here is the 6 years Tax numbers- 44.19crores(FY18), 49.07crores(FY19)", 60.28crores(FY
here is the 5 years PAT numbers- 133.09crores(FY18), 165.52crores(FY19)", 185.15crore
All figures are in Indian currency. Please comment on the financial health, trends and insig
Also, give me the historical growth of the company, and if it continues in same tragedy, w
 iNCOME sTATEMENT (yEARLY)

V-GUARD INDUSTRIES LTD

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

1,731 1,845 2,086 2,312 2,566 2,482 2,699 3,477
133 178 210 188 220 254 307 335
4 7 12 10 18 23 21 10
138 185 222 198 238 277 328 345
(21) (9) (2) (2) (1) (4) (6) (8)
(15) (15) (16) (19) (22) (28) (37) (48)
101 161 204 177 215 245 285 290
(31) (49) (59) (44) (49) (60) (86) (63)
71 112 145 133 166 185 199 227

42.0 42.1 42.5 42.6 42.7 42.8 43.0 43.2

65 63 173 222 222 155 252 216

7.7% 9.6% 10.1% 8.1% 8.6% 10.2% 11.4% 9.6%

4.1% 6.1% 6.9% 5.8% 6.4% 7.5% 7.4% 6.5%
30.3% 30.6% 29.0% 24.9% 22.9% 24.6% 30.1% 21.8%
19.1% 18.9% 20.6% 22.4% 20.6% 20.8% 25.9% 24.7%
5.9x 19.0x 98.0x 107.8x 170.0x 66.8x 51.8x 39.6x
1.7 2.7 3.4 3.1 3.9 4.3 4.6 5.3
38.7x 23.7x 50.9x 71.1x 57.3x 35.9x 54.6x 41.1x

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

100% 100% 100% 100% 100% 100% 100% 100%

75% 68% 73% 71% 72% 71% 71% 73%
(1%) 3% (3%) (1%) (2%) (5%) (3%) (4%)
0% 0% 1% 1% 1% 1% 0% 0%
2% 2% 3% 3% 3% 3% 4% 4%
5% 6% 7% 7% 8% 8% 8% 8%
9% 9% 8% 10% 8% 8% 5% 7%
1% 2% 1% 1% 2% 2% 2% 2%
7.7% 9.6% 10.1% 8.1% 8.6% 10.2% 11.4% 9.6%

ncome Statement'!of V-GUARD INDUSTRIES LTD based on the financial numbers as follows:
18), 2566.44crores(FY19)", 2481.96crores(FY20), 2699crores(FY21), 3476.67crores(FY22), 4049.6crores(FY23)
crores(FY18), 219.7crores(FY19)", 254.01crores(FY20), 306.78crores(FY21), 334.82crores(FY22), 300.89crores(FY23)
es(FY18), 17.98crores(FY19)", 23.24crores(FY20), 20.81crores(FY21), 10.25crores(FY22), 14.84crores(FY23)
FY18), 237.68crores(FY19)", 277.25crores(FY20), 327.59crores(FY21), 345.07crores(FY22), 315.73crores(FY23)
8), 1.27crores(FY19)", 3.73crores(FY20), 5.6crores(FY21), 7.52crores(FY22), 15.92crores(FY23)
s(FY18), 21.82crores(FY19)", 28.09crores(FY20), 37.32crores(FY21), 47.5crores(FY22), 58.44crores(FY23)
8), 214.59crores(FY19)", 245.43crores(FY20), 284.67crores(FY21), 290.05crores(FY22), 241.37crores(FY23)
, 49.07crores(FY19)", 60.28crores(FY20), 85.69crores(FY21), 63.25crores(FY22), 62.04crores(FY23)
8), 165.52crores(FY19)", 185.15crores(FY20), 198.98crores(FY21), 226.8crores(FY22), 179.33crores(FY23)
on the financial health, trends and insight from the finncial numbers.
and if it continues in same tragedy, what is expected revenue and net profit in 2024 and 2025.
 VERSION 8.100

TREND ANALYSIS

Mar-23 TTM 9 YEARS 5 YEARS 3 YEARS

4,050 4,378 10% 10% 14%
301 340 9% 6% (1%)
15 14% (4%) (11%)
316 10% 6% (1%)
(16)
(58)
241 264 10% 2% (5%) 1.07 1.40
(62) 1.12 1.46
179 198 11% 2% (3%)

43.2

250 16% 2% (0%)

7.4% 7.8%
4.4% 4.5%
25.7%
31.3%
16.2x
4.1 11% 1% (4%)
60.3x

Mar-23
1.5154845155
100% 2.2966933167
69%
2%
0%
4%
7%
8%
1%
7.4%
Mar-17
Mar-18
Mar-19

Mar-20
Mar-21
Mar-22
Mar-23
FY17
FY18 Mar-18 FY18
FY19 Mar-19 FY19

FY20 Mar-20 FY20

FY21 Mar-21 FY21
FY22 Mar-22 FY22
FY23 Mar-23 FY23
 iNCOME sTA

COMPANY NAME >>

INR (in crores) Sep-21
Sales 903
Operating Profit 94
Multibagger List Other Income 3
EBITDA 96
Income Statement (Yearly) Interest (3)

Income Statement Depreciation (11)

(Quarterly) Profit before tax (PBT) 82
Balance Sheet Tax (23)
Profit after tax (PAT) / Net Profit 59
Cash Flow Statement

Ratio Analysis
Operating Profit Margin (OPM) % 10.4%
Info-graphics & Charts Net Profit Margin (NPM) % 6.5%
Tax Payout % 28.4%
DCF Valuation Interest Coverage Ratio (x) 28.2x
Investment Decission

Stock Watchlist

As an Equity Analyst, give me financial analysis of V-GUARD INDUSTRIE

here is the 6 Quarters sales numbers- 1009.64crores(2Q23), 981.07crores(3Q2
here is the 6 Quarters Operating Profit numbers- 81.89crores(2Q23), 71.1cror
here is the 6 Quarters EBITDA numbers- 86.95crores(2Q23), 74.16crores(3Q
here is the 6 Quarters Interest expenes numbers- 1.72crores(2Q23), 1.81crores
here is the 6 Quarters PBT numbers- 72.33crores(2Q23), 58.35crores(3Q22)",
here is the 6 Quarters PAT numbers- 54.03crores(2Q23), 43.15crores(3Q22)"
All figures are in Indian currency and numbers are in crores. Please comment
Also, give me the historical growth of the company, and if it continues in the
 iNCOME sTATEMENT (QUARTELY)

V-GUARD INDUSTRIES LTD

Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
961 1,050 1,010 981 979 1,080 1,148 1,072 1,078
85 111 82 71 61 86 88 80 85
3 3 5 3 6 2 11 14 2
87 114 87 74 66 88 99 94 87
(1) (2) (2) (2) (2) (10) (11) (9) (9)

(13) (12) (13) (14) (16) (16) (17) (16) (17)

72 100 72 58 49 62 72 68 62
(20) (10) (18) (15) (13) (16) (19) (16) (15)
53 91 54 43 36 46 53 52 47

8.8% 10.6% 8.1% 7.2% 6.2% 8.0% 7.7% 7.5% 7.9%

5.5% 8.6% 5.4% 4.4% 3.7% 4.3% 4.6% 4.9% 4.3%
27.5% 9.6% 25.3% 26.0% 26.2% 25.5% 26.2% 24.0% 24.4%
51.3x 65.3x 43.1x 33.2x 22.0x 7.2x 7.7x 8.6x 7.9x

