Our Learning Paths
Rigorous, high-density courses built for quick scanning and faster decisions. Filter by strategy and find your edge.
Value Investing
28 courses
Fundamental Analysis Masterclass: Analysing Any Indian Stock End to End
The complete analyst workflow for Indian equities, built for salaried professionals, self-taught investors and finance students who want to stop buying on tips and start buying on evidence. You will learn to understand a business before its numbers, read the three statements the way a buy-side analyst does, run ratio and earnings-quality checks on screener.in, judge management and capital allocation from annual reports and concalls, and value a company with relative multiples, DCF and reverse DCF. Every chapter ends in a concrete output, and the course closes with a one-page thesis template, a position sizing method, an exit rule and two full worked case studies on NSE-listed companies.
- Follow a repeatable eight-step workflow that takes any Indian stock from name to documented decision
- Assess industry structure and moats in the Indian context before touching the numbers
- Read the P&L, balance sheet and cash flow statement together, including notes, segments and consolidated accounts
Advanced Credit Analysis for Equity Investors
A practical credit analysis framework built for equity investors, not bond investors. Teaches experienced retail investors, active traders, and HNIs to read debt structure, credit ratings, and leverage the way a credit analyst would, so that deteriorating credit quality is spotted well before it shows up in the stock price. Uses real Indian blowups, including IL&FS, DHFL, Yes Bank, and Reliance Capital, alongside CRISIL and ICRA rating rationales, Screener.in data, and annual report disclosures throughout.
- Analyze a company's debt structure the way credit analysts do
- Use core credit metrics and rating actions to gauge risk
- Build a practical screening framework from real credit case studies
Advanced Ratio Analysis for Stock Selection
A practical, ratio-by-ratio framework for selecting stocks, built for investors who already know how to read a P&L, balance sheet, and cash flow statement and want to go further. Goes beyond textbook definitions into comparability, sector-relative benchmarking, and the traps that make a ratio look good on paper while the underlying business deteriorates. Uses real NSE and BSE listed companies, Screener.in data, and full worked case studies throughout, and closes with a chapter on applying the same framework to evaluate mutual fund holdings.
- See how context shapes profitability, return and valuation ratios
- Assess leverage, liquidity and balance sheet health beyond P/E
- Build a ratio-based screening framework for stocks and funds
Advanced Valuation: Sum of the Parts and Special Situations
A hands-on course on valuing businesses that a single P/E or DCF cannot handle: conglomerates, holding companies, and companies going through demergers, buybacks, open offers, delistings, and mergers. Teaches experienced retail investors, active traders, and HNIs to build a sum-of-the-parts valuation segment by segment, apply and defend a holding company discount, and work out the arbitrage math in Indian special situations. Built entirely on real NSE and BSE cases including Reliance Industries, Grasim, Bajaj Holdings, ITC Hotels, Jio Financial Services, and the HDFC merger, using segment reporting under Ind AS 108, SEBI regulations, Screener.in, and exchange filings throughout.
Case Study: Asian Paints, Understanding a Two Decade Compounder
Asian Paints compounded shareholder wealth for the better part of two decades while trading at a valuation most investors called too expensive every single year. This case study takes the business apart: how a decorative paint company actually makes money, the dealer network, tinting and supply chain edge that kept competitors at bay, and the ROCE, working capital and cash flow numbers that powered the compounding. Then it asks the harder questions. How much of the return came from earnings growth versus a rising P/E, why the premium multiple persisted, and what the entry of Birla Opus and other deep-pocketed rivals means for a moat that looked unbreakable. Built for investors who already hold, or are considering, a quality compounder and want a framework to judge one using real numbers from annual reports and screener.in.
