1.1 – Overview

Fundamental Analysis (FA) is a holistic approach to study a business. When an investor wishes to invest in a business for the long term (say 3 – 5 years), it becomes essential to understand the business from various perspectives. It is critical for an investor to separate the daily short term noise in the stock prices and concentrate on the underlying business performance. Over the long term, a fundamentally strong company’s stock prices tend to appreciate, thereby creating wealth for its investors.

We have many such examples in the Indian market. To name a few, one can think of companies such as Infosys Limited, TCS Limited, Page Industries, Eicher Motors, Bosch India, Nestle India, TTK Prestige etc. Each of these companies has delivered an average over 20% compounded annual growth return (CAGR) year on year for over 10 years. At a 20% CAGR, the investor would double his money in roughly about 3.5 years to give you a perspective. Higher the CAGR faster is the wealth creation process. Some companies such as Bosch India Limited have delivered close to 30% CAGR. Therefore, you can imagine the magnitude and the speed at which wealth is created if one would invest in fundamentally strong companies.

Here are long term charts of Bosch India, Eicher Motors, and TCS Limited that can set you thinking about long term wealth creation. Do remember these are just 3 examples amongst the many that you may find in Indian markets.




At this point, you may think that I am biased as I am selectively posting charts that look impressive. You may wonder how the long term charts of companies such as Suzlon Energy, Reliance Power, and Sterling Biotech may look? Well here are the long term charts of these companies:




These are just 3 examples of the wealth destructors amongst the many you may find in the Indian Markets.

The trick has always been to separate the investment-grade companies which create wealth from the companies that destroy wealth. All investment-grade companies have a few common attributes that set them apart. Likewise, all wealth destructors have a few common traits which are clearly visible to an astute investor.

Fundamental Analysis is the technique that gives you the conviction to invest for a long term by helping you identify these attributes of wealth-creating companies.

1.2 – Can I be a fundamental analyst?

Of course, you can be. It is a common misconception that only chartered accountants and professionals from commerce background can be good fundamental analysts. This is not true at all. A fundamental analyst adds 2 and 2 to ensure it sums up to 4. To become a fundamental analyst, you will need a few basic skills:

  1. Understanding the basic financial statements
  2. Understand businesses concerning the industry in which it operates
  3. Basic arithmetic operations such as addition, subtraction, division, and multiplication

This module’s objective on Fundamental Analysis is to ensure that you gain the first two skill sets.

1.3 – I’m happy with Technical Analysis, so why bother about Fundamental Analysis?

Technical Analysis (TA) helps you garner quick short term returns. It helps you time the market for a better entry and exit. However, TA is not an effective approach to create wealth. Wealth is created only by making intelligent long term investments. However, both TA & FA must coexist in your market strategy. To give you a perspective, let me reproduce the chart of Eicher Motors:


Let us say a market participant identifies Eicher motors as a fundamentally strong stock to invest and therefore invests his money in the stock in 2006. You can see the stock made a relatively negligible move between 2006 and 2010. The real move in Eicher Motors started only from 2010. This also means FA based investment in Eicher Motors did not give the investor any meaningful return between 2006 and 2010. The market participant would have been better off taking short term trades during this time. Technical Analysis helps the investor in taking short term trading bets. Hence both TA & FA should coexist as a part of your market strategy. In fact, this leads us to an important capital allocation strategy called “The Core Satellite Strategy”.

Let us say, a market participant has a corpus of Rs.500,000/-. This corpus can be split into two unequal portions; for example, the split can be 60 – 40. The 60% of capital, Rs 300,000/- can be invested for a long term is fundamentally strong. This 60% of the investment makes up the core of the portfolio. One can expect the core portfolio to grow at least 12% to 15% CAGR year on year basis.

The balance 40% of the amount, which is Rs.200,000/- can be utilized for active short term trading using Technical Analysis technique on equity, futures, and options. The Satellite portfolio can be expected to yield at least 10% to 12% absolute return every year.


1.4 – Tools of FA

The tools required for fundamental analysis are fundamental, most of which are available for free. Specifically, you would need the following:

  1. The company’s annual report – All the information you need for FA is available in the annual report. You can download the annual report from the company’s website for free
  2. Industry-related data – You will need industry data to see how the company under consideration is performing concerning the industry. Basic data is available for free and is usually published in the industry’s association website
  3. Access to the news – Daily News helps you stay updated on the latest developments in the industry and the company you are interested in. A good business newspaper or services such as Google Alert can help you stay abreast of the latest news
  4. MS Excel – Although not free, MS Excel can be extremely helpful in fundamental calculations

With just these four tools, one can develop a fundamental analysis that can rival institutional research. You can believe me when I say that you don’t need any other tool to do good fundamental research. In fact, even at the institutional level, the objective is to keep the research simple and logical.

Key takeaways from this chapter

  1. Fundamental Analysis is used to make long term investments.
  2. Investment in a company with good fundamentals creates wealth.
  3. Using Fundamental Analysis, one can separate an investment-grade company from a junk company.
  4. All investment-grade companies exhibit a few common traits. Likewise, all junk companies exhibit common traits.
  5. Fundamental analysis helps the analysts identify these traits.
  6. Both Technical analysis and fundamental analysis should coexist as a part of your market strategy.
  7. To become a fundamental analyst, one does not require any special skill. Common sense, basic mathematics, and a bit of business sense are all that is required.
  8. A core-satellite approach to capital allocation is a prudent market strategy.
  9. The tools required for FA are generally fundamental; most of these tools are available for free.


  1. Kishor Chaudhari says:

    Versity is good, however most of the charts given are not legible. The coordinate labels appear very small to read, probably on full HD display. Also the charts are marked by circle and arrow but not by word. For example while explaining the candlesticks the word doji, spinning top etc should be written.

  2. […] Introduction to Fundamental Analysis – Zerodha Varsity. […]

  3. Ram23 says:

    Please provide downloadable for taking print and read keep it as a reference guide.

  4. nitin tarvekar says:

    Fundamental analysis is very useful to create our self openion on company strategy .there is given very nice illustration on fa.

  5. Shyamnath P R says:

    Can I Get the soft copy of the modules

  6. Nikhil Zelawat says:

    Good overview covering the positive and negative aspect and comparing with TA which depicts the picture more clearly.

    One query – What is the role of MS Excel as a tool in FA ?

