Safal Niveshak Stock Analysis Excel (Ver.

4
www.safalniveshak.com

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/r
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/e
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 you
financial statement table called "Quarterly Results" and click on "View Consolidated". Now, all data you see for this company w
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 the
the exact format as "Safal Niveshak's Stock Analysis Excel Ver. 4.0". Now onwards, any excel you export for any company on S
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY08 (March 2008). This is be
from, say, FY10, you will see incorrect data for FY08 and FY09 (which will be of Hero Motocorp on whose financials I have crea

2. All financial data of your chosen company will be automatically updated in the sheet you download, except "Cash and Bank"
which you must update manually from the company's annual reports. Don’t forget to make these changes as these numbers are
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Ste
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 Reports (
growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before wo
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do tha
some discrepancy in numbers (though rare), but you will know this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - [email protected] - and
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 feedba
together.
8. This excel won't work for banking and financial services companies.

Note: All data is sourced from Screener.in

 Safal Niveshak Stock Analysis Warning! Excel can be a wonde
deadly weapon if you wish t
Excel (Ver. 4.0) careful of what you are gettin
garbage out. And if you need th
given stock, you m
www.safalniveshak.com
Basic Company Details
Parameters Details
Company ETERNAL LTD
Current Stock Price (Rs) 327 Remember! Focus on decisio
Face Value (Rs) 1.0 evidenc
No. of Shares (Crore) 965.7
Market Capitalization (Rs Crore) 315,390

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) #DIV/0! Please! It's your money. Plea
cause you to lose it all! I've de
Profit Before Tax Growth (9-Year CAGR) #DIV/0! but you alone are responsible
Net Profit Growth (8-Year CAGR) #DIV/0! ever after! I am not a sadist
Average Debt/Equity (5-Years, x) 0.0 analyzing companies on you
instead of a map, for you can c
Average Return on Equity (5-Years) -3.9%
Average P/E (5-Years, x) 182.3
Latest P/E (x) 1,677.6
Warning! Excel can be a wonderful tool to analyze the past. But it can be a
deadly weapon if you wish to use it to predict the future! So be very
careful of what you are getting into. Here, garbage in will always equal
garbage out. And if you need the excel to tell you what you must do with a
given stock, you must not use this tool anyways.

Remember! Focus on decisions, not outcomes. Look for disconfirming

evidence. Calculate. Pray!

Please! It's your money. Please don't blame me if results of this excel
cause you to lose it all! I've designed this excel to aid your own thinking,
but you alone are responsible for your actions. I want to live peacefully
ever after! I am not a sadist who wants you to do the hard work by
analyzing companies on your own. But I'd rather give you a compass
instead of a map, for you can confuse map with territory and lose it all. All
the best!
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Parameter

Consumer monopoly or commodity?

Understand how business works

Is the company conservatively financed?

Are earnings strong and do they show an

upward trend?

Does the company stick with what it

knows?

Has the company been buying back its

shares?

Have retained earnings been invested

well?

Is the company’s return on equity above

average?

Is the company free to adjust prices to

inflation?
Does the company need to constantly
reinvest in capital?

Conclusion

Never Forget
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation
Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that
makes the product unique. Such companies will typically have high gross and operating profit margins because of their
unique niche. However, don't just go on margins as high margins may simply highlight companies within industries with
traditionally high margins. Thus, look for companies with gross, operating and net profit margins above industry norms.
Also look for strong growth in earnings and high return on equity in the past.

Try to invest in industries where you possess some specialized knowledge (where you work) or can more effectively
judge a company, its industry, and its competitive environment (simple products you consume). While it is difficult to
construct a quantitative filter, you should be able to identify areas of interest. You should "only" consider analyzing
those companies that operate in areas that you can clearly grasp - your circle of competence. Of course you can
increase the size of the circle, but only over time by learning about new industries. More important than the size of the
circle is to know its boundaries.

Seeks out companies with conservative financing, which equates to a simple, safe balance sheet. Such companies
tend to have strong cash flows, with little need for long-term debt. Look for low debt to equity or low debt-burden ratios.
Also seek companies that have history of consistently generating positive free cash flows.

Rising earnings serve as a good catalyst for stock prices. So seek companies with strong, consistent, and expanding
earnings (profits). Seek companies with 5/10 year earnings per share growth greater than 25% (along with safe balance
sheets). To help indicate that earnings growth is still strong, look for companies where the last 3-years earnings growth
rate is higher than the last 10-years growth rate. More important than the rate of growth is the consistency in such
growth. So exclude companies with volatile earnings growth in the past, even if the "average" growth has been high.

