Safal Niveshak Stock Analysis Excel (Ver.

4
www.safalniveshak.com

HOW TO USE THIS SPREADSHEET

Step 1 - This spreadsheet works only on Screener.in. The first step is to create a free account here - https://www.screener.in/r
Step 2 - After creating your account, while you are logged in to Screener.in website, visit this page - https://www.screener.in/e
Step 3 - Visit the home page of Screener.in and choose a company of your choice. Once you do that, you will see details of you
financial statement table called "Quarterly Results" and click on "View Consolidated". Now, all data you see for this company w
Step 4 - Scroll back to the top of the page, and you will see a button "Export to Excel" on the right side. Click the button and the
the exact format as "Safal Niveshak's Stock Analysis Excel Ver. 4.0". Now onwards, any excel you export for any company on S
Step 5 - Email me your love and testimonial for helping you with this excel. :-)

IMPORTANT INSTRUCTIONS
1. Ensure that the company whose data you are downloading has numbers at least starting from FY08 (March 2008). This is be
from, say, FY10, you will see incorrect data for FY08 and FY09 (which will be of Hero Motocorp on whose financials I have crea
2. All financial data of your chosen company will be automatically updated in the sheet you download, except "Cash and Bank"
which you must update manually from the company's annual reports. Don’t forget to make these changes as these numbers are
3. You may update the sheet and add your own analysis, formulae etc. and then upload again to Screener.in site using the Ste
Sheet" because this will cause errors in your future downloads.
4. DON’T touch any cell except the black ones, where you are required to update the numbers manually from Annual Reports (
growth assumptions etc.
4. I have added Comments and Instructions wherever necessary so as to explain the concepts. Read those carefully before wo
5. This sheet is not a replacement of the work required to read annual reports as part of the analysis process. So please do tha
some discrepancy in numbers (though rare), but you will know this only when you read annual reports.
6. I could not find a bug/errors in this spreadsheet, but if you notice some, please email me at - [email protected] - and
7. I will keep on updating the sheet from time to time and will update the same on the website. I invite you to share your feedba
together.
8. This excel won't work for banking and financial services companies.

Note: All data is sourced from Screener.in

 Safal Niveshak Stock Analysis Warning! Excel can be a wonde
deadly weapon if you wish t
Excel (Ver. 4.0) careful of what you are gettin
garbage out. And if you need th
given stock, you m
www.safalniveshak.com
Basic Company Details
Parameters Details
Company ORACLE FINANCIAL SERVICES SOFTWARE L
Current Stock Price (Rs) 8,503 Remember! Focus on decision
Face Value (Rs) 5.0 evidenc
No. of Shares (Crore) 8.7
Market Capitalization (Rs Crore) 73,888

Key Financials - Trend

Parameters Details
Sales Growth (9-Year CAGR) 5.8% Please! It's your money. Plea
cause you to lose it all! I've des
Profit Before Tax Growth (9-Year CAGR) 7.4% but you alone are responsible
Net Profit Growth (8-Year CAGR) 9.5% ever after! I am not a sadist
Average Debt/Equity (5-Years, x) 0.0 analyzing companies on you
instead of a map, for you can co
Average Return on Equity (5-Years) 26.6%
Average P/E (5-Years, x) 22.1
Latest P/E (x) 31.1
Warning! Excel can be a wonderful tool to analyze the past. But it can be a
deadly weapon if you wish to use it to predict the future! So be very
careful of what you are getting into. Here, garbage in will always equal
garbage out. And if you need the excel to tell you what you must do with a
given stock, you must not use this tool anyways.

Remember! Focus on decisions, not outcomes. Look for disconfirming

evidence. Calculate. Pray!

Please! It's your money. Please don't blame me if results of this excel
cause you to lose it all! I've designed this excel to aid your own thinking,
but you alone are responsible for your actions. I want to live peacefully
ever after! I am not a sadist who wants you to do the hard work by
analyzing companies on your own. But I'd rather give you a compass
instead of a map, for you can confuse map with territory and lose it all. All
the best!
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Parameter

Consumer monopoly or commodity?

Understand how business works

Is the company conservatively financed?

Are earnings strong and do they show an

upward trend?

Does the company stick with what it

knows?

Has the company been buying back its

shares?

Have retained earnings been invested

well?

Is the company’s return on equity above

average?

Is the company free to adjust prices to

inflation?
Does the company need to constantly
reinvest in capital?

Conclusion

Never Forget
 Buffett Checklist - Read, Remember, Follow!
Source - Buffettology by Mary Buffett & David Clark
Explanation
Seek out companies that have no or less competition, either due to a patent or brand name or similar intangible that
makes the product unique. Such companies will typically have high gross and operating profit margins because of their
unique niche. However, don't just go on margins as high margins may simply highlight companies within industries with
traditionally high margins. Thus, look for companies with gross, operating and net profit margins above industry norms.
Also look for strong growth in earnings and high return on equity in the past.