Volatility ANALYSIS
LAST 3 MONTHS

ysis of V-GUARD INDUSTRIES LTD based on the financial numbers as follows:

crores(2Q23), 981.07crores(3Q22)", 978.67crores(4Q22), 1080.14crores(1Q23), 1147.68crores(2Q23), 1071.86crores(3Q23), 1078.26crores(4Q23)
rs- 81.89crores(2Q23), 71.1crores(3Q22)", 60.82crores(4Q22), 86.45crores(1Q23), 88.24crores(2Q23), 80.29crores(3Q23), 85.23crores(4Q23)
95crores(2Q23), 74.16crores(3Q22)", 66.35crores(4Q22), 88.28crores(1Q23), 99.37crores(2Q23), 93.79crores(3Q23), 87.47crores(4Q23)
rs- 1.72crores(2Q23), 1.81crores(3Q22)", 2.31crores(4Q22), 10.08crores(1Q23), 10.77crores(2Q23), 8.97crores(3Q23), 8.92crores(4Q23)
res(2Q23), 58.35crores(3Q22)", 48.54crores(4Q22), 62.16crores(1Q23), 71.98crores(2Q23), 68.38crores(3Q23), 61.68crores(4Q23)
ores(2Q23), 43.15crores(3Q22)", 35.82crores(4Q22), 46.33crores(1Q23), 53.13crores(2Q23), 51.99crores(3Q23), 46.62crores(4Q23)
s are in crores. Please comment on the financial health, trends and insight from the finncial numbers.
mpany, and if it continues in the same tragedy, what is the expected revenue and net profit in the next two quarters considering the seasonality effect
 VERSION 8.100

TREND ANALYSIS
QoQ (Sequential) QoQ (Yearly)
1% 10%
6% 40%
(83%) (59%)
(7%) 32%

(10%) 27%

(10%) 30%

crores(3Q23), 1078.26crores(4Q23)
ores(3Q23), 85.23crores(4Q23)
Q23), 87.47crores(4Q23)
(3Q23), 8.92crores(4Q23)
, 61.68crores(4Q23)
), 46.62crores(4Q23)

rs considering the seasonality effect

Jun-22 2Q21 Jun-23 2Q23
Sep-22 3Q22 Sep-22 3Q22
Dec-22 4Q22 Dec-22 4Q22
Mar-23 1Q23 Mar-23 1Q23
Jun-23 2Q23 Jun-23 2Q23
Sep-23 3Q23 Sep-23 3Q23
Dec-23 4Q23 Dec-23 4Q23
 BAL

COMPANY NAME >>

INR (in crores) Mar-14
Equity Share Capital 30
Reserves 289
Multibagger List Borrowings 108
Other Liabilities 252
Income Statement (Yearly) Total Liabilities 679

Income Statement
(Quarterly) Fixed Assets (Net Block) 166
Balance Sheet Capital Work in Progress (CWIP) 3
Investments 0
Cash Flow Statement
Other Assets 509
Ratio Analysis Total Assets 679

Info-graphics & Charts Receivables 212

Inventory 253
DCF Valuation Cash & Bank 3
Working Capital 257
Investment Decission Capital Employed 427
Total Equity 318
Stock Watchlist
Net Fixed Asset Turnover
Receivables Days
Inventory Turnover
Debt To Equity 0.3x
Return on average Equity (RoAE)
Return on average Capital Employed

Common Size Balance Sheet

Year Mar-14
Equity Share Capital 4%
Reserves 43%
Borrowings 16%
Other Liabilities 37%
Total Liabilities 100%

Fixed Assets (Net Block) 24%

Capital Work in Progress (CWIP) 1%
Investments 0%
Other Assets 75%
Total Assets 100%
Other items as % of Total Assets
Receivables 31%
Inventory 37%
Cash & Bank 0%

As a Equity Analyst, give me financial analysis of based on the financial numbe

here is the 6 Years Equity Share Capital numbers- 42.57crores(FY18)", 42.69cro
here is the 6 Years Reserve & Surplus numbers- 709.05crores(FY18)", 856.97cr
here is the 6 Years Borrowings- 2.4crores(FY18)", 10.02crores(FY19), 10crores
here is the 6 Years Other Liabilities- 400.62crores(FY18)", 446.54crores(FY19),
here is the 6 Years Total Liabilities Numbers- 1154.64crores(FY18)", 1356.22cr
here is the 6 Years Fixed Assets (Net Block)- 200.87crores(FY18)", 213.79crore
here is the 6 Years Capital Work in Progress- 7.46crores(FY18)", 7.71crores(FY
here is the 6 Years Investments - 84.01crores(FY18)", 91.98crores(FY19), 44.85
here is the 6 Years Other Assets - 862.3crores(FY18)", 1042.74crores(FY19), 10
here is the 6 Years Total Assets - 1154.64crores(FY18)", 1356.22crores(FY19),
here is the 6 Years Receivables- 444.49crores(FY18)", 454.32crores(FY19), 321
here is the 6 Years Inventory- 310.51crores(FY18)", 370.88crores(FY19), 476.4
here is the 6 Years Cash & Bank balance- 5.04crores(FY18)", 84.65crores(FY19
here is the 6 Years Working Capital- 461.68crores(FY18)", 596.2crores(FY19),
here is the 6 Years Capital Employed- 754.02crores(FY18)", 909.68crores(FY19
All figures are in Indian currency and numbers are in crores. Please comm
 BALANCE SHEET

V-GUARD INDUSTRIES LTD

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
30 30 42 43 43 43 43 43
348 441 592 709 857 951 1,165 1,359
68 10 6 2 10 10 66 66
279 235 294 401 447 437 586 613
725 717 934 1,155 1,356 1,440 1,860 2,082

162 161 169 201 214 268 354 400

1 0 10 7 8 67 20 16
0 19 89 84 92 45 42 102
561 536 666 862 1,043 1,061 1,444 1,564
725 717 934 1,155 1,356 1,440 1,860 2,082

244 279 312 444 454 322 385 479

261 205 274 311 371 476 629 850
2 8 15 5 85 112 281 54
282 301 372 462 596 624 858 950
446 481 640 754 910 1,004 1,274 1,469
378 471 634 752 900 994 1,208 1,403
Volatility ANALYSIS
10.5x 11.4x LAST
12.7x 3 MONTHS
12.5x 12.4x 10.3x 8.7x 9.2x
48 52 52 60 64 57 48 45
6.7x 7.9x 8.7x 7.9x 7.5x 5.9x 4.9x 4.7x
0.2x 0.0x 0.0x 0.0x 0.0x 0.0x 0.1x 0.0x
20.3% 26.3% 26.2% 19.2% 20.0% 19.6% 18.1% 17.4%
28.0% 36.7% 36.7% 25.7% 25.9% 26.0% 25.5% 21.7%

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22

4% 4% 5% 4% 3% 3% 2% 2%
48% 62% 63% 61% 63% 66% 63% 65%
9% 1% 1% 0% 1% 1% 4% 3%
39% 33% 31% 35% 33% 30% 31% 29%
100% 100% 100% 100% 100% 100% 100% 100%

22% 22% 18% 17% 16% 19% 19% 19%

0% 0% 1% 1% 1% 5% 1% 1%
0% 3% 10% 7% 7% 3% 2% 5%
77% 75% 71% 75% 77% 74% 78% 75%
100% 100% 100% 100% 100% 100% 100% 100%
 34% 39% 33% 38% 33% 22% 21% 23%
36% 29% 29% 27% 27% 33% 34% 41%
0% 1% 2% 0% 6% 8% 15% 3%

ased on the financial numbers as follows:

