Date Change in Nifty Change in Ramco Change in 5Y Govt.

Ramco spread Risk Premium

Feb-22 -0.031 -0.0946 -0.0254 -0.0692 -0.0056
Jan-22 0.0171 -0.1344 0.0287 -0.1631 -0.0116
Dec-21 0.015 0.067 0.0297 0.0373 -0.0147
Nov-21 -0.0288 -0.1176 -0.0292 -0.0884 0.0004
Oct-21 -0.0123 0.0831 0.036 0.0471 -0.0483
Sep-21 0.0112 -0.0239 0.0016 -0.0255 0.0096
Aug-21 0.07 -0.0772 -0.0131 -0.0641 0.0831
Jul-21 0.0138 0.0658 0.001 0.0648 0.0128
Jun-21 -0.0143 0.0616 0.0236 0.038 -0.0379
May-21 0.0751 -0.0195 0.031 -0.0505 0.0441
Apr-21 -0.0016 -0.017 -0.05 0.033 0.0484
Mar-21 0.0277 0.0353 -0.0114 0.0467 0.0391
Feb-21 0.0744 0.2399 0.0895 0.1504 -0.0151
Jan-21 0.0004 -0.0193 0.0388 -0.0581 -0.0384
Dec-20 0.0848 -0.1073 0.0047 -0.112 0.0801
Nov-20 0.0925 0.1195 -0.0174 0.1369 0.1099
Oct-20 0.0456 0.0577 -0.0419 0.0996 0.0875
Sep-20 -0.0262 0.0872 -0.0148 0.102 -0.0114
Aug-20 0.0641 0.0016 0.097 -0.0954 -0.0329
Jul-20 0.0642 0.0895 -0.0555 0.145 0.1197
Jun-20 0.0747 0.0522 -0.0267 0.0789 0.1014
May-20 0.0109 0.0921 0.0536 0.0385 -0.0427
Apr-20 0.1391 0.0777 -0.0767 0.1544 0.2158
Mar-20 -0.2664 -0.334 -0.0494 -0.2846 -0.217
Feb-20 -0.089 -0.0144 -0.0833 0.0689 -0.0057
Jan-20 -0.0348 0.0354 -0.0117 0.0471 -0.0231
Dec-19 0.0077 -0.0575 0.036 -0.0935 -0.0283
Nov-19 -0.011 0.0203 -0.0056 0.0259 -0.0054
Oct-19 0.0242 0.0438 -0.0283 0.0721 0.0525
Sep-19 0.0659 0.0327 0.0163 0.0164 0.0496
Aug-19 -0.0585 -0.0113 0.0103 -0.0216 -0.0688
Jul-19 -0.0835 -0.0607 -0.0687 0.008 -0.0148
Jun-19 -0.0106 -0.0394 -0.0117 -0.0277 0.0011
May-19 0.0048 0.0538 -0.0668 0.1206 0.0716
Apr-19 -0.0018 0.0523 0.0581 -0.0058 -0.0599
Mar-19 0.093 0.0969 -0.0221 0.119 0.1151
Feb-19 0.0411 0.1169 -0.0183 0.1352 0.0594
Jan-19 -0.0603 -0.0613 -0.0025 -0.0588 -0.0578
Dec-18 -0.0034 0.0608 -0.0367 0.0975 0.0333
Nov-18 0.1305 0.0059 -0.0395 0.0454 0.17
Oct-18 -0.0922 -0.0676 -0.0306 -0.037 -0.0616
Sep-18 -0.0894 -0.067 0.0079 -0.0749 -0.0973
Aug-18 0.0048 -0.0399 0.0141 -0.054 -0.0093
Jul-18 0.0376 0.0222 -0.0059 0.0281 0.0435
Jun-18 -0.0418 -0.092 0.0142 -0.1062 -0.056
May-18 -0.0149 -0.0609 0.0069 -0.0678 -0.0218
Apr-18 -0.0089 0.1381 0.0636 0.0745 -0.0725
Mar-18 0.0269 -0.0383 -0.0192 -0.0191 0.0461
Feb-18 0.0065 -0.0075 0.0193 -0.0268 -0.0128
Jan-18 0.049 -0.0348 0.0251 -0.0599 0.0239
Dec-17 -0.011 0.1222 0.0358 0.0864 -0.0468
Nov-17 -0.0139 -0.0289 0.021 -0.0499 -0.0349
Oct-17 0.0324 0.0411 0.0179 0.0232 0.0145
Sep-17 -0.0467 0.0023 0.0206 -0.0183 -0.0673
Aug-17 0.0088 0.0178 -0.0082 0.026 0.017
Jul-17 0.0275 -0.0234 -0.0247 0.0013 0.0522
Jun-17 0.0243 -0.0403 -0.0353 -0.005 0.0596
May-17 0.0295 0.0536 -0.009 0.0626 0.0385
Apr-17 -0.0195 0.0218 0.0289 -0.0071 -0.0484
Mar-17 0.032 0.0105 -0.0198 0.0303 0.0518
10 Year bond Yield
6.88
6.77
6.684
6.454
6.326
6.388
6.223 0.55969%
6.215 -0.00283
6.204
6.051
6.022
6.03
6.177
6.229
5.949
5.894
5.911
5.881
6.015
6.078
5.837
5.888
6.013
6.11
6.138
6.371
6.599
6.554
6.46
6.643
6.695
6.556
6.369
6.879
7.032
7.414
7.346
7.591
7.483
7.37
7.607
7.853
8.024
7.951
7.772
7.903
7.826
7.767
7.398
7.726
7.43
7.326
7.058
6.862
6.663
6.525
6.465
6.511
6.661
6.961
6.658
Average Rf 6.73%
Covariance (Market, stock) 0.002823
Variance (Market) 0.003819
Beta 0.739116

