Equity Research & Equity Analyst Program

Learn to analyze quarterly consolidated income statements, assess segment performance and margins, and interpret book-to-bill and order trends to project future profitability.

Learn to extract quarterly revenue data from investor presentations, build a revenue profile, and analyze geographic and segmental mix, order book, and backlog.

Analyze key developments affecting equity research, including domestic policy shifts, alcohol bans and ethanol supply, and international demand from Argentina, Australia, and Thailand.

Analyze quarterly standalone and subsidiary performance to reveal margin trends, top-line drivers, and assessment of sustainability in future quarters.

Link the income statement to quarterly numbers, validate historical five-year data, and evaluate when DCF projections are feasible, noting quarterly linkages and policy-driven variability.

Practice calculating total revenue by entering and cross-checking numbers from press releases and income statements, analyzing quarterly figures, expenses, taxes, and industry linkages.

Punch the consolidated and subsidiary balance sheet items, compare debt differences, and apply the income statement approach to the balance sheet, detailing cash, loans, borrowings, and capital work in progress.

Analyze quarterly margins to identify drivers of performance, compare subsidiaries and consolidated results across 16 quarters, and assess margin sustainability and implications for future revenue and cost trends.

Explore punching consolidated cash flow items by linking operating and investing cash flows to the balance sheet, analyzing capex, asset sales, and financing effects to assess free cash flow.

Analyze historical petrol consumption and demand patterns in India with year-on-year growth data since 2011. Project production and demand using blending patterns, considering rising two-wheelers, four-wheelers, and disposable income.

Project ethanol demand by applying 5%, 10%, and 20% blending to expected consumption and production. Assess how policy targets, domestic production, and market demand shape near-term projections.

Explore how to build a console assumption sheet to model growth across geographies, assess domestic versus international markets, and conduct sensitivity analysis of order flows and industry dynamics.

Explore projections of revenues by analyzing the consolidated order book, segment revenues, and the execution ratio, with emphasis on emerging markets and year on year growth.

Analyze revenue projections by linking the order book to expected execution, using book-to-bill ratios across segments and emerging markets to estimate future revenue growth.

Learn to project operating costs and margins using top-down or bottom-up methods, assess commodity cycles, employee costs, and line-item factors to forecast cost as a percentage of sales.

Analyze operating margins by interpreting management guidance toward high-teens margins. Compare top-down and bottom-up cost projections and assess the impact of cost drivers and forex on profitability.

Learn to calculate forex gain or loss by analyzing a company’s usd-denominated export revenue, hedging activity, and exchange-rate assumptions to assess exposure and impact.

Explore how to assess forex gain or loss by analyzing exchange rate movements, hedging exposure, unhedged export revenue, and its impact on operating margin and valuation.

Project other income by modeling cash and current investments, linking it to the balance sheet and income statement, and applying conservative assumptions about interest rates and stock market returns.

Learn to calculate depreciation and relate it to tangible assets and balance sheets. Project depreciation across years using capital expenditures and maintenance capex data from the annual report.

Project the projection of amortization by modeling maintenance and capital expenditures, depreciation, and intangible assets. Link these to the balance sheet and cash flows while assessing finance costs and interest coverage.

Explore projecting finance costs through long-term borrowing, interest rate assumptions, and calculations of interest expenditure, linking balance sheet changes to taxes and profitability.

Learn to project other income statement items by analyzing taxes, minority interest, and their impact on diluted shares, dividends, and net profit.

Project each balance sheet line item using days-based methods and 365-day conventions to forecast liquidity and cash flow. Incorporate short-term loans and work in progress to refine the projections.

Calculate trade payables by converting days to payables using sales figures, and project the balance sheet and cash flow by linking receivables, cash, and short-term loans and advances.

Learn to project the cash flow statement by integrating operating, investing, and financing activities, reconcile beginning and ending cash balances, and assess dividends, debt, and taxes for equity analysis.

This lecture teaches how to draw a one-year rolling PE chart by collecting monthly data, calculating the 12-month difference, and plotting the results to interpret stock valuation trends.

Draw a 1-year rolling PE chart and evaluate stock valuations using price multiples around 16x, considering order flows, margins, and net/international investor effects to set 1-year forward targets.

Learn to draw a two-year rolling P/E chart and apply revenue growth, margins, and forward P/E to assess stock valuation, set target prices, and compare with peers.

Develop a consolidated summary sheet by linking balance sheet, income statement, and cash flows, and assess liquidity, margins, and key line items like net revenue, gross profit, and PBT.

Explore cash flow analysis: investing and financing activities, net cash, and opening balances, with currency effects. Learn to link income statements to balance sheets and assess liquidity and valuation.