2.57crores(FY18)", 42.69crores(FY19), 42.83crores(FY20), 43.02crores(FY21), 43.15crores(FY22), 43.22crores(FY23)
05crores(FY18)", 856.97crores(FY19), 950.95crores(FY20), 1164.75crores(FY21), 1359.35crores(FY22), 1544.78crores(FY23)
0.02crores(FY19), 10crores(FY20), 66.25crores(FY21), 66.35crores(FY22), 500.56crores(FY23)
Y18)", 446.54crores(FY19), 436.52crores(FY20), 585.77crores(FY21), 613.48crores(FY22), 626.37crores(FY23)
64crores(FY18)", 1356.22crores(FY19), 1440.3crores(FY20), 1859.79crores(FY21), 2082.33crores(FY22), 2714.93crores(FY23)
crores(FY18)", 213.79crores(FY19), 267.76crores(FY20), 354.06crores(FY21), 400.27crores(FY22), 446.68crores(FY23)
ores(FY18)", 7.71crores(FY19), 66.87crores(FY20), 19.55crores(FY21), 16.48crores(FY22), 15.82crores(FY23)
", 91.98crores(FY19), 44.85crores(FY20), 42.25crores(FY21), 102.05crores(FY22), 851.38crores(FY23)
)", 1042.74crores(FY19), 1060.82crores(FY20), 1443.93crores(FY21), 1563.53crores(FY22), 1401.05crores(FY23)
18)", 1356.22crores(FY19), 1440.3crores(FY20), 1859.79crores(FY21), 2082.33crores(FY22), 2714.93crores(FY23)
", 454.32crores(FY19), 321.77crores(FY20), 384.72crores(FY21), 479.24crores(FY22), 531.74crores(FY23)
370.88crores(FY19), 476.4crores(FY20), 628.66crores(FY21), 849.89crores(FY22), 689.41crores(FY23)
(FY18)", 84.65crores(FY19), 111.53crores(FY20), 281.14crores(FY21), 53.88crores(FY22), 24.1crores(FY23)
Y18)", 596.2crores(FY19), 624.3crores(FY20), 858.16crores(FY21), 950.05crores(FY22), 774.68crores(FY23)
FY18)", 909.68crores(FY19), 1003.78crores(FY20), 1274.02crores(FY21), 1468.85crores(FY22), 2088.56crores(FY23)
re in crores. Please comment on the financial health, trends and insight from the finncial numbers.
 VERSION 8.100

TREND ANALYSIS
Mar-23 9 YEARS 5 YEARS 3 YEARS
43 40 43 43
1,545 885 1175 1356
501 82 131 211
626 435 542 609
2,715 1443 1891 2219

447 264 337 400

16 16 25 17
851 147 227 332
1,401 1015 1302 1470
2,715 1443 1891 2219

532 383 434 465

689 452 603 723
24 65 111 120
775 580 761 861
2,089 1007 1349 1610
1,588 925 1218 1399

9.6x 10.8x 10.0x 9.2x

46 52 52 46
5.3x 6.6x 5.6x 4.9x
0.3x 0.1x 0.1x 0.1x
12.0% 19.9% 17.4% 15.8%
14.5% 26.7% 22.7% 20.5%

181 156
Mar-23
2%
57%
18%
23%
100%

16%
1%
31%
52%
100%
20%
25%
1%
Mar-17 FY17
Mar-18 FY18
Mar-19 FY19
Mar-20 FY20
Mar-21 FY21
Mar-22 FY22
Mar-23 FY23
Mar-18 FY18
Mar-19 FY19
Mar-20 FY20
Mar-21 FY21
Mar-22 FY22
Mar-23 FY23
 COMPANY NAME
INR (in crores)
Cash from Operating Activity (CFO)
Cash from Investing Activity (CFI)
Cash from Financing Activity (CFF)
Multibagger List Net Cash Flow (CFO + CFI + CFF)
Income Statement (Yearly)
Cash & Equivalent at the end of year
Income Statement
Profit After Tax (PAT)
(Quarterly)
Balance Sheet
Cash from Operating Activity (CFO)
Cash Flow Statement

Ratio Analysis CFO/PAT (atleast 80%)

Info-graphics & Charts CAPEX

Free Cash Flows (FCF)
DCF Valuation
Re-investment (Capex/CFO)
Investment Decission FCF/CFO

Stock Watchlist Cash from Operating Activity (CFO)

CAPEX
% Capex
FCF (Weighted)

As a Equity Analyst, give me Cash Flow analysis of V-GUARD INDUSTRIES LTD based
here is the 6 Years Cash from Operating Activity numbers- 54.12crores(FY18), 153.42cror
here is the 6 Years Cash from Investing Activity numbers- -27.11crores(FY18), -49.79cror
here is the 6 Years Cash from Financing Activity numbers- -36.96crores(FY18), -24.07cro
here is the 6 Years Net Cash Flow numbers- -9.95crores(FY18), 79.56crores(FY19), -60.8
here is the 6 Years Cash & Equivalent numbers- 5.04crores(FY18), 84.65crores(FY19), 11
here is the 6 Capex numbers- 48.37crores(FY18), 34.99crores(FY19), 141.22crores(FY20)
here is the 6 Years Free Cash Flow numbers- 5.75crores(FY18), 118.43crores(FY19), -1.8
All figures are in Indian currency and numbers are in crores. Please comment on th
Also, give me the historical growth of the company, and if it continues in the same
 Cash Flow Statement

V-GUARD INDUSTRIES LTD

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
111 89 131 130 54 153 139 222
(28) (17) (32) (106) (27) (50) (110) 41
(93) (72) (94) (16) (37) (24) (90) (6)
(10) (1) 5 8 (10) 80 (61) 257

3 2 8 15 5 85 112 281

70 71 112 145 133 166 185 199

111 89 131 130 54 153 139 222

158% 125% 117% 90% 41% 93% 75% 111%

9 13 34 48 35 141 76
79 118 96 6 118 (2) 145

11% 10% 26% 89% 23% 101% 34%

9 YEARS 5 YEARS 3 YEARS

145 180 202
61 89 90
42% 50% 45%
95

analysis of V-GUARD INDUSTRIES LTD based on the financial numbers as follows:

Activity numbers- 54.12crores(FY18), 153.42crores(FY19), 139.39crores(FY20), 221.75crores(FY21), -32.9crores(FY22), 415.95crores(FY23)
ctivity numbers- -27.11crores(FY18), -49.79crores(FY19), -110.45crores(FY20), 41.21crores(FY21), -133.49crores(FY22), -774.15crores(FY23)
Activity numbers- -36.96crores(FY18), -24.07crores(FY19), -89.8crores(FY20), -5.65crores(FY21), -60.89crores(FY22), 328.41crores(FY23)
rs- -9.95crores(FY18), 79.56crores(FY19), -60.86crores(FY20), 257.31crores(FY21), -227.28crores(FY22), -29.79crores(FY23)
mbers- 5.04crores(FY18), 84.65crores(FY19), 111.53crores(FY20), 281.14crores(FY21), 53.88crores(FY22), 24.1crores(FY23)
(FY18), 34.99crores(FY19), 141.22crores(FY20), 76.3crores(FY21), 90.64crores(FY22), 104.19crores(FY23)
ers- 5.75crores(FY18), 118.43crores(FY19), -1.83000000000001crores(FY20), 145.45crores(FY21), -123.54crores(FY22), 311.76crores(FY23)
numbers are in crores. Please comment on the financial health, trends and insight from the finncial numbers.
the company, and if it continues in the same tragedy, what is the expected Free Cash flow growth in the next two years.
 VERSION 8.100

TREND ANALYSIS
Mar-22 Mar-23 TOTAL 9 YEARS 5 YEARS 3 YEARS
(33) 416 1,412 19% 22% 23%
(133) (774) (1,236)
(61) 328 (164)
(227) (30) 12

54 24

227 179 1,486 11% 2% (3%)