  7. Shochis Natrajan says:

    i would like to ask a question that how much years of past data is considered while doing proper analysis of a company

    • Karthik Rangappa says:

      Look for at least past 5-7 years of annual data. They say when a company completes every 7 years of business, it would have undergone 1 economic cycle. Hence when you look at 7 years of data, you will be factoring (and analyzing) 1 full economic cycle.

      • Ishan Choubey says:


  8. harshendra singh says:

    Varsity is really good and this educative series has really helped in understanding the technical aspects of the market

  9. harshendra singh says:

    I have a question.
    Will it be feasible for me to enter stock market by this much technical knowledge ?
    I want to do short term trading and I am entirely new to it.
    Thanks in advance.

    • Karthik Rangappa says:

      Yes, please be through with everything we have discussed on Varsity and I’m confident you will be on the right track.

  10. Adam says:

    The Satellite portfolio can be expected to yield at least 10% to 12% absolute return on a yearly basis.
    If the stock market is giving me just 10%, then why should I even care to do so much of hard work in analyzing stocks when I can get 9%(just a percent less) just by simply keeping it in the bank’s FD!!!

    • Karthik Rangappa says:

      Couple of things here Adam –

      1) Long term Capital Gains tax is nil. Hence if you manage 12% on your portfolio over the last 365 days then do remember this is tax free
      2) FD returns are taxable – so 9% after tax is about 7%. So contrast 7% versus 12%!
      3) 12 % is a bit conservative…well managed Equity portfolios can generate over 15%
      4) At 15% year on year your money will start working really well in your favor. To appriciate this point I would suggest you read the next chapter ‘Mindset of an Investor’, especially section 2.2.

  11. Michael Mathew says:

    Where can we find the industry data?? and i can not find 10 years of annual reports for many companies in their respective websites could only get hands on 3-5 years of data so what to do 10 years of data??

    • Karthik Rangappa says:

      Usually the industry data is made available by the industry association/lobby. For example you can get all automobile data you could check SIAM – http://www.siamindia.com/ . I guess for historical AR you could check with the company directly, you will be surprised to know that most of the companies oblige and point you to the source.

  12. Michael Mathew says:

    I do i contact companies for historic annual reports

  13. Michael Mathew says:

    Sorry earlier was a typing mistake,How do i contact companies for historic annual reports??

  14. Amit Kumar Pal says:

    In where I got 5 to 7 year data for FA for a company ?

  15. anoop says:

    i bought a share in 5000 quantity, cupid ltd 2 years back at 30 rupees.i sold the at 500 .now share are trading at 353 rupees .its valuation are not seems correct..should i reenter ?

  16. Supriti Swagatika says:

    Where can we find the banking industry data?
    Is there any official website available to know about banking industry data?

  17. RD3032 says:

    Hi Karthik,
    Could you explain more on getting the news about the companies. Please mention some good tools or websites those are helpful.

  18. RD3032 says:

    Hi Karthik,
    I read from Intelligent Investor that bonds and stocks should occupy 50:50 amount in portfolio. When stocks become expensive then bonds get valuable and vice versa. Because of your excellent articles I am now confident in stocks. But I know nothing about the bonds. So, could you please introduce a lesson about bonds?

    • Karthik Rangappa says:

      We will try and put up information on bonds sometime soon. However, the bond market in India is not really vibrant for retail participants.

  19. Vaibhav Joshi says:


    Impressed! Very interesting way of learning.
    Is it possible on can target dividends in a short term trade? E.G. Today for company x’s dividend declared and buy on the same date then one can expect dividend? Please elobrate on complete process, declaration date, record date etc

  20. Sai Sreedhar says:

    Hi Karthik
    This could be trading strategy related question. I have read in a book that the author invests in shares of a company and exits after a year leaving the profit and withdrawing the principal amount invested. Which leaves the profit money to grow and principal is safe (of course the principal shall be invested elsewhere in order to get benefitted).
    What could be the disadvantages or advantages in this kind of approach?

  21. Deepak Kumar Singh says:

    Hi Karthik,
    I have a basic question. As per most of the good investors it is advised that long term mindset should be set to become a successful investor in stock market. Companies performance does not contribute to the price of the shares as share price is totally dependent on investors emotion and market news. So how can we ensure that the current share price will not come down to its initial invested value after 5-6 years?

    • Karthik Rangappa says:

      In the long run, it is the performance of the company that takes the stock price to its true value. As an investor one need to spend more time analyzing the business of a company rather than the price of a stock, this will naturally ensure your investments are safeguarded.

  22. sumit says:

    can u name some site where i can track the performance of company industry.

  23. Dhinakaran says:

    Hi Karthik, I am one among those who came into stock market without knowing what is Stock Market. I read few basic books (Intelligent Investor, Common Stock & uncommon profits, One up, Fooled by Randomness etc) to get a perspective. Very recently I can across varsity (Luckily!). It is very useful and I like the way you explain. All these basic books are completely against Technical Analysis. Could you please tell me if it is possible to get returns greater than FD rates by following technical Analysis CONSISTENTLY ? I did go through the fundamental analysis modules. Is it worth to dig deeper into Trading(Understanding Black & Scholes and trading strategies etc) ? Please clarify. Thank you .

    • Karthik Rangappa says:

      I’m happy to know you liked Varsity 🙂

      Yes, there are traders who make more than FD rates consistently while trading. We have even interviewed few of them to understand their mindset – http://zerodha.com/z-connect/category/zerodha-60-day-challenge/winners

      This is hard work, but can be worth if you do it the right way.

      • Dhinakaran says:

        Karthik, Thank you very much for replying. Looking at the winners, isn’t it the survivor bias (I am getting reminded of the Monkeys on the Typewriter analogy )? I am convinced that money can be made on long term(Thanks to you & Varsity team!). I am just skeptic about technical analysis and short term trading. If I learn more, does it help? is it wroth learning the TA or luck plays a major part?

        • Karthik Rangappa says:

          There is no denying about the survivor bias here. But the practical problem is that its very hard to interview people who have lost money, they tend to shy away :). Read through the interview and treat it as just one set of inputs. Trading via TA requires a great amount of discipline, which let me assure you is not easy.

          Here is what I’d suggest – spend time learning (the right way) and give it shot with smaller amounts of money. Scale only when you feel there is substance.

  24. Bhavesh says:

    Hi Karthik

    As you have written ” You will need industry data to see how the company under consideration is performing ”
    Please provide some source where i can find Industry Related Data.

