Sachin Kumar BSE : 500408 NSE : TATAELXSI

Financial
Modelling
Report
A Comprehensive DCF and Comparable Comps Valuation
 TABLE OF CONTENTS
1. One Page Company Profile

2. Historical Financial Statements

3. Ratio Analysis

4. Common Size Statement

5. Equity risk premium

6. Beta Regression

7. Intrinsic Growth

8. WACC

9. Discounted Cash Flow

10. Forecasting

11. Relative Valuation

12. DU - Pont Analysis

13. Value At Risk

14. Monte Carlo Simulation

15. Football Field Analysis

16. Altman's Z Score

 TATA ELXSI LTD - One Page Profile
Tata Elxsi is amongst the world’s leading providers of design and technology services across industries including Automotive, Media,
Communications and Healthcare. Tata Elxsi provides integrated services from research and strategy, to electronics and mechanical design,
software development, validation and deployment, and is supported by a network of design studios, global development centers and
offices worldwide.

INR Crores.

Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share Price - 5Y
Total Sales 1609.9 1826.2 2470.8 3144.7 3552.2
Sales Growth (y-o-y) 0.81% 13.44% 35.30% 27.28% 12.96%
8500
Gross Profit Margins (%) 33.68% 37.23% 40.84% 40.34% 37.90%
EBITDA Margins (%) 25.01% 30.85% 32.84% 32.95% 32.92% 6500
EBIT Margins (%) 22.32% 28.42% 30.60% 30.36% 30.12%
4500
Net Profit Margins (%) 15.91% 20.16% 22.25% 24.01% 22.30%
Earnings Per Share (in rs.) 41.1 59.1 88.2 121.2 127.2 2500
EPS Growth (%) -11.68% 43.74% 49.31% 37.39% 4.91%
500
Dividend Per Share (in rs.) 16.5 48.0 42.5 60.6 70.0
Dividend Growth (y-o-y) 22.22% 190.91% -11.46% 42.59% 15.51%

Key Financial Ratios Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Volume - 5Y

Price to Earnings 15.3 45.6 100.2 49.2 61.2 6.0m
EV/EBITDA 8.2 28.4 66.9 34.9 40.5 4.0m
EV/Sales 2.1 8.8 22.0 11.5 13.3
2.0m
Price to Book Value 3.6 12.4 34.4 17.8 19.4
Return on Equity (%) 23.49% 27.22% 34.33% 36.21% 31.62% 0.0m
Return on Capital Employed (%) 31.29% 36.41% 43.46% 42.05% 39.18%

Top 5 Shareholders No. Shares (in Crs.) Shareholding (%) Value (in Crs.) Shareholding Pattern
DIIs 6.24%
Tata Sons Private Limited 2.630 42.22% 18406.7
Life Insurance Corporation Of India 0.176 2.82% 1228.6 FIIs 13.67%
Tata Investment Corporation Limited 0.105 1.69% 737.6 Public 36.16%
Investor Education and Protection Fund (IEPF) 0.036 0.57% 250.1
Promoters 43.92%
LLP 0.016 0.25% 110.3
0.00% 10.00% 20.00% 30.00% 40.00% 50.00%

Managerial Remuneration Designation Remuneration (in Crs.) Xof Median Salary Capital Structure

Mrs. Shyamala Gopinath Non executive 2.26 27.39 Share Price as on xxx 7000.0
Mr. Sudhakar Rao Non executive 2.10 25.45 No. of Shares O/s 6.2
Prof. Anurag Kumar Non executive 1.74 21.09 Market Capitalization 43593.5
Mr. Manoj Raghavan, MD & CEO CMD 2.28 72.73 Less: Cash Equivalents ( 1,357.1)
Add: Total Debts 224.8
Add: Minority Interests -
Enterprise Value 42461.2

Recent Updates

 Growth momentum continues with Automotive OEMs - won multiple multi million US$ deals to support Software Development,
Advanced Simulation and Digital Twin programs.
 Tata Elxsi’s NEURON selected by a leading telecom operator in North America to power their network transformation and automation
of network operations for their next generation 5G Network.
 Tata Elxsi selected by Global Medical Device Manufacturer to design and deploy a GenAI based solution for sustainability and toxic
material identification and impact assessment.
 Tata Elxsi awarded a multiyear large deal by a Top 5 Global Medical Devices manufacturer for a next generation cloud based connected
care system.
 Leading Japanese supplier selects Tata Elxsi as a strategic innovation and development partner for their upcoming production programs
across multiple domains.
 Tata Elxsi Collaborates with Red Hat to Accelerate Network Monetization for Telcos.
 Defender Rally Series and Tata Elxsi Extend their Partnership into the 2024 Season.
 Tata Elxsi’s TEcare powers the India Neurodiversity Platform.
 Tata Elxsi Collaborates with Arm to Accelerate the Software-Defined Vehicle Journey for OEMs
 TATA ELXSI LTD
Historical Financial Statement - TATA ELXSI LTD
years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Income Statement
Sales ₹ 849.4 ₹ 1,075.2 ₹ 1,237.3 ₹ 1,386.3 ₹ 1,596.9 ₹ 1,609.9 ₹ 1,826.2 ₹ 2,470.8 ₹ 3,144.7 ₹ 3,552.2
Sales Growth - 26.58% 15.08% 12.04% 15.19% 0.81% 13.44% 35.30% 27.28% 12.96%