Try to invest in industries where you possess some specialized knowledge (where you work) or can more effectively
judge a company, its industry, and its competitive environment (simple products you consume). While it is difficult to
construct a quantitative filter, you should be able to identify areas of interest. You should "only" consider analyzing
those companies that operate in areas that you can clearly grasp - your circle of competence. Of course you can
increase the size of the circle, but only over time by learning about new industries. More important than the size of the
circle is to know its boundaries.

Seeks out companies with conservative financing, which equates to a simple, safe balance sheet. Such companies tend
to have strong cash flows, with little need for long-term debt. Look for low debt to equity or low debt-burden ratios. Also
seek companies that have history of consistently generating positive free cash flows.

Rising earnings serve as a good catalyst for stock prices. So seek companies with strong, consistent, and expanding
earnings (profits). Seek companies with 5/10 year earnings per share growth greater than 25% (along with safe balance
sheets). To help indicate that earnings growth is still strong, look for companies where the last 3-years earnings growth
rate is higher than the last 10-years growth rate. More important than the rate of growth is the consistency in such
growth. So exclude companies with volatile earnings growth in the past, even if the "average" growth has been high.

Like you should stock to your circle of competence, a company should invest its capital only in those businesses within
its circle of competence. This is a difficult factor to screen for on a quantitative level. Before investing in a company,
look at the company’s past pattern of acquisitions and new directions. They should fit within the primary range of
operations for the firm. Be cautious of companies that have been very aggressive in acquisitions in the past.

Buffett prefers that firms reinvest their earnings within the company, provided that profitable opportunities exist. When
companies have excess cash flow, Buffett favours shareholder-enhancing maneuvers such as share buybacks. While
we do not screen for this factor, a follow-up examination of a company would reveal if it has a share buyback plan in
place.

Seek companies where earnings have risen as retained earnings (earnings after paying dividends) have been
employed profitably. A great way to screen for such companies is by looking at those that have had consistent earnings
and strong return on equity in the past.

Consider it a positive sign when a company is able to earn above-average (better than competitors) returns on equity
without employing much debt. Average return on equity for Indian companies over the last 10 years is approximately
16%. Thus, seek companies that earn at least this much (16%) or more than this. Again, consistency is the key here.

That's what is called "pricing power". Companies with moat (as seen from other screening metrics as suggested above
(like high ROE, high grow margins, low debt etc.) are able to adjust prices to inflation without the risk of losing
significant volume sales.
Companies that consistently need capital to grow their sales and profits are like bank savings account, and thus bad for
an investor's long term portfolio. Seek companies that don't need high capital investments consistently. Retained
earnings must first go toward maintaining current operations at competitive levels, so the lower the amount needed to
maintain current operations, the better. Here, more than just an absolute assessment, a comparison against
competitors will help a lot. Seek companies that consistently generate positive and rising free cash flows.

Sensible investing is always about using “folly and discipline” - the discipline to identify excellent businesses, and wait
for the folly of the market to drive down the value of these businesses to attractive levels. You will have little trouble
understanding this philosophy. However, its successful implementation is dependent upon your dedication to learn and
follow the principles, and apply them to pick stocks successfully.

Focus on decisions, not outcomes. Look for disconfirming evidence.

 Balance Sheet
ORACLE FINANCIAL SERVICES SOFTWARE LTD
Rs Cr Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
Equity Share Capital 42 42 43 43 43 43 43 43 43 43
Reserves 4,632 3,222 4,665 4,894 6,527 6,806 7,057 7,416 7,816 8,319
Borrowings - - - - 115 70 83 69 43 46
Other Liabilities 1,011 2,756 1,225 1,192 1,236 1,234 1,409 1,590 1,848 1,727
Total 5,685 6,020 5,933 6,128 7,920 8,153 8,592 9,119 9,749 10,135

Net Block 865 870 837 864 963 884 871 847 805 796
Capital Work in Progress 5 1 3 0 0 0 4 1 3 9
Investments 10 - - - - - - - - -
Other Assets 4,805 5,150 5,093 5,264 6,957 7,268 7,717 8,271 8,942 9,330
Total 5,685 6,020 5,933 6,128 7,920 8,153 8,592 9,119 9,749 10,135

Working Capital 3,794 2,394 3,868 4,072 5,721 6,034 6,308 6,681 7,094 7,603
Debtors 831 718 1,007 947 925 803 926 1,083 1,319 1,184
Inventory - - - - - - - - - -
Cash & Bank** 4,735 3,367 3,190 3,393 2,605 3,546 4,739 5,829
** Manually enter this number; Convert to Rs Crore if not already done in the Annual Reports; Use Cash+Bank+Current Investments from Consolidated Balance Sheet in Annual Reports