(33) 416 1,412 19% 22% 23%

(15%) 232% 95%

91 104
(124) 312 749 16% 21% 29%

(276%) 25%
58%
Mar-17 FY17 Mar-17 FY17
Mar-18 FY18 Mar-18 FY18
Mar-19 FY19 Mar-19 FY19
Mar-20 FY20 Mar-20 FY20
Mar-21 FY21 Mar-21 FY21
Mar-22 FY22 Mar-22 FY22
Mar-23 FY23 Mar-23 FY23
 COMPANY NAME
INR (in crores)
Operating Profit Margin (OPM) %
Net Profit Margin (NPM) %
Tax Payout %
Multibagger List Dividend Payout %
Interest Coverage Ratio (x)
Income Statement Earnings Per Share (EPS)
(Yearly) PE Ratio (x)
Income Statement
(Quarterly)
Net Fixed Asset Turnover
Balance Sheet Receivables Days
Inventory Turnover
Cash Flow
Debt To Equity
Statement
Return on average Equity (RoAE)
Ratio Analysis
Return on average Capital Employed
Info-graphics & Charts
CFO/PAT (atleast 80%)

DCF Valuation
Investment Decission

Stock Watchlist

As a Equity Analyst, give me Financial analysis of 0.046581293090851 based on the financial

here is the 6 Years Operating Profit Margin - 0.0812029034406983(FY18), 0.0856049625161
here is the 6 Years Net Profit Margin - 0.0575713531798558(FY18), 0.0644940072629791(F
here is the 6 Years Dividend Payout- 0.223908633255692(FY18), 0.20630701383435(FY19)
here is the 6 Years Interest Coverage Ratio- 107.795180722891x(FY18), 169.968503937008x
here is the 6 Years EPS Number- 3.12638007986845(FY18), 3.8772546263762(FY19), 4.322
here is the 6 Years PE Ratio- 71.0726125178452x(FY18), 57.3472782745287x(FY19), 35.89
here is the 6 Years Net Fixed Asset Turnover- 12.5121238363282x(FY18), 12.378526985964
here is the 6 Years Receivables Days- 59.7304735826693(FY18), 63.9145372578358(FY19)
here is the 6 Years Inventory Turnover- 7.90554681622324x(FY18), 7.53295469554881x(FY
here is the 6 Years Debt To Equity Ratio- 0.00319310289774088x(FY18), 0.0111375408487
here is the 6 Years Return on average Equity Ratio- 0.192050447694428(FY18), 0.20047478
here is the 6 Years Return on average Capital Employed Ratio- 0.256719629855457(FY18), 0
here is the 6 Years Return on average Capital Employed Ratio- 0.406642121872418(FY18), 0
Please comment on the financial health, trends, and insight from the financial numbe
Also, give me the company's historical growth, and if it continues in the same tragedy
 rATIO aNALYSIS

V-GUARD INDUSTRIES LTD

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
8.1% 7.7% 9.6% 10.1% 8.1% 8.6% 10.2%
4.7% 4.1% 6.1% 6.9% 5.8% 6.4% 7.5%
25.6% 30.3% 30.6% 29.0% 24.9% 22.9% 24.6%
19.2% 19.1% 18.9% 20.6% 22.4% 20.6% 20.8%
5.5x 5.9x 19.0x 98.0x 107.8x 170.0x 66.8x
1.68 1.68 2.65 3.40 3.13 3.88 4.32
19.9x 38.7x 23.7x 50.9x 71.1x 57.3x 35.9x

10.5x 11.4x 12.7x 12.5x 12.4x 10.3x

48 52 52 60 64 57
6.7x 7.9x 8.7x 7.9x 7.5x 5.9x
0.3x 0.2x 0.0x 0.0x 0.0x 0.0x 0.0x
20.3% 26.3% 26.2% 19.2% 20.0% 19.6%
28.0% 36.7% 36.7% 25.7% 25.9% 26.0%

158% 125% 117% 90% 41% 93% 75%

Volatility ANALYSIS
LAST 3 MONTHS

AVG 5
ROCE 17.4%
ROE 22.7%

alysis of 0.046581293090851 based on the financial ratios as follows:

n - 0.0812029034406983(FY18), 0.0856049625161703(FY19), 0.102342503505294(FY20), 0.113664320118562(FY21), 0.0963047974067139(FY22), 0.074301165547
0575713531798558(FY18), 0.0644940072629791(FY19), 0.0745983013424874(FY20), 0.0737236013338273(FY21), 0.0652348367834739(FY22), 0.044283386013433
3908633255692(FY18), 0.20630701383435(FY19), 0.208198314970836(FY20), 0.259423057593728(FY21), 0.247354497354497(FY22), 0.313350434976578(FY23)
o- 107.795180722891x(FY18), 169.968503937008x(FY19), 66.7989276139411x(FY20), 51.8339285714286x(FY21), 39.5704787234043x(FY22), 16.161432160804x(F
007986845(FY18), 3.8772546263762(FY19), 4.32290450618725(FY20), 4.62529056252906(FY21), 5.25608342989571(FY22), 4.14923646459972(FY23)
178452x(FY18), 57.3472782745287x(FY19), 35.890221442074x(FY20), 54.5587345461856x(FY21), 41.0571869488536x(FY22), 60.2640997044555x(FY23)
ver- 12.5121238363282x(FY18), 12.3785269859644x(FY19), 10.3082130619873x(FY20), 8.68096876909717x(FY21), 9.21790197923986x(FY22), 9.5627841076805x
7304735826693(FY18), 63.9145372578358(FY19), 57.0663608599655(FY20), 47.7711837717673(FY21), 45.3516439581554(FY22), 45.5610060252864(FY23)
.90554681622324x(FY18), 7.53295469554881x(FY19), 5.85865357378907x(FY20), 4.88480263515103x(FY21), 4.70281018565487x(FY22), 5.26161242123043x(FY2
0.00319310289774088x(FY18), 0.0111375408487651x(FY19), 0.0100625893054801x(FY20), 0.0548531591279797x(FY21), 0.0473083778966132x(FY22), 0.315214
ity Ratio- 0.192050447694428(FY18), 0.200474783198489(FY19), 0.195569967889133(FY20), 0.18076355295133(FY21), 0.17377512671103(FY22), 0.11993312155
ital Employed Ratio- 0.256719629855457(FY18), 0.25949389914047(FY19), 0.260428752103519(FY20), 0.254868732987971(FY21), 0.216977107919807(FY22), 0.1
ital Employed Ratio- 0.406642121872418(FY18), 0.926897051715804(FY19), 0.75284904131785(FY20), 1.11443361141823(FY21), -0.145061728395062(FY22), 2.31
h, trends, and insight from the financial numbers. Do not give me the definition of ratios.
l growth, and if it continues in the same tragedy. Is it a good company to invest in based on ratios?
 VERSION 8.100

LTD
Mar-21 Mar-22 Mar-23 TTM
11.4% 9.6% 7.4% 7.8%
7.4% 6.5% 4.4% 4.5%
30.1% 21.8% 25.7%
25.9% 24.7% 31.3%
51.8x 39.6x 16.2x
4.63 5.26 4.15
54.6x 41.1x 60.3x

8.7x 9.2x 9.6x

48 45 46
4.9x 4.7x 5.3x
0.1x 0.0x 0.3x
18.1% 17.4% 12.0%
25.5% 21.7% 14.5%

111% (15%) 232%

7139(FY22), 0.0743011655472145(FY23)
9(FY22), 0.0442833860134334(FY23)
0.313350434976578(FY23)
FY22), 16.161432160804x(FY23)
46459972(FY23)
997044555x(FY23)
6x(FY22), 9.5627841076805x(FY23)
610060252864(FY23)
22), 5.26161242123043x(FY23)
78966132x(FY22), 0.315214105793451x(FY23)
1103(FY22), 0.11993312155158(FY23)
16977107919807(FY22), 0.144650180890029(FY23)
45061728395062(FY22), 2.31946690458931(FY23)
Mar-17 FY17 FY17
Mar-18 FY18 FY18 Mar-18 FY18
Mar-19 FY19 FY19 Mar-19 FY19
Mar-20 FY20 FY20 Mar-20 FY20
Mar-21 FY21 FY21 Mar-21 FY21
Mar-22 FY22 FY22 Mar-22 FY22
Mar-23 FY23 FY23 Mar-23 FY23
 COMPANY NAME >>

5000
Multibagger List 4000
3000 14.99%
Income Statement (Yearly) 2000 6.57%
1000 1731 1845
Income Statement 1506
0
(Quarterly) Aug-13 Dec-14 May-16
Balance Sheet

Cash Flow Statement

1050
Ratio Analysis 903 961

Info-graphics & Charts

DCF Valuation
Sep-21 Dec-21 Mar-22
Investment Decission
This chart isn't available in your version of Excel.
Stock Watchlist
Editing this shape or saving this workbook into a
different file format will permanently break the chart.