COGS ₹ 554.0 ₹ 669.2 ₹ 764.8 ₹ 852.8 ₹ 971.7 ₹ 1,067.6 ₹ 1,146.2 ₹ 1,461.7 ₹ 1,876.1 ₹ 2,205.8
COGS % of sales 65.22% 62.24% 61.81% 61.52% 60.85% 66.32% 62.77% 59.16% 59.66% 62.10%

Gross Profit ₹ 295.44 ₹ 406.00 ₹ 472.56 ₹ 533.48 ₹ 625.25 ₹ 542.26 ₹ 679.93 ₹ 1,009.10 ₹ 1,268.61 ₹ 1,346.35
Gross Margin 34.78% 37.76% 38.19% 38.48% 39.15% 33.68% 37.23% 40.84% 40.34% 37.90%

Selling &General Expenses ₹ 114.07 ₹ 146.42 ₹ 180.62 ₹ 143.42 ₹ 165.71 ₹ 139.60 ₹ 116.63 ₹ 197.81 ₹ 232.43 ₹ 177.10
S&G Exp % of Sales 13.43% 13.62% 14.60% 10.35% 10.38% 8.67% 6.39% 8.01% 7.39% 4.99%

EBITDA ₹ 181.37 ₹ 259.58 ₹ 291.94 ₹ 390.06 ₹ 459.54 ₹ 402.66 ₹ 563.30 ₹ 811.29 ₹ 1,036.18 ₹ 1,169.25
EBITDA % Sales 21.35% 24.14% 23.59% 28.14% 28.78% 25.01% 30.85% 32.84% 32.95% 32.92%

Interest ₹ 0.66 ₹ 0.63 ₹ 0.76 ₹ 0.80 ₹ 1.04 ₹ 6.81 ₹ 7.05 ₹ 10.47 ₹ 17.29 ₹ 21.12
Interest % Sales 0.08% 0.06% 0.06% 0.06% 0.07% 0.42% 0.39% 0.42% 0.55% 0.59%

Depreciation ₹ 24.73 ₹ 22.60 ₹ 26.92 ₹ 25.35 ₹ 25.10 ₹ 43.41 ₹ 44.38 ₹ 55.34 ₹ 81.39 ₹ 99.45
Depreciation % Sales 2.91% 2.10% 2.18% 1.83% 1.57% 2.70% 2.43% 2.24% 2.59% 2.80%

Ebit ₹ 156.64 ₹ 236.98 ₹ 265.02 ₹ 364.71 ₹ 434.44 ₹ 359.25 ₹ 518.92 ₹ 755.95 ₹ 954.79 ₹ 1,069.80
Ebit % Sales 18.44% 22.04% 21.42% 26.31% 27.20% 22.32% 28.42% 30.60% 30.36% 30.12%

EBT ₹ 156.0 ₹ 236.4 ₹ 264.3 ₹ 363.9 ₹ 433.4 ₹ 352.4 ₹ 511.9 ₹ 745.5 ₹ 937.5 ₹ 1,048.7
EBT % Sales 18.36% 21.98% 21.36% 26.25% 27.14% 21.89% 28.03% 30.17% 29.81% 29.52%

Taxes ₹ 53.1 ₹ 81.5 ₹ 89.5 ₹ 123.9 ₹ 143.4 ₹ 96.3 ₹ 143.7 ₹ 195.8 ₹ 182.3 ₹ 256.4
Effective Tax Rate 34.03% 34.50% 33.86% 34.04% 33.09% 27.34% 28.08% 26.27% 19.45% 24.45%

Net Profit ₹ 102.9 ₹ 154.8 ₹ 174.8 ₹ 240.0 ₹ 290.0 ₹ 256.1 ₹ 368.1 ₹ 549.7 ₹ 755.2 ₹ 792.2
Net Margins 12.11% 14.40% 14.13% 17.32% 18.16% 15.91% 20.16% 22.25% 24.01% 22.30%

No of Equity Shares 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2 6.2

EPS ₹ 16.5 ₹ 24.9 ₹ 28.1 ₹ 38.5 ₹ 46.5 ₹ 41.1 ₹ 59.1 ₹ 88.2 ₹ 121.2 ₹ 127.2
EPS Growth % - 50.46% 12.90% 37.33% 20.80% -11.68% 43.74% 49.31% 37.39% 4.91%

DPS ₹ 5.5 ₹ 7.0 ₹ 8.0 ₹ 11.0 ₹ 13.5 ₹ 16.5 ₹ 48.0 ₹ 42.5 ₹ 60.6 ₹ 70.0
Dividend Payout Ratio 33.28% 28.16% 28.50% 28.54% 29.00% 40.12% 81.21% 48.16% 49.98% 55.03%
Dividend Growth (%) - 27.30% 14.27% 37.52% 22.73% 22.22% 190.91% -11.46% 42.59% 15.51%

