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

 Warning! Excel can be a wonde
a deadly weapon if you wish
careful of what you are gettin
garbage out. And if you need th
given stock, you m

Basic Company Details

Parameters Details
Company GLENMARK LIFE SCIENCES LTD
Current Stock Price (Rs) 876 Remember! Focus on decision
Face Value (Rs) 2.0 evidenc
No. of Shares (Crore) 12.3
Market Capitalization (Rs Crore) 10,748

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 des
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 co
Average Return on Equity (5-Years) 77.8%
Average P/E (5-Years, x) 11.9
Latest P/E (x) 20.7
 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

MY LIST OF QUESTIONS [KAVI}

Parameter
What does the company do?

Who are its promoters? What are their

backgrounds?

What do they manufacture (in case it is a

manufacturing company)?

How many plants do they have and where

are they located?

Are they running the plant in full

capacity?

What kind of raw material is required?

Who are the company’s clients or end

users?

Who are their competitors?

Do they plan to launch any new

products?

Do they plan to expand to different

countries?
What is the revenue mix? Which product
sells the most?

Do they operate under a heavy regulatory

environment?
 Who are their bankers, auditors?

How many employees do they have?

Does the company have labor issues?

What are the entry barriers for new

participants to enter the industry?

Is the company manufacturing products

that can be easily replicated in a country
with cheap labor?

Does the company have too many

subsidiaries?
 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.

STIONS [KAVI}
Explanation
To get a basic understanding of the business

To know the people behind the business. A sanity check to eliminate criminal background, intense political affiliation
etc

To know their products better, helps us get a sense of the product’s demand supply dynamics

To get a sense of their geographic presence. Also at times their plants could be located in a prime location, and the
value of such location could go off balance sheet, making the company highly undervalued

Gives us an idea on their operational abilities, demand for their products, and their positioning for future demand

Helps us understand the dependency of the company. For example the raw material could be regulated by Govt (like
Coal) or the raw material needs to be imported either of which needs further investigation

By knowing the client base we can get a sense of the sales cycle and efforts required to sell the company’s products

Besides the promoter and promoter group, it helps to know who else owns the shares of the company. If a highly
successful investor holds the shares in the company then it could be a good sign

Gives a sense on how ambitious and innovative the company is. While at the same time a company launching products
outside their domain raises some red flags – is the company losing focus?

Same rational as above

Helps us understand which segment (and therefore the product) is contributing the most to revenue. This in turns helps
us understand the drivers for future revenue growth

This is both good and bad – Good because it acts a natural barrier from new competition to enter the market, bad
because they are limited with choices when it comes to being innovative in the industry
Good to know, and to rule out the possibility of the companies association with scandalous agencies

Gives us a sense of how labor intensive the company’s operations are. Also, if the company requires a lot of people
with niche skill set then this could be another red flag

Helps us understand how easy or difficult it is for new companies to enter the market and eat away the margins

If yes, the company maybe sitting on a time bomb – think about companies manufacturing computer hardware, mobile
handsets, garments etc

If yes, you need to question why? Is it a way for the company to siphon off funds?
 Balance Sheet
GLENMARK LIFE SCIENCES LTD
Rs Cr Mar-09 Mar-10 Mar-11 Mar-12 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share Capital - - - - 0 2 2 2 25 25
Reserves - - - - -1 86 400 751 2,030 2,114
Borrowings - - - - - 0 0 - 3 19
Other Liabilities - - - - 1 1,387 1,324 1,244 414 545
Total - - - - 0 1,475 1,726 1,997 2,471 2,702

Net Block - - - - - 456 546 573 590 781

Capital Work in Progress - - - - - 80 11 14 97 62
Investments - - - - - 0 0 0 0 0
Other Assets - - - - 0 939 1,169 1,410 1,784 1,860
Total - - - - 0 1,475 1,726 1,997 2,471 2,702

Working Capital - - - - -1 -449 -155 166 1,370 1,315

Debtors - - - - 0 448 639 620 673 807
Inventory - - - - 0 401 413 513 516 604
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 - - - - 44 185 152 120 116 136