11%
Operating
10% Margin (%)

8% 9%
7% 7%
6%
6%

Mar-18 Mar-19 Mar-20 Mar-21

Mar-18 Mar-19 Mar-20 Mar-21

36.7% 36.7%

28.0% 26.3% 2
20.3%

Mar-15 Mar-16 Mar-1

 info-graphics & charts

V-GUARD INDUSTRIES LTD

REVENUE GROWTH

.99% 13.05% 10.84% 11.02% 8.74%

6.57% 2699
2312 2566 2482
1845 2086
731 -3.29%

May-16 Sep-17 Feb-19 Jun-20 Oct

REVENUE (QoQ)
1080 114
1050 1010 981 979

1 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-

f Excel.
Expenses NOCF
k into a Volatility ANALYSIS
ak the chart. 1%
0%
0% LAST 3 MONTHS Mar-23 416
17%
DC
Mar-22
-33
OC
OI Mar-21 222
NOC
73% NI
Mar-20 139

Mar-19 153

11%
Operating
10% Margin (%) Net Profit Margin (%)
10% Debt to
7% 7% 7%
7%

4%

0.01x 0.01x
Mar-19 Mar-20
Mar-20 Mar-21 Mar-22 Mar-23
 4%

Mar-20 Mar-21 Mar-22 Mar-23

% 36.7%
ROCE
26.3% 26.2% 25.7% 25.9% 26.0% 25.5%
19.2% 20.0% 19.6% 18.1%

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

 VERSION 8.100

REVENUE (YoY) Revenue Growth (%)

28.81% 0.35
0.3
0.25
16.48%
4050 0.2
3477 0.15
8.74%
2699 0.1
0.05
0
-0.05
-20 Oct-21 Mar-23 Jul-24

1080 1148 1072 1078

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

CF This chart isn't available in your version of Excel.

Editing this shape or saving this workbook into a

416
different file format will permanently break the chart.

222

Debt to Equity Ratio

0.32x

0.05x 0.05x
0.01x
Mar-20 Mar-21 Mar-22 Mar-23
 ROCE Polynomial (ROCE)
25.5%
21.7%
9.6% 18.1% 17.4%
14.5%
12.0%

0 Mar-21 Mar-22 Mar-23

COMPANY NAME

Particulars
REVENUE (YoY)
Revenue Growth (%)

Particulars
PRICE
Particulars
REVENUE (QoQ)

Particulars
Operating Margin (%)
Net Profit Margin (%)

Particulars
ROCE
ROE
 COMPANY GRAPH
V-GUARD INDUSTRIES LT

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

1506 1731 1845 2086 2312
14.99% 6.57% 13.05% 10.84%

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

33 65 63 173 222

1.5 2.5
Year Mar-19 Mar-20 Mar-21 Mar-22
Debt to Equity Ratio 0.01x 0.01x 0.05x 0.05x

Sales 4,050 Sales 4,050

Raw Material Cost 2,791 DC -2,950 DC
Change in Inventory -89 OC -679 OC
Power and Fuel 18 OI 15 OI
Other Mfr. Exp 172 NOC -16 NOC
Employee Cost 295 Tax -62 NI
Selling and admin 328 NI 56
Other Expenses 56
Other Income 15
Depreciation 58
Interest 16
Profit before tax 241
Tax 62
Net profit 179
Dividend Amount 56

Mar-19 Mar-20 Mar-21 Mar-22

Free Cash Flow 118 -2 145 -124
Mar-19 Mar-20 Mar-21 Mar-22
NOCF 153 139 222 -33
Sep-21 Dec-21 Mar-22 Jun-22 Sep-22
903 961 1050 1010 981

Mar-13 Mar-15 Mar-16 Mar-17 Mar-18

8% 8% 10% 10% 8%
5% 4% 6% 7% 6%

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

28.0% 36.7% 36.7% 25.7% 25.9%
20.3% 26.3% 26.2% 19.2% 20.0%
NY GRAPHICS
RD INDUSTRIES LTD

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

2566 2482 2699 3477 4050
11.02% -3.29% 8.74% 28.81% 16.48%

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

222 155 252 216 250

2.5
Mar-23
0.32x

73%
17%
0%
0%
1%

Mar-23
312
Mar-23
416
Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
979 1080 1148 1072 1078

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

9% 10% 11% 10% 7%
6% 7% 7% 7% 4%

Mar-20 Mar-21 Mar-22 Mar-23

26.0% 25.5% 21.7% 14.5%
19.6% 18.1% 17.4% 12.0%
Multibagger List

Income Statement (Yearly)

Income Statement (Quarterly)

Balance Sheet

Cash Flow Statement

Ratio Analysis

Info-graphics & Charts

DCF Valuation
Investment Decission
Stock Watchlist
 DCF Valuat

COMPANY NAME
Initial Cash Flow (Rs Cr) ₹ 95
Estimated Growth Rate NO
Years 1-10
FCF Growth Rate 20.00%
Discount Rate 9.50%
Terminal Growth Rate 5.00%

DCF Value ₹ 7,167.02

Current Market Cap ₹ 13,953.45
DCF as % of Current Mkt Cap 51.36%

Terminal Year ₹ 617.79

PV of Year 1-10 Cash Flows ₹ 1,627.32
Terminal Value ₹ 5,539.70
Total PV of Cash Flows ₹ 7,167.02
Current Market Cap (Rs Cr) ₹ 13,953.45
Current Share Price
Value Per Share
₹ 321.40
₹ 165.08 D
FUNDAMENTAL 🧩 MANUAL
Current Share Price ₹ 321.40 ₹ 321.40
Estimated 10th Year Share Price ₹ 575.33 ₹ 575.33
Estimated 10th Year Share Price + Dividends ₹ 575.35 ₹ 573.11
Total Return 6.00% 5.95%

Investment Return = % EPS Growth + Dividend Income

FUNDAMENTAL 🧩
EPS% DIVIDEND%
Investment return = 7.26% 0.00%
Total Investment return = 7.26%

MANUAL
EPS% DIVIDEND%
Investment return = 20.00% -0.04%
Total Investment return = 19.96%

FUNDAMENTAL 🧩 MANUAL
₹ 0.73 ₹ -2.22
Capital Gains + Dividends = ₹ 180,380 ₹ 174,824
Estimated 10th Year Market Cap = ₹ 24,977.88 ₹ 24,977.88
Discounted Estimated 10th Year Market Cap = ₹ 10,078.93 ₹ 10,078.93
Discounted Dividends = ₹ 16.61 ₹ -62.42
Discounted Value = ₹ 10,095.54 ₹ 10,016.51
Disounted Earnings Valuation = ₹ 232.54 ₹ 230.72

