01
Revenue trajectory
CAGR, segment mix, year-on-year growth. Whether revenue is accelerating, decelerating, or lumpy from one-off items.
02
Margin direction
Gross, operating and net margin trajectory. Is profit growing because of pricing power or just lower costs?
03
Cash flow quality
The single most important check — Op CF / PAT ratio. Is reported profit converting to actual cash?
04
Debt structure
D/E ratio, debt maturity, interest cover, change in borrowings. Whether leverage is rising or being paid down.
05
Working capital health
Inventory days, receivable days, customer advance liability. Whether working capital is freeing up cash or trapping it.
06
Related-party flows
Transactions with parent, sister, and associate companies — flagged for materiality and direction (extraction vs contribution).
07
Returns & valuation
ROE, ROCE trajectory. Where these stand vs sector and historical company average.
08
Disclosure quality
Contingent liabilities, going-concern flags, audit qualifications, related-party note depth. The footnotes most investors skip.