Inventory Turnover - - - - 6 2 4 4 4 4
Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.9 2.8 3.3 3.6 2.8
Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! - 0.0 0.0 - 0.0 0.0
Return on Equity 222% 78% 47% 20% 22%
Return on Capital Employed #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1% 260% 113% 74% 29% 29%
 Profit & Loss Account / Income Statement
GLENMARK LIFE SCIENCES LTD
Rs Cr Mar-09 Mar-10 Mar-11 Mar-12 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trailing
Sales - - - - 0 886 1,537 1,885 2,123 2,161 2,368
% Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 73% 23% 13% 2%
Expenses - - - - 0 638 1,064 1,294 1,506 1,518 1,629
Material Cost (% of Sales) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 16% 71% 43% 50% 46% 49% Check for wide fluctuations in key
Power and Fuel #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 7% 5% 4% 5% 5% expense items. For manufacturing firms,
Other Mfr. Exp #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 9% 7% 6% 6% 6% check their material costs etc. For
Employee Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 60% 12% 9% 8% 8% 8% services firms, look at employee costs.
Selling and Admin Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 5% 3% 3% 2% 3%
Operating Profit - - - - -0 248 473 592 617 643 739
Operating Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -4% 28% 31% 31% 29% 30% 31%
Other Income - - - - - -0 11 0 14 28 12
Other Income as % of Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.7% 0.0% 0.7% 1.3% 0.5%
Depreciation - - - - - 19 29 33 38 42 50
Interest - - - - - 1 34 88 28 1 1
Interest Coverage(Times) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 375 14 6 21 1,144 535
Profit before tax (PBT) - - - - -0 228 421 471 565 629 699
% Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 84% 12% 20% 11%
PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -4% 26% 27% 25% 27% 29% 30%
Tax - - - - 0 33 108 119 146 162 180
Net profit - - - - -0 196 313 352 419 467 519
% Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 60% 12% 19% 12%
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -172% 22% 20% 19% 20% 22% 22%
EPS - - - - -86.0 977.9 1,565.5 358.8 34.2 38.1 42.3
% Growth YOY #DIV/0! #DIV/0! #DIV/0! #DIV/0! -1237% 60% -77% -90% 12%
Price to earning 13.4 10.3 20.7
Price - - - - - - - - 459 393 876
Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 61.5% 110.2%
Market Cap - - - - - - - - 5,620 4,813
Retained Earnings - - - - -0 196 313 352 161 -48
Buffett's $1 Test 4.9

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth #DIV/0! #DIV/0! 512.8% 12.0%
PBT Growth #DIV/0! #DIV/0! -1011.3% 14.3%
PBT Margin #DIV/0! #DIV/0! 26.8% 26.9%
Price to Earning 11.9 11.9 11.9 11.9

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
GLENMARK LIFE SCIENCES LTD
Rs Cr Mar-09 Mar-10 Mar-11 Mar-12 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Total
Cash from Operating Activity (CFO) - - - - -0 10 195 388 598 313 1,504
% Growth YoY #DIV/0! #DIV/0! #DIV/0! #DIV/0! -2256% 1784% 99% 54% -48%
Cash from Investing Activity - - - - - -9 -51 -69 -122 -154 -404
Cash from Financing Activity - - - - 0 1 -137 -214 -79 -388 -816
Net Cash Flow - - - - 0 2 8 106 397 -228 284
CFO/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! -192% 1% 13% 21% 28% 15%
CFO/Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 112% 5% 62% 110% 143% 67%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF -315 -212 -364 -565 -607 -927 -961 -1,250 -640 -511 -6,352
Average FCF (3 Years) -800
FCF Growth YoY -33% 72% 55% 8% 53% 4% 30% -49% -20%
FCF/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### -105% -63% -66% -30% -24%
FCF/Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### -474% -307% -356% -153% -109%