Retained Earnings 66.72% 71.84% 71.50% 71.46% 71.00% 59.88% 18.79% 51.84% 50.02% 44.97%

Balance Sheet
Equity Share Capital ₹ 31.1 ₹ 31.1 ₹ 31.1 ₹ 62.3 ₹ 62.3 ₹ 62.3 ₹ 62.3 ₹ 62.3 ₹ 62.3 ₹ 62.3
Reserves ₹ 252.2 ₹ 354.6 ₹ 526.5 ₹ 676.1 ₹ 880.5 ₹ 1,027.8 ₹ 1,289.9 ₹ 1,538.6 ₹ 2,023.5 ₹ 2,443.4
Borrowings - - - - - ₹ 58.3 ₹ 73.2 ₹ 138.5 ₹ 184.6 ₹ 224.8
Other Liabilities ₹ 182.0 ₹ 214.0 ₹ 157.7 ₹ 206.5 ₹ 200.6 ₹ 240.7 ₹ 291.3 ₹ 429.8 ₹ 493.1 ₹ 456.5
Total Liabilities ₹ 465.4 ₹ 599.7 ₹ 715.4 ₹ 944.9 ₹ 1,143.4 ₹ 1,389.0 ₹ 1,716.7 ₹ 2,169.2 ₹ 2,763.5 ₹ 3,187.0

Fixed Assets Net Block ₹ 98.5 ₹ 107.0 ₹ 107.8 ₹ 94.3 ₹ 101.2 ₹ 147.1 ₹ 169.7 ₹ 271.5 ₹ 333.6 ₹ 396.0
Capital Work in Progress ₹ 2.6 ₹ 1.9 ₹ 1.0 ₹ 2.1 ₹ 0.5 ₹ 0.9 ₹ 7.3 ₹ 22.1 ₹ 7.0 ₹ 2.2
Investments ₹ 0.3 - - - - - - - - -
Other Assets ₹ 76.8 ₹ 93.1 ₹ 110.2 ₹ 147.5 ₹ 167.7 ₹ 182.7 ₹ 190.7 ₹ 237.0 ₹ 254.6 ₹ 459.1
Total Non Current Assets ₹ 178.2 ₹ 202.0 ₹ 219.1 ₹ 243.9 ₹ 269.4 ₹ 330.7 ₹ 367.6 ₹ 530.6 ₹ 595.2 ₹ 857.2

Receivables ₹ 154.1 ₹ 215.2 ₹ 244.8 ₹ 306.7 ₹ 356.5 ₹ 392.4 ₹ 489.4 ₹ 672.8 ₹ 976.4 ₹ 971.6
Inventory ₹ 0.3 - - - ₹ 1.7 ₹ 1.7 ₹ 0.1 ₹ 0.6 ₹ 0.4 ₹ 1.1
Cash & Bank ₹ 132.8 ₹ 182.5 ₹ 251.5 ₹ 394.3 ₹ 515.8 ₹ 664.2 ₹ 859.6 ₹ 965.2 ₹ 1,191.6 ₹ 1,357.1
Total Current Assets ₹ 287.2 ₹ 397.7 ₹ 496.3 ₹ 701.0 ₹ 874.0 ₹ 1,058.3 ₹ 1,349.1 ₹ 1,638.6 ₹ 2,168.3 ₹ 2,329.8

Total Assets ₹ 465.4 ₹ 599.7 ₹ 715.4 ₹ 944.9 ₹ 1,143.4 ₹ 1,389.0 ₹ 1,716.7 ₹ 2,169.2 ₹ 2,763.5 ₹ 3,187.0

Balance Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

Cash Flow Statement

Cash from Operating Activities ₹ 143.4 ₹ 121.1 ₹ 144.3 ₹ 197.1 ₹ 215.0 ₹ 255.8 ₹ 437.4 ₹ 483.0 ₹ 486.9 ₹ 701.2

Cash From Investing Activities (₹ 28.5) (₹ 30.7) ₹ 27.7 (₹ 244.8) (₹ 161.9) ₹ 42.7 (₹ 438.9) (₹ 106.2) (₹ 201.0) (₹ 274.1)

Cash from Financing Activities (₹ 32.1) (₹ 41.1) (₹ 52.5) (₹ 60.0) (₹ 82.6) (₹ 123.7) (₹ 126.5) (₹ 326.1) (₹ 303.1) (₹ 427.8)

