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pro-financial-model-india

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更新时间2026年3月4日 07:00

ONLY trigger this skill when the user's message contains the exact slash command "/pro-financial-model-india". This skill must NEVER trigger based on natural language descriptions such as "build a financial model", "DCF", "equity model", "valuation", "Indian stock analysis", or any similar phrasing — no matter how relevant they seem. Trigger exclusively on the literal string "/pro-financial-model-india" and nothing else.

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Pro Financial Model — Indian Stocks (NSE/BSE)

Builds an institutional-grade, 25-sheet Excel equity financial model for any NSE/BSE-listed Indian company, following best practices from Goldman Sachs India, Kotak Institutional Equities, Motilal Oswal, Edelweiss, HDFC Securities, Emkay, CLSA India, Morgan Stanley India, and the CFA Institute — with full compliance to Indian GAAP (Ind AS), SEBI regulations, and Indian market conventions.

0. Pre-Flight: Read Supporting Skills

Before writing any code, read /mnt/skills/public/xlsx/SKILL.md for Excel construction standards. These rules are mandatory and override any defaults.

1. Parse Arguments

Extract from $ARGUMENTS:

COMPANY_NAME — full legal name (e.g., Reliance Industries Limited)
NSE_TICKER — NSE ticker (e.g., RELIANCE). Prefix BSE: only as fallback
BSE_CODE — 6-digit BSE scrip code (optional, used for fallback)
SECTOR — BSE/NSE sector classification (infer if not provided)
FISCAL_YEAR_END — Always March 31 unless explicitly stated otherwise (e.g., HDFC Bank = March, some MNCs = December)
INDEX — NIFTY 50 / NIFTY 500 / SENSEX / NIFTY Midcap 150 (infer)

If company is ambiguous, ask user to confirm NSE ticker before proceeding.

2. Indian-Specific Data Gathering (Mandatory Before Building)

Never hallucinate financial figures. Fetch all data from approved Indian sources.

2.1 Live CMP (Current Market Price) — CRITICAL

⚠️ Do NOT use Screener.in price — it is often stale cached data.

Canonical CMP method (present as instruction to user):

Open Google Sheets and enter: =GOOGLEFINANCE("NSE:[TICKER]", "price")

Or fetch from:

https://www.nseindia.com/get-quotes/equity?symbol=[TICKER]
https://finance.yahoo.com/quote/[TICKER].NS
Search: "[TICKER] NSE share price today"

Collect: CMP (₹), 52-week High/Low (₹), Market Cap (₹ Cr), P/E (TTM), Face Value (₹), Dividend Yield%

2.2 Financial Statements — Annual (5 Years Historical)

Primary source: https://www.screener.in/company/[TICKER]/consolidated/ Fallback: Company IR page → Annual Reports (10+ year history often available) Also fetch: BSE/NSE filings at https://www.bseindia.com or https://www.nseindia.com

Ind AS Format — collect:

Standalone AND Consolidated financials (use Consolidated for valuation, note exceptions for holding companies)
Revenue from Operations (not "Total Revenue" — note Ind AS vs old GAAP difference)
Other Income (separately tracked in India — do NOT include in operating revenue)
EBITDA (not directly reported in India — calculate: Revenue – COGS – Employee Costs – Other Expenses)
EBIT = EBITDA – D&A
Finance Costs (interest expense)
PBT (Profit Before Tax)
Tax (current + deferred)
PAT (Profit After Tax = Net Income)
EPS (Basic + Diluted, face-value adjusted)
OCI (Other Comprehensive Income items)

2.3 Quarterly Data

Last 8 quarters: Revenue, EBITDA, PAT, EPS
YoY and QoQ growth rates
Source: Company quarterly results filings on BSE/NSE

2.4 Balance Sheet (Ind AS Format)

Assets: Fixed Assets (Gross Block, Accumulated Depreciation, Net Block), Capital WIP, Intangible Assets, Goodwill, Right-of-Use Assets (Ind AS 116), Investments (current+non-current), Debtors, Inventory, Cash & Bank, Loans & Advances, Other Current Assets

Liabilities: Share Capital, Reserves & Surplus, Minority Interest (NCI), Long-term Borrowings, Deferred Tax Liabilities, Other LT Liabilities, Short-term Borrowings, Trade Payables, Other Current Liabilities, Provisions

Note: Face Value of shares matters in India (₹1, ₹2, ₹5, ₹10 common) — affects EPS calculation

2.5 Cash Flow Statement

CFO (Operating), CFI (Investing), CFF (Financing) Indian P&L does not always present D&A separately — cross-reference with notes to accounts

2.6 Market & Ownership Data

Search: "[TICKER] NSE shareholding pattern promoter FII DII"
Promoter holding % (flag if <51%, <26%, or changing trend)
FII/FPI holding % (foreign institutional ceiling: 24% general, sector-specific limits)
DII holding % (LIC, Mutual Funds)
Public holding %
Pledged promoter shares % (high pledge = risk flag ⚠️)
Insider buying/selling (SAST disclosure)

2.7 Analyst Consensus — India Specific

Search: "[COMPANY] consensus target price NSE analyst recommendation"
Sources: Moneycontrol, Economic Times Markets, Bloomberg India, Refinitiv
Collect: Median target price (₹), Buy/Hold/Sell count, EPS estimates (FY+1, FY+2), Revenue estimates

2.8 Comparable Companies — Indian Peers

Search: "[COMPANY] Indian peers NSE sector [SECTOR]"
Identify 8–12 NSE/BSE-listed peers
Fetch: P/E, EV/EBITDA, P/B, EV/Revenue, ROE, ROCE for each

2.9 Indian Macro Assumptions

Search: "India 10 year G-sec yield current" → Risk-free rate (use RBI reference)
Search: "India equity risk premium Damodaran" → ERP (India-specific)
RBI repo rate (current), CPI inflation, GDP growth forecast, INR/USD rate
Search: "RBI monetary policy rate current [YEAR]"

2.10 Regulatory & Corporate Actions

Recent QIPs, Rights Issues, Bonus issues, Stock splits (adjust historical EPS/price)
NCLT orders, SEBI orders, Debt restructuring (NCLT/IBC proceedings)
Related party transactions (RPT disclosures) — flag high RPT%
AGM resolutions, promoter buy/sell SAST disclosures

3. Indian Convention Adjustments

Apply these throughout the model:

Parameter	Indian Convention
Currency	₹ (Indian Rupee)
Units	₹ Crore (Cr) for large caps; ₹ Lakh for small caps
Fiscal Year	April 1 – March 31 (label as FY24 = April 2023 – March 2024)
Revenue label	"Revenue from Operations" (exclude Other Income from operations)
Tax rate	25.168% (base rate 22% + surcharge 10% + cess 4%) for domestic companies; 17.01% for Sec 115BAB new manufacturing; carry forward MAT if applicable
Depreciation	Companies Act 2013 Schedule II useful lives (mandatory)
Ind AS vs Old GAAP	Model uses Ind AS; note pre-FY18 data may be old GAAP
Multiple format	P/E displayed as "x" (e.g., 25x), EV/EBITDA as "x"
SEBI LODR	Board composition, RPT, audit committee compliance (note in governance)
Bonus/Split	Adjust historical EPS and price for corporate actions

4. Excel Model Construction

Use openpyxl. Apply all color, formatting, and formula standards from the XLSX skill.