Like you should stock to your circle of competence, a company should invest its capital only in those businesses within
its circle of competence. This is a difficult factor to screen for on a quantitative level. Before investing in a company,
look at the company’s past pattern of acquisitions and new directions. They should fit within the primary range of
operations for the firm. Be cautious of companies that have been very aggressive in acquisitions in the past.

Buffett prefers that firms reinvest their earnings within the company, provided that profitable opportunities exist. When
companies have excess cash flow, Buffett favours shareholder-enhancing maneuvers such as share buybacks. While
we do not screen for this factor, a follow-up examination of a company would reveal if it has a share buyback plan in
place.

Seek companies where earnings have risen as retained earnings (earnings after paying dividends) have been
employed profitably. A great way to screen for such companies is by looking at those that have had consistent earnings
and strong return on equity in the past.

Consider it a positive sign when a company is able to earn above-average (better than competitors) returns on equity
without employing much debt. Average return on equity for Indian companies over the last 10 years is approximately
16%. Thus, seek companies that earn at least this much (16%) or more than this. Again, consistency is the key here.

That's what is called "pricing power". Companies with moat (as seen from other screening metrics as suggested above
(like high ROE, high grow margins, low debt etc.) are able to adjust prices to inflation without the risk of losing
significant volume sales.
Companies that consistently need capital to grow their sales and profits are like bank savings account, and thus bad for
an investor's long term portfolio. Seek companies that don't need high capital investments consistently. Retained
earnings must first go toward maintaining current operations at competitive levels, so the lower the amount needed to
maintain current operations, the better. Here, more than just an absolute assessment, a comparison against
competitors will help a lot. Seek companies that consistently generate positive and rising free cash flows.

Sensible investing is always about using “folly and discipline” - the discipline to identify excellent businesses, and wait
for the folly of the market to drive down the value of these businesses to attractive levels. You will have little trouble
understanding this philosophy. However, its successful implementation is dependent upon your dedication to learn and
follow the principles, and apply them to pick stocks successfully.

Focus on decisions, not outcomes. Look for disconfirming evidence.

 Balance Sheet
ETERNAL LTD
Rs Cr Mar-09 Mar-10 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Equity Share Capital - - 0 0 0 - 764 836 868 907
Reserves - - 1,036 2,356 457 7,644 15,741 18,624 19,545 29,410
Borrowings - - 186 348 326 527 70 507 749 2,045
Other Liabilities - - 152 709 2,117 532 751 1,632 2,194 3,261
Total - - 1,374 3,413 2,900 8,704 17,327 21,599 23,356 35,623

Net Block - - 190 389 1,591 1,539 1,404 6,344 6,448 9,532
Capital Work in Progress - - 1 1 1 0 1 7 18 51
Investments - - 829 2,145 324 2,205 4,718 6,765 11,645 13,192
Other Assets - - 354 879 985 4,959 11,204 8,483 5,245 12,848
Total - - 1,374 3,413 2,900 8,704 17,327 21,599 23,356 35,623

Working Capital - - 202 169 -1,132 4,427 10,453 6,851 3,051 9,587
Debtors - - 26 70 123 130 160 457 794 1,946
Inventory - - - 2 4 15 40 83 88 176
Cash & Bank** 4,735 3,367 3,190 3,393 2,605 3,546 4,739 5,829
** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports

Debtor Days - - 20 20 17 24 14 24 24 35
Inventory Turnover - - - 616 698 135 106 85 138 115
Fixed Asset Turnover #DIV/0! #DIV/0! 2.5 3.4 1.6 1.3 3.0 1.1 1.9 2.1
Debt/Equity #DIV/0! #DIV/0! 0.2 0.1 0.7 0.1 0.0 0.0 0.0 0.1
Return on Equity -10% -43% -522% -11% -7% -5% 2% 2%
Return on Capital Employed #DIV/0! #DIV/0! -8% -37% -303% -10% -7% -5% 2% 3%
 Profit & Loss Account / Income Statement
ETERNAL LTD
Rs Cr Mar-09 Mar-10 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Trailing
Sales - - 466 1,313 2,605 1,994 4,192 7,079 12,114 20,243 31,995
% Growth YOY #DIV/0! #DIV/0! 182% 98% -23% 110% 69% 71% 67%
Expenses - - 558 3,556 4,909 2,461 6,043 8,290 12,071 19,595 31,407
Material Cost (% of Sales) #DIV/0! #DIV/0! 0% 1% 4% 10% 13% 20% 24% 28% Check for wide fluctuations in key
Power and Fuel #DIV/0! #DIV/0! 1% 0% 0% 0% 0% 0% 0% 1% expense items. For manufacturing firms,
Other Mfr. Exp #DIV/0! #DIV/0! 11% 102% 81% 4% 4% 5% 4% 5% check their material costs etc. For
Employee Cost #DIV/0! #DIV/0! 62% 46% 31% 37% 39% 21% 14% 13% services firms, look at employee costs.
Selling and Admin Cost #DIV/0! #DIV/0! 39% 115% 67% 72% 87% 70% 57% 51%
Operating Profit - - -92 -2,243 -2,305 -467 -1,851 -1,211 43 648 588
Operating Profit Margin #DIV/0! #DIV/0! -20% -171% -88% -23% -44% -17% 0% 3% 2%
Other Income - - 21 1,285 16 -200 793 682 846 1,066 1,326
Other Income as % of Sales #DIV/0! #DIV/0! 4.5% 97.9% 0.6% -10.0% 18.9% 9.6% 7.0% 5.3% 4.1%
Depreciation - - 29 43 84 138 150 437 526 863 1,224
Interest - - 6 9 13 10 12 49 72 154 252
Interest Coverage(Times) #DIV/0! #DIV/0! -16 -115 -188 -80 -101 -20 5 6 3
Profit before tax (PBT) - - -107 -1,010 -2,386 -815 -1,221 -1,015 291 697 438
% Growth YOY #DIV/0! #DIV/0! 845% 136% -66% 50% -17% -129% 140%
PBT Margin #DIV/0! #DIV/0! -23% -77% -92% -41% -29% -14% 2% 3% 1%
Tax - - - - - 1 2 -44 -60 170 250
Net profit - - -107 -1,010 -2,386 -816 -1,223 -971 351 527 188
% Growth YOY #DIV/0! #DIV/0! 845% 136% -66% 50% -21% -136% 50%
Net Profit Margin #DIV/0! #DIV/0! -23% -77% -92% -41% -29% -14% 3% 3% 1%
EPS - - -3,564.0 ### ### ### -1.6 -1.1 0.4 0.5 0.2
% Growth YOY #DIV/0! #DIV/0! 845% 136% -74% -100% -27% -135% 37%
Price to earning -53.0 -44.9 457.6 369.4 1,677.6
Price - - - - - - 82 51 182 202 327
Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Market Cap - - - - - - 64,786 43,623 ### ###
Retained Earnings - - -107 -1,010 -2,386 -816 -1,223 -971 351 527
Buffett's $1 Test -34.5

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth #DIV/0! 71.4% 50.7% 69.0%
PBT Growth #DIV/0! -230.7% -178.2% -183.0%
PBT Margin #DIV/0! -35.3% -15.7% -2.8%
Price to Earning 182.3 182.3 182.3 260.7

Check for long term vs short term trends here. Check if the growth over
past 3 or 5 years has slowed down / improved compared to long term (7 to
10 years) growth numbers.
 Cash Flow Statement
ETERNAL LTD
Rs Cr Mar-09 Mar-10 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Total
Cash from Operating Activity (CFO) - - - - -2,144-1,018 -693 -844 646 308 -3,745
% Growth YoY #DIV/0! #DIV/0! #DIV/0! #DIV/0! -53% -32% 22% -177% -52%
Cash from Investing Activity - - - - 1,740-5,245 -7,971 797 -348 -7,993 -19,020
Cash from Financing Activity - - - - 359 6,402 8,750 -127 -207 8,042 23,219
Net Cash Flow - - - - -45 139 86 -174 91 357 454
CFO/Sales #DIV/0! #DIV/0! 0% 0% -82% -51% -17% -12% 5% 2%
CFO/Net Profit #DIV/0! #DIV/0! 0% 0% 90% 125% 57% 87% 184% 58%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF -315 -212 -364 -565 -2,751 -1,955 -1,849 -2,482 -592 -516 -11,600
Average FCF (3 Years) -1,197
FCF Growth YoY -33% 72% 55% 387% -29% -5% 34% -76% -13%
FCF/Sales #DIV/0! #DIV/0! -78% -43% -106% -98% -44% -35% -5% -3%
FCF/Net Profit #DIV/0! #DIV/0! 351% 59% 116% 241% 153% 256% -169% -98%