0.009725
Date Change in nifty Change in Ramco Annualised nifty Annualised Ramco
Feb 27, 2022 0.81% -5.71% 0.5212057790064 -0.95298753118623
Feb 20, 2022 -3.58% -7.01% -0.8497928480417 -0.977160589988429
Feb 13, 2022 -0.57% -4.15% -0.2571402128117 -0.889645487865682
Feb 06, 2022 -0.81% -1.09% -0.3448657666753 -0.434424618838783
Jan 30, 2022 2.42% 3.70% 2.4674333178471 5.61447428250354
Jan 23, 2022 -2.92% -9.50% -0.7858352856384 -0.994431655211666
Jan 16, 2022 -3.50% -7.07% -0.8431731953172 -0.97791442392395
Jan 09, 2022 2.49% -1.60% 2.5928380612052 -0.567739931023222
Jan 02, 2022 2.64% 2.42% 2.8767291076339 2.46743331784709
Dec 26, 2021 2.06% 1.31% 1.8872828272638 0.967525630239139
Dec 19, 2021 0.11% 1.16% 0.0588342756905 0.821623729306389
Dec 12, 2021 -3.00% -1.30% -0.7948222883356 -0.493602050094427
Dec 05, 2021 1.83% 4.40% 1.5676668604289 8.38481963990938
Nov 28, 2021 1.00% -0.18% 0.6776889214629 -0.089429853662029
Nov 21, 2021 -4.16% -5.23% -0.8902425869342 -0.938781061842294
Nov 14, 2021 -1.87% -5.80% -0.6252915042711 -0.95526505113734
Nov 07, 2021 1.04% -1.80% 0.7125905862157 -0.611136335103393
Oct 31, 2021 1.39% 1.88% 1.0499647764284 1.63405407942904
Oct 24, 2021 -2.45% 10.64% -0.7246923787517 191.058127029942
Oct 17, 2021 -1.22% -3.07% -0.4718112644911 -0.802381743975083
Oct 10, 2021 2.48% -0.03% 2.5746544824881 -0.015481254513426
Oct 03, 2021 2.07% 0.40% 1.9020304704589 0.230702452565765
Sep 26, 2021 -1.80% 2.19% -0.6111363351034 2.08486921023644
Sep 19, 2021 1.52% -4.15% 1.1912083414134 -0.889645487865682
Sep 12, 2021 1.24% -4.23% 0.8980650714481 -0.89433446753891
Sep 05, 2021 0.26% 0.91% 0.1445648762731 0.601690947540546
Aug 29, 2021 3.70% 6.09% 5.6144742825035 20.6307396106014
Aug 22, 2021 1.55% 2.97% 1.2251343726385 3.58096593803213
Aug 15, 2021 -0.48% -2.23% -0.2213557120112 -0.690477667410332
Aug 08, 2021 1.79% -6.61% 1.515741111692 -0.971449118538719
Aug 01, 2021 3.01% -4.01% 3.6744243206508 -0.880943923271997
Jul 25, 2021 -0.59% -0.14% -0.2648705227281 -0.070260656208779
Jul 18, 2021 -0.42% -2.78% -0.1965657512872 -0.769170096291738
Jul 11, 2021 1.49% 3.33% 1.1577897730059 4.49255390974708
Jul 04, 2021 -0.21% 7.95% -0.103551847435 52.4044721497267
Jun 27, 2021 -0.87% -2.72% -0.3651581898832 -0.761644476584926
Jun 20, 2021 1.13% 1.62% 0.7937436494646 1.30631120966283
Jun 13, 2021 -0.73% 3.42% -0.3168168636193 4.74692776890265
Jun 06, 2021 0.82% 0.02% 0.5290723718905 0.0104532172339922
May 30, 2021 1.52% 2.72% 1.1912083414134 3.0370168089496
May 23, 2021 1.72% -3.04% 1.427338130569 -0.799176026969485
May 16, 2021 3.39% 6.36% 4.6608785428045 23.6872713318191
May 09, 2021 -0.98% -3.27% -0.400772213296 -0.822506781648869
May 02, 2021 1.31% -2.24% 0.9675256302391 -0.692119608085105
Apr 25, 2021 2.02% 2.80% 1.8290237807543 3.20379919106651
Apr 18, 2021 -1.89% -5.36% -0.6292421653398 -0.942998531512105
Apr 11, 2021 -1.46% -6.09% -0.5345714576527 -0.961892039319204
Apr 04, 2021 -0.22% 5.01% -0.10821127057 11.7055725659881
Mar 28, 2021 2.48% 7.15% 2.5746544824881 35.2738054718556
Mar 21, 2021 -1.61% 0.61% -0.5700183225319 0.371954624760959
Mar 14, 2021 -1.91% -5.26% -0.6331519661621 -0.939780689254947
Mar 07, 2021 0.62% -0.44% 0.379063536259 -0.20491387861788
Feb 28, 2021 2.81% 4.31% 3.2251163777521 7.9732374652698
Feb 21, 2021 -3.02% 0.64% -0.7970106053008 0.393389909752933
Feb 14, 2021 -1.20% 0.56% -0.4662214488116 0.336945683022336
Feb 07, 2021 1.60% 9.78% 1.2828260159567 126.999353221509
Jan 31, 2021 9.46% 11.59% 108.97224170813 298.581115983829
Jan 24, 2021 -5.13% -3.50% -0.9353300045792 -0.84317319531723
Jan 17, 2021 -0.43% -1.60% -0.2007505047573 -0.567739931023222
Jan 10, 2021 0.60% -3.45% 0.3648816577132 -0.838891497095844
Jan 03, 2021 2.35% 7.15% 2.3463244292792 35.2738054718556
Dec 27, 2020 1.96% 2.30% 1.7437907866668 2.26236803377617
Dec 20, 2020 -0.08% -7.75% -0.0407625651574 -0.984925202352459
Dec 13, 2020 1.83% -0.33% 1.5676668604289 -0.157922953234313
Dec 06, 2020 1.93% -4.97% 1.7021239015861 -0.929407604148744
Nov 29, 2020 2.23% -0.31% 2.1482902276492 -0.149091245431403
Nov 22, 2020 0.85% 4.69% 0.5529123096351 9.84102609611579
Nov 15, 2020 1.09% -0.30% 0.7572203346645 -0.144641388268639
Nov 08, 2020 3.72% 2.11% 5.6811376737123 1.96176339979806
Nov 01, 2020 5.34% 5.03% 13.957269853857 11.8320193314054
Oct 25, 2020 -2.41% 1.63% -0.7187603582304 1.31814250455397
Oct 18, 2020 1.43% 0.49% 1.0924453559314 0.289401003011706
Oct 11, 2020 -1.27% 1.22% -0.4855358404979 0.878664870886477
Oct 04, 2020 4.36% 3.34% 8.1996575688278 4.52026307290997
Sep 27, 2020 3.32% 5.17% 4.4649811721675 12.7523666909593
Sep 20, 2020 -3.95% -4.85% -0.8770118699867 -0.924619811975313
Sep 13, 2020 0.35% 6.05% 0.1992330664952 20.2106993603464
Sep 06, 2020 1.15% -1.82% 0.8122834713626 -0.615233330869379
Aug 30, 2020 -2.69% -0.51% -0.7577919501446 -0.233467796699764
Aug 23, 2020 2.43% -1.45% 2.4850818417454 -0.532109003777108
Aug 16, 2020 1.73% 7.64% 1.4397780169665 44.9866562677667
Aug 09, 2020 -0.32% -1.42% -0.1535183958842 -0.524644723960108
Aug 02, 2020 1.27% -0.54% 0.9275343176349 -0.245395041526739
Jul 26, 2020 -1.08% 0.41% -0.4314435381095 0.237092824942914
Jul 19, 2020 2.68% 4.12% 2.9560768540046 7.16161850239821
Jul 12, 2020 1.24% 2.26% 0.8980650714481 2.19669348773436
Jul 05, 2020 1.51% 1.03% 1.1800128036745 0.7037989859905
Jun 28, 2020 2.16% -0.40% 2.0381273984926 -0.188131674490098
Jun 21, 2020 1.35% -0.24% 1.0083303782881 -0.117458971509619
Jun 14, 2020 2.72% 3.14% 3.0370168089496 3.99126476219389
