Altman Z″
Needs current assets and current liabilities.
Concall notes and the half-year checks appear once the filing read is in.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 21.2x earnings against its own median of 9.6x: 0.7 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Over the last year profit declined 7.3% even as revenue grew 60.5% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Why this reading: Flagged because the pattern is clear, material, and not explained by the visible numbers — the kind of thing worth understanding before anything else.
Trailing revenue ₹5,004 cr (up 60.5%) but trailing profit ₹639 cr (down 7.3%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Net margin has narrowed from 20.7% to 12.8% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Quarter net margin 12.8% vs 20.7% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-3,839 cr, negative in 6 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 59% over two years while the company also carries ₹52 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹32,278 cr from ₹20,323 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (82% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
CWIP ₹19,155 cr vs ₹20,033 cr two years earlier, against fixed assets ₹23,459 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Operating cash is 290% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹1,860 cr against trailing net profit ₹642 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Debt rose over 3 years, and most of it (101%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹18,219 cr largely matched by an asset build of ₹18,451 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are -2.5% of assets. Free cash flow negative in 6 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital and revenue are growing at broadly similar rates — the asset base is being used, not just added to.
cumulative operating cash flow ÷ cumulative net profit
₹21,856 cr ÷ ₹15,158 cr, over 12 years
1.44×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹642 − ₹1,860) cr ÷ average assets
-2.5%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
14.2% × 0.09 × 3.64
4.5%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹2,499 cr ÷ ₹1,298 cr
1.93×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹32,278 cr ÷ ₹14,239 cr
2.27×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +76% vs revenue +54%, FY2023 to FY2026
22pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Power). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 81.85% to 81.85% across these quarters.
FII held steady from 2.69% to 2.65% across these quarters.
MF trimmed from 1.15% to 0.92% across these quarters.
Other rose from 14.31% to 14.58% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 38 | 101 | 77 | 87 | 34 | 89 | 34 | 162 |
| Cash conversion cycle
Debtor + inventory − payable days | 38 | 101 | 77 | 87 | 34 | 89 | 34 | 162 |
| Working capital days | 61 | 38 | -46 | -215 | -395 | -418 | -409 | -467 |
| ROCE %
Return on capital employed | 16.0% | 15.0% | 15.0% | 9.0% | 9.0% | 5.0% | 5.0% | 6.0% |
What this sector is read on: Capacity, PLF or PAF, Generation, Regulated equity, Receivable days, Merchant share. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the Power and utilities framework (from the listed sector). Primary valuation lens: P/B against allowed RoE.
Read more closely in this sector: Regulatory receivables and late payment surcharge · Capacity announced against commissioned.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 2,485 | 2,417 | 2,938 | 2,579 | 3,072 | 4,528 |
| Other income | 425 | 195 | 310 | 380 | 308 | 180 |
| Depreciation | 393 | 404 | 396 | 557 | 676 | 1,042 |
| Finance cost | 42 | 226 | 449 | 482 | 743 | 1,298 |
| Profit before tax | 1,856 | 1,360 | 1,738 | 1,183 | 1,112 | 1,201 |
| Net profit (owners) | 1,646 | 990 | 1,359 | 911 | 818 | 642 |
| EPS (₹) | 4.19 | 2.52 | 3.46 | 2.32 | 2.09 | 1.63 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 878 | 543 | 483 | 870 | 1,026 | 671 | 504 | 917 | 1,032 | 1,082 | 1,496 | 1,394 |