- How a decorative paint business makes money, and why distribution matters more than chemistry
- The specific pieces of Asian Paints' moat: dealer network, tinting, demand forecasting and pricing power
- How to read two decades of revenue, margin, ROCE and cash flow data on screener.in
Case Study: Avenue Supermarts vs Future Retail, Two Retail Strategies
A head-to-head case study of two Indian retailers that chased the same middle-class grocery shopper and ended up at opposite ends of the market. Avenue Supermarts (DMart) owned its stores, kept prices low every day, paid suppliers fast and funded growth from its own cash. Future Retail (Big Bazaar) leased aggressively, ran mega sales, stretched working capital and funded expansion with debt and promoter pledges. This course puts the two models side by side, metric by metric: store economics, pricing, inventory turns, working capital, capital allocation and return on capital employed, then shows how each handled demonetisation, GST and Covid. You finish with a reusable comparative scorecard you can run on screener.in against any listed Indian retailer. Written for experienced retail investors, mutual fund investors and salaried professionals who want to judge business quality, not just stock price.
- How ownership versus leasing of stores shapes a retailer's costs, flexibility and risk
- Why everyday low pricing and mega-sale pricing produce very different cash flows
- How to compare sales per square foot, inventory turns and working capital cycles across two companies
Case Study: Britannia's Margin Expansion Story, A Forensic Read
Between FY2013 and FY2025 Britannia Industries roughly tripled its operating margin while the stock re-rated from a mid-twenties P/E to over fifty times earnings. This advanced case study rebuilds that margin expansion line by line from the annual reports, then runs the forensic checks an experienced investor should run on any margin story: cash conversion, working capital, related-party lending to the Wadia group, bonus debentures, capex and depreciation policy, fiscal incentives and advertising cuts. You will benchmark Britannia against Nestle India, Hindustan Unilever and ITC, stress-test the story through the FY2022 inflation dip and the FY2024 rebound, and leave with a reusable scorecard for separating durable margin gains from borrowed ones.
- How to build a margin bridge from published annual reports and attribute every percentage point of expansion to a named driver
- Which cost lines (raw material, advertising, employee, logistics, wastage) drove Britannia's expansion and how durable each one is
- How to test whether reported EBITDA is backed by operating cash flow, and what negative working capital does to that test
Case Study: Coal India, Dividend Yield Investing in a PSU
Coal India has spent most of its listed life as the stock income investors love to screen for: a dominant market share, a strong balance sheet and a dividend yield that routinely beat a bank fixed deposit. It has also spent long stretches going nowhere, as a government owner, wage revisions, offer-for-sale overhangs and the energy transition weighed on the price. This case study takes the business apart: how Coal India earns money from fuel supply agreements and e-auctions, how to test whether a dividend is sustainable using payout ratio, free cash flow and cash on the books, and how the majority shareholder's priorities shape everything from capex to payouts. Then it follows the actual returns across two very different periods and asks what a high yield on a business with a contested long-term future is really worth. Built for investors who hold, or are tempted by, high-yield PSU stocks and want a framework grounded in real numbers from annual reports and screener.in.
- How Coal India makes money, and why notified prices and e-auction premiums drive its earnings
- How to calculate dividend yield correctly and spot the common traps in a high trailing yield
- How to test dividend sustainability using payout ratio, free cash flow and cash reserves
Case Study: IRFC, Understanding PSU Valuation Re Rating
Indian Railway Finance Corporation listed in January 2021 as a low-risk, low-return government lender and spent two years trading below its book value. Then, in the 2023-24 PSU rally, the stock multiplied several times over and its price to book ratio expanded far beyond anything its business model had ever justified. This case study takes that rally apart. You will learn how IRFC's cost-plus leasing model with the Ministry of Railways actually earns money, why that model caps its return on equity, and how the price to book and ROE relationship should anchor the valuation of any lender. You will then break the rally into earnings growth versus multiple expansion, work backwards from the peak price to see what it implied, compare IRFC with PFC, REC and HUDCO, and study the drawdown that followed. The course closes with a screener.in workflow and a repeatable framework for judging whether the next PSU re-rating is grounded in fundamentals or in flows.
