Summary

DIVIS LABORATORIES LTD

Total number of shares (cr) 26.55
Current price ₹5,914.50
Market Cap (cr) ₹157,011

Page 1
 Graham Check list

Input Data
Fixed Assets
Current Assets
Fixed Liabilities
Current Liabilities

1. Size of the company

2. Strong financial stability

3. Earnings Stability

4. Dividend record

5. Earnings Growth

Financial Ratios
PE ratio should be at least less than 14
PB ratio should be less than 2
Debt to Equity ratio should be less than 1
RoE should be atleast 15%
RoA should be atleast 15%

Page 2
 Graham Check list

Input Data Result

15 Yes 64%
153 No 36%
0
15

Sales at least more than 200 crores.

YES
Latest Annual Sales 9,360
1. Current assets must be at least twice current liabilities

2. Long term or Fixed liabilities must be less than net current assets (Current assets – current
liabilities)
Criteria 1 YES
Criteria 2 YES

Should have positive earnings for past 10 years at least YES

Should have paid dividend for last 10 years uninterrupted YES

Average earnings should have increased by at least 100% in 10 years

Current Earnings 70.50
Earnings before 10 years 38.46 NO
Check Value 83.30%

Financial Ratios
ss than 14 74.34 No
2 1,027.43 No
e less than 1 0.00 Yes
1381.98% Yes
12.48% No

Page 3
 EPV method

Avg. Profit 5 years 2,112

Other income % 11%
EPV at 7% returns 29567
+ Invesments 65.00
+ Cash equivalents 3,715
Total 33347
Borrowings 4
Other Liabilities 1,948
IV1 (- all liabilities) IV2 (- Debt alone) 0
1,183 1,256
MoS -400% -371%

Page 4
 EPV method

Net Profit 2021 2022 2023 2024 2025

1,984.29 2,960.45 1,824.00 1,600.00 2,191.00
Other income 2021 2022 2023 2024 2025
56.60 111.82 344.00 335.00 348.00

Page 5
 Buffett Method

Profit Growth CAGR 9.74%

Debt 4.00
Avg. Capex 5 years -103.2
Avg. D&A 5 years 338

Net Profit Adjusted Value

2026 2,404 2,454
2027 2,639 2,485
2028 2,896 2,517
2029 3,178 2,552
2030 3,487 2,589
Terminal value 48,823 33,966
Total 46,562
IV3 1,754
MoS -237%

Page 6
 Buffett Method

Net Profit 2020 2021 2022 2023 2024 2025

1,376.54 1,984.29 2,960.45 1,824.00 1,600.00 2,191.00
Capex 2020 2021 2022 2023 2024 2025
-88 -224 -77 -91 -50 -74
Depreciation 2020 2021 2022 2023 2024 2025
186.24 255.59 311.51 343.00 378.00 402.00

Page 7
DIVIS LABORATORIES LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Trailing Best Case Worst Case
Sales 3,776.36 4,064.34 3,891.49 4,946.26 5,394.42 6,969.40 8,959.83 7,767.00 7,845.00 9,360.00 9,652.00 11,167.57 9,501.61
Expenses 2,353.79 2,614.68 2,622.48 3,071.85 3,567.96 4,102.27 5,074.64 5,397.00 5,635.00 6,387.00 6,578.00 7,610.89 6,627.76
Operating Profit 1,422.57 1,449.66 1,269.01 1,874.41 1,826.46 2,867.13 3,885.19 2,370.00 2,210.00 2,973.00 3,074.00 3,556.68 2,873.84
Other Income 93.20 72.37 107.18 154.24 186.38 56.60 111.82 344.00 335.00 348.00 393.00 - -
Depreciation 118.18 123.33 142.49 168.90 186.24 255.59 311.51 343.00 378.00 402.00 417.00 417.00 417.00
Interest 4.74 3.36 2.37 4.68 7.14 2.10 2.00 2.00 4.00 3.00 5.00 5.00 5.00
Profit before tax 1,392.85 1,395.34 1,231.33 1,855.07 1,819.46 2,666.04 3,683.50 2,369.00 2,163.00 2,916.00 3,045.00 3,134.68 2,451.84
Tax 267.06 334.92 354.32 502.33 442.92 681.75 723.05 545.00 563.00 725.00 739.00 24% 24%
Net profit 1,125.78 1,060.42 877.01 1,352.74 1,376.54 1,984.29 2,960.45 1,824.00 1,600.00 2,191.00 2,306.00 2,373.92 1,856.80
EPS 42.40 39.94 33.03 50.95 51.85 74.74 111.50 68.70 60.26 82.52 86.87 89.42 69.94
Price to earning 23.28 15.62 33.00 33.43 38.36 48.47 39.48 41.10 57.17 69.99 68.09 68.09 42.54
Price 987.25 623.85 1,090.20 1,703.10 1,989.05 3,622.80 4,402.05 2,823.35 3,445.30 5,775.45 5,914.50 6,088.70 2,975.74

