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 - vishal@safalniveshak.com - 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 Warning! Excel can be a wonde
deadly weapon if you wish t
Analysis 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 TANLA PLATFORMS LTD
Current Stock Price (Rs) 825 Remember! Focus on decision
Face Value (Rs) 1.0 evidenc
No. of Shares (Crore) 13.4
Market Capitalization (Rs Crore) 11,088

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 47.0% Please! It's your money. Plea
cause you to lose it all! I've des
Profit Before Tax Growth (9-Year CAGR) -240.6% but you alone are responsible
Net Profit Growth (8-Year CAGR) -241.4% 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) 16.6%
Average P/E (5-Years, x) 19.2
Latest P/E (x) 24.8
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
TANLA PLATFORMS LTD
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23
Equity Share Capital 10 10 10 11 11 12 15 14 14 13
Reserves 592 611 645 646 676 708 681 880 1,340 1,504
Borrowings 0 0 - - - 60 5 4 54 83
Other Liabilities 21 61 98 135 246 328 488 715 987 813
Total 622 683 753 791 934 1,107 1,189 1,613 2,395 2,413

Net Block 157 95 51 466 452 350 257 257 305 540
Capital Work in Progress 361 365 499 25 - 6 13 6 54 8
Investments 5 - 4 - - 75 - - - -
Other Assets 99 223 199 300 482 676 918 1,349 2,036 1,865
Total 622 683 753 791 934 1,107 1,189 1,613 2,395 2,413

Working Capital 79 162 101 166 236 348 430 634 1,049 1,052
Debtors 35 145 83 114 206 308 326 373 560 570
Inventory 23 27 29 22 - - - - - -
Cash & Bank** 24 30 51 133 165 228 201 584 862 712
** 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 123 218 70 72 95 112 61 58 64 62

Inventory Turnover 4 9 15 26 - - - - - -
Fixed Asset Turnover 0.7 2.5 8.4 1.2 1.8 2.9 7.5 9.1 10.5 6.2
Debt/Equity 0.0 0.0 - - - 0.1 0.0 0.0 0.0 0.1
Return on Equity -3% 0% 1% 6% 3% 4% -30% 40% 40% 29%
Return on Capital Employed -4% 1% 2% 6% 2% 4% -33% 46% 48% 35%
 Profit & Loss Account / Income Statement
TANLA PLATFORMS LTD
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Trailing
Sales 105 242 432 579 792 1,004 1,943 2,341 3,206 3,355 3,354
% Growth YOY 132% 78% 34% 37% 27% 94% 21% 37% 5%
Expenses 69 166 362 523 726 907 1,758 1,907 2,504 2,767 2,767
Material Cost (% of Sales) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check for wide fluctuations in key
Power and Fuel 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% expense items. For manufacturing firms,
Other Mfr. Exp 48% 60% 74% 86% 88% 86% 80% 76% 72% 0% check their material costs etc. For
Employee Cost 9% 4% 3% 2% 2% 2% 6% 4% 4% 4% services firms, look at employee costs.
Selling and Admin Cost 6% 3% 4% 2% 2% 1% 3% 2% 2% 0%
Operating Profit 36 77 70 56 66 97 184 435 702 588 588
Operating Profit Margin 34% 32% 16% 10% 8% 10% 9% 19% 22% 18% 18%
Other Income 22 5 -2 2 5 11 -36 22 16 26 26
Other Income as % of Sales 21.0% 2.1% -0.6% 0.4% 0.6% 1.1% -1.9% 0.9% 0.5% 0.8% 0.8%
Depreciation 84 76 53 20 57 73 378 40 41 46 46
Interest 0 0 1 0 0 0 7 2 3 1 1
Interest Coverage(Times) -124 13 27 109 35 69 -31 184 220 415 418
Profit before tax (PBT) -26 5 14 39 13 33 -237 415 674 567 567
% Growth YOY -121% 150% 186% -68% 165% -809% -275% 63% -16%
PBT Margin -25% 2% 3% 7% 2% 3% -12% 18% 21% 17% 17%
Tax -7 3 6 -2 -6 4 -26 59 135 119 119
Net profit -20 3 7 41 19 30 -211 356 539 448 448
% Growth YOY -113% 180% 464% -53% 56% -808% -269% 51% -17%
Net Profit Margin -19% 1% 2% 7% 2% 3% -11% 15% 17% 13% 13%
EPS -2.0 0.3 0.7 3.8 1.7 2.6 -14.5 26.2 39.7 33.3 33.3
% Growth YOY -113% 180% 433% -55% 52% -661% -281% 52% -16%
Price to earning -2.2 64.5 53.1 12.7 18.0 14.3 -3.3 31.1 38.4 15.7 24.8
Price 4 16 38 48 31 37 48 814 1,526 523 825
Dividend Payout 0.0% 0.0% 28.0% 6.6% 17.6% 13.6% 0.0% 7.6% 5.0% 12.0%
Market Cap 44 167 385 519 343 427 707 11,065 20,707 7,032
Retained Earnings -20 3 5 38 16 26 -211 329 512 394
Buffett's $1 Test 6.4