Net Cash Flow ₹ 82.7 ₹ 49.3 ₹ 119.6 (₹ 107.7) (₹ 29.5) ₹ 174.7 (₹ 128.0) ₹ 50.7 (₹ 17.2) (₹ 0.6)
 TATA ELXSI LTD
Ratio Analysis of - TATA ELXSI LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trend Mean Median
Growth ratios
SalesGrowth - 26.58% 15.08% 12.04% 15.19% 0.81% 13.44% 35.30% 27.28% 12.96% 17.63% 15.08%
EBITDA Growth - 43.12% 12.47% 33.61% 17.81% -12.38% 39.89% 44.02% 27.72% 12.84% 24.35% 27.72%
EBIT Growth - 51.29% 11.83% 37.62% 19.12% -17.31% 44.45% 45.68% 26.30% 12.05% 25.67% 26.30%
Net Profit Growth - 50.46% 12.90% 37.33% 20.80% -11.68% 43.74% 49.31% 37.39% 4.91% 27.24% 37.33%
Dividend Growth - 27.30% 14.27% 37.52% 22.73% 22.22% 190.91% -11.46% 42.59% 15.51% 40.18% 22.73%
Margin ratios
Gross Margin 34.78% 37.76% 38.19% 38.48% 39.15% 33.68% 37.23% 40.84% 40.34% 37.90% 37.84% 38.05%
EBITDA Margin 21.35% 24.14% 23.59% 28.14% 28.78% 25.01% 30.85% 32.84% 32.95% 32.92% 28.06% 28.46%
EBIT Margin 18.44% 22.04% 21.42% 26.31% 27.20% 22.32% 28.42% 30.60% 30.36% 30.12% 25.72% 26.76%
EBT Margin 18.36% 21.98% 21.36% 26.25% 27.14% 21.89% 28.03% 30.17% 29.81% 29.52% 25.45% 26.70%
Net Profit Margin 12.11% 14.40% 14.13% 17.32% 18.16% 15.91% 20.16% 22.25% 24.01% 22.30% 18.07% 17.74%
% of sales
S&G Expenses%Sales 13.43% 13.62% 14.60% 10.35% 10.38% 8.67% 6.39% 8.01% 7.39% 4.99% 9.78% 9.51%
Depreciation%Sales 2.91% 2.10% 2.18% 1.83% 1.57% 2.70% 2.43% 2.24% 2.59% 2.80% 2.33% 2.33%
OperatingIncome%Sales 18.44% 22.04% 21.42% 26.31% 27.20% 22.32% 28.42% 30.60% 30.36% 30.12% 25.72% 26.76%
Return ratios
Return on Capital Employed 55.28% 61.44% 47.52% 49.40% 46.08% 31.29% 36.41% 43.46% 42.05% 39.18% 45.21% 44.77%
Retained Earnings% 66.72% 71.84% 71.50% 71.46% 71.00% 59.88% 18.79% 51.84% 50.02% 44.97% 57.80% 63.30%
Return on Equity% 36.32% 40.14% 31.34% 32.51% 30.76% 23.49% 27.22% 34.33% 36.21% 31.62% 32.39% 32.06%
Self Sustained Growth Rate 24.23% 28.84% 22.41% 23.23% 21.84% 14.07% 5.12% 17.80% 18.11% 14.22% 18.99% 19.98%
Interest Coverage Ratio 237.33x 376.16x 348.71x 455.89x 417.73x 52.75x 73.61x 72.20x 55.22x 50.65x 214.03x 155.47x
Turnover ratios
Debtor Turnover Ratio (receivables) 5.51x 5.00x 5.05x 4.52x 4.48x 4.10x 3.73x 3.67x 3.22x 3.66x 4.29x 4.29x
Creditor Turnover Ratio (payables) 3.04x 3.13x 4.85x 4.13x 4.84x 4.44x 3.93x 3.40x 3.80x 4.83x 4.04x 4.03x
Inventory Turnover 1910.21x 0.00x 0.00x 0.00x 585.35x 624.33x 19103.83x 2564.39x 4810.54x 1987.21x 3158.58x 1267.27x
Fixed Asset Turnover 8.62x 10.05x 11.48x 14.70x 15.78x 10.95x 10.76x 9.10x 9.43x 8.97x 10.98x 10.41x
Capital Turnover Ratio 3.00x 2.79x 2.22x 1.88x 1.69x 1.48x 1.35x 1.54x 1.51x 1.42x 1.89x 1.62x
Days ratio
Debtor Days (receivables) 66 73 72 81 81 89 98 99 113 100 87 85
Creditor Days (payables) 120 117 75 88 75 82 93 107 96 76 93 91
Inventory Days 0 0 0 0 1 1 0 0 0 0 0 0
Cash Conversion Cycle (in days) -54 -44 -3 -8 7 7 5 -8 17 24 -5 1