    Thank You

  25. Anand says:

    Hi Sir,

    It would be of great help if you can send me the excel sheet which have explained in the the tutorial. I’m struggling to create one from looking at your tutorial


    • Karthik Rangappa says:

      Which excel are you referring to?

      • Anand says:

        Is there any excel created for doing this kind of fundamental analysis. Just like you have created for knowing the current value of the stock. I know formulas are already there in this tutorial but it would helpful if we get an excel sheet for the same.

        • Karthik Rangappa says:

          I soon plan to put up a module on Financial Modelling…this will include everything in one excel sheet.

          • Anand says:

            Karthik Sir – I’m still eagerly waiting for an excel sheet. I would be helpful to start doing research. Could you please let me know by when you are planning to put up module on Financial Modelling and excel sheet?

          • Karthik Rangappa says:

            Anand – I’m afraid a module on Financial Modelling is still a bit far away! Maybe towards the mid of this year.

          • Anand says:

            I will be waiting for it then.. 🙂

          • Karthik Rangappa says:

            Thanks for you patience, Anand.

          • Anand says:

            Sir – Any updates on the Financial modelling and excel sheet which was planned earlier?

          • Karthik Rangappa says:

            Trying to finish the current ongoing model on Risk management, fin modelling next.

          • Anand says:

            Thanks for the updates Sir!

          • Karthik Rangappa says:


          • Kiran says:

            dear sir,
            I am eagerly waiting for your financial modeling, kindly when could we expect your financial modeling so that it will help to our understanding the analysis of company

          • Karthik Rangappa says:

            That will be after the ongoing module on Trading System.

          • Daljeet Singh says:

            Sirji, any updates on the Financial modelling and excel sheet which was planned earlier??!!

          • Karthik Rangappa says:

            Not yet, Daljeet, I would love to put up the module, but unable to find the time.

  26. Harish says:

    Hi Karthik,
    Can we rely on the fundamental data provided in Moneycontrol for any stock ?

  27. sainudheen says:

    Where will get companies valid annual reports directly for analyzing datas,

  28. kieron says:

    Only technical analysis is sufficient for short term investment

    • Karthik Rangappa says:

      Depends on how you define short term. If its for few minutes or hours or maybe few weeks, then TA is good. Something like 3 months or more then its good to be aware of the fundamentals as well.

  29. sabit fikadu says:

    its a fantastic source to make a fundamental analysis
    thanks at all.

  30. Himanshu says:

    FA is indeed a very time tested investment philosophy. However I am keen to know how to take the first step ? For e.g. how to get a list of say 5-10 companies for further research and analysis. Do you suggest using some screeners or using Lynch’s approach ?

  31. thinesh says:

    Dear karthik,
    can you post a separate chapter on how to read and analyse, earnings report or any report published by a brokerage research. That would be great if you do so..

  32. paraskhungar says:

    Sir i am in confusion
    what is the differnce for Net profit For period from financials and Reported NET PROFIT .

  33. indrax says:

    Previously pdf. version was also available for download and offline reading. PDF version is very convenient for self study and marking. But now I could not find a link to download content as pdf version. Please help.

  34. Abhijit says:

    I need to know where to get the quarterly reports as soon as they are published?

    For example, few days back, Sun Pharma published q1 results. I checked their website immediately after reading thw news, but P&L statement was not there yet. Still I can see all the news about it. So from where do these news people get the information so fast?

    Basically I am interested in getting to know the financial news of a scrip as soon as possible.

    • Karthik Rangappa says:

      It will be made available on the site really quickly. If not for the official source, I’d suggest you check a 3rd party tool like MC, but I personally don’t rely much on 3rd party source.

  35. rohan bhandari says:

    Regarding NIFTY dividend yield-

    1. are dividends paid every day in nifty 51 stocks …? I think its once in few months so how come they have given nifty divident yield value for each dy?

     2. what is the relevance of nifty dividend yield? like by increasing P/E we can assume that market is overpriced…in the same way what conclusions can be taken from dividend yield

    • Karthik Rangappa says:

      1) Companies pay dividends (if at all paid) once or twice a year
      2) The dividend yield is adjusted every day. Remember the yield changes as Nifty spot changes value
      3) You can plot the historical dividend range and peg that against the Nifty’s spot price….and then arrive at some conclusion on oversold and overbought Nifty regions.

  36. Siva says:

    Good Evening Karthik,

    I have couple of queries.

    1. I assume the DCF cannot be used to value the intrinsic value of bank stocks, in that case what are the other methods i can use to so?
    2. Where can I get the EPS or ROE of a scrip for say 5 – 10 years?
    3. I want to hear from you about Godrej Consumer Scrip, product wise I see the company has less exposure to consumers when compared to HUL in that case do you think Godrej consumer is overly priced at the moment?

  37. sivashunmugam says:

    Good Day Karthik,
    I was analyzing one of the script which is under good management and consistently growing at a good pace.
    But when I calculated using DCF model it gave the Intrinsic value between (2,325.7) – (2,842.5)
    What does it indicate?
    P.S: I have cross checked
    In this case how to identify it real intrinsic value.
    Please advise


    • Karthik Rangappa says:

      I guess the growth rates could be high? DCF is sensitive to all these variables. You need to be cautious.

  38. shashi says:

    how can i do fundamental analysis on mcx and also does the same technical analysis work for mcx.

    Best Regards
    Shashishekar T S

    • Karthik Rangappa says:

      FA on commodities will be quite tricky as it varies for each commodity. Yes, same TA can be applicable on commodities.

      • shashi says:

        where can i learn FA on commodities in zerodha…or do you suggest any book

        • Karthik Rangappa says:

          I’m not sure about FA on commodities. I guess the information is scattered and not really contained in a single place.

          • shashi says:

            can you suggest any book to read for FA and TA for commodities…

          • Karthik Rangappa says:

            Nothing that I know of.

          • shashi says:

            i have account in zerodha. i want to trade in mcx . i want to learn about commodities. i went through all your education. now i have doubts. where and how can i learn about trading commodities. can you suggest some books (both for technical analysis and FA). can you suggest . where can i get news related to commodities. is possible that you put up strategies for commodities trading like you did for options or can you suggest books for commodity trading strategies.

            Best Regards
            Shashishekar T S

          • Karthik Rangappa says:

            I’m assuming you have read through this – https://zerodha.com/varsity/module/commodities-currency-and-interest-rate-futures/

            The same set of TA rules applies to commodities as well, nothing special. FA on commodities is not easy, as it changes for each commodity.