RATIOS:
Dividend Payout 23.58% 25.03% 30.27% 31.40% 30.85% 26.76% 26.90% 43.59% 49.69% 36.28%
OPM 37.67% 35.67% 32.61% 37.90% 33.86% 41.14% 43.36% 30.51% 28.17% 31.76% 31.85%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 10.61% 13.36% 11.65% 1.47% 19.31% 19.31% 1.47%
OPM 35.17% 35.14% 34.98% 30.25% 31.85% 31.85% 30.25%
Price to Earning 42.54 49.51 54.05 59.09 68.09 68.09 42.54
DIVIS LABORATORIES LTD SCREENER.IN

Narration Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
Sales 1,951.00 1,778.00 1,909.00 1,855.00 2,303.00 2,118.00 2,338.00 2,319.00 2,585.00 2,410.00
Expenses 1,464.00 1,274.00 1,430.00 1,366.00 1,572.00 1,496.00 1,622.00 1,576.00 1,699.00 1,681.00
Operating Profit 487.00 504.00 479.00 489.00 731.00 622.00 716.00 743.00 886.00 729.00
Other Income 66.00 81.00 86.00 95.00 79.00 79.00 106.00 82.00 86.00 119.00
Depreciation 87.00 93.00 95.00 95.00 95.00 97.00 99.00 99.00 107.00 112.00
Interest - - 1.00 - 2.00 - 1.00 - 1.00 3.00
Profit before tax 466.00 492.00 469.00 489.00 713.00 604.00 722.00 726.00 864.00 733.00
Tax 145.00 136.00 121.00 131.00 175.00 174.00 212.00 137.00 202.00 188.00
Net profit 321.00 356.00 348.00 358.00 538.00 430.00 510.00 589.00 662.00 545.00

OPM 25% 28% 25% 26% 32% 29% 31% 32% 34% 30%
DIVIS LABORATORIES LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Equity Share Capital 53.09 53.09 53.09 53.09 53.09 53.09 53.09 53.00 53.00 53.00
Reserves 4,240.21 5,304.30 5,871.71 6,904.06 7,256.83 9,241.52 11,675.09 12,714.00 13,518.00 14,916.00
Borrowings 42.47 35.74 63.11 105.60 38.85 4.83 3.69 4.00 3.00 4.00
Other Liabilities 562.20 761.84 796.91 973.16 1,182.55 1,471.40 1,628.37 1,654.00 1,886.00 1,948.00
Total 4,897.97 6,154.97 6,784.82 8,035.91 8,531.32 10,770.84 13,360.24 14,425.00 15,460.00 16,921.00

Net Block 1,438.77 1,559.19 1,996.19 2,087.77 2,781.85 3,703.87 4,325.05 4,722.00 4,739.00 5,442.00
Capital Work in Progress 263.91 443.57 119.76 491.91 919.69 710.62 469.93 212.00 778.00 1,022.00
Investments 802.86 1,630.73 1,889.29 1,945.60 971.36 0.01 72.01 77.00 82.00 65.00
Other Assets 2,392.43 2,521.48 2,779.58 3,510.63 3,858.42 6,356.34 8,493.25 9,414.00 9,861.00 10,392.00
Total 4,897.97 6,154.97 6,784.82 8,035.91 8,531.32 10,770.84 13,360.24 14,425.00 15,460.00 16,921.00