CFO/Sales 16.88% 11.26% 11.66% 14.21% 13.46% 15.89% 23.95% 19.55% 15.48% 19.74% 16.21% 15.68%
CFO/Total Assets 30.81% 20.19% 20.17% 20.86% 18.80% 18.41% 25.48% 22.27% 17.62% 22.00% 21.66% 20.52%
CFO/Total Debt 0.00% 0.00% 0.00% 0.00% 0.00% 438.92% 597.45% 348.76% 263.71% 311.96% 196.08% 131.85%
 TATA ELXSI LTD
Common Size Statement - TATA ELXSI LTD
Income Statement
Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 2.90% 2.39% 1.85% 5.58% 6.30% 5.04% 4.68% 5.13% 5.92% 5.46%
Change in Inventory 0.03% -0.03% 0.00% 0.00% 0.10% 0.00% -0.09% 0.02% -0.01% 0.02%
Power and Fuel 0.97% 0.82% 0.70% 0.64% 0.55% 0.56% 0.39% 0.31% 0.33% 0.39%
Other Mfr. Exp 6.98% 5.18% 5.46% 1.30% 1.35% 1.46% 1.29% 1.39% 2.41% 2.34%
Employee Cost 54.41% 53.82% 53.80% 54.01% 52.76% 59.26% 56.32% 52.35% 51.00% 53.93%
Selling and admin 13.53% 14.10% 13.77% 13.13% 12.61% 11.71% 7.55% 9.04% 9.43% 8.03%
Other Expenses 0.38% 0.62% 2.31% 0.33% 0.48% 0.59% 1.02% 0.77% 0.31% 0.39%
Other Income 0.48% 1.10% 1.48% 3.12% 2.72% 3.63% 2.18% 1.80% 2.35% 3.43%
Depreciation 2.91% 2.10% 2.18% 1.83% 1.57% 2.70% 2.43% 2.24% 2.59% 2.80%
Interest 0.08% 0.06% 0.06% 0.06% 0.07% 0.42% 0.39% 0.42% 0.55% 0.59%
Profit before tax 18.36% 21.98% 21.36% 26.25% 27.14% 21.89% 28.03% 30.17% 29.81% 29.52%
Tax 6.25% 7.58% 7.23% 8.94% 8.98% 5.98% 7.87% 7.93% 5.80% 7.22%
Net profit 12.11% 14.40% 14.13% 17.32% 18.16% 15.91% 20.16% 22.25% 24.01% 22.30%
Dividend Amount 4.03% 4.06% 4.03% 4.94% 5.27% 6.38% 16.37% 10.71% 12.00% 12.27%

Balance Sheet
Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 6.69% 5.19% 4.35% 6.59% 5.45% 4.48% 3.63% 2.87% 2.25% 1.95%
Reserves 54.20% 59.13% 73.60% 71.55% 77.01% 73.99% 75.14% 70.93% 73.22% 76.67%
Borrowings 0.00% 0.00% 0.00% 0.00% 0.00% 4.20% 4.26% 6.38% 6.68% 7.05%
Other Liabilities 39.11% 35.68% 22.05% 21.86% 17.55% 17.33% 16.97% 19.81% 17.84% 14.33%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 21.16% 17.84% 15.07% 9.98% 8.85% 10.59% 9.88% 12.52% 12.07% 12.42%
Capital Work in Progress 0.56% 0.31% 0.14% 0.23% 0.04% 0.07% 0.42% 1.02% 0.25% 0.07%
Investments 0.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Other Assets 16.51% 15.53% 15.41% 15.61% 14.67% 13.15% 11.11% 10.93% 9.21% 14.40%
Receivables 33.11% 35.89% 34.22% 32.46% 31.18% 28.25% 28.51% 31.02% 35.33% 30.49%
Inventory 0.06% 0.00% 0.00% 0.00% 0.15% 0.12% 0.00% 0.03% 0.01% 0.03%
Cash & Bank 28.54% 30.43% 35.16% 41.73% 45.11% 47.82% 50.07% 44.50% 43.12% 42.58%
 TATA ELXSI LTD
Nifty Annual Returns

Year Annual Returns

2000 -14.65%
2001 -16.18%
2002 3.25% Average Returns 15.61%
2003 71.90% Dividend Yield 1.16%
2004 10.68% Total Market Returns 16.77%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79% Annual Returns
2009 75.76% 100%
2010 17.95%
80%
2011 -24.62%
2012 27.70% 60%
2013 6.76%
40%
2014 31.39%
2015 -4.06% 20%
2016 3.01%
0%
2017 28.65%
2000 2005 2010 2015 2020
2018 3.15% -20%
2019 12.02%
-40%
2020 14.90%
2021 24.12% -60%
2022 4.32%
2023 19.42%
 TATA ELXSI LTD
Beta Regression 2 Years Weekly