  39. AkshayB says:

    Hello Kartik
    Can you explain me TA in some more depth. Or the provess of conducting TA.

  40. Prashant says:

    By regular investing through SIPs, I have created wealth more than 50 lacs at the age of 39 Years. Around 4 months back, I liquidated 25 lacs and invested in PMS of Birla Sun Life for better returns. Considering different types of fees of MFs and PMs charge thus eroding your wealth, I am planning to enter in equity market independently in around 1 year time. Till then I will study stock market to be a confident stock investor. Yours is a good source of knowledge which will definitely help me to become independent investor. Thank you so much!

    Query: Once I become knowledgeable in stock trading, would it be a good option to shift all corpus invested in MFs and PMS in direct equity or should I still have the exposure in MFs? Please suggest.

    • Karthik Rangappa says:

      After all these years in markets, I still do invest in MFs. This is besides having my own little EQ portfolio. So if you ask me, having exposures to MFs is good….I consider that as a hedge against my own investing… but I do secretly wish, both MFs and my own investing eventually pays off 🙂

      • Prashant says:

        Thanks Karthik Sir for the prompt response.
        My next question: How much % of total corpus should be exposed to MFs and how much % to equity (assuming a good knowledge of investing in stocks) ?

        • Karthik Rangappa says:

          If you are fairly comfortable investing in Stocks, then invest at least 30-40% in direct equity and the rest in MFs. Over time, you can think of increasing this to at least 60% in direct stocks.

  41. Jinal says:


    Recently my dad transferred his portfolio of equity shares in my demat account some of which aren’t trading on stock exchange or may have been de-listed like Elder pharmaceuticals, Melstar Info, Zenith infotech, Arms Paper ltd
    How do I sell them ?
    Few people suggested to contact the co. directly, but how do I go about it?

    • Karthik Rangappa says:

      You will have to touch base with the company’s registrars for this Jinal. If they are delisted and closed down, then I’m afraid there is nothing much that can be done.

  42. Nirmal Agarwal says:


    Previously there were link of ibook of each module but now there is only pdf available , can you please provide the link of ibooks of all the modules.

  43. kunal says:

    Hiii sir,
    can you tell me how can i download all the module in pdf format.
    I like to inform you that i dont have any accout with zerodha.

  44. JF says:

    MS Excel is propreitary software hence is not free. Libre Office is free, open source and available on any operating system. It has a spreadsheet program “Libre Office Calc” which has the same features as MS excel.

    Download link is as follows: https://www.libreoffice.org/download/download/

  45. Amit DUBEY says:

    Hi Karthik. What is the benefit of bonus share to shareholders when the price of stocks adjust accordingly after giving bonus? Please elucidate. Amit DUBEY

    • Karthik Rangappa says:

      The bonus is a stock reward and you will end up with more number of shares (dividend is cash reward). The dividend yield goes up when companies give out bonus. Apart from that, no other benefits.

  46. MAHA says:

    its nice module, great induced me

  47. KUMAR MAYANK says:

    Hello sir
    How are you? India imports a large chunk of its crude oil imports from OPEC nations. Then why does the fluctuation in Brent crude oil affect india’s CAD?
    Thank you
    Varsity student

  48. Vivaswat says:

    I’m so grateful for these modules and I have been following them for quite some time. The fondness actually led me to open a Trading Account at Zerodha if I may say so. But I really miss the earlier quality of the modules. I notice some changes and I really feel the need for a “contents/index” page which is not included anymore. The full page cover looked better too in my opinion. Just saying.

    • Karthik Rangappa says:

      Vivaswant, thanks for the kind words. I guess you are talking about the UI bit, which was changed few months ago. Will pass this feedback. But I hope you continue to like the quality of the content 🙂

  49. Kiran says:

    Dear sir,
    U have told u ll upload financial modelling so when could we expect that excel sheet

  50. Kiran says:

    Dear sir,
    U have told u ll upload financial modelling so when could we expect that excel sheet and also kindly mention for which site it will suitable to upload ur excel sheet

  51. Shashi says:

    Hi Karthik,

    Thanks for lucid tutorials .Really enjoy them as a refresher.

    I have a question. What database do professional analysts use to screen stocks. In US , i remember using Compustat or Factset for research. What is the indian alternative. Please advise.

  52. shahofblah says:

    Hi, this is more of an opinion than a query exactly
    >One can expect the core portfolio to grow at a rate of at least 12% to 15% CAGR year on year basis.

    If MFs(even including expense ratio) and good smallcase baskets can deliver this, is learning to value companies worth it for individual investors instead of leaving it to institutions and fund managers that specialise in it?

    And if retail investors can do better than this, is regulation(possibly in terms of allowed risk and how that risk is modelled) the only thing stopping institutional investors from using these same strategies, or is it the quantity of AUM that exceeds the capacity of some strategies?

  53. soundarya says:

    sir,please tell me when to buy and square off the fundamentally strong stocks based on technical indicators.Thanks in advance.

    • Karthik Rangappa says:

      Very hard to summarise this as there are multiple parameters. This will come to you naturally as you devote more time to markets. But yes, if you are starting off now, look at moving averages as an option.

  54. sainudheen says:


    Suppose if we have a short position open and divident is declared for the same position should the divident amount will be an expense for us as we are short on position… Please clarifay my doubt


  55. Satish says:

    Happy New Year…….one query, if we invest passively in nifty etf, we get decent return so why cant invester do sip in nifty riskfree basis. eg in USA max funds parked in Index ETF (Vanguard, SPY, Ishare)

  56. ಮಹಾವೀರ್ says:

    ಜೆರೋಧಾ/ಕಾರ್ತಿಕ್ ರಂಗಪ್ಪ ಅವರೆ,

    ಜೆರೋಧಾ ವಾರ್ಸಿಟಿ ಚೆನ್ನಾಗಿದೆ. ಆದರೆ ಕನ್ನಡದಲ್ಲಿ ಯಾಕಿಲ್ಲ?

    • Karthik Rangappa says:

      ನಮಸ್ಕಾರ – ಸರಿಯಾದ ಟ್ರಾನ್ಸ್ಲಟೋರೆ ಸಿಕ್ಕಿಲ್ಲ ಸಾರ್.

  57. Abhilash Bijwe says:

    How can we track the small good companies whose little data is available.
    And also how can we come to know about the core managment, as we dont know about them much. Whatever we find is not appropriate.

    • Karthik Rangappa says:

      If it is listed then to a large extent, you will get the data required. Look for it on the company’s website, under the investor’s section. However, if it is unlisted, I’m afraid data is not so easy to get.