** Manually enter this number;

Convert to Rs Crore if not already
done in the Annual Reports; Use
"Capital expenditure" number
shown under "Cash Flow from
Investing Activities" segment of
Consolidated Cash Flow Statement
available in the Annual Reports
 Key Ratios
ETERNAL LTD
Mar/09 Mar/10 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Sales Growth #DIV/0! #DIV/0! 181.7% 98.4% -23.5% 110.3% 68.9% 71.1%
PBT Growth #DIV/0! #DIV/0! 844.9% 136.1% -65.8% 49.7% -16.8% ###
Net Profit Growth #DIV/0! #DIV/0! 844.9% 136.1% -65.8% 49.7% -20.6% ###
Dividend Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating Cash Flow Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! -52.5% -31.9% 21.8% ###
Free Cash Flow Growth -32.9% 72.1% 55.2% 386.8% -28.9% -5.4% 34.2% -76.1%

Operating Margin #DIV/0! #DIV/0! -19.8% ### -88.5% -23.4% -44.1% -17.1% 0.4%
PBT Margin #DIV/0! #DIV/0! -22.9% -77.0% -91.6% -40.9% -29.1% -14.3% 2.4%
Net Margin #DIV/0! #DIV/0! -22.9% -77.0% -91.6% -40.9% -29.2% -13.7% 2.9%

Debtor Days - - 20.4 19.6 17.3 23.8 13.9 23.6 23.9

Inventory Turnover - - - 616.2 698.3 134.7 105.6 85.3 137.7
Fixed Asset Turnover #DIV/0! #DIV/0! 2.5 3.4 1.6 1.3 3.0 1.1 1.9
Debt/Equity #DIV/0! #DIV/0! 0.2 0.1 0.7 0.1 0.0 0.0 0.0
Debt/Assets #DIV/0! #DIV/0! 13.5% 10.2% 11.2% 6.1% 0.4% 2.3% 3.2%
Interest Coverage (Times) #DIV/0! #DIV/0! -15.8 -115.3 -187.7 -79.7 -100.7 -19.7 5.0
Return on Equity -10.3% -42.9% ### -10.7% -7.4% -5.0% 1.7%
Return on Capital Employed #DIV/0! #DIV/0! -8.2% -37.0% ### -9.9% -7.3% -4.8% 1.7%
Free Cash Flow (Rs Cr) -315 -212 -364 -565 -2,751 -1,955 -1,849 -2,482 -592
Mar/25
67.1%
139.5%
50.1%
#DIV/0!
-52.3%
-12.8%

3.2%
3.4%
2.6%

35.1
115.0
2.1
0.1
5.7%
5.5
1.7%
2.6%
-516
What to look for?
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the management is allocating capital
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency

Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry

Lower/reducing is better. Compare with industry peer(s)

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)
Nil / lower than 0.5 / reducing is better
Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for positive and rising numbers. If the company consistently generates negative FCF over say 10 years, avoid it.
 50% Profit Margin 100% Capital Allo
Check for a rising trend
0% 0% Numbers > 20% long te
9 -100% company
09 1 has zero/marg
3 5
-50% /0 /11 /13 /15 /17 /19 /21 /23 /25 -200% n n/1
/competitor n/1 n/1
n n n n n n n n n Ja Ja Ja Ja
Ja Ja Ja Ja Ja Ja Ja Ja Ja -300%
-100%
-400%
-150% Check for a rising trend and/or
-500%
consistency. Compare with a close
-200% competitor -600%

Operating Margin PBT Margin

Net Margin ROE

25,000 Revenue 1000% Revenue and P

Check for a rising trend. Check for a
800% Compare gr
20,000 tor.
600%
15,000
400%
10,000
200%
5,000
0%
- 0 2 4
-200%n/1 n/1 n/1 n/
1
09 11 13 15 17 19 21 23 25 Ja a
J Revenue
Ja Ja
Grow
n/ n/ n/ n/ n/ n/ n/ n/ n/
Ja Ja Ja Ja Ja Ja Ja Ja Ja Net Profit Gro

1,000 Profit Over Time Operating and

1,000 Check
Check for a rising trend. for positive nu
and which are rising o
- - time.