Debtor Days 73 59 81 70 69 59 65 69 76 63
Inventory Turnover - - - - - - - - - -
Fixed Asset Turnover 4.8 5.1 5.4 5.7 5.0 5.6 6.0 6.7 7.9 8.6
Debt/Equity - - - - 0.0 0.0 0.0 0.0 0.0 0.0
Return on Equity 22% 36% 26% 28% 22% 26% 27% 24% 28% 28%
Return on Capital Employed 37% 54% 39% 46% 34% 36% 35% 34% 39% 39%
 Profit & Loss Account / Income Statement
ORACLE FINANCIAL SERVICES SOFTWARE LTD
Rs Cr Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Trailing
Sales 4,131 4,427 4,527 4,959 4,861 4,984 5,221 5,698 6,373 6,847 6,847
% Growth YOY 7% 2% 10% -2% 3% 5% 9% 12% 7%
Expenses 2,520 2,693 2,716 2,814 2,633 2,515 2,723 3,227 3,590 3,771 3,770
Material Cost (% of Sales) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Check for wide fluctuations in key
Power and Fuel 1% 0% 0% 0% 0% 0% 0% 0% 0% 0% expense items. For manufacturing firms,
Other Mfr. Exp 1% 1% 1% 0% 0% 0% 0% 0% 0% 0% check their material costs etc. For
Employee Cost 47% 47% 46% 44% 44% 44% 46% 49% 47% 47% services firms, look at employee costs.
Selling and Admin Cost 12% 11% 11% 10% 8% 5% 4% 6% 7% 6%
Operating Profit 1,612 1,734 1,811 2,145 2,229 2,469 2,499 2,471 2,783 3,076 3,076
Operating Profit Margin 39% 39% 40% 43% 46% 50% 48% 43% 44% 45% 45%
Other Income 189 93 91 176 177 132 134 192 342 304 304
Other Income as % of Sales 4.6% 2.1% 2.0% 3.6% 3.6% 2.6% 2.6% 3.4% 5.4% 4.4% 4.4%
Depreciation 53 70 61 54 106 104 93 81 74 69 69
Interest - - - - 47 19 12 13 28 1 1
Interest Coverage(Times) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 49 130 208 204 109 6,623 6,623
Profit before tax (PBT) 1,748 1,757 1,840 2,267 2,252 2,477 2,528 2,570 3,022 3,311 3,311
% Growth YOY 1% 5% 23% -1% 10% 2% 2% 18% 10%
PBT Margin 42% 40% 41% 46% 46% 50% 48% 45% 47% 48% 48%
Tax 699 572 603 881 790 715 639 764 803 931 931
Net profit 1,049 1,185 1,237 1,386 1,462 1,762 1,889 1,806 2,219 2,380 2,380
% Growth YOY 13% 4% 12% 6% 20% 7% -4% 23% 7%
Net Profit Margin 25% 27% 27% 28% 30% 35% 36% 32% 35% 35% 35%
EPS 123.5 139.3 144.9 161.5 170.2 204.6 219.1 209.0 256.0 273.8 273.8
% Growth YOY 13% 4% 12% 5% 20% 7% -5% 22% 7%
Price to earning 28.6 27.4 25.9 21.0 11.9 15.6 16.4 15.6 34.3 28.7 31.1
Price 3,529 3,816 3,745 3,388 2,024 3,199 3,588 3,264 8,774 7,851 8,503
Dividend Payout 80.8% 121.8% 89.7% 0.0% 105.7% 97.7% 86.7% 107.6% 93.7% 96.7%
Market Cap 29,965 32,472 31,985 29,067 17,383 27,543 30,926 28,199 76,071 68,224
Retained Earnings 202 -259 128 1,386 -84 41 250 -138 139 79
Buffett's $1 Test 21.9

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS

Sales Growth 5.8% 6.1% 7.1% 9.5%
PBT Growth 7.4% 8.8% 8.0% 9.4%
PBT Margin 45.4% 47.3% 47.8% 47.0%
Price to Earning 22.5 20.5 22.1 26.2
Check for long term vs short term trends here. Check if the growth over
past 3 or 5 years has slowed down / improved compared to long term (7 to
10 years) growth numbers.
 Cash Flow Statement
ORACLE FINANCIAL SERVICES SOFTWARE LTD
Rs Cr Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Mar-25 Total
Cash from Operating Activity (CFO) 712 1,121 1,157 1,380 1,522 1,920 1,856 1,758 1,791 2,199 15,416
% Growth YoY 57% 3% 19% 10% 26% -3% -5% 2%23%
Cash from Investing Activity 1,018 1,823 -1,313 220 -1,299 34 -138 267 1,611
-2,453 -229
Cash from Financing Activity -1,776 -931 -1,630 -1,250 -47 -1,590 -1,733 -1,665 -1,958
-2,096 -14,678
Net Cash Flow -45 2,013 -1,785 350 175 363 -15 360 1,443
-2,350 509
CFO/Sales 17% 25% 26% 28% 31% 39% 36% 31% 28%32%
CFO/Net Profit 68% 95% 94% 100% 104% 109% 98% 97% 81%92%
Capex** 315 212 364 565 607 937 1,156 1,638 1,238 824
FCF 397 910 793 815 915 983 700 120 553
1,375 7,560
Average FCF (3 Years) 683
FCF Growth YoY 129% -13% 3% 12% 7% -29% -83% 359% 149%
FCF/Sales 10% 21% 18% 16% 19% 20% 13% 2% 9% 20%
FCF/Net Profit 38% 77% 64% 59% 63% 56% 37% 7% 25% 58%