- Explain how IRFC's cost-plus leasing arrangement with the Ministry of Railways generates earnings and why it limits both risk and return
- Use the price to book and ROE relationship to judge what multiple a lender like IRFC can justify
- Break a stock's rally into earnings growth and multiple expansion, and tell which one drove IRFC's move
Case Study: IndiGo, Analyzing a Capital Intensive Business
Indian aviation is a graveyard: Kingfisher, Jet Airways and Go First all collapsed while passenger traffic kept growing. IndiGo went the other way and became the dominant domestic carrier. This case study takes InterGlobe Aviation apart to show how a capital intensive, cyclical, commodity-exposed business can still create shareholder value, and where it can go wrong. You will learn the airline vocabulary (ASK, load factor, yield, RASK, CASK), how sale and leaseback funds the fleet, what Ind AS 116 did to the balance sheet, why fuel prices and the rupee matter so much, and how shocks like COVID and engine groundings hit the numbers. Then you will value it the way analysts do and walk away with a checklist you can apply to any capital heavy business on NSE, using annual reports and screener.in.
- Why airlines as an industry tend to destroy capital, and what IndiGo did differently
- How to read airline unit economics: ASK, RPK, load factor, yield, RASK and CASK
- How sale and leaseback financing works and why it shaped IndiGo's growth
Case Study: L&T's Order Book, Understanding Infrastructure Valuation
Larsen & Toubro is the closest thing India has to a listed proxy for the country's capex cycle: roads, metros, power, water, defence, hydrocarbons and more, plus a stable of listed subsidiaries. That breadth also makes it one of the harder Nifty 50 stocks to value. This case study teaches you to analyse L&T the way infrastructure analysts do. Start with the order book: how order inflow, order backlog and revenue connect, what book-to-bill and order book cover tell you about visibility, and how to judge the quality of what sits in the backlog, including the recent surge in Middle East orders. Then follow orders into cash: percentage of completion revenue under Ind AS 115, contract assets, retention money, mobilisation advances and the execution risks hidden in fixed-price contracts. Finally, value the company with a sum of the parts that separates core engineering and construction from LTIMindtree, L&T Technology Services and L&T Finance, and finish with a checklist you can apply to any order-book-driven company on NSE, using annual reports, investor presentations and screener.in.
- How order inflow, order book and revenue connect, and why the order book is a leading indicator for EPC companies
- How to measure revenue visibility with book-to-bill and order book cover, and judge the quality of a backlog
- How percentage of completion revenue works under Ind AS 115 and what it does to reported profits
Case Study: Page Industries, Valuing a Premium Consumer Brand
Page Industries does not own the Jockey brand. It holds the licence to make and sell it in India and a handful of neighbouring markets, and on the back of that licence it built one of the most richly valued consumer stocks on the NSE. This case study takes the business apart: how the licensing model works, why premium innerwear in India turned out to be such a good market to dominate, and the manufacturing, distribution and return-on-capital numbers that made investors happy to pay 60 to 80 times earnings. Then it does the valuation work properly. What a premium P/E actually assumes, how to run a reverse DCF on a stock like this, how to compare it fairly with other consumer names, and how to price the risk of a business built on someone else's brand. Finally it looks at the slowdown that began in 2022, the inventory reset that followed, and what the de-rating teaches about paying up for quality. Built for investors who hold, or are tempted by, expensive consumer stocks and want a repeatable way to judge whether the premium is earned.