Jun 07, 2020 -1.67% -1.12% -0.5834433841471 -0.443276180914097
May 31, 2020 5.86% 4.73% 18.322275144837 10.0585295750626
May 24, 2020 5.99% 5.68% 19.595597320663 16.6858460192329
May 17, 2020 -1.07% -0.71% -0.4284470481902 -0.309622615615866
May 10, 2020 -1.24% 11.01% -0.4773436568587 227.47008221489
May 03, 2020 -6.17% -6.24% -0.9635439804107 -0.964931666257393
Apr 26, 2020 7.71% 2.72% 46.567830716388 3.0370168089496
Apr 19, 2020 -1.21% -0.75% -0.4690235709431 -0.323937569154112
Apr 12, 2020 1.70% 9.50% 1.4026446963412 111.081567778315
Apr 05, 2020 12.72% 4.47% 504.88402495389 8.71768740422864
Mar 29, 2020 -6.66% -6.40% -0.9722332263142 -0.96791189024993
Mar 22, 2020 -0.97% -14.71% -0.3976172724623 -0.999744904998215
Mar 15, 2020 -12.15% -9.40% -0.9988126689555 -0.994102522682648
Mar 08, 2020 -9.41% -9.95% -0.994136276244 -0.995703119338276
Mar 01, 2020 -1.90% -5.53% -0.6312021472847 -0.948086106895938
Feb 23, 2020 -7.28% -4.25% -0.9803655837554 -0.895475837292273
Feb 16, 2020 -0.27% 1.25% -0.1311544320364 0.907838717660001
Feb 09, 2020 0.12% 0.06% 0.0643481967037 0.0316821688890061
Feb 02, 2020 1.14% 1.60% 0.80299018863 1.28282601595671
Jan 26, 2020 -2.34% -10.02% -0.7080762445955 -0.995873409071455
Jan 19, 2020 -0.84% 5.95% -0.3550902527346 19.1952844434867
Jan 12, 2020 0.78% 0.23% 0.4978433962587 0.126891177033391
Jan 05, 2020 0.25% 7.44% 0.1386436465532 40.7476450533549
Dec 29, 2019 -0.16% 1.42% -0.0798942142907 1.08174496542456
Dec 22, 2019 -0.21% -1.08% -0.103551847435 -0.431443538109473
Dec 15, 2019 1.53% -2.17% 1.2024602630162 -0.680444141984261
Dec 08, 2019 1.39% -0.96% 1.0499647764284 -0.394446041917765
Dec 01, 2019 -1.12% -2.20% -0.4432761809141 -0.685500145430737
Nov 24, 2019 1.19% 0.96% 0.8499286877517 0.643485129232359
Nov 17, 2019 0.16% 1.08% 0.0866868834206 0.748204077671907
Nov 10, 2019 -0.11% -1.46% -0.0556245628814 -0.534571457652709
Nov 03, 2019 0.15% -0.57% 0.0810594780154 -0.257140212811676
Oct 27, 2019 2.65% 6.02% 2.896418464622 19.9009292085475
Oct 20, 2019 -0.67% 0.10% -0.2950105068139 0.0533483733444455
Oct 13, 2019 3.16% 4.82% 4.041843259448 10.563680374465
Oct 06, 2019 1.17% -0.33% 0.8310111952304 -0.157922953234313
Sep 29, 2019 -2.93% -4.68% -0.7869794309714 -0.917287765982182
Sep 22, 2019 2.11% 0.09% 1.9617633997981 0.0478903500682093
Sep 15, 2019 1.79% 2.06% 1.515741111692 1.88728282726374
Sep 08, 2019 1.18% 5.23% 0.8404461030339 13.1663399941615
Sep 01, 2019 -0.70% -3.17% -0.3059976808194 -0.812709194973691
Aug 25, 2019 1.79% 0.97% 1.515741111692 0.651971404729488
Aug 18, 2019 -1.98% -1.17% -0.6465204404413 -0.457727777014347
Aug 11, 2019 -0.56% -3.24% -0.2532452170264 -0.819621527913357
Aug 04, 2019 1.02% 4.22% 0.6950516539831 7.57937358106609
Jul 28, 2019 -2.54% -3.62% -0.7375943593548 -0.852999117430466
Jul 21, 2019 -1.18% -1.53% -0.460573625602 -0.551456289030135
Jul 14, 2019 -1.15% -1.26% -0.4519918343457 -0.48281920436507
Jul 07, 2019 -2.19% -0.66% -0.6838235906278 -0.291310343327453
Jun 30, 2019 0.19% -0.85% 0.103742037338 -0.358463509308295
Jun 23, 2019 0.55% -2.58% 0.3300497825071 -0.743136431189827
Jun 16, 2019 -0.84% 2.78% -0.3550902527346 3.16148078950991
Jun 09, 2019 -0.40% -1.24% -0.1881316744901 -0.477343656858686
Jun 02, 2019 -0.44% -2.86% -0.2049138786179 -0.778842763189662
May 26, 2019 0.66% 0.21% 0.4078622212562 0.115257701101479
May 19, 2019 3.83% 9.15% 6.0597351526893 93.8930667447267
May 12, 2019 1.14% 0.24% 0.80299018863 0.132752463303944
May 05, 2019 -3.70% -4.71% -0.8592115814938 -0.918630621044565
Apr 28, 2019 -0.36% -0.34% -0.171002194399 -0.162305030531664
Apr 21, 2019 0.02% 0.76% 0.010453217234 0.482464352113218
Apr 14, 2019 0.94% 0.94% 0.6266406481012 0.626640648101247
Apr 07, 2019 -0.19% 1.48% -0.0941612591916 1.1467617300136
Mar 31, 2019 0.36% 3.20% 0.205463145882 4.14451288314859
Mar 24, 2019 1.46% 3.84% 1.1248712234773 6.09517859551456
Mar 17, 2019 0.26% 0.72% 0.1445648762731 0.4521694270565
Mar 10, 2019 3.55% -2.83% 5.1348700511512 -0.775263019273586
Mar 03, 2019 1.58% 5.28% 1.2595754191913 13.5206335682778
Feb 24, 2019 0.67% 7.92% 0.4151535585754 51.638160810334
Feb 17, 2019 0.63% 4.42% 0.3862085712755 8.47876642357296
Feb 10, 2019 -2.00% -0.14% -0.6502514392443 -0.070260656208779
Feb 03, 2019 0.46% 1.49% 0.2695360532905 1.15778977300585
Jan 27, 2019 1.05% 3.98% 0.7214266742753 6.61009855345064
Jan 20, 2019 -1.16% -7.00% -0.4548672048204 -0.977032521166673
Jan 13, 2019 1.04% -0.88% 0.7125905862157 -0.368479787573706
Jan 06, 2019 0.63% 0.20% 0.3862085712755 0.109485216086983
Dec 30, 2018 -1.22% -1.69% -0.4718112644911 -0.587826375486082
Dec 23, 2018 0.98% 1.39% 0.6605006528832 1.04996477642839
Dec 16, 2018 -0.48% 0.04% -0.2213557120112 0.0210135813572521
Dec 09, 2018 1.05% 5.78% 0.7214266742753 17.577414000068
Dec 02, 2018 -1.68% -1.43% -0.5856405636055 -0.527145702075673
Nov 25, 2018 3.32% -2.70% 4.4649811721675 -0.759082862737116
Nov 18, 2018 -1.46% 0.10% -0.5345714576527 0.0533483733444455
Nov 11, 2018 0.92% -0.69% 0.6099655235256 -0.302354080642636
Nov 04, 2018 0.31% 3.36% 0.1746270056253 4.57609332598184
Oct 28, 2018 5.21% 7.49% 13.027008858501 41.7700019502685
Oct 21, 2018 -2.65% -2.77% -0.7525601153636 -0.76793221393071
Oct 14, 2018 -1.61% -1.36% -0.5700183225319 -0.509364118022228
Oct 07, 2018 1.51% -6.40% 1.1800128036745 -0.96791189024993
Sep 30, 2018 -5.62% -2.78% -0.9505964000456 -0.769170096291738
Sep 23, 2018 -1.91% -0.23% -0.6331519661621 -0.112846939013683
