Fundamental Analysis - Macro Econo

Sl. No. Factors 2022-23 2021-22

Q1 Q2 Q1
Section 1 GDP and Related Indicators
1.1 GDP (Value)
1.2 GDP Growth Rate
1.3 Savings Rate
1.4 GDP Per Capita
Section 2 Labour
2.1 Unemployment Rate
2.2 Employment Rate
2.3 Youth Unemployment Rate
Section 3 Prices
3.1 Inflation Rate %
3.2 Consumer Price Index
3.3 Food Inflation
Section 4 Health
4.1 Corona Virus Vaccination Rate
4.2 Covid Cases
Section 5 Money
5.1 Interest Rate
5.2 Cash Reserve Ratio
5.3 Interbank Rate
5.4 Money Supply M1
5.5 Money Supply M2
5.6 Money Supply M3
5.7 Forex Reserve
5.8 Repo Rate
5.9 Reverse Repo Rate
5.10 SLR
Section 6 Trade
6.1 Balance of Trade
6.2 Current Account
6.3 Exports
6.4 Import
6.5 FDI Flow
6.6 FII Flow
6.7 Terrorism Index
6.8 External Debt
6.9 Gold Reserves
Section 7 Government Data
7.1 Government Debt to GDP
7.2 Budget Surplus/Deficit
7.3 Government Revenue
7.4 Government Spending
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
8.2 Manufacturing PMI
8.3 Service PMI
8.4 IIP
8.5 Internet Speed
8.6 Corruption Index
8.7 Corruption Rank
8.8 Deposit Growth
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
9.2 Consumer Spending
9.3 Disposable Personal Income
9.4 Bank Lending Rate
9.5 Household debt to GDP
Section 10 Housing
10.1 Housing Index
10.2 Construction Output
amental Analysis - Macro Economic Analysis Checklist
2021-22 2020-21 2019-20 2018-19 Forecast
Q2 Q3 Q4 Yearly Yearly Yearly 2023
Comments

Favorable (YES = 1/NO = 0)

0
1
 0

Total Macro Economic Analysis Score 1

 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 {2022}
M6 Total Revenues of the industry (DATA)
M7 Total Exports from industry in India (DATA)
M8 Total imports from the industry (DATA)
M9
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)
1.4 What are the main cost components of the industry? What about their prices?
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 Which stage of the life cycle is your industry into?
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 globe?
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 requirement is po
4.1.2 Existing firms control the distribution channels and enjoy some kind of proprietary experience curve. (If YES is pos
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

Comment
Auto Ancillary industry
The auto ancillary market deals with the production and sale of intermediate
equipment and automotive parts that are used in automobile manufacturing. It
is a crucial part of the automotive industry in India. It is segmented into
organized and unorganized sectors.
334
12
15
107.96T

4.60%

Comment

managed well?
e around the globe?

er investment requirement is positive)

experience curve. (If YES is positive)
Total Industry Analysis Score
nalysis - Industry Analysis Checklist
2022-23 2021-22
Q1 Q2 Q1 Q2 Q3 Q4

Favourable (YES = 1/NO = 0)

8.66B 20.45B 6.32B 7.23B 7.60B 8.00B

45.56B*107 7.75B*103 1.90B 6.29B*106 639.59M*3 7.38B*103

 13.76 14.68 -10.4 -110.21 16.54 16.35
-143.39 5.2 -469.95 -147.67 -118.08 -67.31

9.77 9.99
0
 2020-21 2019-20 2018-19 Forecast Comments
Yearly Yearly Yearly 2023

21.37B 21.00B 22.93B 123

5.54B*120 6.22B*122 4.85B*123

 -5.23 21.61 22.51
-217.45 240.69 -141.17

0.39 0.51 0.44

66.77 62.52 104.47
 Fun

Major Trend Sub Trends

Trend in Sales Revenue
Income Statement Trend Trend in Total Expenses
Trend in Profit
Trend in Equity
Balance Sheet Trend Trend in Debt
Trend in Fixed Assets
Trend in CF from OA
Cash Flow Trend Trend in CF from IA
Trend in CF from FA
Trend in Current Ratio
Trend in Debt Equity Ratio
Trend in N/P Ratio
Ratio Trends
Trend in EPS
Trend in DPS
Trend in ROE
Trend in Market Price
Market Trend Trend in P/E
Trend in Price to Book Value