Tata Elxsi Weekly Returns Nifty Weekly Returns Beta Drifting

Date Closing Price Returns Closing Price Returns Levered Raw Beta 0.84
27-06-2022 8010.5 15752.0 Raw Beta Weight 75%
04-07-2022 7854.4 -1.95% 16220.6 2.97%
11-07-2022 7920.7 0.84% 16049.2 -1.06% Market Beta 1.00
18-07-2022 8240.7 4.04% 16719.4 4.18% Market Beta Weight 25%
25-07-2022 8539.2 3.62% 17158.3 2.62%
01-08-2022 9147.0 7.12% 17397.5 1.39% Adjusted Beta 0.88
08-08-2022 10060.3 9.98% 17698.2 1.73%
15-08-2022 9962.8 -0.97% 17758.4 0.34% Beta 1 0.84
22-08-2022 9186.7 -7.79% 17558.9 -1.12% Beta 2 0.84
29-08-2022 8556.1 -6.86% 17539.4 -0.11% Beta 3 0.84
05-09-2022 8663.8 1.26% 17833.3 1.68%
12-09-2022 8578.8 -0.98% 17530.8 -1.70%
19-09-2022 8703.4 1.45% 17327.3 -1.16%
26-09-2022 8407.9 -3.39% 17094.3 -1.34%
03-10-2022 8401.6 -0.07% 17314.7 1.29%
10-10-2022 8318.6 -0.99% 17185.7 -0.74%
17-10-2022 7135.3 -14.23% 17576.3 2.27%
24-10-2022 6756.3 -5.31% 17786.8 1.20%
31-10-2022 6788.1 0.47% 18117.2 1.86%
07-11-2022 6841.6 0.79% 18349.7 1.28%
14-11-2022 6774.9 -0.98% 18307.7 -0.23%
21-11-2022 6662.3 -1.66% 18512.8 1.12%
28-11-2022 6911.9 3.75% 18696.1 0.99%
05-12-2022 6628.7 -4.10% 18496.6 -1.07%
12-12-2022 6317.8 -4.69% 18269.0 -1.23%
19-12-2022 5736.3 -9.20% 17806.8 -2.53%
26-12-2022 6176.8 7.68% 18105.3 1.68%
02-01-2023 6086.4 -1.46% 17859.4 -1.36%
09-01-2023 6133.9 0.78% 17956.6 0.54%
16-01-2023 6267.6 2.18% 18027.7 0.40%
23-01-2023 6548.7 4.48% 17604.3 -2.35%
30-01-2023 6457.1 -1.40% 17854.1 1.42%
06-02-2023 6567.6 1.71% 17856.5 0.01%
13-02-2023 6547.2 -0.31% 17944.2 0.49%
20-02-2023 6399.8 -2.25% 17465.8 -2.67%
27-02-2023 6069.2 -5.17% 17594.3 0.74%
 TATA ELXSI LTD
Calculation of ROIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Current Assets
Inventories 2.0 - 1.0 - 1.0
Trade receivables 392.0 489.0 673.0 976.0 972.0
Short term loans 4.0 1.0 4.0 9.0 10.0
Other asset items 179.0 190.0 233.0 246.0 449.0
Total Current Assets 577.0 680.0 911.0 1,231.0 1,432.0

Current Liabilities
Trade Payables 47.0 56.0 84.0 103.0 86.0
Advance from Customers 12.0 23.0 59.0 55.0 1.0
Other liability items 182.0 212.0 287.0 335.0 370.0
Total Current Liabilities 241.0 291.0 430.0 493.0 457.0

Net Working Capital 336.0 389.0 481.0 738.0 975.0

Non Current Assets

Land 10.0 10.0 166.0 215.0 285.0
Building 100.0 119.0 61.0 77.0 113.0
Plant Machinery 2.0 2.0 2.0 2.0 2.0
Equipments 14.0 15.0 15.0 22.0 23.0
Computers 103.0 127.0 185.0 220.0 206.0
Furniture n fittings 20.0 23.0 29.0 40.0 47.0
Vehicles - - 4.0 5.0 8.0
Intangible Assets - - - - -
Other fixed assets - - - - -
Gross Block 249.0 296.0 462.0 581.0 684.0
Accumulated Depreciation (101.0) (126.0) (189.0) (248.0) (288.0)
Net Non Current Assets 148.0 170.0 273.0 333.0 396.0

Invested Capital 484.0 559.0 754.0 1,071.0 1,371.0

EBIT 359.3 518.9 756.0 954.8 1,069.8

ROIC 74.23% 92.83% 100.26% 89.15% 78.03%

Calculation of Reinvestment Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Capex 23.0 39.0 71.0 64.0 83.0

Change In Working Capital 53.0 92.0 257.0 237.0

EBIT 359.3 518.9 756.0 954.8 1,069.8

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 269.4 389.2 567.0 716.1 802.4

Reinvestment 92.0 163.0 321.0 320.0

Reinvestment Rate 23.64% 28.75% 44.83% 39.88%

4 Year Average 34.27%

4 Year Median 34.32%

Calculation of Growth Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Reinvestment Rate 23.64% 28.75% 44.83% 39.88%

ROIC 92.83% 100.26% 89.15% 78.03%
Intrinsic Growth 21.94% 28.82% 39.96% 31.12%

4 Year Average 30.46%

4 Year Median 29.97%
 TATA ELXSI LTD
Weighted Average Cost of Capital

All figures are in INR, unless stated otherwise

Peer Comps
Debt / Debt / Levered Unlevered
1
Name of the comp Country Total debt Total equity Tax rate Equity Capital Beta (equity beta) Beta 3
2

Oracle Fin.Serv. India 42.97 7,858.9 30.00% 0.55% 0.54% 1.01 1.01
PB Fintech. India 253.33 5,871.0 30.00% 4.31% 4.14% 0.67 0.65
Tata Elxsi India 224.78 2,505.7 30.00% 8.97% 8.23% 0.88 0.83
KPIT Technologi. India 328.76 2,145.9 30.00% 15.32% 13.29% 0.91 0.82
Tata Technolog. India 257.39 3,220.8 30.00% 7.99% 7.40% 0.53 0.50