Working Capital 1,830.23 1,759.64 1,982.67 2,537.47 2,675.87 4,884.94 6,864.88 7,760.00 7,975.00 8,444.00
Debtors 880.92 900.92 1,014.36 1,163.37 1,413.35 1,676.52 2,423.88 1,793.00 2,156.00 2,731.00
Inventory 1,207.83 1,319.91 1,350.67 1,772.34 1,863.86 2,145.23 2,828.62 3,000.00 3,184.00 3,236.00

Debtor Days 85.14 80.91 95.14 85.85 95.63 87.80 98.74 84.26 100.31 106.50
Inventory Turnover 3.13 3.08 2.88 2.79 2.89 3.25 3.17 2.59 2.46 2.89

Return on Equity 26% 20% 15% 19% 19% 21% 25% 14% 12% 15%
Return on Capital Emp 29% 22% 29% 25% 32% 35% 19% 16% 20%
DIVIS LABORATORIES LTD SCREENER.IN

Narration Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Cash from Operating Activity 1,037.86 1,150.37 775.86 954.30 1,215.94 1,946.93 1,911.80 2,459.00 1,261.00 1,653.00
Cash from Investing Activity -406.41 -1,139.60 -478.30 -685.40 -83.47 75.13 -2,194.92 -2,707.00 -269.00 -804.00
Cash from Financing Activity -631.12 2.38 -314.16 -245.94 -1,091.42 -34.89 -532.44 -797.00 -799.00 -799.00
Net Cash Flow 0.33 13.15 -16.60 22.96 41.05 1,987.17 -815.56 -1,045.00 193.00 50.00
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COMPANY NAME DIVIS LABORATORIES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 26.55
Face Value 2.00
Current Price 5,914.50
Market Capitalization 157,011.39

PROFIT & LOSS

Report Date Mar-16 Mar-17 Mar-18 Mar-19
Sales 3,776.36 4,064.34 3,891.49 4,946.26
Raw Material Cost 1,478.71 1,608.36 1,567.94 2,169.72
Change in Inventory -25.37 40.82 -3.33 304.59
Power and Fuel 180.34 198.80 228.73 248.78
Other Mfr. Exp 128.01 120.99 134.60 160.96
Employee Cost 361.40 500.06 456.45 542.78
Selling and admin 133.97 154.10 200.09 175.19
Other Expenses 45.99 73.19 31.34 79.01
Other Income 93.20 72.37 107.18 154.24
Depreciation 118.18 123.33 142.49 168.90
Interest 4.74 3.36 2.37 4.68
Profit before tax 1,392.85 1,395.34 1,231.33 1,855.07
Tax 267.06 334.92 354.32 502.33
Net profit 1,125.78 1,060.42 877.01 1,352.74
Dividend Amount 265.45 265.45 265.45 424.72

Quarters
Report Date Mar-23 Jun-23 Sep-23 Dec-23
Sales 1,951.00 1,778.00 1,909.00 1,855.00
Expenses 1,464.00 1,274.00 1,430.00 1,366.00
Other Income 66.00 81.00 86.00 95.00
Depreciation 87.00 93.00 95.00 95.00
Interest 1.00
Profit before tax 466.00 492.00 469.00 489.00
Tax 145.00 136.00 121.00 131.00
Net profit 321.00 356.00 348.00 358.00
Operating Profit 487.00 504.00 479.00 489.00

BALANCE SHEET
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 53.09 53.09 53.09 53.09
Reserves 4,240.21 5,304.30 5,871.71 6,904.06
Borrowings 42.47 35.74 63.11 105.60
Other Liabilities 562.20 761.84 796.91 973.16
Total 4,897.97 6,154.97 6,784.82 8,035.91
Net Block 1,438.77 1,559.19 1,996.19 2,087.77
Capital Work in Progress 263.91 443.57 119.76 491.91
Investments 802.86 1,630.73 1,889.29 1,945.60
Other Assets 2,392.43 2,521.48 2,779.58 3,510.63
Total 4,897.97 6,154.97 6,784.82 8,035.91
Receivables 880.92 900.92 1,014.36 1,163.37
Inventory 1,207.83 1,319.91 1,350.67 1,772.34
Cash & Bank 73.43 78.70 112.46 115.26
No. of Equity Shares ### ### ### ###
New Bonus Shares ### ### ###
Face value 2.00 2.00 2.00 2.00