** 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
GLENMARK LIFE SCIENCES LTD
Mar/09 Mar/10 Mar/11 Mar/12 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Sales Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 73.4% 22.6% 12.6%
PBT Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 84.4% 11.8% 20.0%
Net Profit Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 60.1% 12.3% 19.1%
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! ### ### 99.0% 54.0%
Free Cash Flow Growth -32.9% 72.1% 55.2% 7.5% 52.5% 3.7% 30.1% -48.8%

Operating Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -4.0% 28.0% 30.8% 31.4% 29.1%
PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -4.0% 25.8% 27.4% 25.0% 26.6%
Net Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 22.1% 20.4% 18.6% 19.7%

Debtor Days - - - - 43.8 184.5 151.6 119.9 115.8

Inventory Turnover - - - - 6.3 2.2 3.7 3.7 4.1
Fixed Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.9 2.8 3.3 3.6
Debt/Equity #DIV/0! #DIV/0! #DIV/0! #DIV/0! - 0.0 0.0 - 0.0
Debt/Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.1%
Interest Coverage (Times) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 375.3 13.6 6.4 21.2
Return on Equity 221.9% 77.9% 46.7% 20.4%
Return on Capital Employed #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.7% 259.7% 113.2% 74.2% 28.8%
Free Cash Flow (Rs Cr) -315 -212 -364 -565 -607 -927 -961 -1,250 -640
Mar/23
1.8%
11.3%
11.5%
100.0%
-47.6%
-20.2%

29.7%
29.1%
21.6%

136.3
3.6
2.8
0.0
0.7%
###
21.8%
29.2%
-511
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 300%
Capital Allo
Check for a rising trend
0% 250% Numbers > 20% long te
company has zero/marg
9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 200% competitor
-50%n/0 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/2 n/2 n/2 n/2
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja 150%
-100%
100%
-150% Check for a rising trend and/or 50%
consistency. Compare with a close
-200% competitor 0%
9 0 1 2 3 4
n/0 n/1 n/1 n/1 n/1 n/1 n
Ja Ja Ja Ja Ja Ja Ja
Operating Margin PBT Margin
Net Margin ROE

2,500
Revenue 500000% Revenue and
Check for a rising trend. Check for
Compare
2,000 0%
tor.
-500000%
1,500
-1000000%
1,000
-1500000%
500
-2000000%
- -2500000%
/09 /10 /11 /12 /13 /14 /15 /16 /17 /18 /19 /20 /21 /22 /23 Revenue Gr
n n n n n n n n n n n n n n n
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Net Profit G

700 Profit Over Time Operating and

1,000 Check
Check for a rising trend. for positive num
600 and which are rising o
500 500 time.
400 -
300 9 0 1 2 3 4
200 -500 n/0 n/1 n/1 n/1 n/1 n/1 n
100 Ja Ja Ja Ja Ja Ja Ja
-1,000
-
-100 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 -1,500
n/0 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/2 n/2 n/2 n/2
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja

PBT Net Profit Operating Cash F

Data for Charts (Please don't touch any number below)
Margins
Mar/09 Mar/10 Mar/11 Mar/12 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Operating Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -4% 28% 31% 31% 29%
PBT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -4% 26% 27% 25% 27%
Net Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -172% 22% 20% 19% 20%

Management Effectiveness
Mar/09 Mar/10 Mar/11 Mar/12 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
ROE 222% 78% 47% 20%
ROCE #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1% 260% 113% 74% 29%

Revenue & Profit Growth

Mar/10 Mar/11 Mar/12 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Revenue Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! 354468% 73% 23% 13% 2%
PBT Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! ### 84% 12% 20% 11%
Net Profit Growth #DIV/0! #DIV/0! #DIV/0! #DIV/0! -45586% 60% 12% 19% 12%

Revenue & Profit

Mar/09 Mar/10 Mar/11 Mar/12 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue - - - - 0 886 1,537 1,885 2,123
PBT - - - - -0 228 421 471 565
Net Profit - - - - -0 196 313 352 419