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 47.0% 34.0% 33.5% 20.0%
PBT Growth -240.6% 70.3% 114.0% -233.7%
PBT Margin 3.5% 7.9% 9.4% 18.5%
Price to Earning 24.2 18.1 19.2 28.4
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
TANLA PLATFORMS LTD
Rs Cr Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Total
Cash from Operating Activity (CFO) 39 51 93 72 32 -30 239 561 486 247 1,790
% Growth YoY 31% 82% -23% -55% -194% -886% 135% -13% -49%
Cash from Investing Activity -44 -40 -73 -5 -5 -54 -126 -10 -111 -70 -537
Cash from Financing Activity -0 - 6 15 5 74 -67 -168 -97 -328 -561
Net Cash Flow -5 11 26 82 32 -10 46 384 278 -151 692
CFO/Sales 37% 21% 21% 12% 4% -3% 12% 24% 15% 7%
CFO/Net Profit -196% 1965% 1279% 175% 169% -102% -113% 158% 90% 55%
Capex** - 74 42 73 7 - 137 32 62 156 ##Take data from investing.com
FCF 39 -23 51 -2 25 -30 102 530 425 91 1,206
Average FCF (3 Years) 348
FCF Growth YoY -160% -316% -103% -1594% -220% -434% 421% -20% -79%
FCF/Sales 37% -10% 12% 0% 3% -3% 5% 23% 13% 3%
FCF/Net Profit -196% -903% 699% -4% 132% -102% -48% 149% 79% 20%

** 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
TANLA PLATFORMS LTD
Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Sales Growth 131.8% 78.0% 34.2% 36.6% 26.8% 93.5% 20.5% 36.9%
PBT Growth -120.7% 150.2% 185.5% -67.6% 165.2% ### ### 62.5%
Net Profit Growth -113.1% 179.9% 464.4% -53.3% 56.0% ### ### 51.4%
Dividend Growth #DIV/0! #DIV/0! 32.5% 25.3% 20.2% ### #DIV/0! -0.2%
Operating Cash Flow Growth 31.2% 82.1% -22.8% -54.9% ### ### 134.8% -13.4%
Free Cash Flow Growth -160.3% ### ### ### ### ### 420.7% -19.8%

Operating Margin 34.3% 31.6% 16.1% 9.7% 8.3% 9.6% 9.5% 18.6% 21.9%
PBT Margin -25.2% 2.3% 3.2% 6.7% 1.6% 3.3% -12.2% 17.7% 21.0%
Net Margin -19.0% 1.1% 1.7% 7.1% 2.4% 3.0% -10.9% 15.2% 16.8%