`
DCF Valuation

V-GUARD INDUSTRIES LTD

Year FCF Growth Present Value
1 ₹ 114.03 20.00% ₹ 104.14
2 ₹ 136.84 20.00% ₹ 114.12
3 ₹ 164.20 20.00% ₹ 125.07
4 ₹ 197.04 20.00% ₹ 137.06
5 ₹ 236.45 20.00% ₹ 150.20
6 ₹ 283.74 20.00% ₹ 164.60
7 ₹ 340.49 20.00% ₹ 180.39
8 ₹ 408.59 20.00% ₹ 197.69
9 ₹ 490.31 20.00% ₹ 216.64
10 ₹ 588.37 20.00% ₹ 237.42

ROE X (1- PAYOUT RATIO) = GROWTH

YEAR ROE (1-DPR) GROWTH
CURRENT 12.0% 68.7% 8.24%
1 12.0% 68.7% 8.24%
2 12.0% 68.7% 8.24%
3 12.0% 68.7% 8.24%
4 12.0% 68.7% 8.24%
5 12.0% 68.7% 8.24%
6 13.6% 59.9% 7.59%
7 15.2% 51.2% 6.94%
8 16.8% 42.5% 6.29%
9 18.4% 33.7% 5.65%
10 20.0% 25.0% 5.00%
TERMINAL (STA 20.0% 25.0% 5.00%

GROWTH RATE (MANUALLY INPUTTED)

`
YEAR ROE (1-DPR) GROWTH
CURRENT 11.99% 166.76% 20.00%
1 11.99% 166.76% 20.00%
2 11.99% 166.76% 20.00%
3 11.99% 166.76% 20.00%
4 11.99% 166.76% 20.00%
5 11.99% 166.76% 20.00%
6 11.99% 166.76% 20.00%
7 11.99% 166.76% 20.00%
 8 11.99% 166.76% 20.00%
9 11.99% 166.76% 20.00%
10 11.99% 166.76% 20.00%

YEAR NOCF CAPEX FCF

CURRENT ₹ 179.52 49.84% ₹ 90.05
1 ₹ 180.60 49.84% ₹ 90.60
2 ₹ 181.69 49.84% ₹ 91.14
3 ₹ 182.77 49.84% ₹ 91.68
4 ₹ 183.85 49.84% ₹ 92.23
5 ₹ 184.93 49.84% ₹ 92.77
6 ₹ 186.01 49.84% ₹ 93.31
7 ₹ 187.08 49.84% ₹ 93.84
8 ₹ 188.14 49.84% ₹ 94.38
9 ₹ 189.20 49.84% ₹ 94.91
10 ₹ 190.25 49.84% ₹ 95.43
 VERSION 8.100

IES LTD

STOCK IS UNDERVALUED
C
STOCK IS OVERVALUED D
EXPECTED DIVIDEND INCOME ANALYSIS (FUNDAMENTAL GROWTH)
YEAR EPS DPR Dividends
CURRENT 4.1 31.3% 1.30
1 4.49 31.3% 1.41
2 4.86 31.3% 1.52
3 5.26 31.3% 1.65
4 5.69 31.3% 1.78
5 6.16 31.3% 1.93
6 6.63 40.1% 2.66
7 7.09 48.8% 3.46
8 7.54 57.5% 4.34
9 7.96 66.3% 5.28
10 8.36 75.0% 6.27
Expected Dividend Income From This Stock In Next The 10 Years 31.60

EXPECTED DIVIDEND INCOME ANALYSIS (MANUAL GROWTH)

YEAR EPS DPR Dividends
CURRENT 4.49 -66.76% -3.00
1 5.39 -66.76% -3.60
2 6.47 -66.76% -4.32
3 7.76 -66.76% -5.18
4 9.31 -66.76% -6.22
5 11.17 -66.76% -7.46
6 13.41 -66.76% -8.95
7 16.09 -66.76% -10.74
8 19.31 -66.76% -12.89
 9 23.17 -66.76% -15.47
27.81 -66.76% -18.56
Expected Dividend Income From This Stock In Next The 10 Years -96.39
ROWTH)
Pr. Value

₹ 1.29
₹ 1.27
₹ 1.26
₹ 1.24
₹ 1.23
₹ 1.54
₹ 1.83
₹ 2.10
₹ 2.33
₹ 2.53
₹ 16.61

WTH)
Pr. Value

₹ -3.29
₹ -3.60
₹ -3.95
₹ -4.32
₹ -4.74
₹ -5.19
₹ -5.69
₹ -6.24
 ₹ -6.84
₹ -18.56
₹ -62.42
 INVES

COMPANY NAME
Particulars
Multibagger List Net Profit (Rs Crore)
Net Profit Margin
Income Statement (Yearly) Return on Equity

Income Statement Calculations

(Quarterly) Estimated CAGR in Net Profit over next 10 years
Balance Sheet Estimated Net Profit after 10 years (Rs Cr)
Current P/E (x)
Cash Flow Statement Exit P/E in the 10th year from now (x, Estimated)
Esti. Market Cap (10th year from now; Rs Cr)
Ratio Analysis
Cost of Capital/Discount Rate
Discounted Value (Rs Cr)
Info-graphics & Charts
Current Market Cap (Rs Cr)
DCF Valuation
If you invest 1 lakh today, in 10 yrs it will grow into
Investment Return from this stock in the next 10 years
Investment Decission
Speculative Return from this stock in the next 10 years
Stock Watchlist Capital Gains
Dividend Return
Total Return = Investment Return + Speculative Return
INVESTMENT DECISSION

V-GUARD INDUSTRIES LTD

Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21
70 71 112 145 133 166 185 199
5% 4% 6% 7% 6% 6% 7% 7%
20% 26% 26% 19% 20% 20% 18% 17%

20.00%
YOU CAN INVEST C
1,249
70.4
20.0
DON'T INVEST D
24,978 Investment Signal

D
10%
10,017
13,953

174,824
19.96%
-14.00%
6.00%
-0.04% Volatility ANALYSIS
5.95% LAST 3 MONTHS
 VERSION 8.100

TD
Mar/22 Mar/23 CAGR (9-Yr) CAGR (5-Yr)
227 179 11% 2%
7% 4%
12% 0%
 Warren B
V-G

1. What is BUSINESS POSITIONING and scope?

2. What is the NETWORK EFFECT of the company?

3. What is the LEVERAGE POSITION of the company?

4. What is the OWNERSHIP STRUCTURE of promoters?

5. How is the management achieving the ECONOMIC OF SCA

6. How superior is the TECHNOLGY being offered by the com

7. Does the company have a HABIT FORMING ecosystem?

8. Is the company has COST LEADERSHIP?

9. What is the PLEDGE CAPITAL position of the company?

10. How much BRAND VISIBILITY does the Company produ

11. Does the management of the company is honest and compe

 Warren Buffett Economic Moat
V-GUARD INDUSTRIES LTD

G and scope? Monopolistic Competiti

f the company? Moderate Network
N of the company? Low Leverage
TURE of promoters? Sudden Decrease
he ECONOMIC OF SCALE? Decreasing DC & OP
being offered by the company? Decreasing R&D
ORMING ecosystem? Strong
RSHIP? Price Setter
sition of the company? Less than 15%
does the Company product have? Strong
any is honest and competent? Strongly Agree
 AVERA
D GE GO
B A OD
R
WO