09 11 13 15 17 19 21 23 25 09 11 13 15
-1,000n/ n/ n/ n/ n/ n/ n/ n/ n/ -1,000n/ n/ n/ n/
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja
-2,000 -2,000

-3,000 -3,000

PBT Net Profit Operating Cash F

Data for Charts (Please don't touch any number below)
Margins
Mar/09 Mar/10 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Operating Margin #DIV/0! #DIV/0! -20% -171% -88% -23% -44% -17% 0%
PBT Margin #DIV/0! #DIV/0! -23% -77% -92% -41% -29% -14% 2%
Net Margin #DIV/0! #DIV/0! -23% -77% -92% -41% -29% -14% 3%

Management Effectiveness
Mar/09 Mar/10 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
ROE -10% -43% -522% -11% -7% -5% 2%
ROCE #DIV/0! #DIV/0! -8% -37% -303% -10% -7% -5% 2%

Revenue & Profit Growth

Mar/10 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24 Mar/25
Revenue Growth #DIV/0! #DIV/0! 182% 98% -23% 110% 69% 71% 67%
PBT Growth #DIV/0! #DIV/0! 845% 136% -66% 50% -17% -129% 140%
Net Profit Growth #DIV/0! #DIV/0! 845% 136% -66% 50% -21% -136% 50%

Revenue & Profit

Mar/09 Mar/10 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Revenue - - 466 1,313 2,605 1,994 4,192 7,079 12,114
PBT - - -107 -1,010 -2,386 -815 -1,221 -1,015 291
Net Profit - - -107 -1,010 -2,386 -816 -1,223 -971 351

Cash Flows
Mar/09 Mar/10 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Operating Cash Flow - - - - -2,144 -1,018 -693 -844 646
Free Cash Flow -315 -212 -364 -565 -2,751 -1,955 -1,849 -2,482 -592
% Capital Allocation Quality
Check for a rising trend and/or consistency.
% Numbers > 20% long term are good. Also check if the
% company
09 1 has zero/marginal
3 5 debt.
7 Compare
9 1with a 3close25 Note: Please ignore the dates
n n/1
/competitor n/1 n/1 n/1 n/1 n/2 n/2 n/ on the X-axis. The figures are
% Ja Ja Ja Ja Ja Ja Ja Ja for/as on the year ending date,
% which for most Indian
companies would be 31st
% March of that year
%
%

ROE ROCE

Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility.
Compare growth rates with a close competi-
tor.

10 /1
2
/1
4
/1
6
/1
8
/2
0
/2
2
/2
4
n/ n n n n n n n
Ja Revenue
Ja Ja
Growth Ja JaPBT Growth
Ja Ja
Net Profit Growth

Operating and Free

0 Check Cash Flow
for positive numbers
and which are rising over
time.

09 11 13 15 17 19 21 23 25
0n/ n/ n/ n/ n/ n/ n/ n/ n/
a Ja Ja Ja Ja Ja Ja Ja Ja
0

Operating Cash Flow Free Cash Flow

Mar/25
3%
3%
3%

Mar/25
2%
3%

Mar/25
20,243
697
527

Mar/25
308
-516
 Common Size P&L
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost #DIV/0! #DIV/0! 0% 1% 4% 10% 13% 20% 24% 28%
Change in Inventory #DIV/0! #DIV/0! 0% 0% 0% 1% 1% 1% 0% 0%
Power and Fuel #DIV/0! #DIV/0! 1% 0% 0% 0% 0% 0% 0% 1%
Other Mfr. Exp #DIV/0! #DIV/0! 11% 102% 81% 4% 4% 5% 4% 5%
Employee Cost #DIV/0! #DIV/0! 62% 46% 31% 37% 39% 21% 14% 13%
Selling and Admin Cost #DIV/0! #DIV/0! 39% 115% 67% 72% 87% 70% 57% 51%
Other Expenses #DIV/0! #DIV/0! 7% 6% 5% 1% 1% 1% 1% 0%
Operating Profit #DIV/0! #DIV/0! -20% -171% -89% -25% -45% -18% 0% 2%
Other Income #DIV/0! #DIV/0! 5% 98% 1% -10% 19% 10% 7% 5%
Depreciation #DIV/0! #DIV/0! 6% 3% 3% 7% 4% 6% 4% 4%
Interest #DIV/0! #DIV/0! 1% 1% 0% 1% 0% 1% 1% 1%
Profit Before Tax #DIV/0! #DIV/0! -23% -77% -92% -41% -29% -14% 2% 3%
Tax #DIV/0! #DIV/0! 0% 0% 0% 0% 0% -1% 0% 1%
Net Profit #DIV/0! #DIV/0! -22% -74% -91% -41% -29% -14% 3% 3%
Dividend Amount #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0% 0% 0%