** Manually enter this number;

Convert to Rs Crore if not already
done in the Annual Reports; Use
"Capital expenditure" number
shown under "Cash Flow from
Investing Activities" segment of
Consolidated Cash Flow Statement
available in the Annual Reports
 Key Ratios
ORACLE FINANCIAL SERVICES SOFTWARE LTD
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Sales Growth 7.1% 2.3% 9.5% -2.0% 2.5% 4.8% 9.1% 11.8%
PBT Growth 0.5% 4.8% 23.2% -0.6% 10.0% 2.1% 1.6% 17.6%
Net Profit Growth 13.0% 4.4% 12.0% 5.5% 20.5% 7.2% -4.4% 22.9%
Dividend Growth 70.5% -23.2% ### #DIV/0! 11.3% -4.8% 18.6% 7.0%
Operating Cash Flow Growth 57.4% 3.2% 19.2% 10.3% 26.1% -3.3% -5.3% 1.8%
Free Cash Flow Growth 129.0% -12.8% 2.7% 12.3% 7.4% -28.7% -82.8% 359.0%

Operating Margin 39.0% 39.2% 40.0% 43.2% 45.8% 49.5% 47.9% 43.4% 43.7%
PBT Margin 42.3% 39.7% 40.7% 45.7% 46.3% 49.7% 48.4% 45.1% 47.4%
Net Margin 25.4% 26.8% 27.3% 27.9% 30.1% 35.4% 36.2% 31.7% 34.8%

Debtor Days 73.4 59.2 81.2 69.7 69.5 58.8 64.7 69.4 75.6
Inventory Turnover - - - - - - - - -
Fixed Asset Turnover 4.8 5.1 5.4 5.7 5.0 5.6 6.0 6.7 7.9
Debt/Equity - - - - 0.0 0.0 0.0 0.0 0.0
Debt/Assets 0.0% 0.0% 0.0% 0.0% 1.4% 0.9% 1.0% 0.8% 0.4%
Interest Coverage (Times) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 48.5 130.5 208.2 204.0 108.5
Return on Equity 22.4% 36.3% 26.3% 28.1% 22.3% 25.7% 26.6% 24.2% 28.2%
Return on Capital Employed 37.4% 53.8% 39.1% 45.9% 34.4% 36.1% 35.4% 34.3% 38.6%
Free Cash Flow (Rs Cr) 397 910 793 815 915 983 700 120 553
Mar/25
7.4%
9.5%
7.2%
10.6%
22.8%
148.7%

44.9%
48.4%
34.8%

63.1
-
8.6
0.0
0.4%
###
28.5%
39.4%
1,375
What to look for?
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency
Higher isn't always better, esp. when the company is generating high ROE, which means the management is allocating capital
Higher is better, but also look for long term stability and consistency
Higher is better, but also look for long term stability and consistency

Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry
Higher is better, but also look for long term stability and consistency, plus the nature of the industry. Also compare with industry

Lower/reducing is better. Compare with industry peer(s)

Higher/rising is better. Compare with industry peer(s)
Higher/rising is better. Compare with industry peer(s)
Nil / lower than 0.5 / reducing is better
Lower is better
Look for number > 5
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for number > 20%. Also check if the debt is low/nil. Compare with industry peer(s)
Look for positive and rising numbers. If the company consistently generates negative FCF over say 10 years, avoid it.
60% Profit Margin 60% Capital Allo
Check for a rising trend
50% 50% Numbers > 20% long te
company has zero/marg
40% 40% competitor
30% 30%
20% 20%
10% Check for a rising trend and/or 10%
consistency. Compare with a close
0% competitor 0%
6 7 8 9 0 1 2 3 4 5 6 7 8 9
n-1 n-1 n-1 n-1 n-2 n-2 n-2 n-2 n-2 n-2 n-1 n-1 n-1 n-1
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja
Operating Margin PBT Margin
Net Margin ROE

8,000 Revenue 25% Revenue and P

Check for a rising trend. Check for a
7,000 20% Compare gr
6,000 tor.
15%
5,000
10%
4,000
3,000 5%
2,000 0%
1,000 -5% -17 -18 -19 -20
n n n n
- -10%Ja Ja Ja Ja
-16 -17 -18 -19 -20 -21 -22 -23 -24 -25 Revenue Grow
n n n n n n n n n n
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Net Profit Gro