Trend in Sales Revenue

Trend in Total Expenses
Trend in Profit
Trend in Equity
Trend in Debt
Trend in Fixed Assets
Trend in CF from OA
Trend in CF from IA
Trend in CF from FA
Trend in Current Ratio
Trend in Debt Equity Ratio
Trend in N/P Ratio
Trend in EPS
Trend in DPS
Trend in ROE
Trend in Market Price
Trend in P/E
Trend in Price to Book Value
 Fundamental Analysis - Trend Analysis Checklist
Company Name
Symbol
2011 (Base Year) 2012 2013 2014 2015 2016 2017 2018
100 126.441027 142.99362 186.577693 238.367297 263.395217 350.891761 457.174449
100 126.441027 142.99362 186.577693 238.367297 263.395217 350.891761 457.174449
100 80.7032349 79.3811533 20.1969058 191.195499 312.601969 464.613221 872.54571
100 149.778583 161.6093 163.61715 194.545089 292.527174 592.018921 806.511675
100 92.2149818 97.7625281 160.244507 120.385214 203.604175 252.85739 313.04423
100 111.480871 141.115461 164.011951 164.011951 270.207432 410.728759 631.231541
100 222.787531 293.980652 77.3916159 417.556431 448.799713 1073.62952 1226.54962
100 62.1170505 256.665962 295.647581 97.10543 -550.45426 581.639552 1385.52715
100 100 79.7505503 83.4922964 759.134263 -532.86867 1085.61996 2144.46075
100 125.806452 113.978495 109.677419 115.053763 108.602151 138.709677 120.430108
100 61.567549 60.490432 97.9259769 61.8769337 69.6000917 42.7065429 38.8105878
100 64.116095 55.6728232 11.0817942 81.0026385 116.886544 128.759894 183.113456
100 68.9655172 67.816092 17.2413793 163.218391 266.666667 396.551724 683.908046
100 100 100 100 200 230 360 460
100 47.5947522 34.8396501 8.41836735 73.9795918 97.1938776 78.6078717 92.2376093
100 68.5598377 63.2860041 56.0851927 146.855984 220.081136 498.478702 1477.07911
100 114.269663 98.7640449 477.078652 195.280899 161.011236 240 333.932584
100 52.8205128 41.5384615 49.7435897 128.205128 172.820513 170.769231 342.051282

2011 (Base Year) 2012 2013 2014 2015 2016 2017 2018
9363 11792.1 13404 17061.3 22107.3 25061.5 33862.6 44705.6
9043.9 11435.2 12932.2 16873.9 21557.7 23821.2 31734.3 41346.4
355.5 286.9 282.2 71.8 679.7 1111.3 1651.7 3101.9
1987.2 2976.4 3211.5 3251.4 3866 5813.1 11764.6 16027
1734.1 1599.1 1695.3 2778.8 2087.6 3530.7 4384.8 5428.5
2911.8 3246.1 4109 4775.7 4775.7 7867.9 11959.6 18380.2
279.1 621.8 820.5 216 1165.4 1252.6 2996.5 3423.3
-473.3 -294 -1214.8 -1399.3 -459.6 2605.3 -2752.9 -6557.7
136.3 108.7 113.8 1034.7 -726.3 1479.7 2922.9 811.5
0.93 1.17 1.06 1.02 1.07 1.01 1.29 1.12
87.27 53.73 52.79 85.46 54 60.74 37.27 33.87
3.79 2.43 2.11 0.42 3.07 4.43 4.88 6.94
0.87 0.6 0.59 0.15 1.42 2.32 3.45 5.95
0.1 0.1 0.1 0.1 0.2 0.23 0.36 0.46
27.44 13.06 9.56 2.31 20.3 26.67 21.57 25.31
9.86 6.76 6.24 5.53 14.48 21.7 49.15 145.64
8.9 10.17 8.79 42.46 17.38 14.33 21.36 29.72
1.95 1.03 0.81 0.97 2.5 3.37 3.33 6.67
 2019 2020 2021 2022 Insert - Trend Line Chart
605.058658 651.300877 665.536992 863.870675
605.058658 651.300877 665.536992 863.870675
803.431786 436.511955 581.237693 1000.84388
991.782407 1078.86473 1288.4058 1894.4998
551.000519 757.534168 668.49086 544.253503
857.850814 1213.99478 1225.54777 1331.05296
1289.10785 3467.96847 982.909351 1219.74203
1760.06761 1786.24551 775.195436 1516.43778
595.377843 3156.49303 -37.050624 249.963316
125.806452 94.6236559 103.225806 135.483871
55.551736 70.2074023 51.8276613 28.7269394
127.440633 65.6992084 85.4881266 112.92876
622.988506 339.08046 444.827586 726.436782
550 200 430 750
67.2376093 31.7419825 36.5889213 45.5539359
1814.70588 1724.94929 1842.49493 4077.07911
336.404494 456.292135 787.977528 828.764045
257.435897 173.846154 334.871795 396.923077