Color Coding (Mandatory)

Blue (0,0,255): All hardcoded inputs
Black (0,0,0): All formulas
Green (0,128,0): Cross-sheet links
Red (255,0,0): External links
Yellow background: Key assumptions / data gaps needing attention
Orange background: Risk flags (high promoter pledge, high debt, RPT concerns)
Negatives: In parentheses (never minus sign)
Zeros: Display as "–" via number format #,##0;(#,##0);–

Sheet Tab Color Coding

Blue tabs: Financial Statements (IS, BS, CFS)
Green tabs: Valuation (DCF, Comps, Precedents, SOTP, DDM)
Orange tabs: Analysis (Scenarios, Sensitivity)
Grey tabs: Supporting Schedules
Red tabs: Cover, Output Summary
White tabs: Assumptions, Dashboard

5. The 25-Sheet Model Architecture

Build every sheet below in this exact tab order:

SHEET 1 — COVER PAGE

Company name, NSE/BSE ticker, sector, index membership, face value, fiscal year end
Report date, analyst name, model version
Investment thesis: 3–5 bullet points
Target Price (₹): 12-month forward, upside/(downside) to CMP
Rating: BUY / ACCUMULATE / HOLD / REDUCE / SELL
Quick Stats: CMP (₹), Market Cap (₹ Cr), EV (₹ Cr), EV/EBITDA, P/E (TTM+Forward), P/B, ROCE, ROE, Net Debt/EBITDA, Div Yield, 52W High/Low, Beta vs NIFTY, Promoter%, FII%, Pledged%
Hyperlinks to all 25 sheets

SHEET 2 — TABLE OF CONTENTS

Hyperlinked index to every sheet
Color coding legend
Units legend (₹ Crore unless stated)
Indian accounting standards note (Ind AS)

SHEET 3 — ASSUMPTIONS (Master Input Hub)

All inputs here. All formulas in other sheets reference this sheet.

Blocks:

[A] MACRO: G-Sec yield (10Y), India ERP, repo rate, CPI, GDP growth, INR/USD
[B] REVENUE: Bear/Base/Bull growth rates by segment, volume, realisation/price, market share, GST impact
[C] MARGINS: Gross/EBITDA/EBIT/PAT margins; raw material%, employee cost%, other expenses%
[D] WORKING CAPITAL: Debtor days, Inventory days, Creditor days
[E] CAPEX & D&A: Maintenance capex%, growth capex%, Companies Act Schedule II useful lives
[F] CAPITAL STRUCTURE: D/E target, interest rate on debt (MCLR-linked), dividend payout%, buyback assumptions
[G] TAX: Effective tax rate (base 22% + surcharge + cess = 25.168%), MAT applicability, deferred tax
[H] VALUATION: WACC, terminal growth rate (Bear/Base/Bull), EV/EBITDA exit multiple, P/E multiple, SOTP NAV

SHEET 4 — INCOME STATEMENT (Ind AS)

Columns: [5Y Historical FY20–FY24] | [TTM] | [FY25E/FY26E/FY27E]

Full Ind AS structure:

Revenue from Operations (by segment if available) → Total Revenue from Operations, YoY Growth%
Other Income (separately — NOT included in operating metrics)
Raw Material / COGS
Employee Benefits Expense
Finance Costs (shown separately per Ind AS)
Depreciation & Amortisation
Other Expenses
EBITDA (calculated: Rev from Ops – RM – Employee – Other Exp), EBITDA Margin%
EBIT = EBITDA – D&A, EBIT Margin%
PBT (Profit Before Tax) = EBIT – Finance Costs + Other Income
Tax (Current + Deferred)
PAT (Profit After Tax), PAT Margin%
Minority Interest / Share of Associate
PAT attributable to owners
OCI items
Total Comprehensive Income
EPS Basic (₹), EPS Diluted (₹) — face-value adjusted
DPS (₹), Payout Ratio%

SHEET 5 — BALANCE SHEET (Ind AS)

Columns: [5Y Historical] | [5Y Projected]

Assets:

Non-Current Assets: Property Plant & Equipment (Gross Block, Accumulated Depreciation, Net Block), Capital WIP, Intangible Assets, Goodwill, Right-of-Use Assets (Ind AS 116), Financial Assets (investments, loans), Deferred Tax Assets, Other NCA
Current Assets: Inventories, Trade Receivables, Cash & Cash Equivalents, Bank Balances, Short-term Loans, Other Financial Assets, Other CA
TOTAL ASSETS

Equity & Liabilities:

Equity: Share Capital (face value × shares), Other Equity (Reserves & Surplus), Non-Controlling Interest
Non-Current Liabilities: Financial Liabilities (borrowings, lease liabilities), Deferred Tax Liabilities, Provisions, Other NCL
Current Liabilities: Financial Liabilities (STD, trade payables, lease current), Other Current Liabilities, Provisions, Current Tax Payable
TOTAL EQUITY & LIABILITIES
Balance check: =IF(Assets=Equity+Liabilities,"✓ BALANCED","✗ ERROR")

SHEET 6 — CASH FLOW STATEMENT (Ind AS)

Columns: [5Y Historical] | [5Y Projected]

Operating (Indirect): PAT → +D&A, +Finance costs, ±Deferred Tax, ±Trade Receivables, ±Inventories, ±Trade Payables, ±Other WC → CFO
CFO/PAT ratio (quality metric — flag if <0.8)
Investing: –Capex (purchase of PPE), –Acquisitions, +Asset sales, ±Investments → CFI
Financing: +Borrowings (net), –Repayment, –Finance costs paid, –Dividends paid, –Buybacks → CFF
Net Change in Cash; Opening + Closing Cash (ties to BS)