  58. Anup says:

    Sir, thanx for ur efforts towrads educating peoples
    I try to find latest quaterly result of companies
    but not able to find all details even it not present in
    company or exchange website. So can u plz suggest me
    any source where i can find quaterly ressults for doing my research.

  59. Raghu says:

    Hi All

    Above fundamental and basic details are good which every trader should know and follow.
    But my question is common thought every one thing of it.

    Is there any website where we can get top performing companies list every day. it helps to fresher to view and invest….

  60. Tejas says:

    Hello, Superb information for beginners. Fundamental knowledge. Thank you very much.
    My question how to know the company is going to change and going to be multibagger. Like Eicher motor in your example, if someone would had checked in 2010 about the past 5-7 yrs performance of the company, its not fitting into fundamentally sound company. What one would had looked in 2010, to decide that that compnay is going to give enormous return in future?

    • Karthik Rangappa says:

      Tejas, you cannot know this in advance nor can you time it. The only thing you can do is deep dive into fundamentals and know the company well. If the market is undervaluing the company, then you can hope to see a multibagger. Remember, a good company with good fundamentals cannot remain undervalued for long, eventually, it will be discovered.

  61. Akshay says:

    Hi Karthik!
    Thank you so much for the content. It is really very good. I want to know about how passive investors can use NIFTY strategy indices, NIFTY SME EMERGE (How to identify which strategy is useful in which context)?

    • Karthik Rangappa says:

      This is a very tricky segment, Akshay. You will have to analyze the companies here like a VC investor, the risk element is quite high. Also, there are lot sizes here, which means there is a minimum number of shares you will have to buy.

      • Akshay says:

        Thanks Karthik! How can we use NIFTY strategy indices( NIFTY alpha 50, NIFTY low volatility 30 etc.) for passive investments? Is it a good strategy to pick 10-15 stocks from these indices & restructure our portfolio as per changes in the indices? How to decide which strategy index to choose for a particular market scenario?

        • Karthik Rangappa says:

          Akshay, if your objective is to build a passive portfolio which mimics an index, then maybe you should check out the ETFs. There are quite a few decent ones listed on the exchange. Of course, the liquidity is low, but then should be ok for a passive strategy.

  62. Anubhav says:

    hello sir,
    i am 1st year student , a curious beginner learner about stock market.

    i want to learn ….in what way i can use FA to value and analyse growth of Small Cap companies and medi cap ??
    Also ….there are lot of small cap companies …..using the skill of FA …how to Filter the right one ???

  63. Amit says:

    Hello sir

    About companys Executive chairman’s ,CFO ,directors salary

    For example
    1.Haldyn glass( market cap 200 cr)
    Executive chairman salary 1.25 Cr ( annual)
    Director salary 1.22 Cr( annual)

    And its peers borosil glass ( m cap 2331cr)
    E.chairman salary annually 3 Cr
    Directiors salary annually 3.5 Cr
    All data taken from their Annual reports

    Now my question is
    Haldyn glass salary to high in compare to borosil glass even a small company ???
    Or borosil salary to low even big company compare to haldyn ??

    Plz elaborate it .clear my confusion

    • Karthik Rangappa says:

      I;d consider the former i.e “Haldyn glass salary to high in compare to borosil glass even a small company “, not a great corporate governance sign according to me.

      • Amit mavani says:


        Thank you sir

        • Amit mavani says:

          Hi sir

          Could u suggest me some ration related to chairman ,directors salary ?
          Like net profit to salary ratio etc ?

          • Karthik Rangappa says:

            Check the annual report, Amit. It will have all the details you’d need.

        • Karthik Rangappa says:


          • Amit mavani says:

            Hi sir

            I got detail from annual report but according g to you which salary is good in proportional to market cap ,net profit etc ?

            Because in kesar petroprodycts limited
            Net profit 20 Cr
            Chairman salary 310000 annualy
            So I am confuse about salary which is ideal ?
            So I request you to post your view in detail.

          • Karthik Rangappa says:

            Ideally, the salary of the top guy should not be more than 4-5% of PAT.

  64. Ritesh Lakra says:

    If Eicher Motors was fundamentally so strong, why didn’t its priced moved significantly between 2006-2010. And what was the cause of sudden “Burj Khalifa” like chart movement after 2010?

  65. Nabarun Maity says:

    plz publish a new pdf format

  66. JOSEPHRAJ.M says:

    Hai sir.
    How to get details of promotor and directors
    Wikipedia if you have suugest any application or website.
    In ex: if promoter or director charged in any illegal activities their punished by law.
    How to get these details sir.

  67. Sourav says:

    Sir from where you have taken charts? Can you please help me on that?

  68. JOSEPHRAJ.M says:

    Hai sir.
    I am in zerodha client.i have to trade only zerodha mobile app .
    Sir i want to see gold price chart .
    How to get the details .and how to activate zerodha small case screener.pls help me sir.thankyou

    • Karthik Rangappa says:

      For gold chart, load the gold’s future contract on in the MarketWatch and then click on the gold contract. When you do so, you will see the chart option. For screener, I’d suggest you check this -https://help.tickertape.in/hc/en-us

  69. JOSEPHRAJ.M says:

    Sir initially thanks for your guidance.
    I got gold chart in market watch page.
    That name is gold share.but I couldn’t get the smallcase screener in mobile.
    What will I do sir? Thank you.

  70. prakhar says:

    does stock price chart in kite gets adjusted after dividend is declared or paid like it happens on issue of bonus shares .


    it’s a simple form personified ever, can’t get an analysis as simple as this, thanks ZERODHA, woke up very late to ZERODHA,really regreting ,please let me know where to look for CAGR as I am in a initial stage of learning, please do convey,atul

  72. Atul Naik says:


  73. Atul Naik says:

    Sir,as you mention chapter 6.7 is not visible in my module,does it because of not a member,sir or do I have to login first

  74. Ajith says:

    Thanks for the very good content on stock markets. In the TCS chart shown above, the price is shown around 2500, but when I seached the same chart in google shows a different price at that time, can you please check?

  75. Hemant Kumar says:

    1. As you mention above annual report is best for fundamental analysis of company. Is there any additional thing, which we can go for??
    2. Money control data is reliable for technical analysis and also mention some websites which is helpful for TA and FA.