Common Size Balance Sheet

Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital #DIV/0! #DIV/0! 0% 0% 0% 0% 4% 4% 4% 3%
Reserves #DIV/0! #DIV/0! 75% 69% 16% 88% 91% 86% 84% 83%
Borrowings #DIV/0! #DIV/0! 14% 10% 11% 6% 0% 2% 3% 6%
Other Liabilities #DIV/0! #DIV/0! 11% 21% 73% 6% 4% 8% 9% 9%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block #DIV/0! #DIV/0! 14% 11% 55% 18% 8% 29% 28% 27%
Capital Work in Progress #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0% 0% 0%
Investments #DIV/0! #DIV/0! 60% 63% 11% 25% 27% 31% 50% 37%
Other Assets #DIV/0! #DIV/0! 26% 26% 34% 57% 65% 39% 22% 36%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables #DIV/0! #DIV/0! 2% 2% 4% 1% 1% 2% 3% 5%
Inventory #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank #DIV/0! #DIV/0! 15% 7% 12% 10% 9% 5% 3% 10%
 A common-size financial statement is displays line
items as a percentage of one selected or common
figure. Creating common-size financial statements
makes it easier to analyze a company over time and
compare it with its peers. Using common-size financial
statements helps investors spot trends that a raw
financial statement may not uncover.
 Dhandho Intrinsic Value Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

ETERNAL LTD ETERNAL LTD

Dhandho IV - Lower Range Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 5,829 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 (1,376) (1,229) Year 4-6 10% 1 FY18
2 FY19 (1,583) (1,262) Year 7-10 5% 2 FY19
3 FY20 (1,820) (1,295) Discount Rate 12% 3 FY20
4 FY21 (2,002) (1,272) 4 FY21
5 FY22 (2,202) (1,250) Last 5-Years' CAGR 5 FY22
6 FY23 (2,423) (1,227) Sales 51% 6 FY23
7 FY24 (2,544) (1,151) PBT -178% 7 FY24
8 FY25 (2,671) (1,079) FCF -28% 8 FY25
9 FY26 (2,804) (1,011) 9 FY26
10 FY27 (2,945) (948) 10 FY27
10 -29,446 (9,481) 10
Intrinsic Value (15,376) Intrinsic Value
Current Mkt. Cap. 315,390 Current Mkt. Cap.
Premium/(Discount) to IV -2151% Premium/(Discount) to IV

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a normalized positive FCF as th
number. This number is your assumption of FCF the business will earn in a normal year, without capex. Check the history
business while arriving at your assumption, and use your judgment wisely without twisting the model to fit your version of r
Calculation
by Mohnish Pabrai

ETERNAL LTD
Dhandho IV - Higher Range
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) 5,829 Year 1-3 20%
(1,436) (1,282) Year 4-6 15%
(1,723) (1,374) Year 7-10 10%
(2,068) (1,472) Discount Rate 12%
(2,378) (1,511)
(2,735) (1,552)
(3,145) (1,593)
(3,460) (1,565)
(3,806) (1,537)
(4,186) (1,510)
(4,605) (1,483)
(69,070) (22,239)
Intrinsic Value (31,289)
Current Mkt. Cap. 315,390
Premium/(Discount) to IV -1108%

use a normalized positive FCF as the starting

, without capex. Check the history of this
ng the model to fit your version of reality.
 Ben Graham Formula (Low Range) Ben Graham Formula (High Range
Company Name ETERNAL LTD Company Name
Year Ended Mar/25 Year Ended

Avg 5-Yr Net Profit (Rs Crore) (426.4) Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate (87.0) Long-Term Growth Rate

Ben Graham Value (Rs Crore) 70,538 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 315,390 Current Market Cap (Rs Crore)

EXPLANATION
Ben Graham's Original Formula: Value = EPS x (8.5 + 2G)
Here, EPS is the trailing 12 month EPS, 8.5 is the P/E ratio of a stock with 0% growth and g is the growth rate for the next 7-10

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 1962 when Graham was

Note: I have used Graham's original formula in the above calculations

m Formula (High Range)
ETERNAL LTD
Mar/25

(426.4)
8.5
(173.9)