Debtor Days 123.0 217.6 70.1 71.6 94.8 111.9 61.2 58.2 63.8
Inventory Turnover 4.5 9.1 14.8 26.2 - - - - -
Fixed Asset Turnover 0.7 2.5 8.4 1.2 1.8 2.9 7.5 9.1 10.5
Debt/Equity 0.0 0.0 - - - 0.1 0.0 0.0 0.0
Debt/Assets 0.0% 0.1% 0.0% 0.0% 0.0% 5.4% 0.5% 0.3% 2.2%
Interest Coverage (Times) -124.5 12.6 27.3 109.3 35.1 69.3 -30.7 183.7 219.9
Return on Equity -3.3% 0.4% 1.1% 6.2% 2.8% 4.1% -30.4% 39.9% 39.8%
Return on Capital Employed -4.3% 1.0% 2.2% 6.0% 1.9% 4.4% -32.8% 46.5% 48.1%
Free Cash Flow (Rs Cr) 39 -23 51 -2 25 -30 102 530 425
Mar/23
4.6%
-15.9%
-17.0%
98.1%
-49.3%
-78.7%

17.5%
16.9%
13.3%

62.0
-
6.2
0.1
3.4%
414.6
29.5%
35.5%
91
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.
 40% Profit Margin 60% Capital Allo
Check for a rising trend a
30%
40% Numbers > 20% long term
20% has zero/marginal debt. C
10% 20%
0% 0%
-10% 14 15 16 17 18 19 20 21 /2
2
/2
3 4 5 6 7
n/
Check n/
for a n/
rising n/
trend n/
and/or n/
consistency.
n/ n/ n n -20% n/1 n/1 /1 n/1
-20%Ja Ja with
Compare Ja competitor
Ja a close Ja Ja Ja Ja Ja Ja Ja Ja Ja
n
Ja Ja
-30% -40%

Operating Margin PBT Margin

Net Margin RO

4,000 Revenue 600% Revenue and P

Check for a rising trend. Check for a r
3,500 400% pare growth
3,000 200%
2,500 0%
2,000 -200% /15 /1
6
/1
7 18
n n n n/
1,500 -400%Ja Ja Ja Ja
1,000 -600%
500 -800%
- -1000%
4 5 6 7 8 9 1 2 3
/1 /1 /1 /1 n/1 /1 / 20 /2 n/2 n/2 Revenue Grow
n n n n n n n
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Net Profit Gr

800 Profit Over Time 600 Check Operating an

Check for a rising trend. for positive numb
600 500 which are rising over ti
400 400
300
200
200
- 100
4 5 6 7 8 9 1 2 23
-200 /1 /1 /1 /1 /1 /1 / 20 /2 n/2 / -
n n n n n n n n n
-400Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja -100 14 15 16 17
n/ n / n/ n/
Ja Ja Ja Ja J

PBT Net Profit Operating Cash F

Data for Charts (Please don't touch any number below)
Margins
Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Operating Margin 34% 32% 16% 10% 8% 10% 9% 19% 22%
PBT Margin -25% 2% 3% 7% 2% 3% -12% 18% 21%
Net Margin -19% 1% 2% 7% 2% 3% -11% 15% 17%

Management Effectiveness
Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
ROE -3% 0% 1% 6% 3% 4% -30% 40% 40%
ROCE -4% 1% 2% 6% 2% 4% -33% 46% 48%

Revenue & Profit Growth

Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23
Revenue Growth 132% 78% 34% 37% 27% 94% 21% 37% 5%
PBT Growth -121% 150% 186% -68% 165% -809% -275% 63% -16%
Net Profit Growth -113% 180% 464% -53% 56% -808% -269% 51% -17%

Revenue & Profit

Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Revenue 105 242 432 579 792 1,004 1,943 2,341 3,206
PBT -26 5 14 39 13 33 -237 415 674
Net Profit -20 3 7 41 19 30 -211 356 539

Cash Flows
Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Operating Cash Flow 39 51 93 72 32 -30 239 561 486
Free Cash Flow 39 -23 51 -2 25 -30 102 530 425
 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 competitor Note: Please ignore the dates
on the X-axis. The figures are
for/as on the year ending date,
which for most Indian
companies would be 31st
/ 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 /2
2
/2
3 March of that year
n n n n n n n n n n
a Ja Ja Ja Ja Ja Ja Ja Ja Ja

ROE ROCE

Revenue and Profit Growth (YoY)

Check for a rising trend and/or low volatility. Com-
pare growth rates with a close competitor.