Cash Flows
Mar/09 Mar/10 Mar/11 Mar/12 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Operating Cash Flow - - - - -0 10 195 388 598
Free Cash Flow -315 -212 -364 -565 -607 -927 -961 -1,250 -640
%
Capital Allocation Quality
Check for a rising trend and/or consistency.
% Numbers > 20% long term are good. Also check if the
company has zero/marginal debt. Compare with a close Note: Please ignore the dates
% competitor on the X-axis. The figures are
% for/as on the year ending date,
which for most Indian
% companies would be 31st
March of that year
%
%
09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
n/ an/ an/ an/ an/ an/ an/ an/ an/ an/ an/ an/ an/ an/ an/
J J J J J J J J J J J J J J

ROE ROCE

00% Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility.
Compare growth rates with a close competi-
0%
tor.
00%

00%

00%

00%

00%
Revenue Growth PBT Growth
Net Profit Growth

Operating and Free

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

9 0 1 2 3 4 5 6 7 8 9 0 1 2 3
0 n/0 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/1 n/2 n/2 n/2 n/2
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja
0
0

Operating Cash Flow Free Cash Flow

Mar/23
30%
29%
22%

Mar/23
22%
29%

Mar/23
2,161
629
467

Mar/23
313
-511
 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! #DIV/0! #DIV/0! 16% 71% 43% 50% 46% 49%
Change in Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! -20% 34% 0% 4% -2% 4%
Power and Fuel #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 7% 5% 4% 5% 5%
Other Mfr. Exp #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 9% 7% 6% 6% 6%
Employee Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 60% 12% 9% 8% 8% 8%
Selling and Admin Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 5% 3% 3% 2% 3%
Other Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8% 2% 2% 2% 2% 2%
Operating Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 36% -40% 30% 24% 33% 22%
Other Income #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 1% 0% 1% 1%
Depreciation #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 2% 2% 2% 2% 2%
Interest #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 2% 5% 1% 0%
Profit Before Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! -4% 26% 27% 25% 27% 29%
Tax #DIV/0! #DIV/0! #DIV/0! #DIV/0! 168% 4% 7% 6% 7% 7%
Net Profit #DIV/0! #DIV/0! #DIV/0! #DIV/0! -172% 22% 20% 19% 20% 22%
Dividend Amount #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 12% 24%

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! #DIV/0! #DIV/0! 13% 0% 0% 0% 1% 1%
Reserves #DIV/0! #DIV/0! #DIV/0! #DIV/0! -1763% 6% 23% 38% 82% 78%
Borrowings #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 1%
Other Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1850% 94% 77% 62% 17% 20%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 31% 32% 29% 24% 29%
Capital Work in Progress #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 5% 1% 1% 4% 2%
Investments #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0%
Other Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 100% 64% 68% 71% 72% 69%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0! 38% 30% 37% 31% 27% 30%
Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0! 50% 27% 24% 26% 21% 22%
Cash & Bank #DIV/0! #DIV/0! #DIV/0! #DIV/0! 13% 0% 1% 6% 21% 11%
 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

GLENMARK LIFE SCIENCES LTD GLENMARK LIFE SCIENCES L

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 (920) (822) Year 4-6 10% 1 FY18
2 FY19 (1,058) (844) Year 7-10 5% 2 FY19
3 FY20 (1,217) (866) Discount Rate 12% 3 FY20
4 FY21 (1,339) (851) 4 FY21
5 FY22 (1,473) (836) Last 5-Years' CAGR 5 FY22
6 FY23 (1,620) (821) Sales 513% 6 FY23
7 FY24 (1,701) (770) PBT -1011% 7 FY24
8 FY25 (1,786) (721) FCF -3% 8 FY25
9 FY26 (1,876) (676) 9 FY26
10 FY27 (1,969) (634) 10 FY27
10 -19,693 (6,341) 10
Intrinsic Value (8,353) Intrinsic Value
Current Mkt. Cap. 10,748 Current Mkt. Cap.
Premium/(Discount) to IV -229% 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 o
business while arriving at your assumption, and use your judgment wisely without twisting the model to fit your version of re
Calculation
by Mohnish Pabrai