3,500 Profit Over Time Operating an

2,500 Check
Check for a rising trend. for positive nu
3,000 and which are rising o
2,000 time.
2,500
2,000 1,500
1,500 1,000
1,000
500
500
- -
6 7 8 9 0 1 2 3 4 5 6 7 8 9
n-1 n-1 n-1 n-1 n-2 n-2 n-2 n-2 n-2 n-2 n-1 n-1 n-1 n-1
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja J

PBT Net Profit Operating Cash F

Data for Charts (Please don't touch any number below)
Margins
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Operating Margin 39% 39% 40% 43% 46% 50% 48% 43% 44%
PBT Margin 42% 40% 41% 46% 46% 50% 48% 45% 47%
Net Margin 25% 27% 27% 28% 30% 35% 36% 32% 35%

Management Effectiveness
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
ROE 22% 36% 26% 28% 22% 26% 27% 24% 28%
ROCE 37% 54% 39% 46% 34% 36% 35% 34% 39%

Revenue & Profit Growth

Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24 Mar/25
Revenue Growth 7% 2% 10% -2% 3% 5% 9% 12% 7%
PBT Growth 1% 5% 23% -1% 10% 2% 2% 18% 10%
Net Profit Growth 13% 4% 12% 6% 20% 7% -4% 23% 7%

Revenue & Profit

Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Revenue 4,131 4,427 4,527 4,959 4,861 4,984 5,221 5,698 6,373
PBT 1,748 1,757 1,840 2,267 2,252 2,477 2,528 2,570 3,022
Net Profit 1,049 1,185 1,237 1,386 1,462 1,762 1,889 1,806 2,219

Cash Flows
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22 Mar/23 Mar/24
Operating Cash Flow 712 1,121 1,157 1,380 1,522 1,920 1,856 1,758 1,791
Free Cash Flow 397 910 793 815 915 983 700 120 553
 Capital Allocation Quality
Check for a rising trend and/or consistency.
Numbers > 20% long term are good. Also check if the
company has zero/marginal debt. Compare with a close Note: Please ignore the dates
competitor on the X-axis. The figures are
for/as on the year ending date,
which for most Indian
companies would be 31st
March of that year

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

ROE ROCE

Revenue and Profit Growth (YoY)

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

-17 -18 -19 -20 -21 -22 -23 -24 -25

an Ja
n
Ja
n
Ja
n
Ja
n
Ja
n
Ja
n
Ja
n
Ja
n

Revenue Growth PBT Growth

Net Profit Growth

Operating and Free

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

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

Operating Cash Flow Free Cash Flow

Mar/25
45%
48%
35%

Mar/25
28%
39%

Mar/25
6,847
3,311
2,380

Mar/25
2,199
1,375
 Common Size P&L
Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Change in Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Power and Fuel 1% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp 1% 1% 1% 0% 0% 0% 0% 0% 0% 0%
Employee Cost 47% 47% 46% 44% 44% 44% 46% 49% 47% 47%
Selling and Admin Cost 12% 11% 11% 10% 8% 5% 4% 6% 7% 6%
Other Expenses 0% 2% 2% 2% 2% 1% 1% 2% 2% 2%
Operating Profit 39% 39% 40% 43% 46% 50% 48% 43% 44% 45%
Other Income 5% 2% 2% 4% 4% 3% 3% 3% 5% 4%
Depreciation 1% 2% 1% 1% 2% 2% 2% 1% 1% 1%
Interest 0% 0% 0% 0% 1% 0% 0% 0% 0% 0%
Profit Before Tax 42% 40% 41% 46% 46% 50% 48% 45% 47% 48%
Tax 17% 13% 13% 18% 16% 14% 12% 13% 13% 14%
Net Profit 25% 27% 27% 28% 30% 35% 36% 32% 35% 35%
Dividend Amount 21% 33% 25% 0% 32% 35% 31% 34% 33% 34%

Common Size Balance Sheet

Rs Cr Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 1% 1% 1% 1% 1% 1% 1% 0% 0% 0%
Reserves 81% 54% 79% 80% 82% 83% 82% 81% 80% 82%
Borrowings 0% 0% 0% 0% 1% 1% 1% 1% 0% 0%
Other Liabilities 18% 46% 21% 19% 16% 15% 16% 17% 19% 17%
Total Liabilities 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Net Block 15% 14% 14% 14% 12% 11% 10% 9% 8% 8%
Capital Work in Progress 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Investments 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Other Assets 85% 86% 86% 86% 88% 89% 90% 91% 92% 92%
Total Assets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Receivables 15% 12% 17% 15% 12% 10% 11% 12% 14% 12%
Inventory 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Cash & Bank 49% 50% 45% 46% 57% 60% 60% 60% 57% 59%
 A common-size financial statement is displays line
items as a percentage of one selected or common
figure. Creating common-size financial statements
makes it easier to analyze a company over time and
compare it with its peers. Using common-size
financial statements helps investors spot trends that a
raw financial statement may not uncover.
 Dhandho Intrinsic Value Calculation
Read the book - The Dhandho Investor by Mohnish Pabrai