    • Karthik Rangappa says:

      1) AR is the best resource, no substitute for that.
      2) For both I’d suggest you use Kite. Kie has great charting for TA and also has the Thomson Reuter’s FA report called Stock Report+

  76. partha de says:

    the app and the information is very helpful in nature and it is quiet good enough then i must say that the information of the company about trading and the knowledge it is imparting is very good for the company to retain its customer and also it is very helpful for the customer who are the beginners in trading.

  77. B Dutta says:

    Hi Karthik,
    What is the website to find Industry related data for Capital goods sectors like Heavy Engg and Road construction?

    B Dutta

  78. Amit says:

    Hi sir

    From where can I get data of all stocks market cap.and quarterly gdp data ( figure)?

  79. Amit says:

    Thank you for reply sir
    I didn’t found that data

  80. palak says:

    Hello sir,

    I have one query.
    Can we invest in those stocks that are in ASM : Stage 1 ?

    I have one stock; at that time it wasn’t in the list but now on BSE site it shows ASM : Stage 1.

    Please clarify.

  81. palak says:

    thankyou sir

  82. Yogesh says:

    Can you please provide this document in Hindi.
    Please explain how we can find this type of effect early with fundamental analysis (Eicher motors stock made a relatively negligible move between 2006 and 2010. The real move in Eicher Motors started only from 2010) .

    • Karthik Rangappa says:

      We are considering the regional language version, hopefully soon 🙂
      I think the only thing that helps is to read the balance sheet and P&L properly and get sharp at it 🙂

  83. Vinod says:

    I could read in on of the comments that Long term trading returns are not taxable. Could you please let me know at least for how much time I will have to invest so that it can be tax-free.
    Thanks in Advance..!!

    • Karthik Rangappa says:

      Vinod, investing in Equities is no longer tax-free. LTCG (long term capital gains) was not a taxable event until it was taken out 2 years ago. It is now 20% for gains above Rs.100,000/-.

  84. Aman JAvheri says:

    Good Start .

  85. g somasekhar says:

    iam asking you .what is the use of ms excel in technical analysis can u provide some information about that?

    • Karthik Rangappa says:

      You don’t really need to work on an excel if you have a good trading/charting platform like Tradingview or Chartiq.

  86. ASIFULLAH V says:

    may i know is which one is less risky among intraday, call and put options, delivery.
    All have their own features,
    intraday is minimum loss if qty is less but for safe if i put a stoploss it hits and then it reaches my target most of the time
    call and put if it goes reverse all my investments goes off but advantage within shortperiod big amount
    delivery is safe but when it goes low and never rise in its price that becomes again a loss
    so am talking here only about losses i want to know which among these is less risky

  87. ASIFULLAH V says:

    so it means delivery is the best according to your opinion

  88. DINESH says:

    Will you post any PDF regarding Value investing & intrinsic value? How to Calculate intrinsic value?

  89. palak says:

    Hello sir,

    You are doing great job !!

    Just want to know to study economy or industry, we need to read alot of news. So, how can we gather all the news realted to stock markets and do analysis of the same. I am using zerodha pulse but still there is always some news that are left.

    So, Can you please tell me how you get updated from all the financial news.


    • Karthik Rangappa says:

      Palak, the best way is to pick a good business paper and read through it consistently for a few weeks and you will be completely updated on economic activity of the country.

  90. palak says:

    i daily study economic times. Can you please tell me ur best pick among newspaper. 🙂

  91. palak says:

    Thankyou sir 🙂

  92. gaurav bhootna says:

    thank u sir for the material.
    just want to ask you that the material u have provided in this fundamental analysis course is that enough to analyse a company and to make a decision , or we need to study further something else?

  93. gaurav bhootna says:

    Sir suppose we started studying a company.
    Then after doing fundamental analysis we found the company suitable and we buy the shares of that company.
    After that how we can track that company and that sector on a periodically basis other than annual and quaterly reports

  94. gaurav bhootna says:

    Sir that is what i am asking how to track the company apart from annual reports

  95. gaurav bhootna says:

    Thanks ……
    Can u just explain in brief how to read a finance newspaper in an efficient way to get maximum useful news out of it

    • Karthik Rangappa says:

      Gaurav, here is a simple trick – try and make a list of journalists who write meaningful articles and follow them on Twitter. Whenever they write something new, they usually tweet about it. It does not matter which publication. So you kind of curate your own news feed this way.

  96. gaurav bhootna says:

    Sir how can we get the hard copy of annual report of any company?

  97. Vikrant says:

    Hi Karthik,
    I am looking for “pdf” format downloadable files for modules in Varsity. Where i can download it? I cannot see any “download as pdf” button.
    Please Reply.

  98. Vikrant says:

    Thanks Karthik for quick reply. When the pdf versions for chapter 11 & 12 are going to release?

  99. ashish mehta says:

    Sir, do Indian markets follow the GICS, if yes then where can we get the data for classification and if no which classifications standards are used

  100. Praveen Mahendra says:

    Thank you,

    I was looking for information on these all over internet. I appreciate for your patience and time to make this.

  101. Jps says:

    Sir, Please suggest me a good news paper for FA.

  102. Kumar says:

    Thanks a lot Sir, for providing the valuable information.
    While accessing the varsity through phone we do have 3 levels of Information(for Beginner, Intermediate and professional ), where do we get those options while accessing through laptop.

  103. Aynie says:

    “Deferred Tax Liability’. The deferred tax liability is basically a provision for future tax payments. The company foresees a situation where it may have to pay additional taxes in the future; hence they set aside some funds for this purpose. Why do you think the company would put itself in a situation where it has to pay more taxes for the current year at some point in the future?
    Well this happens because of the difference in the way depreciation is treated as per Company’s act and Income tax. We will not get into this aspect as we will digress from our objective of becoming users of financial statements. But do remember, deferred tax liability arises due to the treatment of depreciation.” Is deffered tax liability already incurred taxes but not yet paid? Or is it different? Pls. enlighten me. Thank you.

    • Karthik Rangappa says:

      Think of it as a suspense item, it may or may not be required to pay. The company would be working on clarity and if they are required to pay, then they would have buffered for it anyway.

  104. VIDYADHAN GEDAM says:

    Dear Sir,

    Where should we get CAGR data of all Nifty stocks.

    Thanks in advance.

    Vidyadhan Gedam

  105. Rajkumar says:

    कृप्या हिंदी भाषा मे उपलब्ध कराएं
    Thanks to Team Zerodha

    • Kulsum Khan says:

      हम इस पर काम रहे हैं, कह भी जल्द ही उपलब्ध कराया जायेगा।

  106. ARPIT JAIN says:

    Thanks for the courses. TA course was an awesome one.