SHEET 7 — REVENUE BUILD

Segment-wise revenue breakdown:

Volume (units/tonnes/sq ft as applicable) × Realisation (₹) = Segment Revenue
YoY volume growth%, realisation growth%, mix shift
Geographic split (domestic vs export in ₹ Cr)
GST implications (net revenue = ex-GST)
Seasonal adjustment (Q1–Q4 split if available)

SHEET 8 — EBITDA BRIDGE & MARGIN ANALYSIS

Waterfall: Prior year EBITDA → +/– Volume → +/– Price/Mix → +/– Raw Material → +/– Employee → +/– Other Opex → Current year EBITDA

Margin drivers: RM as % of revenue (key for manufacturing); employee cost%; other expense% Operating leverage analysis: Revenue growth vs EBITDA growth Peer margin comparison table

SHEET 9 — DEPRECIATION & CAPEX SCHEDULE

Gross Block opening + additions – disposals = Gross Block closing Accumulated Depreciation (Companies Act Schedule II rates by asset class) Net Block = Gross Block – Acc Depr Capital WIP movement Maintenance Capex vs Growth Capex split Capex/Revenue%, Capex/D&A ratio Right-of-Use Asset schedule (Ind AS 116): lease additions, amortisation, lease liability

SHEET 10 — WORKING CAPITAL SCHEDULE

Trade Receivables: Debtor days = (TR/Revenue)×365 Inventories: Inventory days = (Inv/COGS)×365 Trade Payables: Creditor days = (TP/Purchases)×365 Cash Conversion Cycle = Debtor days + Inventory days – Creditor days NWC = Current Assets (ex-cash) – Current Liabilities (ex-debt) ΔNWC year-on-year (feeds into CFS) Advances from customers (important in Indian context — construction, defence, infra)

SHEET 11 — DEBT & INTEREST SCHEDULE

Debt waterfall: Opening balance + drawdowns – repayments = Closing balance Tranches: Term loans (PSU banks, private banks), NCDs, ECBs, Working capital facilities, Lease liabilities Interest rate: MCLR-linked / fixed; weighted average cost of debt Interest coverage ratio (EBIT/Finance costs) — flag if <2x Net Debt = Total Debt + Lease Liabilities – Cash & Equivalents Net Debt/EBITDA by year Unhedged forex debt (flag per RBI guidelines)

SHEET 12 — DCF VALUATION (Indian Convention)

Projection period: 5–10 years explicit FCF
FCFF = EBIT × (1–Tax) + D&A – Capex – ΔNWC
WACC = Ke×(E/V) + Kd×(1–t)×(D/V)
- Ke = G-Sec 10Y yield + India ERP + Beta × ERP + size/liquidity premium
- Kd = Weighted average interest rate on debt (post-tax)
Terminal Value: Gordon Growth (g = long-run India GDP, typically 5–6%) or Exit EV/EBITDA
PV of FCFs + PV of TV = Enterprise Value
Less: Net Debt (including lease liabilities per Ind AS 116)
Less: Minority Interest at market value
Add: Investments at market value / book value
Equity Value ÷ Diluted Shares = Intrinsic Value per Share (₹)
Sensitivity: WACC (±1%) × Terminal Growth Rate (±0.5%) → price grid
Sensitivity: WACC × Exit EV/EBITDA multiple → price grid

SHEET 13 — RELATIVE VALUATION (Indian Comps)

Implied valuation range from median/mean multiples applied to subject company Football field chart data (all methods, min/max/median) India sector premium/discount discussion

SHEET 14 — SOTP VALUATION (Sum-of-the-Parts)

Critical for: Conglomerates (Tata, Mahindra, Bajaj, Reliance), Holding Companies, Diversified PSUs

Segment	Methodology	Revenue/EBITDA/NAV	Multiple	Enterprise Value (₹ Cr)
Segment A	EV/EBITDA	X	Yx	Z
Investments	Market value / 20% HoldCo discount	—	—	Z

Total EV → Less Net Debt → Equity Value → Per share (₹) HoldCo discount: Standard 20–30% in India (note SEBI's stance) Unlisted subsidiary valuation (P/E or DCF)

SHEET 15 — SCENARIO & SENSITIVITY ANALYSIS

3 scenarios: Bear / Base / Bull

Per scenario: Revenue CAGR, EBITDA Margin, Terminal Growth Rate, WACC → Implied Target Price (₹) → Upside/(Downside)%

Sensitivity tables:

WACC × Terminal Growth → DCF Price (₹)
Revenue CAGR × EBITDA Margin → EV/EBITDA implied
Commodity price (for relevant sectors: steel, cement, oil) × Volume → EBITDA

SHEET 16 — TECHNICAL ANALYSIS DASHBOARD

Calculated: SMA 20/50/100/200D, EMA 12/26D, MACD, RSI (14D), Bollinger Bands, ATR, OBV, Stochastic, VWAP

Indian-specific additions:

Circuit breaker levels: Upper (5%/10%/20%), Lower (5%/10%/20%) per SEBI regulations
F&O data: Open Interest (OI) trend, Put-Call Ratio (PCR), futures premium/discount
Delivery volume% (high delivery = strong conviction buying vs intraday speculation)
FII/DII net buying (monthly)
52-week High/Low distance
Beta vs NIFTY 50

SHEET 17 — FUNDAMENTAL RATIO DASHBOARD

5Y historical + 5Y projected. Indian conventions:

[VALUATION]: P/E, Forward P/E, PEG, EV/EBITDA, EV/EBIT, EV/Revenue, EV/FCF, P/B, P/TBV, P/CF, P/S, Div Yield, Shareholder Yield, Graham Number (₹)

[PROFITABILITY]: Gross/EBITDA/EBIT/PBT/PAT/FCF Margins (on Revenue from Operations, excluding Other Income)

[RETURNS — Indian emphasis]:

ROCE = EBIT / (Net Worth + Total Debt) — primary metric for Indian analysts
ROE = PAT / Average Net Worth
ROA = PAT / Average Total Assets
ROIC = NOPAT / Invested Capital
EVA = NOPAT – (IC × WACC)
Asset-light score (FCF/EBITDA)

