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Advanced Credit Analysis for Equity Investors

A practical credit analysis framework built for equity investors, not bond investors. Teaches experienced retail investors, active traders, and HNIs to read debt structure, credit ratings, and leverage the way a credit analyst would, so that deteriorating credit quality is spotted well before it shows up in the stock price. Uses real Indian blowups, including IL&FS, DHFL, Yes Bank, and Reliance Capital, alongside CRISIL and ICRA rating rationales, Screener.in data, and annual report disclosures throughout.

Credit RatingsDebt Structure AnalysisCredit Screening Framework

MODULES

6

DURATION

~3.6 hrs

TRACK

Value Investing

What You'll Master

Analyze a company's debt structure the way credit analysts do

Use core credit metrics and rating actions to gauge risk

Build a practical screening framework from real credit case studies

Access Level

LEARNER

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Everything included

Full Text Playbooks

Actionable Exercises

Mobile Reading Mode

Lifetime Updates

Curriculum Breakdown

Chapter 1: Why Equity Investors Need to Think Like Credit Analysts

3 Lessons

When Credit Risk Becomes Equity Risk: Lessons from IL&FS, DHFL, and Yes Bank9 min read

Credit Analysis vs Equity Analysis: Different Questions, Same Balance Sheet8 min read

The Credit Rating Ecosystem in India: CRISIL, ICRA, CARE, and India Ratings9 min read

Chapter 2: Reading the Debt Structure

4 Lessons

Secured vs Unsecured Debt: What Sits Ahead of Equity Holders9 min read

Fixed vs Floating Rate Debt and India's Interest Rate Cycle10 min read

Reading the Debt Maturity Schedule: Spotting Refinancing Risk10 min read

Off-Balance-Sheet Debt: Guarantees, Contingent Liabilities, and Related-Party Loans11 min read

Chapter 3: Core Credit Metrics for Equity Investors

4 Lessons

Interest Coverage Ratio: How Much Breathing Room Does the Company Have9 min read

Net Debt to EBITDA: The Single Number Credit Analysts Trust Most10 min read

Debt Service Coverage Ratio (DSCR) Explained with a Real Company10 min read

Free Cash Flow to Debt: Can the Company Actually Pay It Down9 min read

Chapter 4: Credit Ratings and Rating Actions

4 Lessons

How Rating Agencies Actually Assign a Rating9 min read

Reading a Rating Rationale Report Line by Line10 min read

Rating Downgrades as an Early Warning: What Triggers Them9 min read

The Limits of Credit Ratings: Why IL&FS Was AAA Until It Wasn't10 min read

Chapter 5: Sector-Specific Credit Analysis

3 Lessons

Credit Analysis for Banks and NBFCs: NPAs, CAR, and Provisioning11 min read

Credit Analysis for Capital-Intensive Sectors: Infrastructure, Power, and Real Estate10 min read

Credit Analysis for Asset-Light Businesses: IT and FMCG9 min read

Chapter 6: Case Studies and a Practical Screening Framework

4 Lessons

Case Study: How Credit Deterioration Preceded the Yes Bank Stock Collapse12 min read

Case Study: Reliance Capital and the Cost of Ignoring Related-Party Debt11 min read

Building a Credit Red-Flag Checklist Using Screener.in and Annual Reports11 min read

Putting It Together: A Combined Equity and Credit Scorecard12 min read