    Team Zerodha. Keep Innovating.


  107. Sohan Kumar says:

    Hi Karthik,
    Your explanation and notes are simply superb! Precise and to the point, very well explained. I’m very thankful to you for this.
    Taking fundamental analysis further, Karthik can you please solve this query for me. There are 2 US Rates mentioned below.
    Where can I find the Indian Rates for the same? Also Is there any website I can refer to find these current rates every time.Your
    Help is greatly appreciated. Thanks!!! 🙂

    1.20 AA Corporate bond Rate %
    2.Discount Rate 10y fed note %

  108. Sohan says:

    Thanks a ton Karthik !!!

  109. Abhishek Kumar says:

    I am new to stock market.I am in learning phase so at present i have invested a very little amount in direct equity. I want your view on mutual fund investments regarding Lump-sum and SIP. Sir i have studied performance of various mutual funds and made a plan to invest 30% of my corpus in Large Cap, 20% in Index Fund ,20 % is large&Mid cap and 30% in small Cap. Sir i am of opinion that i should invest in these MFs in lump-sum to maximize the return. I have developed plan with respect to benchmark indices MFs are following to invest at different levels. Sir kindly give your view on it. Will lump-sum be beneficial over SIP or should i re-access my strategy?

    I have heard about this website from a friend and i am in the process of learning FA. Till that time i am investing in MFs only through Zerodha Coin.

    • Karthik Rangappa says:

      Large-cap and index fund is like of overlap, I’d suggest you stick to index funds. If you have 100 to invest, start with 50 lump sum and then keep sipping. MF is a great way to invest, so please get started on it 🙂
      Good luck.

  110. Sandeep says:

    Hi Zerodha team,
    If we check stock trade price retrospectively and cross validated with NSE data, there is huge difference between the prices appearing in yours graph and actual price on any historical day (2-3 year old date).

    For example: I bought Motherson Summi stock at 313.40 on 13th June 2018 but if now I check the price, yours graph says that on that day this share was traded in 206-209 price range. Even I checked the value on NSE site and found that 313.95 was open price and 309.40 was close price. How come its possible?
    Either I am missing something or there is some technical error.

    • Karthik Rangappa says:

      Such a gross difference is not possible. I’d suggest you call our support for this and get this clarified. Thanks.

  111. Satish says:

    Hi Karthik, I have a thought . We can achieve 0.25% returns per day on our investment(intraday) using technical analysis . after adding up this small percentage together we can achieve 75% before charges and i think ~60% return after removing charges. For the same .25% return we can accumulate ~27500% for 10 years and ~7500000% for 20 years. Can this idea of doing intraday trade and earning/ Accumulating wealth sustainable for long term?

  112. Jagan says:

    Hi. If I have shorted a scrip but it has hit UC, what would be the implications with the fund balance. I had 32K as my fund balance while I experienced this scenario on Thursday. I’m yet to see any margin reflected back in my account. Request info in this as to what is this scenario and its recursions?

    • Karthik Rangappa says:

      The position will hit an auction and you’ll have to buy it at a much higher price. I’d suggest you please speak to the support desk for this.

  113. satish says:

    Hi Karthik, Unable to find annual report of OIL INDIA LIMITED neither in its website nor in NSE website. What can i do?

  114. Alan tellis says:

    Hello sir I am a 7 year old kid and I wanna know that if i want a great profit should i go to be a long term invester or a short term one………..
    And if a short term invester could u pls explain why😊☺

  115. Alan tellis says:

    Thankyou in advance😊😊😊

  116. Ajith Sargur says:

    Hi Karthik

    Considering working professionals might not have time daily for short term trades, is it a safe bet if we go only for long term wealth creation investments? What is your opinion on the same?

  117. Viki says:

    Why mobile version content is different from PC content

  118. Raaj Nadaf says:

    First upon nanu zerodha ge dhanyawad galannu helali ichhisuttene ,estondu completed aada marketing Annu istondu sarala bhasheyalli barediddarala,so I want TA&FA are to be let’s more details like maping, statistics etc.

  119. vish says:


    I am not interested in trading and dont want to split corpus into 60, 40 respectively. I just want to invest long term 100% like 10 years +… do i still need to have technical analysis abilities?

  120. Niharranjan Nayak says:

    valuable lessons

  121. Manju says:

    Your Explanation and crisp and clear. A huge Thanks for your work 🙂

  122. subhash yadav says:

    is it necessary to have good knowledge of Technical analysis for getting fundamental analysis knowledge?

  123. Jay shudra says:

    Zerodha varsity is the best platform for digital financial literacy. Special tha ks to Mr. Karthik for keeping the concept in lay man language.

  124. Sunny Bhadra says:

    Hi Sir, coming back here after a brief time, just wanted to ask whether Zerodha or True Beacon hires candidates in research area for entry level role ? Where can I forward my resume for the same ?

  125. Sunny Bhadra says:

    Ok Sir. Thanks.

  126. sandesh shetty says:

    Thank you. This is motivating.

  127. Ujjwal says:

    Sir why don’t you believe in technical analysis as much as fundamental , The returns in options are far superior than that of value investing. If Investing is superior, is it even possible to make a career trading in the markets?

  128. Gaurav says:

    If I would want to know the CAGR of the stock then how do I find it. Please advise

  129. M.Tulasi Prasad says:

    Good Introduction of the Subject with purpose of study for FA

  130. Girish says:

    An alternative to excel is Libre office spreadsheet. Almost equal to excel for the intended work of FA

  131. Kishan P V says:

    Respect for company grows after every line of reading !

  132. Kirthan Kaverappa says:

    I am beginner in the stock market and I am interested in investment, will these documents help me?

  133. Mohit says:

    Thank you Karthik for putting in all the work. Have some questions,

    1. Is there any value investor club present in India which publish value-stocks / good-businesses? These resources help you to start research on stocks that are meaningful as others are eliminated. I understand that we will have to carry fundamental research anyway.

    2. As there are a lot of great value investors in US, and resources that are present there(like Berkshire newsletters) Does it make sense to start value investing in US? I understand accounting policies and all would be different and would require learning.

    • Karthik Rangappa says:

      1) Not sure Mohit, but I think there could be sub-groups within the Value picker forums, maybe you should check that. Also, check the Moneylife network for this
      2) From what I understand, finding value in very difficult. But I could be wrong, I’ve got 0 experience in the US markets.