[LIQUIDITY]: Current Ratio, Quick Ratio, Cash Ratio [SOLVENCY]: D/E, Net Debt/EBITDA, Interest Coverage, DSCR, Altman Z-Score (India-calibrated) [EFFICIENCY]: Debtor days, Inventory days, Creditor days, CCC, Asset Turnover, Fixed Asset Turnover [GROWTH]: Revenue CAGR (1/3/5Y), EBITDA CAGR, PAT CAGR, EPS CAGR, BV/Share Growth [PER SHARE]: EPS (Basic/Diluted), DPS, BV/Share, Tangible BV/Share, Cash/Share, FCF/Share [QUALITY]: PAT quality = CFO/PAT (>1 = good), Accruals ratio, WC intensity, Capex intensity

SHEET 18 — CREDIT ANALYSIS (Indian Context)

CRISIL/ICRA/CARE credit rating mapping to leverage ratios Promoter pledge% and pledged share value vs loan outstanding Interest coverage vs Indian bank covenant norms Debt maturity profile (Indian banks typically 3–5Y tenors) Unhedged forex debt risk (% of total debt; RBI monitoring threshold) MSME supplier exposure (payment within 45 days mandatory per MSMED Act)

SHEET 19 — M&A ACCRETION-DILUTION

Indian-specific: CCI approval threshold (transactions >₹2,000 Cr trigger CCI review) SEBI Open Offer (SAST): Acquiring >25% triggers mandatory open offer for additional 26% Post-merger Ind AS 103 (Business Combinations): Goodwill impairment testing Deferred tax on fair value step-ups

SHEET 20 — DIVIDEND DISCOUNT MODEL

Dividend history (India: interim + final dividends common) Post-FY21: DDT abolished; dividend taxed in hands of shareholders Multi-stage DDM; Justified P/E; Gordon Growth

SHEET 21 — MANAGEMENT GUIDANCE vs CONSENSUS

Compare: Management commentary vs Analyst estimates Beat/miss history (last 8 quarters) EBITDA margin guidance; Capital allocation guidance; Debt reduction targets

SHEET 22 — ESG & NON-FINANCIAL (SEBI BRSR Framework)

SEBI mandates Business Responsibility and Sustainability Report (BRSR) for top 1,000 listed companies

[Environmental per BRSR]: GHG Scope 1/2/3, Energy intensity, Water intensity, Waste, Green certifications [Social per BRSR]: CSR spend (mandatory 2% of avg net profit per Cos Act 2013 Section 135), Employee welfare, Safety, Diversity [Governance per SEBI LODR 2015]: Board independence (min 50%), Women director (mandatory 1), MD/CEO separation, RPT approval, Audit Committee, SEBI compliance Promoter governance: Pledging, family succession, related party transactions as % of revenue

SHEET 23 — CAPITAL ALLOCATION (Indian Context)

CFO generation; Reinvestment (Capex, acquisitions, subsidiaries); Shareholder returns (dividend, buyback per SEBI Buyback Regulations 2018)

PLI scheme capex commitments; government contract advances; ESOP grants (Ind AS 102) Buyback: SEBI allows max 25% of (paid-up capital + free reserves) per year

SHEET 24 — INDUSTRY & COMPETITIVE ANALYSIS

Indian sector dynamics:

Regulatory environment (SEBI, RBI, IRDAI, TRAI, MCA, DPIIT)
Government schemes impact (PLI, NIP, Smart Cities, etc.)
Import substitution / China+1 opportunity
Formalization tailwinds (post-GST beneficiaries)
Rural vs Urban demand split and outlook

Indian-specific KPIs by sector:

BFSI: NIM, GNPA%, NNPA%, PCR, CASA%, Credit-Deposit ratio, CAR, Tier 1, RoA, RoE, Cost-to-Income
NBFCs: AUM, Disbursements, GNP%, Cost of borrowing, ALM profile, Capital Adequacy
IT/Technology: Revenue in USD, onsite/offshore mix, utilisation%, attrition%, EBIT margin
Pharma: Domestic formulations growth, ANDA filings, US generic price erosion, USFDA status
Cement: Volume (MT), Realisation (₹/ton), Cost (₹/ton), EBITDA/ton, capacity utilisation%
Auto: Domestic volume by segment (2W/PV/CV/Tractor), EV transition, content/vehicle
Consumer/FMCG: Volume growth, value growth, gross margin, ad spend%, rural vs urban
Real Estate: Pre-sales (₹ Cr), launches (sq ft), collections, net debt, RERA compliance
Power/Utilities: PLF%, tariff, PPA mix, RE capacity (MW), generation (BUs)
Metals/Mining: Production volume, LME price, EBITDA/ton, net debt, capacity expansion
Telecom: ARPU (₹), subscriber base, 5G capex, spectrum liability, net debt

SHEET 25 — OUTPUT SUMMARY & INVESTMENT RECOMMENDATION

One-page executive summary (Indian broker research format):

Company snapshot + investment thesis
Key risks
Financial summary: FY22A/FY23A/FY24A + FY25E/FY26E/FY27E
Valuation summary: All methods, implied CMP (₹)
Final Target Price (₹): 12-month forward (Indian convention)
Implied return from CMP: Upside/(downside)%
Rating: BUY / ACCUMULATE / HOLD / REDUCE / SELL (5-tier Indian convention)
Risk rating: LOW / MEDIUM / HIGH
Near-term catalysts (1–2 quarter horizon)
Key risks: Regulatory, competitive, macro (India-specific)

6. Quality Checks Before Saving

All amounts in ₹ Crore (or stated unit) consistently
Fiscal years labeled as FY24 (not CY2024) unless company uses calendar year
Revenue from Operations excludes Other Income
Balance Sheet: Assets = Equity & Liabilities every year
PAT on CFS matches IS PAT every year
EPS adjusted for any bonus/split/rights in historical periods
ROCE and ROE calculated correctly
Net Debt includes lease liabilities (Ind AS 116)
All #REF!, #DIV/0!, #VALUE!, #N/A, #NAME? = ZERO

Run: python scripts/recalc.py [output_file].xlsx 60 Fix all errors. Re-run to confirm "status": "success".

7. Output

Save to: /mnt/user-data/outputs/[TICKER]_FinancialModel_India_[DATE].xlsx

Call present_files with the output path.

Summarize: Company modeled, FY historical coverage, projection horizon, target price (₹), rating, data gaps flagged.