144,699
315,390

is the growth rate for the next 7-10 years

of around 1962 when Graham was publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this num
present, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
ETERNAL LTD

Initial Cash Flow (Rs Cr) (1,197) (27,242)

###
Years 1-5 6-10 -9%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (3,784)

Year FCF Growth Present Value

1 (1,376) 15% (1,229)
2 (1,583) 15% (1,262)
3 (1,820) 15% (1,295)
4 (2,093) 15% (1,330)
5 (2,407) 15% (1,366)
6 (2,696) 12% (1,366)
7 (3,019) 12% (1,366)
8 (3,382) 12% (1,366)
9 (3,788) 12% (1,366)
10 (4,242) 12% (1,366)

Final Calculations
Terminal Year (4,327)
PV of Year 1-10 Cash Flows (13,311)
Terminal Value (13,931)
Total PV of Cash Flows (27,242)
Current Market Cap (Rs Cr) ###

Note: See explanation of DCF here

Valuation

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
ETERNAL LTD
Particulars Mar/09 Mar/10 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Net Profit (Rs Crore) - - -104 -965 -2,367 -813 -1,209
Net Profit Margin #DIV/0! #DIV/0! -22% -74% -91% -41% -29%
Return on Equity -10% -43% -522% -11% -7%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 12%
Estimated Net Profit after 10 years (Rs Cr) 1,637
Current P/E (x) 598.5
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 32,736
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 10,540
Current Market Cap (Rs Cr) 315,390

Note: See explanation of this model here

el
Mar/23 Mar/24 Mar/25 CAGR (9-Yr) CAGR (5-Yr)
-971 351 527 #DIV/0! -174%
-14% 3% 3%
-5% 2% 2%
 Intrinsic Value Range
ETERNAL LTD
Lower Higher Remember! Give importance to a stock's valuations / fai
Dhandho -15,376 ### only "after" you have answered in "Yes" to these two que
Ben Graham 70,538 ### (1) Is this business simple to be understood? and (2) C
DCF -27,242 understand this business?
Expected Return 10,540
Don't try to quantify everything. In stock research, the le
Current Market Cap. 315,390 mathematical you are, the more simple, sensible, and use
be your analysis and results. Great analysis is generally "
the-envelope".
Explanation: Considering the above
range, we can say that Hero Moto's IV Also, your calculated "fair value" will be proven wrong
range is between Rs 55,000 crore to Rs future, so don't invest your savings just because you fall
95,000 crore. It's a big range, but that's with it. Don't look for perfection. It is overrated. Focus
fine (who is looking for precision?). Now, decisions, not outcomes. Look for disconfirming evide
if the current market cap is within this IV
range, it makes the stock
reasonably/attractively priced. If the
current market cap is higher then the
higher value of the range, it makes it
overpriced. But remember, these are just
numbers!
importance to a stock's valuations / fair value
ve answered in "Yes" to these two questions -
ess simple to be understood? and (2) Can I
understand this business?

fy everything. In stock research, the less non-

are, the more simple, sensible, and useful will
nd results. Great analysis is generally "back-of-
the-envelope".

lated "fair value" will be proven wrong in the

vest your savings just because you fall in love
ok for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
ETERNAL LTD
SCREENER.IN
Narration Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25
Sales 2,416 2,848 3,288 3,562 4,206 4,799 5,405 5,833 7,167 ###
% Growth YOY 74% 69% 64% 64% 70% 183%
Expenses 2,464 2,895 3,237 3,476 4,029 4,573 5,243 5,761 7,052 ###
Operating Profit -48 -47 51 86 177 226 162 72 115 239
Other Income 181 212 219 235 236 221 252 368 354 352
Depreciation 130 128 128 140 149 180 247 287 314 376
Interest 18 16 18 20 25 30 43 56 67 86
Profit before tax -15 21 124 161 239 237 124 97 88 129
PBT Margin -1% 1% 4% 5% 6% 5% 2% 2% 1% 1%
% Growth YOY -1693% 1029% 0% -40% -63% -46%
Tax -17 -15 -14 -14 -14 61 65 58 63 64
Net profit 2 36 138 175 253 176 59 39 25 65
% Growth YOY ### 389% -57% -78% -90% -63%
OPM -2% -2% 2% 2% 4% 5% 3% 1% 2% 2%
COMPANY NAME ETERNAL LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CHA
CURRENT VERSION 2.10