  134. Mohit says:

    Thank you, Karthik. How can one stay updated with all the new good financial blogs and/or magazines like Value picker, value research etc?

  135. Gregori Philips says:

    Very much useful for beginers.
    Also everyone should have this knowledge before trading .
    Appreciate your effort
    Thanks guys.
    Greg from Navi Mumbai

  136. Shashank A J says:

    If we are a long term investor can we skip Technical Analysis and start with Fundamental Analysis

  137. Pavan says:

    Hi Karthik,
    for getting the latest news about the companies. Please mention some good tools or websites those are helpful.

  138. Sanjay Sahu says:

    Dear team Zerodha,
    Thanks for making available this reading material pertaining to fundamental analysis. The explanation is in a lucid manner and simple enough for even people from non-finance background to grasp the underlying financial concepts really well.

  139. Parul says:

    Hello Sir
    I have query that if I complete any of the goven modules in Varsity, how will I be able to take the quiz for achieving a certificate?

  140. Chetan says:

    Hello sir ,
    How can we compare corporate bonds and know about their risk involved and find the right one as per our risk appetite and desired returns

  141. Chetan says:

    Thanks for you guidance sir 🙂

  142. J KRISHNAN says:

    Concepts nicely explained for a layman to understand. Thanks for sharing your knowledge and expertise

  143. Atharva Deshmukh says:

    Hello Sir ,
    First of all thanks a lot for this beautiful and organized course .
    I am a collage student and I have a bit busy schedule , so I decided to skip the technical analysis part and focus more on fundamental analysis , but the course first covers technical analysis . Can I follow zerodha varsity for fundamental analysis directly ?

    Thank You

  144. Pavan says:

    After Announcemet of corporate actions like split, issuing bonus shares; is there any specific duration in which it would be completed. (or)
    What is the duration between announcement date and record date ? is there any policy it would be done in specific duration or it depends on Company?

  145. rahul singh rajpurohit says:

    helpful thanks

  146. simon andrews says:

    very very useful videos thank you

  147. Atul says:

    Please provide Hindi pdf.

  148. Mohan dixit says:

    In versity app. There shall be a provision for highlighting a specific line, numerical or etc. For better summarizing our reading & taking notes. Is it possible?
    Anyhow, this is a very good tutorial.
    Thanks a lot .

  149. idontshare says:

    A huge bow to Karthik Rangappa and to the whole Varsity team for providing such a decorum, as an adolescent I’ve owned some of the destructor business you mentioned above without having zero FA-TA knowledge so this write-up is a enormous roadmap as for me. Thankyou

  150. Vishwas Sharma says:

    Hi Sir , Like where can we find the smallest to biggest news related to the market in Depth which is easily understandable.. Please Sir , tell us some sources !

  151. rakesh says:

    Thanks Karthik for arranging the information in a simple and understandable way. Really helped me in understanding the concepts
    Great read for newbies to stock investing

  152. Ashi says:

    Sir , As a intraday trader I required to know about fundamental analysis??????

  153. Leena says:

    Can you tell which CAGR you are referring here? Income / EBITA ? Where I can generate such charts?

  154. Tanmay says:

    Thank you for creating and wonderfully compiling all the information in an easy to understand language!

  155. Hemant Bodi says:

    Beautifully Explained, And if Chat GPT is opened in a new tab, this is really interesting to learn !

  156. Aagam says:

    I have read module 1 i.e basics now can i start with fundamental analysis directly without reading technical analysis?

  157. Basim says:

    Simple and very clear explanation

    Thanks for the effort

  158. Zibreel says:

    Thanks sir for this erudition of fundamental analysis .
    My question arise from the 4th point of tools of F.A
    How ms excel can be used as fundamental calculation in F.A
    Can you please answer with an example?

  159. Hardik Sharda says:

    There is difference between “trader” and an “investor”.
    How can a investor make a living if the said has parked their money for a longer period of time. How he/she may manage their daily expensis (Considering stock market is the only source of income)
    I have changed my stream from core mechanical engineering to finance and would like to know how an investor can make a living out of stock market.
    Thanks in advance!

    • Karthik Rangappa says:

      It depends on what kind of investor you are. I know many large investors live off company dividends, but their investments in such companies is quite a bit. Otherwise, it is not possible for ppl to make a living from investments.

  160. Vedant Raut says:

    Where will i find the indusrty releated data in Internet?

  161. c pandu says:

    i love you sir

  162. George says:

    In chapter 1.4 – Tools of FA, librecalc included in libreoffice may also be mentioned, which is an open source & free tool which can be used instead of MS Excel.

    • Karthik Rangappa says:

      Yup, at that point I was using only MS excel, so recommended just that. But you certainly can use opensource software.

  163. Sheetal says:

    If the Varsity is in Kannada it would be good.

  164. Hemant Todkar says:

    Will you add a Reference and Resource Section and further reading section

  165. dr devendra agrawal says:

    dear kartik sir, your exlainations are wonderful. so easy to understand. its really becoming interesting to read and learn from varsity. Thanks so much to you and your team.

  166. Jitu says:

    Dear Sir, Thank you so much for sharing all this detailed information with us which will be useful for all the earners like me for the years to come. Sir I just have one humble request, if you can guide us on how we can study and research the companies using the modern tools that we have now, such as ticker-tape, screener.com, etc so that we can short list the stocks for long term investing, or find about the good growth companies. If you have already shared this knowledge then please let me know where do i access that from. your sincere student, jitu.

    • Karthik Rangappa says:

      What we have discussed here are essential principals and core fundamental concepts. Portals like ticket tape, screener, or Tijori helps you extract the information. Not sure if we can delve into explaining how to use such portals. But let me check if there is any material on that.

  167. Siddharth Agarwal says:

    It will be great if you can add option to highlight important points

  168. Sagar says:

    Really good article

  169. Karthik says:

    What is the ideal values for Operating profit margin, return on equity, profit after tax margin, interest coverage ratio, debt to equity ratio, price to sales ratio, price to book ratio and price to equity ratio for maximizing profit?

    • Karthik Rangappa says:

      There are no benchmark values like this, they all vary for different companies, different sectors. One way to look at it is to see what the industry average is and then look at the company’s value in specific. By that, you will get a perspective.

  170. Jatin Mishra says:

    Please remove tijori appfrom your app previous was good but this is not good as it is not understandable please fix this problem as previous platform was proving better clarity than tijori ,

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