Notes & Guardrails

Never hallucinate financial figures. Flag unavailable data with yellow cells + comment "Source: Unavailable — manual input required"
For holding companies (HoldCo): Use SOTP as primary valuation, DCF as secondary
For financials (Banks/NBFCs/Insurance): Replace DCF with P/B or Gordon Growth; no EBITDA/EV multiples
For loss-making companies: Use EV/Revenue or EV/Gross Profit; flag in Cover
Promoter pledge >40%: Flag prominently in red on Cover Sheet
Related party transactions >10% of revenue: Flag and note in Governance section
Small caps (market cap <₹500 Cr): Reduce comps to 5–8 peers; note limited liquidity risk
Ensure Standalone vs Consolidated distinction is clear in all sheets

name

pro-financial-model-india

description

Pro Financial Model — Indian Stocks (NSE/BSE)

0. Pre-Flight: Read Supporting Skills

Before writing any code, read /mnt/skills/public/xlsx/SKILL.md for Excel construction standards. These rules are mandatory and override any defaults.

1. Parse Arguments

Extract from $ARGUMENTS:

COMPANY_NAME — full legal name (e.g., Reliance Industries Limited)
NSE_TICKER — NSE ticker (e.g., RELIANCE). Prefix BSE: only as fallback
BSE_CODE — 6-digit BSE scrip code (optional, used for fallback)
SECTOR — BSE/NSE sector classification (infer if not provided)
FISCAL_YEAR_END — Always March 31 unless explicitly stated otherwise (e.g., HDFC Bank = March, some MNCs = December)
INDEX — NIFTY 50 / NIFTY 500 / SENSEX / NIFTY Midcap 150 (infer)

If company is ambiguous, ask user to confirm NSE ticker before proceeding.

2. Indian-Specific Data Gathering (Mandatory Before Building)

Never hallucinate financial figures. Fetch all data from approved Indian sources.

2.1 Live CMP (Current Market Price) — CRITICAL

⚠️ Do NOT use Screener.in price — it is often stale cached data.

Canonical CMP method (present as instruction to user):

Open Google Sheets and enter: =GOOGLEFINANCE("NSE:[TICKER]", "price")

Or fetch from:

https://www.nseindia.com/get-quotes/equity?symbol=[TICKER]
https://finance.yahoo.com/quote/[TICKER].NS
Search: "[TICKER] NSE share price today"

Collect: CMP (₹), 52-week High/Low (₹), Market Cap (₹ Cr), P/E (TTM), Face Value (₹), Dividend Yield%

2.2 Financial Statements — Annual (5 Years Historical)

Ind AS Format — collect:

Standalone AND Consolidated financials (use Consolidated for valuation, note exceptions for holding companies)
Revenue from Operations (not "Total Revenue" — note Ind AS vs old GAAP difference)
Other Income (separately tracked in India — do NOT include in operating revenue)
EBITDA (not directly reported in India — calculate: Revenue – COGS – Employee Costs – Other Expenses)
EBIT = EBITDA – D&A
Finance Costs (interest expense)
PBT (Profit Before Tax)
Tax (current + deferred)
PAT (Profit After Tax = Net Income)
EPS (Basic + Diluted, face-value adjusted)
OCI (Other Comprehensive Income items)

2.3 Quarterly Data

Last 8 quarters: Revenue, EBITDA, PAT, EPS
YoY and QoQ growth rates
Source: Company quarterly results filings on BSE/NSE

2.4 Balance Sheet (Ind AS Format)

Note: Face Value of shares matters in India (₹1, ₹2, ₹5, ₹10 common) — affects EPS calculation

2.5 Cash Flow Statement

CFO (Operating), CFI (Investing), CFF (Financing) Indian P&L does not always present D&A separately — cross-reference with notes to accounts

2.6 Market & Ownership Data

Search: "[TICKER] NSE shareholding pattern promoter FII DII"
Promoter holding % (flag if <51%, <26%, or changing trend)
FII/FPI holding % (foreign institutional ceiling: 24% general, sector-specific limits)
DII holding % (LIC, Mutual Funds)
Public holding %
Pledged promoter shares % (high pledge = risk flag ⚠️)
Insider buying/selling (SAST disclosure)

2.7 Analyst Consensus — India Specific

Search: "[COMPANY] consensus target price NSE analyst recommendation"
Sources: Moneycontrol, Economic Times Markets, Bloomberg India, Refinitiv
Collect: Median target price (₹), Buy/Hold/Sell count, EPS estimates (FY+1, FY+2), Revenue estimates

2.8 Comparable Companies — Indian Peers

Search: "[COMPANY] Indian peers NSE sector [SECTOR]"
Identify 8–12 NSE/BSE-listed peers
Fetch: P/E, EV/EBITDA, P/B, EV/Revenue, ROE, ROCE for each

2.9 Indian Macro Assumptions

Search: "India 10 year G-sec yield current" → Risk-free rate (use RBI reference)
Search: "India equity risk premium Damodaran" → ERP (India-specific)
RBI repo rate (current), CPI inflation, GDP growth forecast, INR/USD rate
Search: "RBI monetary policy rate current [YEAR]"

2.10 Regulatory & Corporate Actions

Recent QIPs, Rights Issues, Bonus issues, Stock splits (adjust historical EPS/price)
NCLT orders, SEBI orders, Debt restructuring (NCLT/IBC proceedings)
Related party transactions (RPT disclosures) — flag high RPT%
AGM resolutions, promoter buy/sell SAST disclosures

3. Indian Convention Adjustments

Apply these throughout the model:

Parameter	Indian Convention
Currency	₹ (Indian Rupee)
Units	₹ Crore (Cr) for large caps; ₹ Lakh for small caps
Fiscal Year	April 1 – March 31 (label as FY24 = April 2023 – March 2024)
Revenue label	"Revenue from Operations" (exclude Other Income from operations)
Tax rate	25.168% (base rate 22% + surcharge 10% + cess 4%) for domestic companies; 17.01% for Sec 115BAB new manufacturing; carry forward MAT if applicable
Depreciation	Companies Act 2013 Schedule II useful lives (mandatory)
Ind AS vs Old GAAP	Model uses Ind AS; note pre-FY18 data may be old GAAP
Multiple format	P/E displayed as "x" (e.g., 25x), EV/EBITDA as "x"
SEBI LODR	Board composition, RPT, audit committee compliance (note in governance)
Bonus/Split	Adjust historical EPS and price for corporate actions

4. Excel Model Construction

Use openpyxl. Apply all color, formatting, and formula standards from the XLSX skill.