2019 2020 2021 2022 222.78753135077

59080.9 62220.3 63737.4 83130 222.78753135077
54720.9 58903 60190.5 78127.6
2856.2 1551.8 2066.3 3558
19708.7 21439.2 25603.2 37647.5
9554.9 13136.4 11592.3 9437.9
24978.9 35349.1 35685.5 38757.6
3597.9 9679.1 2743.3 3404.3
-8330.4 -8454.3 -3669 -7177.3
4302.3 -50.5 340.7 3725.3
1.17 0.88 0.96 1.26
48.48 61.27 45.23 25.07
4.83 2.49 3.24 4.28
5.42 2.95 3.87 6.32
0.55 0.2 0.43 0.75
18.45 8.71 10.04 12.5
178.93 170.08 181.67 402
29.94 40.61 70.13 73.76
5.02 3.39 6.53 7.74
Comment Favourable (YES = 1/No = 0)

Total Trend Analysis Score 0

 Fundamental Analysis - Financial Analys
Company Name
Symbol
Sl. No. Financial Ratio 2022-23 2021-22
Q1 Q2 Q1 Q2
Section 1 Profitability Ratios
1.1 G/P Margin
1.2 N/P Margin 5.87 5.91 0.96 4.48
1.3 ROE 16.32 14.06
1.4 Book Value Per Share 65.56 55.63
1.5 EPS 1.22 2.97 0.28 1.68
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 26.61 23.02
3.2 Interest Coverage Ratio
Section 4 Growth Performance
4.1 CAGR of Sales 22.02 21.24 16.1 18.72
4.2 CAGR of EPS 31.87 18.31 -14.11 15.8
4.3 CAGR of Total Expenses
4.4 CAGR of DPS
4.5 Sustainable Growth Rate
Section 5 Liquidity Ratio
5.1 Current Ratio 1.24 1.27
5.2 Cash Ratio 0.09 0.16
Section 6 Valuation Multiples
6.1 Price to Earnings 61.24 63.33 48.71 55.47
6.2 Price to Book Value 8.53 6.64
Section 7 Volatility Measures
7.1 Beta 8 8 8 8
7.2 Volatility in ROE
alysis - Financial Analysis Checklist

2021-22 2020-21 2019-20 2018-19 Comments

Q3 Q4 Yearly Yearly Yearly

4.64 5.97 3.24 2.49 4.83

12.5 10.08 9.02 20.17
60.19 41.49 35.31 32.33
1.87 2.78 3.87 2.95 5.42

0.43 0.2 0.55

11.19 6.76 10.1

25.07 45.23 61.27 33.87

21.08 21.94 20.53 22.99 28.2

15.42 19.03 10.47 26.74 122.22
20.61 22.35 26.5

8.91 8.12 16.59

1.26 0.96 0.88 1.17

0.11 0.09 0.16 0.07

95.04 70.66 70.13 40.61 29.94

7.74 6.53 3.39 5.02

8 8 2 2 2

Total Financial Analysis Score

Favourable (YES=1/NO=0)

0
 Funda

Particulars 2019-2020 2020-2021

Revenue 2500.00 2400.00
Cost of Goods Sold (REVENUE- GROSSP 1200.00 1100.00
Gross Profit 673 725
Gross Margin 0.27 0.30
Net Income 100.00 100.00
Year End Current Assets 600.00 300.00
Year End Current Liabilities 400.00 300.00
Year End Total Assets 200.00 300.00
Long-term Debt 1000.00 1200.00
Operating Cash Flow 100.00 50.00
Diluted Shares Outstanding 1500.00 1200.00