CASH FLOW:
Report Date Mar-16 Mar-17 Mar-18 Mar-19
Cash from Operating Activity 1,037.86 1,150.37 775.86 954.30
Cash from Investing Activity -406.41 -1,139.60 -478.30 -685.40
Cash from Financing Activity -631.12 2.38 -314.16 -245.94
Net Cash Flow 0.33 13.15 -16.60 22.96

PRICE: 987.25 623.85 1,090.20 1,703.10

DERIVED:
Adjusted Equity Shares in Cr 26.55 26.55 26.55 26.55
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

5,394.42 6,969.40 8,959.83 7,767.00 7,845.00 9,360.00
2,256.99 2,455.40 3,552.07 3,087.00 3,300.00 3,890.00
105.98 78.67 523.83 -23.00 109.00 96.00
280.73 319.15 392.33 496.00 477.00 465.00
203.73 228.83 282.94 362.00 326.00 318.00
622.36 827.85 948.33 977.00 1,096.00 1,245.00
226.92 285.75 343.03 391.00 356.00 412.00
83.21 63.96 79.77 61.00 189.00 153.00
186.38 56.60 111.82 344.00 335.00 348.00
186.24 255.59 311.51 343.00 378.00 402.00
7.14 2.10 2.00 2.00 4.00 3.00
1,819.46 2,666.04 3,683.50 2,369.00 2,163.00 2,916.00
442.92 681.75 723.05 545.00 563.00 725.00
1,376.54 1,984.29 2,960.45 1,824.00 1,600.00 2,191.00
424.72 530.90 796.35 795.00 795.00 795.00

Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25

2,303.00 2,118.00 2,338.00 2,319.00 2,585.00 2,410.00
1,572.00 1,496.00 1,622.00 1,576.00 1,699.00 1,681.00
79.00 79.00 106.00 82.00 86.00 119.00
95.00 97.00 99.00 99.00 107.00 112.00
2.00 1.00 1.00 3.00
713.00 604.00 722.00 726.00 864.00 733.00
 175.00 174.00 212.00 137.00 202.00 188.00
538.00 430.00 510.00 589.00 662.00 545.00
731.00 622.00 716.00 743.00 886.00 729.00

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

53.09 53.09 53.09 53.00 53.00 53.00
7,256.83 9,241.52 11,675.09 12,714.00 13,518.00 14,916.00
38.85 4.83 3.69 4.00 3.00 4.00
1,182.55 1,471.40 1,628.37 1,654.00 1,886.00 1,948.00
8,531.32 10,770.84 13,360.24 14,425.00 15,460.00 16,921.00
2,781.85 3,703.87 4,325.05 4,722.00 4,739.00 5,442.00
919.69 710.62 469.93 212.00 778.00 1,022.00
971.36 0.01 72.01 77.00 82.00 65.00
3,858.42 6,356.34 8,493.25 9,414.00 9,861.00 10,392.00
8,531.32 10,770.84 13,360.24 14,425.00 15,460.00 16,921.00
1,413.35 1,676.52 2,423.88 1,793.00 2,156.00 2,731.00
1,863.86 2,145.23 2,828.62 3,000.00 3,184.00 3,236.00
122.63 2,156.03 2,818.88 4,214.00 3,980.00 3,715.00
### ### ### ### ### ###

2.00 2.00 2.00 2.00 2.00 2.00

Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

1,215.94 1,946.93 1,911.80 2,459.00 1,261.00 1,653.00
-83.47 75.13 -2,194.92 -2,707.00 -269.00 -804.00
-1,091.42 -34.89 -532.44 -797.00 -799.00 -799.00
41.05 1,987.17 -815.56 -1,045.00 193.00 50.00

1,989.05 3,622.80 4,402.05 2,823.35 3,445.30 5,775.45

26.55 26.55 26.55 26.55 26.55 26.55