Color Coding (Mandatory)

Blue (0,0,255): All hardcoded inputs
Black (0,0,0): All formulas
Green (0,128,0): Cross-sheet links
Red (255,0,0): External links
Yellow background: Key assumptions / data gaps needing attention
Orange background: Risk flags (high promoter pledge, high debt, RPT concerns)
Negatives: In parentheses (never minus sign)
Zeros: Display as "–" via number format #,##0;(#,##0);–

Sheet Tab Color Coding

Blue tabs: Financial Statements (IS, BS, CFS)
Green tabs: Valuation (DCF, Comps, Precedents, SOTP, DDM)
Orange tabs: Analysis (Scenarios, Sensitivity)
Grey tabs: Supporting Schedules
Red tabs: Cover, Output Summary
White tabs: Assumptions, Dashboard

5. The 25-Sheet Model Architecture

Build every sheet below in this exact tab order:

SHEET 1 — COVER PAGE

Company name, NSE/BSE ticker, sector, index membership, face value, fiscal year end
Report date, analyst name, model version
Investment thesis: 3–5 bullet points
Target Price (₹): 12-month forward, upside/(downside) to CMP
Rating: BUY / ACCUMULATE / HOLD / REDUCE / SELL
Quick Stats: CMP (₹), Market Cap (₹ Cr), EV (₹ Cr), EV/EBITDA, P/E (TTM+Forward), P/B, ROCE, ROE, Net Debt/EBITDA, Div Yield, 52W High/Low, Beta vs NIFTY, Promoter%, FII%, Pledged%
Hyperlinks to all 25 sheets

SHEET 2 — TABLE OF CONTENTS

Hyperlinked index to every sheet
Color coding legend
Units legend (₹ Crore unless stated)
Indian accounting standards note (Ind AS)

SHEET 3 — ASSUMPTIONS (Master Input Hub)

All inputs here. All formulas in other sheets reference this sheet.

Blocks:

[A] MACRO: G-Sec yield (10Y), India ERP, repo rate, CPI, GDP growth, INR/USD
[B] REVENUE: Bear/Base/Bull growth rates by segment, volume, realisation/price, market share, GST impact
[C] MARGINS: Gross/EBITDA/EBIT/PAT margins; raw material%, employee cost%, other expenses%
[D] WORKING CAPITAL: Debtor days, Inventory days, Creditor days
[E] CAPEX & D&A: Maintenance capex%, growth capex%, Companies Act Schedule II useful lives
[F] CAPITAL STRUCTURE: D/E target, interest rate on debt (MCLR-linked), dividend payout%, buyback assumptions
[G] TAX: Effective tax rate (base 22% + surcharge + cess = 25.168%), MAT applicability, deferred tax
[H] VALUATION: WACC, terminal growth rate (Bear/Base/Bull), EV/EBITDA exit multiple, P/E multiple, SOTP NAV

SHEET 4 — INCOME STATEMENT (Ind AS)

Columns: [5Y Historical FY20–FY24] | [TTM] | [FY25E/FY26E/FY27E]

Full Ind AS structure:

Revenue from Operations (by segment if available) → Total Revenue from Operations, YoY Growth%
Other Income (separately — NOT included in operating metrics)
Raw Material / COGS
Employee Benefits Expense
Finance Costs (shown separately per Ind AS)
Depreciation & Amortisation
Other Expenses
EBITDA (calculated: Rev from Ops – RM – Employee – Other Exp), EBITDA Margin%
EBIT = EBITDA – D&A, EBIT Margin%
PBT (Profit Before Tax) = EBIT – Finance Costs + Other Income
Tax (Current + Deferred)
PAT (Profit After Tax), PAT Margin%
Minority Interest / Share of Associate
PAT attributable to owners
OCI items
Total Comprehensive Income
EPS Basic (₹), EPS Diluted (₹) — face-value adjusted
DPS (₹), Payout Ratio%

SHEET 5 — BALANCE SHEET (Ind AS)

Columns: [5Y Historical] | [5Y Projected]

Assets:

Non-Current Assets: Property Plant & Equipment (Gross Block, Accumulated Depreciation, Net Block), Capital WIP, Intangible Assets, Goodwill, Right-of-Use Assets (Ind AS 116), Financial Assets (investments, loans), Deferred Tax Assets, Other NCA
Current Assets: Inventories, Trade Receivables, Cash & Cash Equivalents, Bank Balances, Short-term Loans, Other Financial Assets, Other CA
TOTAL ASSETS

Equity & Liabilities:

Equity: Share Capital (face value × shares), Other Equity (Reserves & Surplus), Non-Controlling Interest
Non-Current Liabilities: Financial Liabilities (borrowings, lease liabilities), Deferred Tax Liabilities, Provisions, Other NCL
Current Liabilities: Financial Liabilities (STD, trade payables, lease current), Other Current Liabilities, Provisions, Current Tax Payable
TOTAL EQUITY & LIABILITIES
Balance check: =IF(Assets=Equity+Liabilities,"✓ BALANCED","✗ ERROR")

SHEET 6 — CASH FLOW STATEMENT (Ind AS)

Columns: [5Y Historical] | [5Y Projected]

Operating (Indirect): PAT → +D&A, +Finance costs, ±Deferred Tax, ±Trade Receivables, ±Inventories, ±Trade Payables, ±Other WC → CFO
CFO/PAT ratio (quality metric — flag if <0.8)
Investing: –Capex (purchase of PPE), –Acquisitions, +Asset sales, ±Investments → CFI
Financing: +Borrowings (net), –Repayment, –Finance costs paid, –Dividends paid, –Buybacks → CFF
Net Change in Cash; Opening + Closing Cash (ties to BS)

SHEET 7 — REVENUE BUILD

Segment-wise revenue breakdown:

Volume (units/tonnes/sq ft as applicable) × Realisation (₹) = Segment Revenue
YoY volume growth%, realisation growth%, mix shift
Geographic split (domestic vs export in ₹ Cr)
GST implications (net revenue = ex-GST)
Seasonal adjustment (Q1–Q4 split if available)

SHEET 8 — EBITDA BRIDGE & MARGIN ANALYSIS

Waterfall: Prior year EBITDA → +/– Volume → +/– Price/Mix → +/– Raw Material → +/– Employee → +/– Other Opex → Current year EBITDA

Margin drivers: RM as % of revenue (key for manufacturing); employee cost%; other expense% Operating leverage analysis: Revenue growth vs EBITDA growth Peer margin comparison table

SHEET 9 — DEPRECIATION & CAPEX SCHEDULE

SHEET 10 — WORKING CAPITAL SCHEDULE

SHEET 11 — DEBT & INTEREST SCHEDULE

SHEET 12 — DCF VALUATION (Indian Convention)