- How a brand licensing business makes money, and what it gives up by not owning the brand
- Why premiumisation in Indian innerwear created room for a dominant, high-margin player
- How manufacturing control and exclusive distribution translated into high ROCE and strong cash flow
Case Study: Pidilite Industries, Pricing Power in a Niche Market
Pidilite sells a product most people buy once a year and never think about. Yet Fevicol, Fevikwik, M-seal and Dr. Fixit have given it the kind of pricing power that consumer giants many times its size would envy. This case study takes the business apart: how Pidilite splits into Consumer and Bazaar and B2B, why the carpenter and contractor network is the real moat, and why adhesives are an almost ideal pricing power product, a tiny share of the job cost with a huge cost of failure. Then it tests the claim against the numbers: gross margins through VAM and crude oil cycles, the FY22 raw material shock, ROCE, working capital and cash flow read straight off screener.in. Finally it asks what a premium multiple already prices in, where the next leg of growth could come from, and what could break the moat. Built for investors who want a repeatable way to judge pricing power in any stock they own.
- How Pidilite makes money across Consumer and Bazaar and B2B, and why the mix matters
- Why the carpenter and contractor influencer network is harder to copy than a factory or a brand
- The economics that make adhesives and sealants an ideal pricing power product
Case Study: Titan Company, Diversification and Brand Value
Titan started as a watch joint venture between the Tata group and the Tamil Nadu government and became one of the great wealth creators on the NSE, mostly by selling gold jewellery through Tanishq. This case study takes the company apart business by business: how trust became a moat in a largely unorganised jewellery market, how Titan funds gold inventory without drowning in working capital, and which of its diversification bets (watches, eyewear, CaratLane, Taneira and others) actually earned their capital. Then it turns to the numbers and the valuation. What Titan's segment reporting reveals, why the market has paid a premium multiple for years, how much of the return came from earnings growth versus re-rating, and which risks (gold prices, customs duty, competition) could break the story. Built for investors who hold or are considering consumer brand stocks and want a repeatable way to judge brand value and diversification using annual reports and screener.in.
- How Titan makes money, and why jewellery dominates its revenue and profit
- How Tanishq turned trust into a competitive advantage in an unorganised market
- How gold on lease and customer schemes shape jewellery working capital and risk
Contrarian Investing: Identifying Value in Out of Favor Sectors
An advanced course on buying what the market has abandoned, without catching falling knives. Learn to separate cyclical troughs from structural decline, apply the capital cycle to Indian sectors, value businesses on normalised earnings and replacement cost, run balance sheet survival tests, identify the catalysts that end a bear phase, and size contrarian positions so that being early does not mean being wrong. Built around real NSE and BSE sector cycles: PSU banks, real estate, telecom, pharma, capital goods and IT.
- Why out-of-favor sectors have historically delivered the best forward returns on the NSE, and why most investors still cannot buy them
- How to diagnose whether a sector is in a cyclical trough, a regulatory overhang or a permanent structural decline
- How to apply the capital cycle framework to Indian sectors like cement, steel, telecom and real estate
Masterclass: Howard Marks on Cycles and Risk
A deep, practitioner-level study of Howard Marks's thinking on risk and market cycles, rebuilt for Indian markets and aimed at serious independent investors, portfolio managers in training and HNI investors. You will learn second-level thinking and the gap between price and value, redefine risk as the probability of permanent loss rather than volatility, and understand why risk is highest precisely when it feels lowest. The course then takes apart the economic, profit, credit, psychology, real estate and distressed debt cycles and shows how they feed one another, before turning theory into practice with an Indian market temperature checklist built on Nifty valuations, credit conditions, IPO activity, SIP flows and F&O data. Two full case studies, India 2007 to 2009 and the smallcap cycles of recent years, test the framework, and the closing chapters cover portfolio posture, disciplined contrarianism, patient opportunism and a personal cycle and risk playbook you can actually run.