Average 30.00% 7.43% 6.72% 0.80 0.76

Median 30.00% 7.99% 7.40% 0.88 0.82

Cost Of Debt Cost Of Equity

Pre- tax Cost Of Debt 8.40% Risk Free Rate 6.99%

Tax Rate 30.00% Equity Risk Premium 9.78%
Post Tax Cost Of Debt 5.88% Levered Beta 4 0.86
Cost Of Equity 15.43%

Capital Structure Levered Beta

Current Target Comps Median Unlevered Beta 0.82
Total Debt 253.3 3.12% 6.72% Target Debt/Equity 7.20%
Total Equity 7,858.9 96.88% 93.28% Tax Rate 30.00%
Total Capital 8,112.2 100.00% 100.00% Levered Beta 0.86

Debt /Equity 3.22% 7.20% Weighted Average Cost Of Capital

Notes: Cost Of Equity 15.43%

1. Tax Rate considered as Marginal Tax Rate for the country Equity Weight 93.28%
2. Levered Beta is based on 2 year weekly data
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate) x Debt/Equity) Cost Of Debt 5.88%
4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate) x Debt/Equity) Debt Weight 6.72%
5. Risk Free Rate is based on 10 government bond yield WACC 14.79%
6. ERP is taken as nifty annual average returns plus dividends yield
 TATA ELXSI LTD
Calculation Of PV Of FCFF Mar-24A Mar-25F Mar-26F Mar-27F Mar-28F Mar-29F

EBIT 1069.8 1390.445 1807.196 2348.856 3052.866 3967.884

Tax Rate 25% 25% 25% 25% 25% 25%
EBIT*(1-T) nopat 802.4 1042.8 1355.4 1761.6 2289.6 2975.9
Less: Reinvestment Rate 34.32% 34.32% 34.32% 34.32% 34.32% 34.32%
Free Cash Flow To Firm(FCFF) 527.0 685.0 890.3 1157.1 1503.9 1954.7

Mid Year Convention 0.5 1.5 2.5 3.5 4.5

Discounting Factor 0.933 0.813 0.708 0.617 0.538

PV Of FCFF 639.3239 723.8827 819.6255 928.0315 1050.776

Expected Growth 29.97%

Terminal Growth 6.88%
WACC 14.79%

Calculation Of Terminal Value Sensitivity Analysis of E.V.

21427.4 11.00% 12.00% 13.00% 14.79% 16.50% 18.00%
FCFF (n+1) 2540.6 3.00% 21233.12 19336.29 17818.83 15745.35 14278.07 13266.43
WACC 14.79% 4.00% 23671.91 21233.12 19336.29 16818.92 15087.39 13916.77
Terminal Growth Rate 6.88% 5.00% 26923.62 23671.91 21233.12 18111.79 16037.45 14667.17
6.88% 37310.15 30835.83 26477.31 21427.39 18358.3 16443.28
Terminal Value 32118.4 6.00% 31476.01 26923.62 23671.91 19698.85 17168.48 15542.63
7.00% 38304.61 31476.01 26923.62 21693.35 18537.63 16577.26
Calculation Of Equity Value Per Share

PV Of FCFF 4161.6 Sensitivity Analysis of value per share

PV of Terminal Value 17265.7 3658.6 11.00% 12.00% 13.00% 14.79% 16.50% 18.00%
Value Of Operating Assets or e.v 21427.4 3.00% 3627.412 3322.83 3079.164 2746.217 2510.609 2348.165
4.00% 4019.019 3627.412 3322.83 2918.603 2640.565 2452.594
Add: Cash 1357.1 5.00% 4541.16 4019.019 3627.412 3126.207 2793.121 2573.088
Less: Debt 0.0 6.88% 6208.972 5169.362 4469.494 3658.606 3165.789 2858.286
Value Of Equity 22784.5 6.00% 5272.159 4541.16 4019.019 3381.046 2974.735 2713.664
No Of Shares 6.2 7.00% 6368.656 5272.159 4541.16 3701.314 3194.584 2879.8
Equity Value Per Share 3658.6

Share Price 7100

Discount/Premium 94.06%
 TATA ELXSI LTD - Sales forecasting TATA ELXSI LTD - EBITDA forecasting TATA ELXSI LTD - EPS forecasting
Year Weight Year Sales Sales Growth Year Weight Year EBITDA EBITDA Growth Year Weight Year EPS EPS Growth
1 2015A 849.4 - 1 2015A 181.4 - 1 2015A 16.5 -
2 2016A 1,075.2 26.58% 2 2016A 259.6 43.12% 2 2016A 24.9 50.46%
3 2017A 1,237.3 15.08% 3 2017A 291.9 12.47% 3 2017A 28.1 12.90%
4 2018A 1,386.3 12.04% 4 2018A 390.1 33.61% 4 2018A 38.5 37.33%
5 2019A 1,596.9 15.19% 5 2019A 459.5 17.81% 5 2019A 46.5 20.80%
6 2020A 1,609.9 0.81% 6 2020A 402.7 -12.38% 6 2020A 41.1 -11.68%
7 2021A 1,826.2 13.44% 7 2021A 563.3 39.89% 7 2021A 59.1 43.74%
8 2022A 2,470.8 35.30% 8 2022A 811.3 44.02% 8 2022A 88.2 49.31%
9 2023A 3,144.7 27.28% 9 2023A 1,036.2 27.72% 9 2023A 121.2 37.39%
10 2024A 3,552.2 12.96% 10 2024A 1,169.3 12.84% 10 2024A 127.2 4.91%
11 2025E 3,418.6 -3.76% 11 2025E 1,136.1 -2.84% 11 2025E 126.7 -0.35%
12 2026E 3,699.3 8.21% 12 2026E 1,241.4 9.28% 12 2026E 139.0 9.70%
13 2027E 3,979.9 7.59% 13 2027E 1,346.8 8.49% 13 2027E 151.3 8.84%
14 2028E 4,260.6 7.05% 14 2028E 1,452.2 7.82% 14 2028E 163.6 8.12%
15 2029E 4,541.3 6.59% 15 2029E 1,557.6 7.26% 15 2029E 175.9 7.51%