Sep 16, 2018 -3.23% -1.03% -0.8186495929956 -0.416305429179267
Sep 09, 2018 -0.64% -1.93% -0.2838527850989 -0.637021321138429
Sep 02, 2018 -0.78% -3.66% -0.3344823459428 -0.856138235449883
Aug 26, 2018 1.07% 1.27% 0.7392331977075 0.927534317634939
Aug 19, 2018 0.75% -0.15% 0.4748330126387 -0.075089736460908
Aug 12, 2018 0.36% 3.02% 0.205463145882 3.69807957318684
Aug 05, 2018 0.60% -2.60% 0.3648816577132 -0.745864252985509
Jul 29, 2018 0.73% -5.94% 0.4596857404115 -0.958594439372727
Jul 22, 2018 2.44% 14.49% 2.50281845694 1136.39909736431
Jul 15, 2018 -0.08% -4.07% -0.0407625651574 -0.884752606363436
Jul 08, 2018 2.29% -6.04% 2.245826395288 -0.960822526863878
Jul 01, 2018 0.54% -0.36% 0.3231887701581 -0.171002194399034
Jun 24, 2018 -0.99% 0.44% -0.403910946462 0.256459834942946
Jun 17, 2018 0.04% -4.32% 0.0210135813573 -0.899376211277882
Jun 10, 2018 0.46% -2.31% 0.2695360532905 -0.703376401425909
Jun 03, 2018 0.67% -2.38% 0.4151535585754 -0.7142292512837
May 27, 2018 0.86% -2.41% 0.5609396729054 -0.718760358230445
May 20, 2018 0.08% -6.79% 0.042460066946 -0.974174400326334
May 13, 2018 -1.94% 0.29% -0.6389409598069 0.16251035018574
May 06, 2018 1.77% 3.13% 1.4901658612922 3.96616246330204
Apr 29, 2018 -0.69% 0.02% -0.3023540806426 0.0104532172339922
Apr 22, 2018 1.21% -3.58% 0.8690378337798 -0.849792848041694
Apr 15, 2018 0.80% 1.61% 0.5133788828885 1.29453914370444
Apr 08, 2018 1.44% 5.74% 1.1031996845397 17.2156182301147
Apr 01, 2018 2.15% 8.64% 2.022701700637 73.3819159242327
Mar 25, 2018 1.16% -1.45% 0.8216237293064 -0.532109003777108
Mar 18, 2018 -1.93% -0.86% -0.6370213211384 -0.361819459338108
Mar 11, 2018 -0.31% 2.05% -0.1490912454314 1.87260869510924
Mar 04, 2018 -2.21% -2.22% -0.6871679802196 -0.688827139463811
Feb 25, 2018 -0.31% 3.35% -0.1490912454314 4.54810932336902
Feb 18, 2018 0.37% -0.88% 0.2117249652767 -0.368479787573706
Feb 11, 2018 -0.03% 1.94% -0.0154812545134 1.71594343810015
Feb 04, 2018 -2.84% -3.46% -0.7764625363575 -0.839756909208856
Jan 28, 2018 -2.79% -6.10% -0.7704015019302 -0.962102479387974
Jan 21, 2018 1.61% -0.17% 1.2945391437045 -0.084674212593278
Jan 14, 2018 2.00% -0.70% 1.8003281854482 -0.305997680819419
Jan 07, 2018 1.16% -1.15% 0.8216237293064 -0.451991834345743
Dec 31, 2017 0.27% 1.86% 0.1505163026882 1.60729958602781
Dec 24, 2017 0.36% 0.97% 0.205463145882 0.651971404729488
Dec 17, 2017 1.55% 10.20% 1.2251343726385 155.114382229846
Dec 10, 2017 0.66% 1.73% 0.4078622212562 1.43977801696652
Dec 03, 2017 1.42% 0.03% 1.0817449654246 0.0157199388991982
Nov 26, 2017 -2.58% -2.23% -0.7431364311898 -0.690477667410332
Nov 19, 2017 1.03% -2.40% 0.7037989859905 -0.717257874365998
Nov 12, 2017 -0.37% 4.19% -0.1753175043077 7.45189275256142
Nov 05, 2017 -1.25% -3.28% -0.4800885002901 -0.823458436563799
Oct 29, 2017 1.25% 0.56% 0.90783871766 0.336945683022336
Oct 22, 2017 1.74% 4.20% 1.4522804244628 7.49417855705405
Oct 15, 2017 -0.21% 0.61% -0.103551847435 0.371954624760959
Oct 08, 2017 1.88% -2.95% 1.6340540794291 -0.789249765919756
Oct 01, 2017 1.95% 1.86% 1.7298322862001 1.60729958602781
Sep 24, 2017 -1.76% -2.20% -0.6028135744079 -0.685500145430737
Sep 17, 2017 -1.20% -5.54% -0.4662214488116 -0.948371091392746
Sep 10, 2017 1.52% 3.41% 1.1912083414134 4.71810311337833
Sep 03, 2017 -0.40% 4.65% -0.1881316744901 9.62771988262354
Aug 27, 2017 1.19% 3.78% 0.8499286877517 5.8851063141541
Aug 20, 2017 0.20% -2.47% 0.109485216087 -0.7276121954863
Aug 13, 2017 1.30% 3.46% 0.957452169028 4.86365826749662
Aug 06, 2017 -3.53% -3.94% -0.8456884323558 -0.876344260288355
Jul 30, 2017 0.52% 2.94% 0.309570718542 3.51207721949412
Jul 23, 2017 1.00% -1.42% 0.6776889214629 -0.524644723960108
Jul 16, 2017 0.29% -4.53% 0.1625103501857 -0.910240593280764
Jul 09, 2017 2.28% 0.69% 2.2293670252465 0.429847513758138
Jul 02, 2017 1.52% 1.57% 1.1912083414134 1.24803737569609
Jun 25, 2017 -0.56% 1.64% -0.2532452170264 1.33003332050515
Jun 18, 2017 -0.14% -1.44% -0.0702606562088 -0.529633773579072
Jun 11, 2017 -0.83% -2.71% -0.3516996021264 -0.760367026686447
Jun 04, 2017 0.15% -0.93% 0.0810594780154 -0.384833785470661
May 28, 2017 0.61% 3.36% 0.371954624761 4.57609332598184
May 21, 2017 1.77% 0.76% 1.4901658612922 0.482464352113218
May 14, 2017 0.29% -2.40% 0.1625103501857 -0.717257874365998
May 07, 2017 1.24% 4.28% 0.8980650714481 7.84001841696882
Apr 30, 2017 -0.20% -1.20% -0.0988685502807 -0.466221448811566
Apr 23, 2017 2.02% 2.44% 1.8290237807543 2.50281845693999
Apr 16, 2017 -0.34% -0.47% -0.1623050305317 -0.217276790874934
Apr 09, 2017 -0.52% 0.00% -0.2374639452879 0
Apr 02, 2017 0.27% 0.22% 0.1505163026882 0.121059638978426
Mar 26, 2017 0.72% 3.30% 0.4521694270565 4.41024234254574
Mar 19, 2017 -0.57% 2.59% -0.2571402128117 2.77973672524418
Mar 12, 2017 2.52% 1.32% 2.6479348261161 0.977649929648634
Mar 05, 2017 0.42% -4.79% 0.24351573771 -0.922107904407977
Feb 26, 2017 -0.47% 0.91% -0.2172767908749 0.601690947540546
Feb 19, 2017 1.34% -3.32% 0.9980520503294 -0.827215265399373
Feb 12, 2017 0.32% -2.09% 0.1807316947679 -0.666568497440937
Feb 05, 2017 0.60% -2.00% 0.3648816577132 -0.650251439244333
Jan 29, 2017 1.15% 6.07% 0.8122834713626 20.419709686069
Jan 22, 2017 3.50% 6.99% 4.9827132709579 32.5618390996964
Jan 15, 2017 -0.61% 2.53% -0.2725219210553 2.66648390971567
Jan 08, 2017 1.90% 4.55% 1.6610777782151 9.11229969071253
Jan 01, 2017 0.71% 5.43% 0.4446910766774 14.6364708275188
 Nifty Ramco
GM 0.1483562 0.057825
covariance 0.0005088
variance 0.0005793
Beta 0.8783446