ORACLE FINANCIAL SERVICES SOFTWARE LTD ORACLE FINANCIAL SERVICES SOFT

Dhandho IV - Lower Range Dhandho IV - Higher Range
Year FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth Year
0 Excess Cash (Latest) 5,829 Year 1-3 15% 0 Excess Cash (Latest)
1 FY18 785 701 Year 4-6 10% 1 FY18
2 FY19 903 720 Year 7-10 5% 2 FY19
3 FY20 1,038 739 Discount Rate 12% 3 FY20
4 FY21 1,142 726 4 FY21
5 FY22 1,256 713 Last 5-Years' CAGR 5 FY22
6 FY23 1,382 700 Sales 7% 6 FY23
7 FY24 1,451 656 PBT 8% 7 FY24
8 FY25 1,523 615 FCF 8% 8 FY25
9 FY26 1,600 577 9 FY26
10 FY27 1,680 541 10 FY27
10 16,796 5,408 10
Intrinsic Value 17,924 Intrinsic Value
Current Mkt. Cap. 73,888 Current Mkt. Cap.
Premium/(Discount) to IV 312% Premium/(Discount) to IV

Note: See explanation of this model here

P.S. In case of companies earning negative FCF, where this model will not work, you must use a normalized positive FCF as th
number. This number is your assumption of FCF the business will earn in a normal year, without capex. Check the history
business while arriving at your assumption, and use your judgment wisely without twisting the model to fit your version of r
Calculation
by Mohnish Pabrai

CLE FINANCIAL SERVICES SOFTWARE LTD

Dhandho IV - Higher Range
FCF (Rs Cr) PV of FCF (Rs Cr) Assumed FCF Growth
Excess Cash (Latest) 5,829 Year 1-3 20%
819 731 Year 4-6 15%
983 784 Year 7-10 10%
1,180 840 Discount Rate 12%
1,356 862
1,560 885
1,794 909
1,973 893
2,171 877
2,388 861
2,627 846
39,398 12,685
Intrinsic Value 27,000
Current Mkt. Cap. 73,888
Premium/(Discount) to IV 174%

use a normalized positive FCF as the starting

, without capex. Check the history of this
ng the model to fit your version of reality.
 Ben Graham Formula (Low Range) Ben Graham Formula (High Range
Company Name ERVICES SOFTWARE LTD Company Name
Year Ended Mar/25 Year Ended

Avg 5-Yr Net Profit (Rs Crore) 2,011.2 Avg 5-Yr Net Profit (Rs Crore)
PE Ratio at 0% Growth 8.5 PE Ratio at 0% Growth
Long-Term Growth Rate 5.1 Long-Term Growth Rate

Ben Graham Value (Rs Crore) 37,668 Ben Graham Value (Rs Crore)
Current Market Cap (Rs Crore) 73,888 Current Market Cap (Rs Crore)

EXPLANATION
Ben Graham's Original Formula: Value = EPS x (8.5 + 2G)
Here, EPS is the trailing 12 month EPS, 8.5 is the P/E ratio of a stock with 0% growth and g is the growth rate for the next 7-10

Ben Graham's Revised Formula: Value = [EPS x (8.5 + 2G) x 4.4] / Y

Here, 4.4 is what Graham determined to be his minimum required rate of return. At the time of around 1962 when Graham was

Note: I have used Graham's original formula in the above calculations

m Formula (High Range)
ERVICES SOFTWARE LTD
Mar/25

2,011.2
8.5
10.2

58,242
73,888

is the growth rate for the next 7-10 years

of around 1962 when Graham was publicizing his works, the risk free interest rate was 4.4% but to adjust to the present, we divide this num
resent, we divide this number by today’s AAA corporate bond rate, represented by Y in the formula above.
 Dicounted Cash Flow Valuation
ORACLE FINANCIAL SERVICES SOFTWARE LTD

Initial Cash Flow (Rs Cr) 683 15,539

73,888
Years 1-5 6-10 21%
FCF Growth Rate 15% 12%
Discount Rate 12%
Terminal Growth Rate 2%

Net Debt Level (Rs Cr) (5,783)

Year FCF Growth Present Value

1 785 15% 701
2 903 15% 720
3 1,038 15% 739
4 1,194 15% 759
5 1,373 15% 779
6 1,538 12% 779
7 1,722 12% 779
8 1,929 12% 779
9 2,160 12% 779
10 2,420 12% 779

Final Calculations
Terminal Year 2,468
PV of Year 1-10 Cash Flows 7,593
Terminal Value 7,946
Total PV of Cash Flows 15,539
Current Market Cap (Rs Cr) 73,888