META
Number of shares 965.68
Face Value 1
Current Price 326.6
Market Capitalization 315389.91

PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-18 Mar-19 Mar-20 Mar-21
Sales 466.02 1312.59 2604.74 1993.8
Raw Material Cost 18.72 110.52 202.90
Change in Inventory 2.13 1.60 11.00
Power and Fuel 2.41 3.17 6.29 1.9
Other Mfr. Exp 49.81 1339.7 2108.91 74.5
Employee Cost 290.49 600.79 798.88 740.8
Selling and admin 182.17 1514.3 1756.34 1435
Other Expenses 33.59 81.52 130.1 16.8
Other Income 21.03 1285.05 15.97 -200.2
Depreciation 29.15 43.12 84.24 137.7
Interest 6.35 8.69 12.64 10.1
Profit before tax -106.92 -1010.24 -2385.61 -815.1
Tax 1.3
Net profit -103.68 -964.95 -2367.16 -812.8
Dividend Amount

Quarters
Report Date Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Sales 2416 2848 3288 3562 4206 4799
Expenses 2464 2895 3237 3476 4029 4573
Other Income 181 212 219 235 236 221
Depreciation 130 128 128 140 149 180
Interest 18.00 16.00 18.00 20.00 25.00 30.00
Profit before tax -15 21 124 161 239 237
Tax -17 -15 -14 -14 -14 61
Net profit 2 36 138 175 253 176
Operating Profit -48 -47 51 86 177 226

BALANCE SHEET
Report Date Mar-09 Mar-10 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital 0.03 0.03 0.03
Reserves 1036.06 2355.61 457.35 7643.8
Borrowings 186.23 347.94 325.58 527.40
Other Liabilities 152.17 709.3 2117.43 532.3
Total 1374.49 3412.88 2900.39 8703.5
Net Block 189.8 389.08 1590.55 1539
Capital Work in Progress 1.29 0.74 0.96 0.1
Investments 829.23 2144.55 323.92 2205.2
Other Assets 354.17 878.51 984.96 4959.2
Total 1374.49 3412.88 2900.39 8703.5
Receivables 26.08 70.34 123.12 129.9
Inventory 2.13 3.73 14.80
Cash & Bank 208.07 238.69 359.88 903.6
No. of Equity Shares 337694 337694 337694 309711
New Bonus Shares
Face value 1 1 1

CASH FLOW:
Report Date Mar-09 Mar-10 Mar-18 Mar-19 Mar-20 Mar-21
Cash from Operating Activity -2143.63 -1017.9
Cash from Investing Activity 1739.51 -5244.6
Cash from Financing Activity 358.91 6401.9
Net Cash Flow -45.22 139.4

PRICE:

DERIVED:
Adjusted Equity Shares in Cr 3.25 3.25 0.03 0.03 0.03 0.04
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-22 Mar-23 Mar-24 Mar-25

4192.4 7079 12114 20243
552.40 1,438.00 2,887.00 5,653.00
27.80 43.00 5.00 88.00
4 23 51 143
183.3 384 521 968
1633.1 1465 1659 2558
3654.4 4961 6882 10275
43.8 62 76 86
792.6 682 846 1066
150.3 437 526 863
12 49 72.00 154.00
-1220.5 -1015 291 697
2 -44 -60 170
-1208.7 -971 351 527

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

5405 5833 7167 13590
5243 5761 7052 13351
252 368 354 352
247 287 314 376
43.00 56.00 67.00 86.00
124 97 88 129
65 58 63 64
59 39 25 65
162 72 115 239

Mar-22 Mar-23 Mar-24 Mar-25

764.3 836 868 907
 15741.2 18624 19545 29410
70.30 507.00 749.00 2,045.00
751.2 1632 2194 3261
17327 21599 23356 35623
1404.3 6344 6448 9532
0.6 7 18 51
4717.7 6765 11645 13192
11204.4 8483 5245 12848
17327 21599 23356 35623
159.9 457 794 1946
39.70 83.00 88.00 176.00
1575.5 1017 731 3614
7.643E+09 8363975413 8680255038 9070000000
###
1 1 1 1

Mar-22 Mar-23 Mar-24 Mar-25

-693 -844 646 308
-7971 797 -348 -7993
8749.8 -127 -207 8042
85.8 -174 91 357

82.3 51 182.1 201.7

787.19 855.35 881.98 965.04

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