- Apply second-level thinking to separate a good company from a good investment
- Define and measure risk as permanent loss, not just price volatility
- Recognise when markets are pricing risk too cheaply and why that feels safest at the worst moment
Masterclass: Investing Through the Masters, Buffett's Framework Applied to Indian Markets
A deep study of the Buffett framework for serious independent investors, portfolio managers in training and HNI investors who already know how to read a company and now want a coherent investing philosophy. You will trace the framework from Graham through Fisher and Munger, apply the circle of competence and Buffett's four filters to Indian sectors, compute owner earnings and returns on tangible capital, judge management through candour and capital allocation, and set intrinsic value and margin of safety at Indian valuations. The course then covers temperament through real Indian market crashes, concentrated portfolio construction under Indian tax rules, Buffett's landmark deals translated into Indian parallels, his admitted mistakes, and where the framework has to be adapted for India. It closes with a full Buffett checklist run on a listed Indian company.
- Trace how Buffett's framework evolved from Graham's cigar butts to Munger's wonderful businesses at fair prices
- Draw an honest circle of competence and apply Buffett's four filters to Indian sectors and companies
- Compute owner earnings, return on tangible capital and incremental returns for an Indian company
Masterclass: Long Term Compounding, Case Studies of 20 Year Holders
A case-study masterclass on the rarest skill in Indian investing: buying a great business and holding it for 20 years. Start with the maths of decades, how CAGR, re-rating, dividends, taxes and inflation really add up over a holding period that spans multiple market crashes. Then dissect real NSE and BSE compounders across consumer, financial and industrial sectors, reconstructing what the business looked like at the start, what an early holder had to believe, and the drawdowns they had to sit through. Study the holders as much as the stocks, from Chandrakant Sampat's patience to Rakesh Jhunjhunwala's Titan, and confront the other side of survivorship bias: former darlings that went to zero or went nowhere for a decade. Finish by building your own compounder checklist, sizing and review rhythm, and a tax-efficient 20-year holding plan under current Indian capital gains rules.
- Decompose any 20-year stock return into earnings growth, re-rating and dividends
- Recognise the traits shared by Indian compounders and the warning signs in the ones that failed
- Hold through deep drawdowns with a written thesis, review rhythm and clear sell rules
Masterclass: Munger's Mental Models for Stock Selection
Charlie Munger's edge was not a formula but a way of thinking: a latticework of models from economics, psychology, mathematics and biology, applied with patience and a ruthless willingness to say no. This masterclass turns that method into a practical stock selection process for serious Indian investors. You will learn to draw your circle of competence on the NSE, invert every thesis to find how it fails, use opportunity cost as your real hurdle rate, read promoter and management incentives in Indian filings, spot Munger's psychological tendencies in your own portfolio, and build a written checklist and decision journal. The course closes with full case studies that run Indian companies through every model, and a personal operating system you can use for every future buy and sell decision.
- Build a latticework of core mental models and apply more than one to every stock decision
- Define your circle of competence and use a too-hard pile to eliminate most listed companies quickly
- Invert investment theses and run pre-mortems to find how a stock can destroy capital
Masterclass: Peter Lynch's Approach to Finding Multibaggers in India
A deep, practical masterclass on Peter Lynch's stock-picking method, adapted line by line for Indian markets. Start with what actually drove Lynch's record at Magellan, the maths of how a stock becomes a multibagger through earnings growth plus re-rating, and the amateur's edge an observant Indian investor has over institutions. Learn to sort every company into Lynch's six categories (slow growers, stalwarts, fast growers, cyclicals, turnarounds and asset plays) because each one is bought, valued and sold differently. Go hunting for ideas using Lynch's traits of the perfect stock, the stocks he warned against, scuttlebutt and screener.in screens. Then run the numbers that matter: the PEG ratio and its Indian pitfalls, earnings quality, balance sheet strength, inventories and receivables, and promoter buying and buybacks. Write and test the two-minute drill story, build a portfolio sized for fast growers, and apply category-specific sell rules. Finish with Indian multibagger case studies and a complete Lynch checklist you can run on any NSE-listed company.