Note: See explanation of DCF here

Valuation
SOFTWARE LTD

DCF Value (As calculated in cell B29)

Current Market Cap
DCF as % of Current Mkt Cap
 Expected Returns Model
ORACLE FINANCIAL SERVICES SOFTWARE LTD
Particulars Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
Net Profit (Rs Crore) 1,049 1,185 1,237 1,386 1,462 1,762 1,889
Net Profit Margin 25% 27% 27% 28% 30% 35% 36%
Return on Equity 22% 36% 26% 28% 22% 26% 27%

Calculations (Enter values only in black cells)

Estimated CAGR in Net Profit over next 10 years 12%
Estimated Net Profit after 10 years (Rs Cr) 7,391
Current P/E (x) 31.1
Exit P/E in the 10th year from now (x, Estimated) 20.0
Esti. Market Cap (10th year from now; Rs Cr) 147,814
Cost of Capital/Discount Rate 12%
Discounted Value (Rs Cr) 47,592
Current Market Cap (Rs Cr) 73,888

Note: See explanation of this model here

el
ARE LTD
Mar/23 Mar/24 Mar/25 CAGR (9-Yr) CAGR (5-Yr)
1,806 2,219 2,380 10% 10%
32% 35% 35%
24% 28% 28%
 Intrinsic Value Range
ORACLE FINANCIAL SERVICES SOFTWARE LTD
Lower Higher Remember! Give importance to a stock's valuations / fai
Dhandho 17,924 27,000 only "after" you have answered in "Yes" to these two que
Ben Graham 37,668 58,242 (1) Is this business simple to be understood? and (2) C
understand this business?
DCF 15,539
Expected Return 47,592 Don't try to quantify everything. In stock research, the les
Current Market Cap. 73,888 mathematical you are, the more simple, sensible, and use
be your analysis and results. Great analysis is generally "
Explanation: Considering the above the-envelope".
range, we can say that Hero Moto's IV
range is between Rs 55,000 crore to Rs Also, your calculated "fair value" will be proven wrong
95,000 crore. It's a big range, but that's future, so don't invest your savings just because you fall
fine (who is looking for precision?). Now, with it. Don't look for perfection. It is overrated. Focus
if the current market cap is within this IV decisions, not outcomes. Look for disconfirming evide
range, it makes the stock
reasonably/attractively priced. If the
current market cap is higher then the
higher value of the range, it makes it
overpriced. But remember, these are just
numbers!
importance to a stock's valuations / fair value
ve answered in "Yes" to these two questions -
ess simple to be understood? and (2) Can I
understand this business?

fy everything. In stock research, the less non-

are, the more simple, sensible, and useful will
nd results. Great analysis is generally "back-of-
the-envelope".

lated "fair value" will be proven wrong in the

vest your savings just because you fall in love
ook for perfection. It is overrated. Focus on
outcomes. Look for disconfirming evidence.
ORACLE FINANCIAL SERVICES SOFTWARE LTD
SCREENER.IN
Narration Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25
Sales 1,449 1,471 1,462 1,444 1,824 1,642 1,741 1,674 1,715 1,716
% Growth YOY 26% 12% 19% 16% -6% 4%
Expenses 843 820 841 886 955 908 894 923 1,001 952
Operating Profit 606 651 622 558 869 734 847 751 714 765
Other Income 41 61 101 65 94 83 48 105 70 82
Depreciation 21 19 19 19 19 18 18 18 17 17
Interest 7 8 -3 8 9 14 5 8 -3 -9
Profit before tax 620 686 707 596 934 785 873 829 770 839
PBT Margin 43% 47% 48% 41% 51% 48% 50% 50% 45% 49%
% Growth YOY 51% 14% 24% 39% -18% 7%
Tax 182 206 206 179 193 225 256 251 229 195
Net profit 437 479 501 417 741 560 617 578 541 644
% Growth YOY 69% 17% 23% 38% -27% 15%
OPM 42% 44% 42% 39% 48% 45% 49% 45% 42% 45%
COMPANY NAME ORACLE FINANCIAL SERVICES SOFT
LATEST VERSION 2.10 PLEASE DO NOT MAKE ANY CH
CURRENT VERSION 2.10

META
Number of shares 8.69
Face Value 5
Current Price 8502.9
Market Capitalization 73887.58

PROFIT & LOSS

Report Date Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Sales 4131.22 4426.53 4527.47 4958.9 4861.28 4983.94
Raw Material Cost
Change in Inventory
Power and Fuel 20.8 21.32 21.49 21.04 20.96 11.3
Other Mfr. Exp 28.62 24.47 24.39 23.84 17.78 13.44
Employee Cost 1949.58 2070.27 2099.17 2195.81 2117.8 2201.75
Selling and admin 503.72 484.3 501.43 484.23 397.42 239.44
Other Expenses 16.78 92.28 69.78 89.37 78.63 49.41
Other Income 188.8 93.28 90.69 176.09 177.34 131.97
Depreciation 52.93 70.19 61.46 53.72 106.38 104.11
Interest 47.37 19.13
Profit before tax 1747.59 1756.98 1840.44 2266.98 2252.28 2477.33
Tax 698.7 571.59 603.4 881.09 790.07 715.48
Net profit 1048.89 1185.39 1237.04 1385.9 1462.22 1761.86
Dividend Amount 847 1443.98 1109.42 1545.84 1721.2