therefore, RM = 14.836%
Beta Levered= 0.878345 Bu = BL/(1+(1-t)*(D/E))
average Rf= 6.73% Bu=
Rm-Rf= 8.10%

cost of equity= 6.732% (using CAPM)

cost of debt= 10.28%
cost of unlevered equi 6.73%

Kd= govt bond +goto latest report on crisil or screener.com for long term debt
for company
how to find out premium ; if B+ then premium = 7%
(goto CRISIL or screener.in .. Bottom page .. Recent ratings for long term bond)
(last approach) balance sheet of company, notes to accounts.. Data regarding debt if bank loan, debenture etc. ..
Interest divided by EBIT .. That can also be cost of debt
ng term bond)
bt if bank loan, debenture etc. .. Take that interest rate
Cost of Equity (CAPM)
risk free rate 6.732% for Rf calculation
market rate (Nifty) 14.84% For market return calculation
Beta caculated (BL) 0.878 for Beta calculation

Return on Equity (Re) 13.85%

Back

Bu = BL/(1+(1-t)*(D/E))
Bu 0.620506828
(considering tax rate to be 25%)

Gordon's method= D1/P0 + g g= retention rate*ROE

D1 0.0
P0 674.1
r 13.46%
Total value
Debt/Value 0.56932 0.52941 0.54200
Equity/value 0.43068 0.47059 0.45800
Debt/Equity 1.32191 1.12498 1.18340

Dividends 0 0 0

retention 100.00% 100.00% 100.00%

ROE 0.18782372 0.170261857 0.046581136
growth each year 0.18782372 0.170261857 0.046581136
GM of growth (average growth) 13.46%
 2020 2021
0.51007 0.41371 0.28085 0.22189 0.27646 0.37978 0.35651
0.48993 0.58629 0.71915 0.77811 0.72354 0.62022 0.64349
1.04110 0.70565 0.39053 0.28516 0.38209 0.61232 0.55404