B ES
ST

L
T
ECONOMIC MOAT
INDICATOR
 Monopoly 0.9 Increasing
Oligopoly 0.7 Gradually Decreasing
Perfect Competition 0.2 Stable
Monopolistic Competition 0.6 Sudden Decrease
Monopsony 0.8
Oligopsony 0.6 Decreasing DC
Natural Monopoly 1.0 Decreasing OP
Decreasing DC & OP
Increasing DC
Narrow Network 0.3 Increasing OP
Wide Network 1.0 Increasing DC & OP
Moderate Network 0.6
Increasing R&D
Highly Leverage -1.0 Decreasing R&D
Low Leverage 1.0 Stable R&D
Moderately Leverage 0.7
No Leverage 0.8 Price Setter
Price Follower
Strong 1 Average
Moderate 0.7
Insignificant 0.4 Grater than 15%
Less than 15%

0% Worst 10% L
30% Bad 30% L
50% Average 50% K
75% Good 70% J
90% Best 90% J

Bad
30% 1% 169.00%
 1 Strong 1 1 0.6
0.6 Moderate 0.7 2 0.6
0.8 Insignificant 0.4 3 1
-4 4 -4
5 1
0.7 Strongly Agree 1 6 0.4
0.8 Agree 0.6 7 1
1 Disgree -4 8 1
0.6 9 1
0.5 10 1
0.2 11 1
Score 4.6
1
0.4 42%
0.6

1
0.2
0.6

0.3
1

L
 benjamin graham Formu
V-GUARD INDUSTRIES LTD

Year Ended Mar/23

Avg 5-Yr Net Profit (Rs Crore) 191.2

PE Ratio at 0% Growth 10.0x
Long-Term Growth Rate 0.8%

Ben Graham Value (Rs Crore) 1,915

Current Market Cap (Rs Crore) 13,953

Ben Graham'sFormula: Value = EPS x (8.5 + 2G)

Here, EPS is the trailing 12-month EPS, 10x is the P/E ratio of a stock with a growth rate (g%) is the
aham Formula
DUSTRIES LTD

Year Ended Mar/23

Avg 5-Yr Net Profit (Rs Crore) 191.2

PE Ratio at 0% Growth 10.0x
Long-Term Growth Rate 1.6%

Ben Graham Value (Rs Crore) 1,918

Current Market Cap (Rs Crore) 13,953

G)

ock with a growth rate (g%) is the growth rate for the next 7-10 years
*In case of
companies
earning
negative
FCF, where
this model
will not
Dhandho Intrinsic Value
work, you V-GUARD INDUSTRIES L
must use a
normalized
positive Dhandho - Lower Range
FCF as the Year FCF (Rs Cr) PV of FCF (Rs Cr)
starting
number. 0 Excess Cash (Latest) 24
This number 1 FY24 109 98
is your
2 FY25 126 100
assumption
of FCF the 3 FY26 145 103
business will 4 FY27 159 101
earn in a
normal year, 5 FY28 175 99
without 6 FY29 192 97
capex.
Check the 7 FY30 202 91
history of 8 FY31 212 86
this business
while 9 FY32 223 80
arriving at 10 FY33 234 75
your
10 2,338 753
assumption,
and use your Intrinsic Value 1,708
judgment Current Mkt. Cap. 13,953
wisely
without Premium/(Discount) to IV 717%
twisting the
model to fit
your version
of reality.
o Intrinsic Value Calculation
V-GUARD INDUSTRIES LTD

Dhandho - Higher Range

Assumed FCF Growth Year FCF (Rs Cr) PV of FCF (Rs Cr)
Year 1-3 15% 0 Excess Cash (Latest) 24
Year 4-6 10% 1 FY24 114 102
Year 7-10 5% 2 FY25 131 105
Discount Rate 12% 3 FY26 151 107
4 FY27 166 106
Assumed FCF Growth 5 FY28 183 104
Year 1-3 20% 6 FY29 201 102
Year 4-6 15% 7 FY30 212 96
Year 7-10 10% 8 FY31 222 90
Discount Rate 12% 9 FY32 233 84
10 FY33 245 79
Last 5-Years' CAGR 10 2,449 789
Sales 10% Intrinsic Value 1,786
PBT 2% Current Mkt. Cap. 13,953
FCF 21% Premium/(Discount) to IV 681%
 Other Current
Assets
Mar-22 Mar-23
36,979 23,121
-37.47% FIXED Assets
+ Mar-22
63,490
Mar-23
32,300
INVENTORY -49.13%
Mar-22
48,824
Mar-23
54,415
+
11.45%

+
Current Assets
Mar-22 Mar-23
1,13,948 99,151
Accounts
Receivable -12.99%
Mar-22 Mar-23
12,246 8,257
-32.57%

+ Operating Income
Cash & Mar-22 Mar-23
Equivalents 63,490 32,300
Mar-22 Mar-23
-49.13%
15,899 13,357
-15.99% -
Non-Operating
Expenses
Mar-22 Mar-23
23,336 23,540
0.87%
 Du-Point Analysis
V-GUARD INDUSTRIES LTD

D Assets Sales
Mar-23 Mar-22 Mar-23

32,300 2,43,959 2,43,353

-0.25%

÷
9.13%

nt Assets Total Assets Assets Turnov

Mar-23 Mar-22 Mar-23
Mar-22
99,151 2,82,422 2,85,396
86.38%
2.99% 1.05% -111 bps

Net Profit
ng Income Net Profit Margin
Mar-22
Mar-23 Mar-22 Mar-23
16.46%
32,300 40,154 8,760
-1286 bps
9.13% -78.18%

÷
Operating Sales
penses
Mar-23 Mar-22 Mar-23

23,540 2,43,959 2,43,353

.87% -0.25%
Assets Turnover
Mar-22 Mar-23
86.38% 85.27%
-111 bps RETURN ON

X INVESTMENT
Mar-22
14.22%
Mar-23
3.07%
Net Profit -1115 bps
Margin
Mar-22 Mar-23
16.46% 3.60%
-1286 bps
 181 156
-13.69%

850 689
-18.88%

479 532
10.95%

54 24
-55.27%

2,082 2,715 -
30.38%

1,564 1,401
-10.39%

335 301
-10.13%

3,477 4,050
16.48%

227 179
-20.93%

166.96% 149.16%
-1780 bps

6.52% 4.43%
-210 bps

10.89% 6.60%
-429 bps

108 122
12.54%
 Piotroski F-Score Cal
V-GUARD INDUSTRIES LTD

Parameters (in INR,Crs) Mar-22 Mar-23

Revenue 3,477 4,050
F-Score
100% 9
Cost of Goods Sold 48 58
90%
Gross Margin 1.37% 1.44%
80%
Net Income 227 179
70% 7
Year End Current Assets 1,383 1,245
60%
Year End Current Liabilities 613 626
50%
Year Beginning Total Assets 1,860 2,082
40%
Year End Total Assets 2,082 2,715
30% 4
Long-term Debt 66 501
20%
Operating Cash Flow -33 416
10%
Diluted Shares Outstanding 431,541,934 432,174,432 0
0%
44
%
negative
FCF,
where this
model will
not work,
you must
use a
normalized
positive
FCF as the
starting
number.
This
number is
your
assumption
of FCF the
business
will earn
in a
normal
year,
without
capex.
Check the
history of
this
business
while
arriving at
your
assumption
, and use
your
judgment
wisely
without
twisting
the model
to fit your
version of
reality.
F-Score Calculator
ARD INDUSTRIES LTD
>> F-Score
<<
Piotroski F Score Breakdown F-Score
Profitability
ROA 1
CFO 1

4
∆ ROA 0
ACCRUAL 1
Leverage, Liquidity, Source of Funds
∆ LEVERAGE 0
∆ LIQUID 0
EQ_OFFER 0

😓
Operating Efficiency
∆ MARGIN 0
∆ TURN 1
Total Score 4
Fscore 44% 56%
COMPANY NAME V-GUARD INDUSTRIES LTD
LATEST VERSION 2.10
CURRENT VERSION 2.10
PLEASE DO NOT
META
Number of shares 43.41
Face Value 1
Current Price 321.4
Market Capitalization 13953.45

