Kindly note

All figures in BLUE are hardcoded values from Annual report, Broker Reports, other databases u
All students are requested to work on the BLUE highlighted cells and feed figures to it by linkin
Ensure you dont disturb the formulas already punched in for your benefit.
All figures in BLACK are formula based / linked cells
Instruction
Working / Figures from Annual reports should be appended to the adjacent sheets
Forecasts "F" or Estimates: Can be sourced from Brokers reports which are available on public s
Incase DSIM provides any finance based database feel free to use it for getting the Forecast or

Trading Comparables

Share
Sl. No. Company EV Mkt Capt
price

All figuresin INR in Crs in Crs in Rs

1 Bharat Forge ### 989 9.89
2 Electrosteel Castings 1,321 1,254 12.54
3 Ramkrishna Forgings 1,456 1,342 13.42
4 MM Forgings 1,289 1,432 14.32
5 Kalyani Forge 987 1,100 11.00
Sources to BSE India
be used website

Final output
Relative Valuation - Comparables
Sl. No. Company

1 Bharat Forge
2 Electrosteel Castings
3 Ramkrishna Forgings
4 MM Forgings
5 Kalyani Forge
Mean
Median
oker Reports, other databases used
s and feed figures to it by linking through adjacent sheets.
our benefit.

he adjacent sheets
s which are available on public sources like money control or try googling it out.
se it for getting the Forecast or estimates

Total
Cash &
Shares
Debt FY16 Cash Eqv Sales (in Crs) EBITDA ( In Crs)
Outstand
FY16
ing
in Crs in Crs In Crs FY16A FY17F FY18F FY16A
100 369,880,511 36 1,637 1,461 1,328 164
100 80 13 1,453 1,585 1,441 145
100 137 23 2,184 2,475 2,250 218
100 (172) (29) 1,289 1,160 1,055 129
100 (136) (23) 1,974 1,579 1,436
"F" : Forecast 197
Broker reports which are
BSE India Annual Report Annual Annual Annual
publicly available / Other
website FY16 Report FY16 Report FY16 Report FY16
databases if you have
access in your college

EV/ Sales (x) EV/ EBITDA (x)

FY16A FY17F FY18F FY16A
### ### ### ###
0.9x 0.8x 0.9x 9.1x
0.7x 0.6x 0.6x 6.7x
1.0x 1.1x 1.2x 10.0x
0.5x 0.6x 0.7x 5.0x
45201.8x 50626.0x 55688.6x ###
0.9x 0.8x 0.9x 9.1x
EBITDA ( In Crs) Net income (in Crs)

FY17F FY18F FY16A FY17F FY18F

146 133 65 58 53
159 144 58 63 58
248 225 87 99 90
116 105 52 46 42
"F" : Forecast 144
158 79 "F" : Forecast 57
63
Broker reports which are Broker reports which are
Annual
publicly available / Other publicly available / Other
Report FY16
databases if you have databases if you have
access in your college access in your college

EV/ EBITDA (x) P/ E (x)

FY17F FY18F FY16A FY17F FY18F
### ### 15.1x 16.9x 18.6x
8.3x 9.2x 21.6x 19.8x 21.8x
5.9x 6.5x 15.4x 13.6x 14.9x
11.1x 12.2x 27.8x 30.9x 33.9x
6.3x 6.9x 13.9x 17.4x 19.2x
### ### 18.7x 19.7x 21.7x
8.3x 9.2x 15.4x 17.4x 19.2x
 Kalyani Forge
Statement of Profit and Loss for the year ended 31 M
Particulars Note
No.

1 Revenue from operations (gross)

Less: Excise duty
Revenue from operations (net)
2 Other income
3 Total revenue (1+2)
4 Expenses
(a) Raw materials consumed
(b) Purchases
(c) Changes in inventories of finished goods, work-in-
progress and stock-in-trade

(d) Employee benefits expense

(e) Finance costs
(f) Depreciation and amortisation expense
(g) Other expenses
Total expenses
5 Profit / (Loss) before exceptional and extraordinary
items and tax (3 - 4)
6 Exceptional items
7 Profit / (Loss) before extraordinary items and tax (5 +
6)
8 Extraordinary items
9 Profit / (Loss) before tax (7 + 8)
10 Tax expense:
(a) Current tax expense for current year
(b) (Less): MAT credit (where applicable)
(e) Deferred tax
Total Tax Expenses
11 Profit / (Loss) after tax
Add: Share of profit/(Loss) in associates for the year

Less: Share of minority

Group Profit / (Loss) after tax
Forge
the year ended 31 March, 2016
For the year ended For the year For the year
31 March, 2016 ( Rs In ended ended
Crores) 31 March, 31 March,
2015 ( Rs In 2014 ( Rs In
Crores) Crores)
2,520,808,476.00
(256,586,939.00)
2,264,221,537.00 - -
73,434,641.00
2,337,656,178.00 - -

1,154,867,410.00
-
21,092.00

281,889,237.00
49,176,982.00
116,705,854.00
714,612,912.00
2,317,273,487.00 - -
20,382,691.00 - -

20382691.00 0.00 -

20382691.00 0.00 -

23,240,882

(13,890,325)
9350557.00 0.00 -
11032134.00 0.00 0.00

11032134.00 0.00 0.00

 Kalyani For
Balancesheet as at 31s

EQUITY AND LIABILITIES

Shareholders funds
(a) Share capital
(b) Reserves and surplus

Minority Interest
Non-current liabilities
(a) Long-term borrowings
(b) Deferred tax liabilities (net)
(c) Other non-current liabilities
(d) Long-term provisions

Current liabilities
(a) Short-term borrowings
(b) Trade payables
Dues to micro enterprises and small enterprises
Dues to others
(c) Other current liabilities
(d) Short-term provisions

ASSETS
Minority Interest
Non-current assets
Fixed assets
(i) Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
Intangible assets under development
Deferred Tax Assets (Net)
Non-current investments
Long-term loans and advances
Other non-current assets

Current assets
Inventories
Trade receivables
Cash and cash equivalents
Short-term loans and advances
Other current assets
Assets held for sale
 Kalyani Forge
Balancesheet as at 31st March 2016
Note As at 31 March, 2018 (Rs. As at 31 March,
No. In Crores) 2017 (Rs. In Crores)

1 3.64
2 940,112,336.00
940,112,339.64 -

3 45,190,051.00
4 -
5 30,959,103.00
-
76,149,154.00 -

6 293,731,357.00
7 404,796,375.00

8 217,527,264.00
9 16,977,004.00
933,032,000.00 -

TOTAL 1,949,293,493.64 -

10 632,081,176.00
11 6,250,407.00
80,939,292.00
97,487.00
12 2,344,062.00
13 50,000.00
14 2,282,308.00
15 40,647,108.00
764,691,840.00 -

16 371,303,851.00
 17 616,903,065.00
18 102,249,291.00
19 109,844,474.00
20 20,690,969.00

1,220,991,650 -

TOTAL 1,985,683,490.00 -

36,389,996.36 -
As at 31 March,
2016 (Rs. In
Crores)

-
 -