0 0 0 0 0 0 0

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

0.093719895 0.1739814413 0.174524675 0.137048994 0.112451285 0.120659318 0.136569996
0.093719895 0.1739814413 0.174524675 0.137048994 0.112451285 0.120659318 0.136569996
Return on Equity (Re) 13.85% risk free rate 0.06732
Cost of debt (Rd) 10.28% market rate (Nifty) 0.1484
Debt/Value 0.36 Unlevered Beta 0.621
Equity/value 0.64 Business risk premium 5.03%
Debt/Equity 0.55 Financial risk premium 2.09%
Tax rate 25.00%
WACC 11.66152%

CRP 2.18%
DRP 1.37%

Unlevered Cost Of Equity ke = Rf + Bu(Rm-Rf)

ke 11.761%
The Ramco Cements Limited (NSEI:RAMCOCEM) > Financials > Balance Shee

In Millions of the reported  

currency, except per share
items. Template: Standard RestatementLatest Filings
Period Type:Annual   Order: Latest on Right
Currency: Reported Cur   Conversion: Today's Spot Rate
Units: S&P Capital I   Decimals: Capital IQ (Default)
Source: Capital IQ &  

Balance Sheet

Reclassifie Reclassifie Reclassifie

Balance Sheet as of: d d d Restated Restated Restated
Mar-31-2012 Mar-31-2013 Mar-31-2014 Mar-31-2015 Mar-31-2016 Mar-31-2017 Mar-31-2018 Mar-31-2019
Currency INR INR INR INR INR INR INR INR
ASSETS
Cash And Equivalents 474.9 539.6 454.0 628.6 911.3 833.4 890.4 596.3
Short Term Investments - - - - - - - 60.0
Total Cash & ST Investments 474.9 539.6 454.0 628.6 911.3 833.4 890.4 656.3

Accounts Receivable 2,079.4 3,100.4 3,071.3 3,825.4 4,731.3 5,569.3 4,464.9 4,956.9
Other Receivables 633.7 428.1 550.6 439.7 588.0 376.9 362.0 814.3
Notes Receivable 164.6 284.6 142.0 131.2 209.8 272.8 247.5 274.1
Total Receivables 2,877.7 3,813.1 3,763.9 4,396.3 5,529.1 6,219.0 5,074.4 6,045.3

Inventory 4,910.9 5,947.5 6,855.3 5,216.5 5,501.7 5,765.7 5,612.5 5,610.8

Prepaid Exp. 47.7 132.2 105.9 61.9 59.5 56.8 108.1 260.4
Restricted Cash - - - - - 39.6 37.4 32.6
Other Current Assets 2,050.3 1,956.8 1,010.3 881.3 1,340.2 1,303.3 1,263.1 1,199.7
Total Current Assets 10,361.5 12,389.2 12,189.4 11,184.6 13,341.8 14,217.8 12,985.9 13,805.1

Gross Property, Plant & Equipme 61,299.3 64,721.5 68,517.0 72,772.0 76,034.2 78,519.8 82,605.0 92,433.8
Accumulated Depreciation (15,433.8) (18,107.9) (19,933.5) (22,360.8) (25,181.0) (27,540.8) (29,828.1) (32,292.4)
Net Property, Plant & Equipme 45,865.5 46,613.6 48,583.5 50,411.2 50,853.2 50,979.0 52,776.9 60,141.4

Long-term Investments 887.4 887.5 882.8 1,421.1 1,952.5 2,104.5 2,416.8 2,607.4
Other Intangibles 561.5 891.9 1,452.2 1,040.6 877.7 872.3 766.5 764.9
Accounts Receivable Long-Term 31.6 14.9 16.2 20.6 - - - -
Loans Receivable Long-Term 104.4 126.6 179.5 194.7 134.9 149.4 140.8 164.5
Deferred Tax Assets, LT - - - - - - - 4.2
Other Long-Term Assets 2,770.5 3,790.1 5,151.4 5,784.7 2,282.8 2,382.1 2,607.6 4,550.4
Total Assets 60,582.4 64,713.8 68,455.0 70,057.5 69,442.9 70,705.1 71,694.5 82,037.9
LIABILITIES
Accounts Payable 939.3 1,430.8 1,759.0 2,295.8 2,148.0 2,562.2 2,683.3 2,583.6
Accrued Exp. 153.1 181.2 139.1 572.9 883.3 836.1 1,090.9 880.3
Short-term Borrowings 6,131.9 5,880.8 7,236.2 5,536.1 7,016.6 6,803.6 6,359.6 8,277.3
Curr. Port. of LT Debt 5,964.7 6,859.1 6,662.0 4,532.1 4,502.7 2,916.1 1,191.6 2,064.1
Curr. Port. of Leases - - - - - - - -
Curr. Income Taxes Payable 1,110.6 1,173.8 323.0 319.0 55.6 45.4 0.3 -
Unearned Revenue, Current - - - - 176.2 309.1 618.0 580.0
Other Current Liabilities 753.6 598.3 927.3 1,030.7 5,550.1 6,782.3 6,296.6 6,290.2
Total Current Liabilities 15,053.2 16,124.0 17,046.6 14,286.6 20,332.5 20,254.8 18,240.3 20,675.5

Long-Term Debt 15,007.5 13,930.6 15,203.5 17,273.4 10,594.6 5,110.4 4,187.8 7,011.8
Long-Term Leases - - - - - - - -
Unearned Revenue, Non-Current - - - - 77.1 114.8 127.1 130.7
Def. Tax Liability, Non-Curr. 6,491.8 7,163.6 7,372.6 8,276.1 7,083.9 7,215.0 7,886.5 8,646.0
Other Non-Current Liabilities 3,526.1 3,788.0 4,240.8 3,959.1 16.4 36.1 86.5 156.9
Total Liabilities 40,078.6 41,006.2 43,863.5 43,795.2 38,104.5 32,731.1 30,528.2 36,620.9

Common Stock 238.0 238.0 238.0 238.1 238.1 238.1 235.6 235.6
Additional Paid In Capital - - - - - - - -
Retained Earnings 20,252.0 23,455.8 24,322.5 25,989.3 29,324.8 36,678.9 40,294.9 44,523.6
Treasury Stock - - - - - - - -
Comprehensive Inc. and Other 13.8 13.8 28.8 28.8 1,768.5 1,037.6 595.9 610.8
Total Common Equity 20,503.8 23,707.6 24,589.3 26,256.2 31,331.4 37,954.6 41,126.4 45,370.0