GLENMARK LIFE SCIENCES 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%
(960) (858) Year 4-6 15%
(1,153) (919) Year 7-10 10%
(1,383) (984) Discount Rate 12%
(1,590) (1,011)
(1,829) (1,038)
(2,103) (1,066)
(2,314) (1,047)
(2,545) (1,028)
(2,800) (1,010)
(3,080) (992)
(46,194) (14,873)
Intrinsic Value (18,995)
Current Mkt. Cap. 10,748
Premium/(Discount) to IV -157%

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 RK LIFE SCIENCES LTD Company Name
Year Ended Mar/23 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 349.2 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate (252.4) Long-Term Growth Rate

Ben Graham Value (Rs Crore) (173,278) Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 10,748 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)
RK LIFE SCIENCES LTD
Mar/23

349.2
8.5
(504.7)

(349,523)
10,748

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
resent, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
GLENMARK LIFE SCIENCES LTD

Initial Cash Flow (Rs Cr) (800) ###

10,748
Years 1-5 6-10 -170%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (5,809)

Year FCF Growth Present Value

1 (920) 15% (822)
2 (1,058) 15% (844)
3 (1,217) 15% (866)
4 (1,400) 15% (890)
5 (1,610) 15% (913)
6 (1,803) 12% (913)
7 (2,019) 12% (913)
8 (2,262) 12% (913)
9 (2,533) 12% (913)
10 (2,837) 12% (913)

Final Calculations
Terminal Year (2,894)
PV of Year 1-10 Cash Flows (8,902)
Terminal Value (9,317)
Total PV of Cash Flows ###
Current Market Cap (Rs Cr) 10,748

Note: See explanation of DCF here

Valuation
ES LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
GLENMARK LIFE SCIENCES LTD
Particulars Mar/09 Mar/10 Mar/11 Mar/12 Mar/18 Mar/19 Mar/20
Net Profit (Rs Crore) - - - - -0 196 313
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! -172% 22% 20%
Return on Equity 222% 78%

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) 1,450
Current P/E (x) 23.0
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 29,006
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 9,339
Current Market Cap (Rs Cr) 10,748

Note: See explanation of this model here

el
D
Mar/21 Mar/22 Mar/23 CAGR (9-Yr) CAGR (5-Yr)
352 419 467 #DIV/0! -505%
19% 20% 22%
47% 20% 22%
 Intrinsic Value Range
GLENMARK LIFE SCIENCES LTD
Lower Higher Remember! Give importance to a stock's valuations / fair
Dhandho -8,353 ### only "after" you have answered in "Yes" to these two que
Ben Graham ### ### (1) Is this business simple to be understood? and (2) C
DCF -18,219 understand this business?
Expected Return 9,339
Don't try to quantify everything. In stock research, the les
Current Market Cap. 10,748 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
ave 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
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
GLENMARK LIFE SCIENCES LTD
SCREENER.IN
Narration Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sales 562 523 514 490 509 541 621 578 595 573
% Growth YOY -9% 3% 21% 18% 17% 6%
Expenses 394 376 372 343 366 395 415 385 428 400
Operating Profit 167 146 142 147 144 145 206 193 167 173
Other Income 2 4 5 9 10 7 3 2 5 2
Depreciation 10 10 10 10 10 11 12 13 13 13
Interest 7 0 0 0 0 0 0 0 0 0
Profit before tax 153 140 138 146 144 141 198 182 159 161
PBT Margin 27% 27% 27% 30% 28% 26% 32% 31% 27% 28%
% Growth YOY -6% 1% 44% 24% 11% 14%
Tax 37 36 39 38 37 36 51 47 40 42
Net profit 115 104 99 109 107 105 146 135 119 119
% Growth YOY -7% 1% 48% 25% 11% 13%
OPM 30% 28% 28% 30% 28% 27% 33% 33% 28% 30%
COMPANY NAME GLENMARK LIFE SCIENCES LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 12.27
Face Value 2
Current Price 875.7
Market Capitalization 10747.67

PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12 Mar-18 Mar-19
Sales 0.25 886.42
Raw Material Cost 0.04 633.56
Change in Inventory -0.05 301.59
Power and Fuel 57.81
Other Mfr. Exp 77.09
Employee Cost 0.15 106.28
Selling and admin 44.2
Other Expenses 0.02 20.71
Other Income -0.19
Depreciation 19.26
Interest 0.61
Profit before tax -0.01 228.3
Tax 0.42 32.71
Net profit -0.43 195.59
Dividend Amount

Quarters
Report Date Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22
Sales 561.76 522.5 514.06 489.87 509.3 540.73
Expenses 394.42 376.43 371.85 343.09 365.66 395.28
Other Income 2.09 3.53 5.1 9.49 10.02 6.61
Depreciation 9.67 9.74 9.55 9.88 9.94 10.76
Interest 7.23 0.06 0.13 0.14 0.13 0.16
Profit before tax 152.53 139.8 137.63 146.25 143.59 141.14
Tax 37.33 36.09 38.74 37.52 36.71 36.15
Net profit 115.2 103.71 98.9 108.73 106.88 104.99
Operating Profit 167.34 146.07 142.21 146.78 143.64 145.45

BALANCE SHEET
Report Date Mar-09 Mar-10 Mar-11 Mar-12 Mar-18 Mar-19
Equity Share Capital 0.01 1.96
Reserves -1.41 86.17
Borrowings 0.02
Other Liabilities 1.48 1387.24
Total 0.08 1475.39
Net Block 456.31
Capital Work in Progress 80.39
Investments 0.08
Other Assets 0.08 938.61
Total 0.08 1475.39
Receivables 0.03 448.09
Inventory 0.04 400.84
Cash & Bank 0.01 2.06
No. of Equity Shares 10000 1960090
New Bonus Shares
Face value 10 10

CASH FLOW:
Report Date Mar-09 Mar-10 Mar-11 Mar-12 Mar-18 Mar-19
Cash from Operating Activity -0.48 10.35
Cash from Investing Activity -8.83
Cash from Financing Activity 0.49 0.54
Net Cash Flow 0.01 2.05

PRICE:

DERIVED:
Adjusted Equity Shares in Cr - - - - 0.01 0.20
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-20 Mar-21 Mar-22 Mar-23

1537.31 1885.17 2123.21 2161.22
668.66 948.17 977.96 1,068.56
4.64 70.70 -41.32 84.44
76.75 74.19 100.92 115.6
108.04 107.32 124.04 137.17
142.28 149.13 169.17 180.7
42.05 48.5 48.19 65.47
30.97 36.9 44.81 35.31
10.76 0.23 13.96 28.4
29.37 33.39 37.88 42.09
33.52 87.55 27.96 0.55
421.07 470.95 564.92 628.61
107.97 119.37 146.2 161.65
313.1 351.58 418.72 466.96
257.36 514.71

Mar-23 Jun-23 Sep-23 Dec-23

621.32 578.45 595.36 572.8
414.89 385.28 428.28 400.24
2.84 1.85 5.37 1.69
11.52 12.61 13.13 13.18
0.12 0.40 0.40 0.39
197.63 182.01 158.92 160.68
51.27 46.56 40.19 41.92
146.36 135.45 118.74 118.77
206.43 193.17 167.08 172.56

Mar-20 Mar-21 Mar-22 Mar-23

 1.96 1.96 24.51 24.51
399.73 750.79 2029.81 2113.7
0.02 2.88 19.36
1323.89 1244.32 413.82 544.58
1725.6 1997.07 2471.02 2702.15
546.25 572.8 589.76 780.63
10.73 14.1 96.96 61.62
0.08 0.08 0.08 0.08
1168.54 1410.09 1784.22 1859.82
1725.6 1997.07 2471.02 2702.15
638.63 619.5 673.49 806.77
412.78 513.42 516.24 604.17
10 115.6 512.16 309.4
1960090 9800450 122527172 122527172

10 2 2 2

Mar-20 Mar-21 Mar-22 Mar-23

195.01 388.11 597.59 313.4
-50.52 -68.73 -122.23 -154.15
-136.55 -213.78 -78.8 -387.59
7.94 105.6 396.56 -228.33

458.8 392.9

0.20 0.98 12.25 12.25

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