Projection period: 5–10 years explicit FCF
FCFF = EBIT × (1–Tax) + D&A – Capex – ΔNWC
WACC = Ke×(E/V) + Kd×(1–t)×(D/V)
- Ke = G-Sec 10Y yield + India ERP + Beta × ERP + size/liquidity premium
- Kd = Weighted average interest rate on debt (post-tax)
Terminal Value: Gordon Growth (g = long-run India GDP, typically 5–6%) or Exit EV/EBITDA
PV of FCFs + PV of TV = Enterprise Value
Less: Net Debt (including lease liabilities per Ind AS 116)
Less: Minority Interest at market value
Add: Investments at market value / book value
Equity Value ÷ Diluted Shares = Intrinsic Value per Share (₹)
Sensitivity: WACC (±1%) × Terminal Growth Rate (±0.5%) → price grid
Sensitivity: WACC × Exit EV/EBITDA multiple → price grid

SHEET 13 — RELATIVE VALUATION (Indian Comps)

Implied valuation range from median/mean multiples applied to subject company Football field chart data (all methods, min/max/median) India sector premium/discount discussion

SHEET 14 — SOTP VALUATION (Sum-of-the-Parts)

Critical for: Conglomerates (Tata, Mahindra, Bajaj, Reliance), Holding Companies, Diversified PSUs

Segment	Methodology	Revenue/EBITDA/NAV	Multiple	Enterprise Value (₹ Cr)
Segment A	EV/EBITDA	X	Yx	Z
Investments	Market value / 20% HoldCo discount	—	—	Z

Total EV → Less Net Debt → Equity Value → Per share (₹) HoldCo discount: Standard 20–30% in India (note SEBI's stance) Unlisted subsidiary valuation (P/E or DCF)

SHEET 15 — SCENARIO & SENSITIVITY ANALYSIS

3 scenarios: Bear / Base / Bull

Per scenario: Revenue CAGR, EBITDA Margin, Terminal Growth Rate, WACC → Implied Target Price (₹) → Upside/(Downside)%

Sensitivity tables:

WACC × Terminal Growth → DCF Price (₹)
Revenue CAGR × EBITDA Margin → EV/EBITDA implied
Commodity price (for relevant sectors: steel, cement, oil) × Volume → EBITDA

SHEET 16 — TECHNICAL ANALYSIS DASHBOARD

Calculated: SMA 20/50/100/200D, EMA 12/26D, MACD, RSI (14D), Bollinger Bands, ATR, OBV, Stochastic, VWAP

Indian-specific additions:

Circuit breaker levels: Upper (5%/10%/20%), Lower (5%/10%/20%) per SEBI regulations
F&O data: Open Interest (OI) trend, Put-Call Ratio (PCR), futures premium/discount
Delivery volume% (high delivery = strong conviction buying vs intraday speculation)
FII/DII net buying (monthly)
52-week High/Low distance
Beta vs NIFTY 50

SHEET 17 — FUNDAMENTAL RATIO DASHBOARD

5Y historical + 5Y projected. Indian conventions:

[VALUATION]: P/E, Forward P/E, PEG, EV/EBITDA, EV/EBIT, EV/Revenue, EV/FCF, P/B, P/TBV, P/CF, P/S, Div Yield, Shareholder Yield, Graham Number (₹)

[PROFITABILITY]: Gross/EBITDA/EBIT/PBT/PAT/FCF Margins (on Revenue from Operations, excluding Other Income)

[RETURNS — Indian emphasis]:

ROCE = EBIT / (Net Worth + Total Debt) — primary metric for Indian analysts
ROE = PAT / Average Net Worth
ROA = PAT / Average Total Assets
ROIC = NOPAT / Invested Capital
EVA = NOPAT – (IC × WACC)
Asset-light score (FCF/EBITDA)

SHEET 18 — CREDIT ANALYSIS (Indian Context)

SHEET 19 — M&A ACCRETION-DILUTION

SHEET 20 — DIVIDEND DISCOUNT MODEL

Dividend history (India: interim + final dividends common) Post-FY21: DDT abolished; dividend taxed in hands of shareholders Multi-stage DDM; Justified P/E; Gordon Growth

SHEET 21 — MANAGEMENT GUIDANCE vs CONSENSUS

Compare: Management commentary vs Analyst estimates Beat/miss history (last 8 quarters) EBITDA margin guidance; Capital allocation guidance; Debt reduction targets

SHEET 22 — ESG & NON-FINANCIAL (SEBI BRSR Framework)

SEBI mandates Business Responsibility and Sustainability Report (BRSR) for top 1,000 listed companies

SHEET 23 — CAPITAL ALLOCATION (Indian Context)

CFO generation; Reinvestment (Capex, acquisitions, subsidiaries); Shareholder returns (dividend, buyback per SEBI Buyback Regulations 2018)

PLI scheme capex commitments; government contract advances; ESOP grants (Ind AS 102) Buyback: SEBI allows max 25% of (paid-up capital + free reserves) per year

SHEET 24 — INDUSTRY & COMPETITIVE ANALYSIS

Indian sector dynamics:

Regulatory environment (SEBI, RBI, IRDAI, TRAI, MCA, DPIIT)
Government schemes impact (PLI, NIP, Smart Cities, etc.)
Import substitution / China+1 opportunity
Formalization tailwinds (post-GST beneficiaries)
Rural vs Urban demand split and outlook

Indian-specific KPIs by sector:

BFSI: NIM, GNPA%, NNPA%, PCR, CASA%, Credit-Deposit ratio, CAR, Tier 1, RoA, RoE, Cost-to-Income
NBFCs: AUM, Disbursements, GNP%, Cost of borrowing, ALM profile, Capital Adequacy
IT/Technology: Revenue in USD, onsite/offshore mix, utilisation%, attrition%, EBIT margin
Pharma: Domestic formulations growth, ANDA filings, US generic price erosion, USFDA status
Cement: Volume (MT), Realisation (₹/ton), Cost (₹/ton), EBITDA/ton, capacity utilisation%
Auto: Domestic volume by segment (2W/PV/CV/Tractor), EV transition, content/vehicle
Consumer/FMCG: Volume growth, value growth, gross margin, ad spend%, rural vs urban
Real Estate: Pre-sales (₹ Cr), launches (sq ft), collections, net debt, RERA compliance
Power/Utilities: PLF%, tariff, PPA mix, RE capacity (MW), generation (BUs)
Metals/Mining: Production volume, LME price, EBITDA/ton, net debt, capacity expansion
Telecom: ARPU (₹), subscriber base, 5G capex, spectrum liability, net debt

SHEET 25 — OUTPUT SUMMARY & INVESTMENT RECOMMENDATION

One-page executive summary (Indian broker research format):