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

Revenue Growth PBT Growth

Net Profit Growth

Operating and Free

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

0
/ 14 / 15 / 16 / 17 / 18 / 19 / 20 / 21 / 22 / 23
n n n n n n n n n n
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja

Operating Cash Flow Free Cash Flow

Mar/23
18%
17%
13%

Mar/23
29%
35%

Mar/23
3,355
567
448

Mar/23
247
91
 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 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 48% 60% 74% 86% 88% 86% 80% 76% 72% 0%
Employee Cost 9% 4% 3% 2% 2% 2% 6% 4% 4% 4%
Selling and Admin Cost 6% 3% 4% 2% 2% 1% 3% 2% 2% 0%
Other Expenses 2% 1% 3% 0% 0% 1% 2% 0% 0% 78%
Operating Profit 34% 32% 16% 10% 8% 10% 9% 19% 22% 18%
Other Income 21% 2% -1% 0% 1% 1% -2% 1% 1% 1%
Depreciation 80% 31% 12% 3% 7% 7% 19% 2% 1% 1%
Interest 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Profit Before Tax -25% 2% 3% 7% 2% 3% -12% 18% 21% 17%
Tax -6% 1% 1% 0% -1% 0% -1% 3% 4% 4%
Net Profit -19% 1% 2% 7% 2% 3% -11% 15% 17% 13%
Dividend Amount 0% 0% 0% 0% 0% 0% 0% 1% 1% 2%

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 2% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Reserves 95% 89% 86% 82% 72% 64% 57% 55% 56% 62%
Borrowings 0% 0% 0% 0% 0% 5% 0% 0% 2% 3%
Other Liabilities 3% 9% 13% 17% 26% 30% 41% 44% 41% 34%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 25% 14% 7% 59% 48% 32% 22% 16% 13% 22%
Capital Work in Progress 58% 53% 66% 3% 0% 1% 1% 0% 2% 0%
Investments 1% 0% 1% 0% 0% 7% 0% 0% 0% 0%
Other Assets 16% 33% 26% 38% 52% 61% 77% 84% 85% 77%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 6% 21% 11% 14% 22% 28% 27% 23% 23% 24%
Inventory 4% 4% 4% 3% 0% 0% 0% 0% 0% 0%
Cash & Bank 3% 4% 7% 17% 18% 14% 17% 36% 36% 29%
 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

TANLA PLATFORMS LTD TANLA PLATFORMS 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) 712 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 401 358 Year 4-6 10% 1 FY18
2 FY19 461 367 Year 7-10 5% 2 FY19
3 FY20 530 377 Discount Rate 12% 3 FY20
4 FY21 583 370 4 FY21
5 FY22 641 364 Last 5-Years' CAGR 5 FY22
6 FY23 705 357 Sales 33% 6 FY23
7 FY24 741 335 PBT 114% 7 FY24
8 FY25 778 314 FCF 29% 8 FY25
9 FY26 816 294 9 FY26
10 FY27 857 276 10 FY27
10 8,572 2,760 10
Intrinsic Value 6,885 Intrinsic Value
Current Mkt. Cap. 11,088 Current Mkt. Cap.
Premium/(Discount) to IV 61% 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

TANLA PLATFORMS LTD

Dhandho IV - Higher Range
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) 712 Year 1-3 20%
418 373 Year 4-6 15%
502 400 Year 7-10 10%
602 429 Discount Rate 12%
692 440
796 452
916 464
1,007 456
1,108 447
1,219 439
1,341 432
20,108 6,474
Intrinsic Value 11,517
Current Mkt. Cap. 11,088
Premium/(Discount) to IV -4%

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 TANLA PLATFORMS LTD Company Name
Year Ended Mar/23 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 232.3 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 44.0 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 22,398 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 11,088 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)
TANLA PLATFORMS LTD
Mar/23

232.3
8.5
87.9

42,822
11,088

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
TANLA PLATFORMS LTD

Initial Cash Flow (Rs Cr) 348 7,931

11,088
Years 1-5 6-10 72%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (629)

Year FCF Growth Present Value

1 401 15% 358
2 461 15% 367
3 530 15% 377
4 609 15% 387
5 701 15% 398
6 785 12% 398
7 879 12% 398
8 985 12% 398
9 1,103 12% 398
10 1,235 12% 398