Minority Interest - - 2.2 6.1 7.0 19.4 39.9 47.0

Total Equity 20,503.8 23,707.6 24,591.5 26,262.3 31,338.4 37,974.0 41,166.3 45,417.0

Total Liabilities And Equity 60,582.4 64,713.8 68,455.0 70,057.5 69,442.9 70,705.1 71,694.5 82,037.9

Supplemental Items
Total Shares Out. on Filing Date 238.0 238.0 238.0 238.1 238.1 238.1 235.6 235.6
Total Shares Out. on Balance She 238.0 238.0 238.0 238.1 238.1 238.1 235.6 235.6
Book Value/Share 86.16 99.62 103.33 110.28 131.6 159.42 174.58 192.59
Tangible Book Value 19,942.3 22,815.7 23,137.1 25,215.6 30,453.7 37,082.3 40,359.9 44,605.1
Tangible Book Value/Share 83.8 95.88 97.23 105.91 127.92 155.76 171.32 189.34
Total Debt 27,104.1 26,670.5 29,101.7 27,341.6 22,113.9 14,830.1 11,739.0 17,353.2
Net Debt 26,629.2 26,130.9 28,647.7 26,713.0 21,202.6 13,996.7 10,848.6 16,696.9
Debt Equiv. of Unfunded Proj. Ben 126.2 142.3 165.2 187.2 214.8 234.6 255.2 225.8
Debt Equivalent Oper. Leases 448.8 702.4 1,004.0 848.0 864.8 906.4 1,022.4 1,099.2
Total Minority Interest NA NA 2.2 6.1 7.0 19.4 39.9 47.0
Equity Method Investments NA NA 369.1 906.8 1,698.9 1,839.2 2,123.1 2,319.9
Inventory Method Avg Cost Avg Cost Avg Cost Avg Cost Avg Cost Avg Cost Avg Cost Avg Cost
Raw Materials Inventory 1,372.2 1,453.8 1,781.2 1,561.5 1,712.9 1,955.5 1,805.7 1,569.2
Work in Progress Inventory 478.6 606.0 533.9 603.8 589.1 484.8 559.7 400.1
Finished Goods Inventory 350.9 723.5 600.7 500.9 454.0 406.0 361.9 338.5
Other Inventory Accounts 2,709.2 3,164.2 3,939.5 2,550.3 2,745.7 2,919.4 2,885.2 3,303.0
Land 3,392.7 3,622.9 4,019.4 4,341.9 5,057.7 5,489.5 6,988.7 8,097.9
Buildings 4,228.8 4,840.1 5,045.6 6,643.1 7,720.0 8,125.3 8,743.9 9,207.5
Machinery 47,459.4 53,767.9 54,806.9 58,056.0 60,261.0 62,310.8 63,725.5 65,129.7
Construction in Progress 5,223.4 1,479.6 3,495.2 2,575.8 1,383.1 974.2 1,500.3 8,307.7
Full Time Employees 2,626 2,787 2,937 2,883 2,846 2,883 3,034 3,188
Accum. Allowance for Doubtful Ac NA 30.0 30.0 30.0 102.5 99.2 99.2 69.3
Filing Date Jun-30-2013 Jul-01-2014 Jul-08-2015 Jul-04-2016 Aug-21-2017 Jun-29-2018 Jul-09-2019 Aug-13-2020
Restatement Type RC RC RD RS RS NC RS NC
Calculation Type REP REP REP REP REP REP REP REP

Note: For multiple class companies, total share counts are primary class equivalent, and for foreign companies listed as primary ADRs, total share counts are AD
> Balance Sheet

Press
Release
Dec-31-
Mar-31-2020 Mar-31-2021 2021
INR INR INR

639.3 1,081.1 -
- - -
639.3 1,081.1 763.8

5,329.4 3,828.5 -
1,801.4 1,615.8 -
298.2 277.3 -
7,429.0 5,721.6 -

6,468.8 5,993.4 -
160.8 215.1 -
25.8 66.1 -
1,033.4 1,511.8 -
15,757.1 14,589.1 -

111,299.8 128,495.2 -
(34,693.3) (37,479.4) -
76,606.5 91,015.8 -

2,775.9 3,070.6 -
821.4 869.8 -
- - -
280.7 431.3 -
4.0 3.5 -
5,082.0 4,569.1 -
101,327.6 114,549.2 -
 3,429.8 3,645.2 -
753.1 1,239.3 -
8,337.0 3,914.1 -
3,916.9 6,169.8 -
1.0 1.1 -
- 0.1 -
657.9 1,238.2 -
6,267.5 7,985.9 -
23,363.2 24,193.7 -

18,323.4 21,626.2 -
80.6 79.5 -
128.3 114.5 -
9,121.9 10,834.6 -
240.3 320.6 -
51,257.7 57,169.1 -

235.6 235.9 -
- 222.4 -
48,931.7 56,007.0 -
- - -
846.2 851.7 -
50,013.5 57,317.0 64,273.2

56.4 63.1 -

50,069.9 57,380.1 64,347.8

101,327.6 114,549.2 -

235.6 235.9 235.9

235.6 235.9 235.9
212.3 242.98 272.35
49,192.1 56,447.2 63,267.9
208.82 239.29 268.09
30,658.9 31,790.7 35,704.4
30,019.6 30,709.6 34,940.6
263.2 317.0 NA
1,096.0 1,104.8 NA
56.4 63.1 74.6
2,498.9 2,790.9 NA
Avg Cost Avg Cost NA
1,821.9 1,812.9 NA
537.7 398.2 NA
 674.8 349.1 NA
3,434.4 3,433.2 NA
8,769.8 9,029.5 NA
10,061.5 10,801.1 NA
72,380.9 81,839.0 NA
18,142.7 23,254.6 -
3,327 3,374 NA
66.0 68.0 NA
Jul-21-2021 Jul-21-2021 NA
NC O NV
REP REP FWD

DRs, total share counts are ADR-equivalent.

The Ramco Cements Limited (NSEI:RAMCOCEM) > Financials > Income State

In Millions of the reported

currency, except per share
items.