Company snapshot + investment thesis
Key risks
Financial summary: FY22A/FY23A/FY24A + FY25E/FY26E/FY27E
Valuation summary: All methods, implied CMP (₹)
Final Target Price (₹): 12-month forward (Indian convention)
Implied return from CMP: Upside/(downside)%
Rating: BUY / ACCUMULATE / HOLD / REDUCE / SELL (5-tier Indian convention)
Risk rating: LOW / MEDIUM / HIGH
Near-term catalysts (1–2 quarter horizon)
Key risks: Regulatory, competitive, macro (India-specific)

6. Quality Checks Before Saving

All amounts in ₹ Crore (or stated unit) consistently
Fiscal years labeled as FY24 (not CY2024) unless company uses calendar year
Revenue from Operations excludes Other Income
Balance Sheet: Assets = Equity & Liabilities every year
PAT on CFS matches IS PAT every year
EPS adjusted for any bonus/split/rights in historical periods
ROCE and ROE calculated correctly
Net Debt includes lease liabilities (Ind AS 116)
All #REF!, #DIV/0!, #VALUE!, #N/A, #NAME? = ZERO

Run: python scripts/recalc.py [output_file].xlsx 60 Fix all errors. Re-run to confirm "status": "success".

7. Output

Save to: /mnt/user-data/outputs/[TICKER]_FinancialModel_India_[DATE].xlsx

Call present_files with the output path.

Summarize: Company modeled, FY historical coverage, projection horizon, target price (₹), rating, data gaps flagged.

Notes & Guardrails

Never hallucinate financial figures. Flag unavailable data with yellow cells + comment "Source: Unavailable — manual input required"
For holding companies (HoldCo): Use SOTP as primary valuation, DCF as secondary
For financials (Banks/NBFCs/Insurance): Replace DCF with P/B or Gordon Growth; no EBITDA/EV multiples
For loss-making companies: Use EV/Revenue or EV/Gross Profit; flag in Cover
Promoter pledge >40%: Flag prominently in red on Cover Sheet
Related party transactions >10% of revenue: Flag and note in Governance section
Small caps (market cap <₹500 Cr): Reduce comps to 5–8 peers; note limited liquidity risk
Ensure Standalone vs Consolidated distinction is clear in all sheets

pro-financial-model-india

同仓库更多 Skills

Pro Financial Model — Indian Stocks (NSE/BSE)

0. Pre-Flight: Read Supporting Skills

1. Parse Arguments

2. Indian-Specific Data Gathering (Mandatory Before Building)

2.1 Live CMP (Current Market Price) — CRITICAL

2.2 Financial Statements — Annual (5 Years Historical)

2.3 Quarterly Data

2.4 Balance Sheet (Ind AS Format)

2.5 Cash Flow Statement

2.6 Market & Ownership Data

2.7 Analyst Consensus — India Specific

2.8 Comparable Companies — Indian Peers

2.9 Indian Macro Assumptions

2.10 Regulatory & Corporate Actions

3. Indian Convention Adjustments

4. Excel Model Construction

Color Coding (Mandatory)

Sheet Tab Color Coding

5. The 25-Sheet Model Architecture

SHEET 1 — COVER PAGE

SHEET 2 — TABLE OF CONTENTS

SHEET 3 — ASSUMPTIONS (Master Input Hub)

SHEET 4 — INCOME STATEMENT (Ind AS)

SHEET 5 — BALANCE SHEET (Ind AS)

SHEET 6 — CASH FLOW STATEMENT (Ind AS)

SHEET 7 — REVENUE BUILD

SHEET 8 — EBITDA BRIDGE & MARGIN ANALYSIS

SHEET 9 — DEPRECIATION & CAPEX SCHEDULE

SHEET 10 — WORKING CAPITAL SCHEDULE

SHEET 11 — DEBT & INTEREST SCHEDULE

SHEET 12 — DCF VALUATION (Indian Convention)

SHEET 13 — RELATIVE VALUATION (Indian Comps)

SHEET 14 — SOTP VALUATION (Sum-of-the-Parts)

SHEET 15 — SCENARIO & SENSITIVITY ANALYSIS

SHEET 16 — TECHNICAL ANALYSIS DASHBOARD

SHEET 17 — FUNDAMENTAL RATIO DASHBOARD

SHEET 18 — CREDIT ANALYSIS (Indian Context)

SHEET 19 — M&A ACCRETION-DILUTION

SHEET 20 — DIVIDEND DISCOUNT MODEL

SHEET 21 — MANAGEMENT GUIDANCE vs CONSENSUS

SHEET 22 — ESG & NON-FINANCIAL (SEBI BRSR Framework)

SHEET 23 — CAPITAL ALLOCATION (Indian Context)

SHEET 24 — INDUSTRY & COMPETITIVE ANALYSIS

SHEET 25 — OUTPUT SUMMARY & INVESTMENT RECOMMENDATION

6. Quality Checks Before Saving

7. Output

Notes & Guardrails

Pro Financial Model — Indian Stocks (NSE/BSE)

0. Pre-Flight: Read Supporting Skills

1. Parse Arguments

2. Indian-Specific Data Gathering (Mandatory Before Building)

2.1 Live CMP (Current Market Price) — CRITICAL

2.2 Financial Statements — Annual (5 Years Historical)

2.3 Quarterly Data

2.4 Balance Sheet (Ind AS Format)

2.5 Cash Flow Statement

2.6 Market & Ownership Data

2.7 Analyst Consensus — India Specific

2.8 Comparable Companies — Indian Peers

2.9 Indian Macro Assumptions

2.10 Regulatory & Corporate Actions

3. Indian Convention Adjustments

4. Excel Model Construction

Color Coding (Mandatory)

Sheet Tab Color Coding

5. The 25-Sheet Model Architecture

SHEET 1 — COVER PAGE

SHEET 2 — TABLE OF CONTENTS

SHEET 3 — ASSUMPTIONS (Master Input Hub)

SHEET 4 — INCOME STATEMENT (Ind AS)

SHEET 5 — BALANCE SHEET (Ind AS)

SHEET 6 — CASH FLOW STATEMENT (Ind AS)

SHEET 7 — REVENUE BUILD

SHEET 8 — EBITDA BRIDGE & MARGIN ANALYSIS

SHEET 9 — DEPRECIATION & CAPEX SCHEDULE

SHEET 10 — WORKING CAPITAL SCHEDULE

SHEET 11 — DEBT & INTEREST SCHEDULE

SHEET 12 — DCF VALUATION (Indian Convention)