Final Calculations
Terminal Year 1,260
PV of Year 1-10 Cash Flows 3,875
Terminal Value 4,056
Total PV of Cash Flows 7,931
Current Market Cap (Rs Cr) 11,088

Note: See explanation of DCF here

Valuation
LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
TANLA PLATFORMS LTD
Particulars Mar/14 Mar/15 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20
Net Profit (Rs Crore) -20 3 7 41 19 30 -211
Net Profit Margin -19% 1% 2% 7% 2% 3% -11%
Return on Equity -3% 0% 1% 6% 3% 4% -30%

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) 1,390
Current P/E (x) 24.8
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 27,807
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 8,953
Current Market Cap (Rs Cr) 11,088

Note: See explanation of this model here

el
Mar/21 Mar/22 Mar/23 CAGR (9-Yr) CAGR (5-Yr)
356 539 448 -241% 88%
15% 17% 13%
40% 40% 29%
 Intrinsic Value Range
TANLA PLATFORMS LTD
Lower Higher Remember! Give importance to a stock's valuations / fai
Dhandho 6,885 11,517 only "after" you have answered in "Yes" to these two que
Ben Graham 22,398 42,822 (1) Is this business simple to be understood? and (2) C
understand this business?
DCF 7,931
Expected Return 8,953 Don't try to quantify everything. In stock research, the les
Current Market Cap. 11,088 mathematical you are, the more simple, sensible, and use
be your analysis and results. Great analysis is generally "
Explanation: Considering the above the-envelope".
range, we can say that Hero Moto's IV
range is between Rs 55,000 crore to Rs Also, your calculated "fair value" will be proven wrong
95,000 crore. It's a big range, but that's future, so don't invest your savings just because you fall
fine (who is looking for precision?). Now, with it. Don't look for perfection. It is overrated. Focus
if the current market cap is within this IV decisions, not outcomes. Look for disconfirming evide
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
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
TANLA PLATFORMS LTD
SCREENER.IN
Narration Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Sales 654 649 626 842 885 853 800 851 870 833
% Growth YOY 35% 32% 28% 1% -2% -2%
Expenses 527 515 492 663 682 669 669 712 718 667
Operating Profit 127 134 135 179 203 184 131 140 151 166
Other Income 2 2 4 3 4 5 4 11 6 5
Depreciation 9 9 9 10 11 10 9 10 12 15
Interest 0 0 0 1 0 0 0 0 0 0
Profit before tax 120 126 130 171 196 178 126 140 145 156
PBT Margin 18% 19% 21% 20% 22% 21% 16% 16% 17% 19%
% Growth YOY 63% 41% -3% -18% -26% -13%
Tax 27 24 25 35 38 38 25 30 28 36
Net profit 94 103 104 136 158 141 100 110 117 120
% Growth YOY 69% 37% -4% -19% -26% -14%
OPM 19% 21% 21% 21% 23% 22% 16% 16% 17% 20%
COMPANY NAME TANLA PLATFORMS LTD
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 13.44
Face Value 1
Current Price 825
Market Capitalization 11087.97

PROFIT & LOSS

Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Sales 104.6 242.49 431.55 579.3 791.61 1003.96
Raw Material Cost
Change in Inventory
Power and Fuel 0.32 0.41 0.4 0.34 0.36 0.37
Other Mfr. Exp 50.66 145.64 319.5 498.1 697.38 862.89
Employee Cost 9.53 9.82 12.07 14.44 14.18 22.95
Selling and admin 6.02 8.32 17.94 9.05 12.79 13.51
Other Expenses 2.14 1.68 12.03 0.89 1.34 7.66
Other Income 21.98 4.99 -2.48 2.47 4.76 10.61
Depreciation 84.05 75.68 52.95 19.59 57.33 73.23
Interest 0.21 0.47 0.52 0.36 0.37 0.49
Profit before tax -26.35 5.46 13.66 39 12.62 33.47
Tax -6.52 2.87 6.41 -1.92 -6.49 3.65
Net profit -19.83 2.59 7.24 40.91 19.11 29.82
Dividend Amount 2.03 2.69 3.37 4.05