Piotroski F Score Breakdown

Profitability
ROA 0.5 0.33333333333333
CFO 0.5 0.16666666666667
∆ROA 5 8
ACCRUAL
Leverage, Liquidity, Source of Funds
Change in the long term debt -$200 $0
Average Total Asset Ratio 250 300
∆LEVER -0.8 0
∆LIQUID (CURRENT RATIO) 1.5 1
EQ_OFFER 1,500 1,200
Operating Efficiency
∆MARGIN -0.03 -0.07
∆TURN 12.5 8
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 posi
CFO: Operating Cash Flow divided by year beginning total assets. F score is 1 if CFO is positive, 0 oth
∆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
∆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 yea
∆MARGIN: Change in Gross Margin Ratio. If current year's ratio minus prior year's ratio >0, F Score i
∆TURN: Change in Asset Turnover Ratio (Revenue/Beginning Year Total Assets). If current year's rat
 Fundamental Analysis - Piotroski Score Calculator

2021-2022 Particulars 2021 Q2

2400.00 Revenue 16322.40
1100.00 Cost of Goods Sold 14941.52
885 Gross Profit 1380.88
0.37 Gross Margin 8.46
100.00 Net Income 863.40
300.00 Year End Current Assets 18436.60
300.00 Year End Current Liabilities 15809.70
300.00 Year End Total Assets 49294.60
1200.00 Long-term Debt 8264.20
50.00 Operating Cash Flow
1200.00 Diluted Shares Outstanding

Piotroski F Score Breakdown

SCORE Profitability
ROA 0.0175151030741704
1 CFO 0.522729716566412
1 ∆ROA 5
0 ACCRUAL
0 Leverage, Liquidity, Source of Funds
Change in the long term deb $49,295
Average Total Asset Ratio 7904.85
∆LEVER 6.2359943578942
1 ∆LIQUID (CURRENT RATIO) 0.0468307605523795
1 EQ_OFFER -
1 Operating Efficiency
∆MARGIN 6359.53
1 ∆TURN #VALUE!
1 Total Score
7 Evaluation Criteria 0 to 3
4 to 6
7 to 9
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.
2021 Q1 2020 Q4
14397.50 14977.50
19376.16 14472.76
-4978.66 504.74
-34.58 3.37
-1345.00 131.00
0.00 20459.40
0.00 23171.30
0.00 55808.50
0.00 8783.80

SCORE

#DIV/0! 0.002347312685
#DIV/0! 1
8 0
1

-$55,809
11585.65
-4.81703659268146 0
#DIV/0! #DIV/0!
- 0

-5483.40 1
#VALUE! #VALUE!
#VALUE!
Weak Financials
Average Financials
Strong Financials
 Fundamental Analysis - Compa

Sl. No
M1
1
2
3
M2
1
2
3
M3
1
2
3
M4
1
2
3

1
1.1
1.2
1.3
1.4
1.5
1.6
1.7
1.8
1.9
1.10
1.11
2
2.1
2.2
2.3
2.4
3
3.1
3.2
3.3
3.4
4
4.1
4.2
4.3
GD
 Fundamental Analysis - Company Analys
Company Name
NSE SYMBOL
Factors
List the strengths of the company

List the Weaknesses of the company

List the Opportunities for the company

List the threats for the company

Corporate Governance
Whether the management are closely related to the industry with their expertise and experience?
What is the competence, motivation integrity, dynamism, and commitment of the top management personnel?
What is the management's stand on R&D?
How effective is the organizational structure of the firm? Is it suitable to the industry requirements?
Who are the BOD? Their qualification and expertise?
How many are independent directors in the board?
Who are the auditors?
Big 4?
From how long the auditors are associated with the firm?
Whether the company has any compliance issue with the regulatory authorities?
Whether the company has any lawsuits pending? What is the effect of lawsuits (If any) on the firm?
Technological and Production Prospectus
What is the technological competence of the firm?
What is the image of the company in the market?
What is the reach of the distribution network of the firm?
Does the company have unutilized capacity to exploit favourable market development?
Human Resource and Personnel
What is the employee turnover ratio for the current period?
Is the company over-staffed or under staffed? Or Balanced?
What is the state of company's industrial relations?
What is the extent of employee absenteeism?
Overall Competency and Prospectus
What is the overall growth prospect of the firm?
What are the products in the portfolio of the company that can create a difference?
How competitive is the position of the company in these products?
What is your overall opinion about the firm? What rating you will give out of 10 after considering overall perform

Economic Analysis
Piotroski
Trend
Financial
Company
Industry
mpany Analysis

Comment Favourable (YES=1/NO=0)

erall performance of the firm? Assume that you are considering invest 5
Total 5

Total Fundamental Analysis Points 13

Fundamental Score for the company 6.13207547169811
Recommendation (BUY/HOLD/SELL)

58
9
18
21
44
62
212