| Other Income | 89 | 49 | 195 | 89 | 92 | 91 | 52 | 54 | 79 | 44 | 60 | 35 |
| Expenses | 172 | 175 | 256 | 224 | 198 | 207 | 264 | 211 | 172 | 309 | 587 | 545 |
| Depreciation | 102 | 112 | 242 | 131 | 133 | 137 | 275 | 160 | 171 | 216 | 494 | 247 |
| Finance cost | 124 | 122 | 121 | 143 | 198 | 229 | 159 | 216 | 315 | 245 | 522 | 326 |
| Profit before tax | 569 | 183 | 58 | 462 | 590 | 189 | -142 | 385 | 453 | 357 | -47 | 311 |
| Net Profit | 440 | 139 | 61 | 357 | 440 | 149 | -128 | 228 | 308 | 224 | -118 | 225 |
| EPS | 1.12 | 0.35 | 0.16 | 0.91 | 1.12 | 0.38 | -0.32 | 0.58 | 0.78 | 0.57 | -0.30 | 0.57 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 3,930 | 3,930 | 3,930 | 3,930 | 3,930 | 3,930 |
| Reserves | 8,861 | 9,241 | 9,930 | 10,141 | 10,249 | 10,309 |
| Borrowings | 2,174 | 6,906 | 14,059 | 20,323 | 27,025 | 32,278 |
| Net block | 8,007 | 7,866 | 8,489 | 10,906 | 11,610 | 23,459 |
| CWIP | 4,298 | 8,369 | 15,674 | 20,033 | 26,414 | 19,155 |
| Investments | 222 | 275 | 36 | 37 | 61 | 52 |
| Total Assets | 17,473 | 23,248 | 32,311 | 39,191 | 46,063 | 51,766 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,983 | 2,138 | 1,632 | 1,310 | 2,483 | 1,860 |
| Cash from investing | -1,145 | -6,132 | -6,877 | -5,502 | -6,430 | -3,481 |
| Cash from financing | -1,105 | 3,669 | 5,559 | 4,502 | 3,939 | 2,385 |
| Free cash flow | -83 | -2,290 | -5,212 | -4,340 | -4,186 | -3,839 |
| Net change in cash | -267 | -325 | 314 | 309 | -8 | 763 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
SJVN Ltd. reported revenue of ₹2,244 cr for July to September 2026, +117.4% on the year and +61.0% on the quarter. That is faster than this quarter has grown in recent years (+8.7% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹6,216 cr, +99.0% on the four before.
Operating profit (EBITDA) was ₹1,585 cr, a margin of 70.6%, −1,270 bps on the year and +966 bps on the quarter. Over the last 8 quarters the margin has ranged from 47.8% to 83.3%, averaging 67.7%. Operating costs grew +283.1%, faster than revenue at +117.4%, so operating profit grew less than sales.
Net profit was ₹658 cr, +113.6% on the year and +192.4% on the quarter, with earnings per share of ₹1.67. Profit before other income, one-offs and tax grew faster, at +123.0%; other income, one-offs or tax held the headline back. The tax rate was 26% against an average of 31% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹989 cr, +77.6% on the four before.
Of the 11 companies in Power and utilities that have reported Q2 FY27 so far, SJVN Ltd. ranks 1st on revenue growth; the sector median is +14.9%. Its margin moved −1,270 bps on the year against a sector median of +82 bps.
Most power earnings are regulated returns on equity, with fuel costs passed through, so revenue can swing with fuel prices while profit moves far less. The quarterly statements do not carry plant load factor, capacity added and regulated equity; those come with the filing read.
On earnings per share of ₹2.51 over the last four quarters, the stock at ₹53.42 trades at 21.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹543 cr | ₹483 cr | ₹870 cr | ₹1,026 cr | ₹671 cr | ₹504 cr | ₹917 cr | ₹1,032 cr | ₹1,082 cr | ₹1,496 cr | ₹1,394 cr | ₹2,244 cr |
| YoY | — | — | +29% | +17% | +24% | +4% | +5% | +1% | +61% | +197% | +52% | +117% |
| EBITDA margin | 67.8% | 47.0% | 74.3% | 80.7% | 69.2% | 47.8% | 77.1% | 83.3% | 71.4% | 60.8% | 61.0% | 70.6% |
| Other income, % of PBT | 27% | 336% | 19% | 16% | 48% | — | 14% | 17% | 12% | — | 11% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | −5% | 23% | 25% | 21% | — | 41% | 32% | 37% | — | 28% | 26% |
| Net profit | ₹139 cr | ₹61.0 cr | ₹357 cr | ₹440 cr | ₹149 cr | −₹128 cr | ₹228 cr | ₹308 cr | ₹224 cr | −₹118 cr | ₹225 cr | ₹658 cr |
| YoY | — | — | +31% | 0% | +7% | −310% | −36% | −30% | +50% | — | −1% | +114% |
| Core profit YoY | — | — | +28% | +4% | −27% | — | −11% | −25% | +219% | — | −17% | +123% |
| EPS | ₹0.35 | ₹0.16 | ₹0.91 | ₹1.12 | ₹0.38 | −₹0.32 | ₹0.58 | ₹0.78 | ₹0.57 | −₹0.30 | ₹0.57 | ₹1.67 |
| Flags | · | 2 | 1 | 1 | 3 | 1 | 1 | 1 | ✓ | 1 | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.