Quarters
Report Date Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24
Sales 1449.3 1470.52 1462.4 1444.48 1823.6 1642.4
Expenses 843.09 819.66 840.9 886.37 955.1 908
Other Income 40.8 61.27 100.6 65.14 94 82.5
Depreciation 20.61 18.69 18.5 19.01 19 17.8
Interest 6.59 7.67 -3.20 8.04 9.30 13.90
Profit before tax 619.81 685.77 706.8 596.2 934.2 785.2
Tax 182.48 206.46 205.8 178.75 193.4 225.1
Net profit 437.33 479.3 501 417.45 740.8 560.1
Operating Profit 606.21 650.86 621.5 558.11 868.5 734.4

BALANCE SHEET
Report Date Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital 42.35 42.47 42.67 42.88 42.94 43.03
Reserves 4631.53 3222.12 4664.72 4893.67 6526.64 6805.74
Borrowings 114.68 69.76
Other Liabilities 1011.31 2755.59 1225.25 1191.91 1235.71 1234.04
Total 5685.19 6020.18 5932.64 6128.46 7919.97 8152.57
Net Block 864.86 869.79 836.87 863.87 962.82 884.07
Capital Work in Progress 4.79 0.82 2.59 0.45 0.05 0.13
Investments 10.47
Other Assets 4805.07 5149.57 5093.18 5264.14 6957.1 7268.37
Total 5685.19 6020.18 5932.64 6128.46 7919.97 8152.57
Receivables 831.09 718.01 1007.48 947.48 925.37 802.75
Inventory
Cash & Bank 2785.49 3031.7 2646.07 2827.96 4496.81 4914.13
No. of Equity Shares 84690036 84940264 85346293 85779147 85879298 86062233
New Bonus Shares
Face value 5 5 5 5 5 5

CASH FLOW:
Report Date Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Cash from Operating Activity 712.31 1121.13 1157.42 1379.61 1521.82 1919.51
Cash from Investing Activity 1018.39 1822.73 -1313.12 220.25 -1299.14 33.53
Cash from Financing Activity -1776.18 -931.35 -1629.66 -1249.7 -47.35 -1589.8
Net Cash Flow -45.49 2012.51 -1785.37 350.17 175.33 363.23

PRICE: 3529.4 3815.75 3745.35 3387.8 2023.65 3198.95

DERIVED:
Adjusted Equity Shares in Cr 8.49 8.51 8.54 8.58 8.59 8.61
DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-22 Mar-23 Mar-24 Mar-25

5221.46 5698.31 6372.96 6846.8

11.7 14.47 19.43

11.85 14.9 19.6
2405.86 2774.17 2982.83 3204.7
220.68 329.96 423.41 416
72.43 93.42 145.18 149.8
134.34 191.84 342.19 304.2
92.8 80.66 74.26 69.1
12.2 12.66 28.11 0.50
2528.28 2569.91 3022.33 3310.9
639.45 763.77 802.97 931.3
1888.83 1806.14 2219.36 2379.6
1638.56 1944 2080.32 2300.2

Jun-24 Sep-24 Dec-24 Mar-25

1741.4 1673.9 1715.2 1716.3
894.3 923.3 1001.3 951.6
48 104.6 69.7 81.9
17.5 17.8 16.9 16.9
4.70 8.40 -3.30 -9.30
872.9 829 770 839
256.2 251.3 228.7 195.1
616.7 577.7 541.3 643.9
847.1 750.6 713.9 764.7

Mar-22 Mar-23 Mar-24 Mar-25

43.12 43.2 43.34 43.4
7056.57 7415.71 7815.5 8319
83.39 69.40 42.96 45.60
 1409.35 1590.46 1847.63 1727
8592.43 9118.77 9749.43 10135
871.41 846.81 805.07 795.9
3.82 0.57 2.76 9.1

7717.2 8271.39 8941.6 9330

8592.43 9118.77 9749.43 10135
926.27 1083.37 1319.31 1183.7

5122.49 5469.74 5538.19 5951.4

86246465 86397179 86671656

5 5 5 5

Mar-22 Mar-23 Mar-24 Mar-25

1856.15 1758.42 1790.67 2198.9
-137.54 267.17 1610.96 -2452.6
-1733.47 -1665.48 -1958.45 -2096.1
-14.86 360.11 1443.18 -2349.8

3587.75 3263.75 8774.1 7850.9

8.62 8.64 8.67 8.69

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