- Classify any Indian listed company into Lynch's six categories and apply the right valuation and sell rules for each
- Screen for Lynch-style candidates on screener.in and stress-test them with the PEG ratio, balance sheet and earnings quality checks
- Write a two-minute drill story for a stock, track it quarterly, and know when the story has broken
Masterclass: Philip Fisher's Scuttlebutt Method for Indian Small Caps
A deep, practical masterclass on Philip Fisher's scuttlebutt method, adapted for Indian small caps where coverage is thin, disclosure is patchy and the best information sits with dealers, customers, competitors and former employees. Start with what Fisher actually did and why under-researched Indian small caps suit his approach, then rebuild all fifteen of his points for Indian businesses and turn them into a weighted scorecard. Do the desk work first: annual reports, concall transcripts, BSE and NSE filings, shareholding and pledge data, related party disclosures and alternative data a retail investor can actually access. Then go into the field, within the legal line drawn by SEBI's insider trading regulations, to run conversations with channel partners, customers, competitors, suppliers and industry veterans, and to get real value from plant visits, AGMs and trade fairs. Judge promoters on track record, candour and governance, triangulate conflicting evidence into a written scuttlebutt memo, value growth without overpaying, size positions for small-cap liquidity, and apply Fisher's three reasons to sell. Finish with a full worked case study and a reusable scuttlebutt playbook.
- What Philip Fisher's scuttlebutt method really is, and why thinly covered Indian small caps are where it gives the biggest edge
- How to apply all fifteen of Fisher's points to Indian businesses and score them with a weighted scorecard
- How to do the desk work first using annual reports, concall transcripts, BSE and NSE filings, shareholding, pledge and related party data
Masterclass: Rakesh Jhunjhunwala's Investing Philosophy
A deep masterclass on the investing philosophy of Rakesh Jhunjhunwala, the chartered accountant who started with ₹5,000 in 1985 and became India's best known investor. Start with the story and the two engines behind it, trading and long-term investing, and his unshakeable bet on the India growth story, along with an honest look at what his record can and cannot teach a retail investor. Work through his core tenets: buy right and sit tight, backing the right promoters, hunting for scalable businesses with long runways, buying when India is out of favour, and respecting the market enough to accept losses. Learn how he read businesses through consumption and demographic themes, how he paid for growth without overpaying, and how cycles and PSU bets fit his playbook, then build Jhunjhunwala-style screens on screener.in. Study the winners, including Titan, CRISIL, Lupin, Tata Tea and his late-career IPO bets, and the losses and controversies, including the Aptech SEBI settlement and the 2008 drawdown. Finish with how he sized, held and sold positions, why copying superstar shareholding disclosures fails, and a complete Jhunjhunwala checklist you can run on any NSE-listed company.
- Apply Jhunjhunwala's tests for management quality, scalability and long runways to any Indian listed company
- Study his biggest winners and mistakes to understand how conviction, valuation and cycles interact over decades
- Build your own buy right, sit tight process with sizing, holding and selling rules suited to a retail investor
Practice Drills: Building a DCF Model From Scratch
A practice-first companion to Valuation Methods: DCF, Relative Valuation, and When to Use Each. Instead of more theory, you build a working DCF in Google Sheets from a blank tab: pull ten years of history from screener.in, forecast revenue, margins, capex and working capital, compute free cash flow to the firm, build WACC from the 10-year G-Sec yield, beta and an Indian equity risk premium, add terminal value, and bridge enterprise value to a per-share number you can compare with the NSE price. Then stress-test it with sensitivity tables, bull/base/bear scenarios and a reverse DCF, and finish by building a full model for a company of your choice.