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17
Sales 1505.54 1731.19 1844.89 2085.64
Raw Material Cost 1140.18 1303.46 1249.28 1530.67
Change in Inventory 9.19 13.38 -63.05 52.69
Power and Fuel 8.34 7.93 8.48 11.21
Other Mfr. Exp 22.63 28.29 28.23 55.03
Employee Cost 85.93 94.48 110.93 144.07
Selling and admin 132.74 153.2 171.63 159.98
Other Expenses 2.37 24.2 35.28 27.43
Other Income 4.84 4.49 7.23 12.13
Depreciation 12.04 15.44 15.36 16.24
Interest 21.06 20.61 8.92 2.1
Profit before tax 94.28 101.45 160.96 203.73
Tax 24.15 30.72 49.28 59.12
Net profit 70.13 70.72 111.68 144.62
Dividend Amount 13.43 13.49 21.06 29.73

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22
Sales 902.96 960.89 1050.27 1009.64
Expenses 809.41 876.31 939.45 927.75
Other Income 2.73 2.75 3.3 5.06
Depreciation 10.81 13.43 12.32 12.9
Interest 3.03 1.44 1.56 1.72
Profit before tax 82.44 72.46 100.24 72.33
Tax 23.38 19.95 9.63 18.3
Net profit 59.06 52.5 90.6 54.02
Operating Profit 93.55 84.58 110.82 81.89
BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 29.85 29.97 30.09 42.47
Reserves 288.59 347.76 440.69 591.9
Borrowings 108.35 67.77 10.39 5.66
Other Liabilities 251.87 279.42 235.34 294.24
Total 678.66 724.92 716.51 934.27
Net Block 166.2 162.37 161.02 168.65
Capital Work in Progress 3.46 1.21 0.08 10.42
Investments 19.39 88.87
Other Assets 509 561.34 536.02 666.33
Total 678.66 724.92 716.51 934.27
Receivables 212.1 243.71 279.24 312.12
Inventory 252.55 260.88 204.69 274.33
Cash & Bank 2.77 2.21 7.59 14.96
No. of Equity Shares 29847520 29973141 30085244 424654461
New Bonus Shares ###
Face value 10 10 10 1

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 110.8 88.72 131.07 129.85
Cash from Investing Activity -27.99 -16.88 -31.6 -105.54
Cash from Financing Activity -92.61 -72.38 -94.14 -16.09
Net Cash Flow -9.8 -0.55 5.33 8.23

PRICE: 33 65 63 173

DERIVED:
Adjusted Equity Shares in Cr 42 42 42 42
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

OVERVIEW

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

2311.74 2566.44 2481.96 2699 3476.67 4049.6
1643.55 1844.08 1771.11 1919.45 2553.65 2790.94
28.41 44.9 112.91 70.72 139.7 -89.12
13.49 13.59 14.54 13.11 15.64 18.01
65 78.55 85.06 97.42 154.86 171.68
170.29 202.22 207.08 224.98 267.23 295.42
229.76 205.06 204.81 143.55 229.26 327.67
30.34 48.14 58.26 64.43 60.91 55.87
10.33 17.98 23.24 20.81 10.25 14.84
19.11 21.82 28.09 37.32 47.5 58.44
1.66 1.27 3.73 5.6 7.52 15.92
177.28 214.59 245.43 284.67 290.05 241.37
44.19 49.07 60.28 85.69 63.25 62.04
133.09 165.53 185.16 198.98 226.8 179.32
29.8 34.15 38.55 51.62 56.1 56.19

Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23

981.07 978.67 1080.14 1147.68 1071.86 1078.26
909.97 917.85 993.69 1059.44 991.57 993.03
3.06 5.53 1.83 11.13 13.5 2.24
14 15.5 16.04 16.62 16.44 16.87
1.81 2.31 10.08 10.77 8.97 8.92
58.35 48.54 62.16 71.98 68.38 61.68
15.2 12.72 15.83 18.85 16.39 15.06
43.15 35.82 46.33 53.13 51.99 46.62
71.1 60.82 86.45 88.24 80.29 85.23
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
42.57 42.69 42.83 43.02 43.15 43.22
709.05 856.97 950.95 1164.75 1359.35 1544.78
2.4 10.02 10 66.25 66.35 500.56
400.62 446.54 436.52 585.77 613.48 626.37
1154.64 1356.22 1440.3 1859.79 2082.33 2714.93
200.87 213.79 267.76 354.06 400.27 446.68
7.46 7.71 66.87 19.55 16.48 15.82
84.01 91.98 44.85 42.25 102.05 851.38
862.3 1042.74 1060.82 1443.93 1563.53 1401.05
1154.64 1356.22 1440.3 1859.79 2082.33 2714.93
444.49 454.32 321.77 384.72 479.24 531.74
310.51 370.88 476.4 628.66 849.89 689.41
5.04 84.65 111.53 281.14 53.88 24.1
425675631 426934094 428287535 430188458 431541934 432174432

1 1 1 1 1 1

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

54.12 153.42 139.39 221.75 -32.9 415.95
-27.11 -49.79 -110.45 41.21 -133.49 -774.15
-36.96 -24.07 -89.8 -5.65 -60.89 328.41
-9.96 79.56 -60.86 257.31 -227.27 -29.8

222 222 155 252 216 250

43 43 43 43 43 43
How to use it?
OVERVIEW
You can customize this workbook as you want.
You can add custom formating, add conditional formating, add your own formulas… do ANYTHING.
Please don't edit the "Data Sheet" only.

After customization, you can upload this back on Screener.

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

Download your customized workbooks now onwards.

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

TESTING:
This is a testing feature currently.
You can report any formula errors on the worksheet at: screener.feedback@dalal-street.in
… do ANYTHING.

dalal-street.in
 Hybrid Investing Excel Analysis - Version 7.001
HOW TO USE THIS SPREADSHEET
Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here -
https://www.screener.in/register/
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page -
https://www.screener.in/excel/ - and upload this excel file.
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you will see details of y
chosen company. Scroll down and come to the first financial statement table called "Quarterly Results" and click on "View
Consolidated". Now, all data you see for this company will be consolidated.

Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Click the button and
company's financial data will be exported in an excel file in the exact format as "Investors Delight Stock Valuation Excel Ver
Now onwards, any excel you export for any company on Screener.in will be downloaded in this very format.
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

READ THESE INSTRUCTIONS BEFORE YOU START

1. DON’T change anything on "Data Sheet" tab - this is dynamic template based on which company
need is being pulled through Screener.in upload
2. If you see data is not flowing when you download excel from Screener.in, just click on "Enable Ed
on the top of your excel workbook

Data Sheet underlying data is from Screener.in

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY08 (March 2008). This is
if, for instance, the company has financials starting from, say, FY10, you will see incorrect data for FY08 and FY09 (which w
Ambuja Cement on whose financials I have created this Analysis sheet format)
2. All financial data of your chosen company will be automatically updated in the sheet you download, except "Cash and Ba
(Balance Sheet sheet) and Capex (Cash Flow sheet) figures, which you must update manually from the company's annual re
Don’t forget to make these changes as these numbers are key inputs in a few Intrinsic Value calculations.

3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the S
mentioned above. But DON'T touch the sheet titled "Data Sheet" because this will cause errors in your future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually from Annual Repo
Cash and Capex numbers) or where you may change the growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before w
on the sheet.
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do th
with working on this sheet. You may sometime find some discrepancy in numbers (though rare), but you will know this on
you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - connectl@investorsdelight.in
will try to fix the same and update the sheet
7. I will keep on updating the sheet from time to time and will update the same on the website. I invite you to share your fee
and thoughts on the sheet so that we can make it better together.
8. This excel won't work for banking and financial services companies.