Intermediate
Fundamental Analysis Masterclass: Analysing Any Indian Stock End to End
The complete analyst workflow for Indian equities, built for salaried professionals, self-taught investors and finance students who want to stop buying on tips and start buying on evidence. You will learn to understand a business before its numbers, read the three statements the way a buy-side analyst does, run ratio and earnings-quality checks on screener.in, judge management and capital allocation from annual reports and concalls, and value a company with relative multiples, DCF and reverse DCF. Every chapter ends in a concrete output, and the course closes with a one-page thesis template, a position sizing method, an exit rule and two full worked case studies on NSE-listed companies.
Fundamental AnalysisBusiness and Moat AnalysisFinancial Statement AnalysisRatio AnalysisEarnings Quality and Forensic ChecksCorporate GovernanceCapital AllocationValuationDCF and Reverse DCFPosition Sizingscreener.in
MODULES
9
DURATION
~8 hrs
TRACK
Value Investing
What You'll Master
Follow a repeatable eight-step workflow that takes any Indian stock from name to documented decision
Assess industry structure and moats in the Indian context before touching the numbers
Read the P&L, balance sheet and cash flow statement together, including notes, segments and consolidated accounts
Use growth, return, efficiency and leverage ratios on screener.in, and know which ratios change for banks and NBFCs
Test earnings quality with cash conversion, accrual and forensic checks drawn from real Indian red-flag cases
Judge management through shareholding patterns, annual reports, concalls and a capital allocation scorecard
Value a company using relative multiples, a DCF and a reverse DCF, and set a margin-of-safety buy price
Write a one-page thesis with position size, monitoring checkpoints and a pre-committed exit rule
Access Level
LEARNER
Everything included
Full Text Playbooks
Actionable Exercises
Mobile Reading Mode
Lifetime Updates
Curriculum Breakdown
Chapter 1: The Analyst's Workflow and Where Retail Investors Go Wrong
4 Lessons▶
From Stock Tip to Thesis: The Eight-Step Analyst Workflow10 min read
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Six Mistakes That Cost Indian Retail Investors Money10 min read
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Your Research Toolkit: screener.in, BSE and NSE Filings, Annual Reports and Concall Transcripts11 min read
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Setting Up a Research Log Before You Read a Single Number8 min read
Chapter 2: Business First: Industry Structure, Moats and the Indian Context
5 Lessons▶
What Does the Company Actually Sell? Revenue Mix, Customers and Unit Economics10 min read
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Industry Structure: Porter's Five Forces Applied to Indian Sectors11 min read
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Moats That Actually Exist in India: Brands, Distribution, Switching Costs and Scale11 min read
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Regulation, Promoter Groups and India-Specific Business Risks10 min read
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Business Archetypes: Compounders, Cyclicals, Financials and Turnarounds10 min read
Chapter 3: Reading the Three Statements the Way an Analyst Does
5 Lessons▶
The Profit and Loss Statement: Where Revenue and Margin Quality Hide11 min read
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The Balance Sheet: What a Company Owns, Owes and Keeps Off the Page11 min read
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The Cash Flow Statement: Tracing Where the Money Actually Went11 min read
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Standalone vs Consolidated, Segment Reporting and the Notes to Accounts10 min read
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Linking the Three Statements: One Transaction Traced End to End10 min read
Chapter 4: Ratio Analysis That Means Something
6 Lessons▶
Growth Ratios: Revenue, EBITDA and EPS CAGR Without the Base-Effect Trap10 min read
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Return Ratios: ROE, ROCE and the DuPont Breakdown11 min read
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Efficiency Ratios: Working Capital, the Cash Conversion Cycle and Asset Turns11 min read
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Leverage and Solvency: Debt to Equity, Interest Coverage and Net Debt10 min read
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Banks, NBFCs and Insurers: The Ratios That Replace the Usual Ones12 min read
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Building a Custom Screen on screener.in: From the Whole Market to a Watchlist of 2012 min read
Chapter 5: Cash Flow and Earnings Quality
5 Lessons▶
Profit vs Cash: Operating Cash Flow Conversion and Free Cash Flow10 min read
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The Accrual Ratio and Other Earnings Quality Tests10 min read
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Receivables, Inventory and Other Income: Where Profits Get Manufactured11 min read
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Related Party Transactions, Contingent Liabilities and Auditor Remarks11 min read
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A Forensic Checklist: The Beneish M-Score and Indian Red-Flag Cases12 min read
Chapter 6: Management, Governance and Capital Allocation
5 Lessons▶
Shareholding Patterns: Promoter Holding, Pledges and Institutional Flows10 min read
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Reading the Annual Report: MD&A, the Directors' Report and What Management Avoids Saying11 min read
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Earnings Concalls: What to Track and How to Score Guidance Against Delivery11 min read
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The Capital Allocation Scorecard: Capex, Acquisitions, Dividends and Buybacks11 min read
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Management Pay, Board Independence and Governance Red Flags10 min read
Chapter 7: Valuation: Relative, DCF and Reverse DCF
6 Lessons▶
Price vs Value: What a Valuation Can and Cannot Tell You9 min read
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Relative Valuation: P/E, EV/EBITDA, P/B and Choosing the Right Peer Set12 min read
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Building a DCF for an Indian Company: FCFF, Cost of Capital and Terminal Value14 min read
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Reverse DCF: What Growth Is the Current Price Assuming?12 min read
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Bull, Base and Bear: Scenario-Weighted Valuation10 min read
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The Margin-of-Safety Rule: Turning a Value Range into a Buy Price10 min read
Chapter 8: The Thesis, Position Sizing and the Exit Rule
4 LessonsChapter 9: Two Full Worked Case Studies
4 Lessons▶
Case Study 1, Part 1: Pidilite Industries, Business and Financial Analysis14 min read
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Case Study 1, Part 2: Pidilite Industries, Valuation, Thesis and Exit Rule14 min read
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Case Study 2, Part 1: Tata Steel, Analysing a Cyclical Through the Cycle14 min read
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Case Study 2, Part 2: Tata Steel, Normalised Valuation, Thesis and Exit Rule14 min read