- Lay out a clean, auditable DCF sheet from a blank Google Sheets tab
- Turn ten years of screener.in history into defensible forecast assumptions
- Calculate free cash flow to the firm year by year and reconcile it with reported cash flow
Understanding Cross Holdings and Group Company Valuation
A hands-on course on how Indian business groups are wired together and what that means for the price you pay for a share. Teaches experienced retail investors, active traders, and HNIs to trace ownership through subsidiaries, associates, and promoter vehicles, read standalone versus consolidated numbers under Ind AS 110 and Ind AS 28, separate core business value from the value of stakes held, and spot where cross holdings inflate market caps, leak value through related party deals, or hide an unlocking opportunity. Built on real NSE and BSE cases including the Tata group and Tata Sons, Bajaj Holdings and Maharashtra Scooters, Grasim and Aditya Birla Capital, Mahindra and Mahindra, and Reliance Industries, using BSE shareholding filings, annual reports, SEBI regulations, and Screener.in throughout.
- Map any Indian business group from BSE shareholding pattern filings and annual report subsidiary lists
- Read standalone and consolidated statements correctly and know where associate and JV profits appear
- Split a company's value into core business value and the value of stakes it holds, without double counting
Understanding Distressed Debt and Turnaround Investing
A practical guide to investing in companies under financial stress, built for experienced Indian retail investors, active traders, and HNIs. Covers the full distress cycle: how the Insolvency and Bankruptcy Code works, why equity usually gets wiped out under the Section 53 waterfall, how to map a capital structure and estimate recovery value, which distressed instruments Indian investors can actually access, and how to separate a genuine turnaround from a value trap. Uses real cases throughout, including Bhushan Steel, Essar Steel, Jet Airways, Ruchi Soya, Suzlon, Vodafone Idea, and Yes Bank, with data from Screener.in, NCLT orders, and exchange filings.
- Read the Insolvency and Bankruptcy Code process from default to resolution and know where equity sits in the waterfall
- Map a stressed company's capital structure and estimate liquidation and recovery values
- Understand security receipts, stressed NCDs, and distressed credit AIFs and which ones a retail investor can access
Understanding Economic Moats and Competitive Advantage
A practical guide to identifying, measuring, and valuing durable competitive advantages in Indian listed companies. Built for experienced retail investors, mutual fund investors, and salaried professionals who already read financial statements and want to separate genuinely great businesses from temporarily good ones. Covers the five moat sources (intangibles, switching costs, network effects, cost advantages, efficient scale), how moats show up in ROCE, margins, and cash flows on Screener.in, how moats erode through disruption and regulation, and how to avoid overpaying for quality, using real NSE and BSE listed examples throughout.
Understanding Special Situations Investing: Spin Offs, Demergers, Buybacks
A strategy course on making money from corporate events rather than from earnings forecasts. Built for experienced retail investors, active traders, and HNIs who want a repeatable process for demergers, spin-offs, buybacks, open offers, delistings, rights issues, and merger arbitrage on NSE and BSE. Covers why these events create mispricing, where to find them before the crowd, how to read the scheme documents and SEBI filings that decide the payoff, how to size positions when capital is locked up, and how the post-October 2024 tax rules change the buyback trade. Anchored in real Indian cases including Jio Financial Services, ITC Hotels, Siemens Energy India, Tata Motors, TCS and Infosys buybacks, the Reliance and Bharti Airtel rights issues, the Vedanta five-way split, and the HDFC merger, using BSE corporate announcements, NCLT filings, SEBI regulations, and Screener.in throughout.
Valuation Methods: DCF, Relative Valuation, and When to Use Each
A practical, India-focused course for investors who can already read financial statements and now want to answer the harder question: what is this stock actually worth? Build a DCF from the ground up for an Indian listed company, from free cash flow and cost of equity using Indian government bond yields, through WACC, terminal value and the bridge to value per share. Then learn relative valuation properly: P/E, PEG, EV/EBITDA, P/B and historical valuation bands on screener.in, and how to pick a peer set that is genuinely comparable. Most importantly, learn which method fits which business, from FMCG and IT services to cyclicals, banks and NBFCs, loss-making new-age listings and holding companies. Finish with reverse DCF, common valuation traps, reconciling methods that disagree, and a full case study on a Nifty 50 company that ends in a buy, hold or avoid decision.