Income Statement
Reclassified Restated
For the Fiscal Period Ending 12 months 12 months 12 months 12 months 12 months 12 months 12 months
Mar-31-2017 Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021 Mar-31-2022 Mar-31-2023
Currency INR INR INR INR INR INR INR

Revenue 39,673.3 44,250.4 51,623.4 53,893.0 52,910.0

Other Revenue 58.7 0.3 - - -
Total Revenue 39,732.0 44,250.7 51,623.4 53,893.0 52,910.0 55,026.40 57,227.46

Cost Of Goods Sold 12,623.4 15,677.2 19,931.4 20,276.6 17,567.0 19,259.24 20,029.61
Gross Profit 27,108.6 28,573.5 31,692.0 33,616.4 35,343.0 35,767.16 37,197.85

Selling General & Admin Exp. 11,008.4 13,316.9 16,359.8 17,027.2 14,995.2 15,606.93 16,243.6
Provision for Bad Debts 7.2 4.2 - - 22.7 - -
R & D Exp. - - - - - - -
Depreciation & Amort. 2,858.3 2,936.8 2,999.6 3,165.4 3,565.6 4,016.40 4,524.2
Other Operating Expense/(Inco 3,800.4 3,932.2 4,793.2 5,009.9 4,633.1 4,842.56 5,061.5

Other Operating Exp., Total 17,674.3 20,190.1 24,152.6 25,202.5 23,216.6 24,465.9 25,829.3

Operating Income 9,434.3 8,383.4 7,539.4 8,413.9 12,126.4 11,301.27 11,368.5

Interest Expense (1,038.4) (577.1) (488.7) (661.7) (790.7) (647.0) (699.8)

Interest and Invest. Income 230.0 127.4 80.6 119.3 92.4 97.4 103.0
Net Interest Exp. (808.4) (449.7) (408.1) (542.4) (698.3) (549.6) (596.8)

Income/(Loss) from Affiliates 97.7 49.7 39.7 6.8 207.5 84.7 99.7
Currency Exchange Gains (Loss 1.8 (0.5) (5.9) 21.3 38.2 17.9 25.8
Other Non-Operating Inc. (Exp.) 10.6 89.5 40.5 27.9 (14.4) 18.0 10.5
EBT Excl. Unusual Items 8,736.0 8,072.4 7,205.6 7,927.5 11,659.4 10,872.2 10,907.7

Impairment of Goodwill - - - - - - -
Gain (Loss) On Sale Of Invest. 0.5 0.2 - - 2.1 - -
Gain (Loss) On Sale Of Assets 7.3 (10.7) 14.8 1.7 0.9 - -
Asset Writedown (77.0) (95.0) - - - - -
Other Unusual Items - - - - (19.9) - -
EBT Incl. Unusual Items 8,666.8 7,966.9 7,220.4 7,929.2 11,642.5 10,872.2 10,907.7

Income Tax Expense 2,027.0 2,311.9 2,106.1 1,878.5 3,799.2 2,718.1 2,726.9
Earnings from Cont. Ops. 6,639.8 5,655.0 5,114.3 6,050.7 7,843.3 8,154.2 8,180.8

Earnings of Discontinued Ops. - - - - - - -

Extraord. Item & Account. Chan - - - - - - -
Net Income to Company 6,639.8 5,655.0 5,114.3 6,050.7 7,843.3 8,154.2 8,180.8

Minority Int. in Earnings (12.4) (13.2) (7.1) (9.3) (6.9) (7.8) (8.0)
Net Income 6,627.4 5,641.8 5,107.2 6,041.4 7,836.4 8,146.4 8,172.8

.
> Income Statement

12 months 12 months 12 months

Mar-31-2024 Mar-31-2025 Mar-31-2026
INR INR INR

59,516.55 61,897.22 64,373.11

20,830.79 21,664.03 22,530.59

38,685.76 40,233.19 41,842.52

16,906.3 17,596.0 18,313.8

- - -
- - -
5,096.2 5,740.5 6,466.3
5,290.3 5,529.5 5,779.5

27,292.8 28,866.0 30,559.5

11,393.0 11,367.2 11,283.0

(712.5) (686.5) (699.6)

97.6 99.4 100.0
(614.9) (587.1) (599.6)

130.6 105.0 111.7

27.3 23.6 25.6
4.7 11.1 8.8
10,940.7 10,919.8 10,829.5

- - -
 - - -
- - -
- - -
- - -
10,940.7 10,919.8 10,829.5

2,735.2 2,730.0 2,707.4

8,205.5 8,189.9 8,122.1

- - -
- - -
8,205.5 8,189.9 8,122.1

(7.6) (7.8) (7.8)

8,198.0 8,182.1 8,114.3
 Reclassified Reclassified Reclassified Reclassified
12 months 12 months 12 months 12 months 12 months
Particulars Mar-31-2017 Mar-31-2018 Mar-31-2019 Mar-31-2020 Mar-31-2021
INR INR INR INR INR
Earnings After Tax 6,627.4 5,641.8 5,107.2 6,041.4 7,836.4

Add: Depriciation 2,858.3 2,936.8 2,999.6 3,165.4 3,565.6

Net Income 9,485.7 8,578.6 8,106.8 9,206.8 11,402.0

CAPEX (3,071.3) (4,961.0) (12,069.9) (19,201.0) (17,670.1)

Changes in Account Receivable (347.4) 1,211.8 (1,148.4) (1,121.4) 1,299.7

Changes in Account Payable 1,462.1 194.1 172.0 (954.7) 3,292.6

Change in Inventories (264.0) 153.2 1.7 (858.0) 475.4

FCFFs 11,706.3 11,980.5 21,151.4 31,341.9 24,004.4

Discounted FCFFs

PV 126,156.1

Equity Value 537.08574949471

Shares Outstanding 234.89 cr

Using APV
FCFFs 11,706.3 11,980.5 21,151.4 31,341.9 24,004.4
Discounted FCFFs

PV 178,346.45
Equity Value
759.28
 12 months 12 months 12 months 12 months 12 months
March-31- March-31- March-31- March-31- March-31- Terminal
2022 2023 2024 2025 2026 Year
INR INR INR INR INR INR
8,146.4 8,172.8 8,198.0 8,182.1 8,114.3
4,524.2 5,096.2 5,740.5 6,466.3
4,016.40
12,162.8 12,697.0 13,294.1 13,922.6 14,580.6
(16,313.7) (17,728.3) (17,237.3) (17,093.1) (17,352.9)
(323.4) (48.4) 309.3 (20.8) 80.1
836.6 1,058.2 1,729.1 1,208.0 1,331.8
(127.0) (169.9) 59.5 (79.1) (63.1)

28,090.1 29,585.3 28,433.5 29,907.6 30,584.8 34,701.0

25,156.5 23,728.4 20,423.0 19,238.3 17,619.3 19,990.5

28,090.1 29,585.3 28,433.5 29,907.6 30,584.8 34,701.0

25,134.24 29,585.28 28,433.49 29,907.60 30,584.80 34,701.03