Quarters
Report Date Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22
Sales 654.11 648.56 626.38 841.62 884.92 853.05
Expenses 527.24 514.52 491.85 662.93 682.08 668.93
Other Income 2.43 1.54 4.3 3.14 4.09 4.59
Depreciation 8.92 9.23 9.15 10.41 11.1 10.19
Interest 0.17 0.11 0.16 0.58 0.28 0.30
Profit before tax 120.21 126.24 129.52 170.84 195.55 178.22
Tax 26.69 23.69 25.03 34.66 37.54 37.59
Net profit 93.52 102.54 104.48 136.17 158 140.62
Operating Profit 126.87 134.04 134.53 178.69 202.84 184.12

BALANCE SHEET
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Equity Share Capital 10.15 10.15 10.15 10.75 11.24 11.56
Reserves 591.53 610.97 644.68 645.55 676.41 707.69
Borrowings 0.19 0.42 59.88
Other Liabilities 20.52 61.32 98.36 134.63 246.33 327.74
Total 622.39 682.86 753.19 790.93 933.98 1106.87
Net Block 156.77 95.1 51.29 466.22 451.99 349.71
Capital Work in Progress 361.21 364.66 499.17 24.5 5.76
Investments 5.3 3.85 75.45
Other Assets 99.11 223.1 198.88 300.21 481.99 675.95
Total 622.39 682.86 753.19 790.93 933.98 1106.87
Receivables 35.26 144.57 82.83 113.63 205.51 307.83
Inventory 23.32 26.62 29.25 22.09
Cash & Bank 19.17 29.9 50.9 133.3 165.44 155.02
No. of Equity Shares 101479593 101479593 101479593 107485785 112421952 115626827
New Bonus Shares
Face value 1 1 1 1 1 1

CASH FLOW:
Report Date Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19
Cash from Operating Activity 38.79 50.9 92.7 71.61 32.31 -30.42
Cash from Investing Activity -43.59 -40.17 -72.8 -4.57 -5.19 -53.71
Cash from Financing Activity -0.46 6.02 15.36 5.02 73.71
Net Cash Flow -5.26 10.73 25.93 82.4 32.14 -10.42

PRICE: 4.35 16.45 37.95 48.3 30.55 36.95

DERIVED:
Adjusted Equity Shares in Cr 10.15 10.15 10.15 10.75 11.24 11.56
DO NOT MAKE ANY CHANGES TO THIS SHEET

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

1942.84 2341.47 3205.97 3354.55

1.22 0.65 0.28

1555.36 1767.84 2302.06
108.93 86.05 126.85 133.81
51.8 45.59 59.79 14.37
41.12 6.67 15.07 2618.43
-36.37 21.92 16.13 26.2
377.8 39.57 40.86 46.17
7.49 2.27 3.08 1.37
-237.25 414.75 674.11 566.6
-26.08 58.62 134.84 118.95
-211.17 356.14 539.28 447.65
27.2 27.14 53.76

Jun-22 Sep-22 Dec-22 Mar-23

800.14 851.04 869.63 833.49
669.44 711.51 718.28 667.38
4.49 11.07 6.05 4.83
9.28 10.04 12.19 14.66
0.32 0.41 0.21 0.42
125.59 140.15 145 155.86
25.17 29.71 28.49 35.58
100.41 110.45 116.51 120.28
130.7 139.53 151.35 166.11

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

14.6 13.6 13.57 13.44
680.84 879.5 1340.47 1504.05
5.39 4.35 53.53 82.59
 488.12 715.16 987.05 812.5
1188.95 1612.61 2394.62 2412.58
257.34 256.9 304.7 540.13
13.31 6.39 53.58 7.83

918.3 1349.32 2036.34 1864.62

1188.95 1612.61 2394.62 2412.58
325.77 373.15 560.33 570.01

200.57 584.14 862.27 711.57

145971699 136036450 135745523

1 1 1 1

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

239.15 561.49 486.42 246.71
-126.31 -9.78 -110.89 -69.6
-67.29 -168.15 -97.41 -327.82
45.55 383.57 278.13 -150.7

48.45 813.6 1525.95 523.25

14.60 13.60 13.57 13.44

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