Sales Forecasting EBITDA Forecasting EPS Forecasting

5,000.0 1,800.0 200.0
4,500.0 1,600.0 180.0
4,000.0 1,400.0 160.0
3,500.0 140.0
1,200.0
3,000.0 120.0
1,000.0
2,500.0 100.0
800.0
2,000.0 80.0
600.0 60.0
1,500.0
1,000.0 400.0 40.0
500.0 200.0 20.0
0.0 0.0 0.0
 TATA ELXSI LTD
Market Data Financials Valuation
Market
Share Shares value of Enterprise
Company Ticker Price Outstanding Equity Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Oracle Fin.Serv. 9,727 8.67 84,334 -5,495 78,838 6,373 3,125 2,219 12.4x 25.2x 38.0x
PB Fintech. 1,326 45.60 60,479 -482 59,998 3,438 192 64 17.5x 312.0x 939.0x
Tata Elxsi 7,106 6.23 44,271 -1,132 43,138 3,552 1,168 792 12.1x 36.9x 55.9x
KPIT Technologi. 1,579 27.41 43,282 -442 42,840 4,872 1,048 599 8.8x 40.9x 72.3x
Tata Technolog. 1,001 40.57 40,609 -656 39,953 5,117 1,057 679 7.8x 37.8x 59.8x
Coforge 5,351 6.67 35,689 391 36,080 9,179 1,477 836 3.9x 24.4x 42.7x
Cyient 1,866 11.09 20,698 -196 20,502 7,147 1,363 703 2.9x 15.0x 29.5x
Birlasoft Ltd 696 27.61 19,210 -332 18,878 5,278 940 624 3.6x 20.1x 30.8x
Affle India 1,290 14.02 18,087 -1,054 17,033 1,843 417 297 9.2x 40.8x 60.8x
Zensar Tech. 751 22.67 17,032 -538 16,494 4,902 1,031 665 3.4x 16.0x 25.6x
High 17.5x 312.0x 939.0x
75th Percentile 11.4x 40.1x 60.6x
Average 8.2x 56.9x 135.4x
Median 8.3x 31.1x 49.3x
25th Percentile 3.7x 21.2x 32.6x
Low 2.9x 15.0x 25.6x

EV/Revenue EV/EBITDA P/E

Implied Enterprise Value 29,485 36,309 37,921
Net Debt -1,132 -1,132 -1,132
Implied Market Value 30,618 37,441 39,054
Shares Outstanding 6.23 6.23 6.23
Implied Value per Share 4,914.6 6,009.8 6,268.7

Overvalued Overvalued Overvalued

 TATA ELXSI LTD
INR 7115
52 Week (High - INR 9200.0 & Low - 6407.0)

About the Company

Tata Elxsi is amongst the world’s leading providers of design and technology services across industries including Automotive, Media,
Communications and Healthcare. Tata Elxsi provides integrated services from research and strategy, to electronics and mechanical
design, software development, validation and deployment, and is supported by a network of design studios, global development
centers and offices worldwide.

Financial Summary

Revenues (INR crs.) Net Profit (INR crs.) Average Total Assets (INR crs.)
3,552 792.2
755.2 2975.2
3,145
2466.3
2,471 549.7
1942.9
1,826 368.1 1552.8

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Return on Equity (%) Return on Assets (%) Financial Leverage

40.97%
30.62% 1.34x
37.23% 28.29%
34.51% 26.63%
30.15% 23.71% 1.32x
1.30x

1.27x

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Recent Updates:
 Tata Elxsi delivers 13% revenue growth in FY24; EBITDA margin at 29.5%
• Declares 700% dividend (Rs. 70 per share)
• Full year PBT crosses Rs. 1,000 Cr for the first time
• Growth led by Transportation at 24.6% year on year
 Highlights of the Year Ended 31st March 2024:
• Revenues from operations at Rs. 3,552.1 Cr, + 13.0% YoY
• EBITDA Margin at 29.5%, PBT margin at 28.5%
• Profit before Tax (PBT) grows 11.9% to Rs. 1048.7 Cr
• Software Development and Services (SDS) grew by 9.3% YoY, in constant currency.
• System Integration & Support (SIS) grew by 18.6% YoY, in constant currency.
 Dupont Analysis - Return on Equity & Return on Assets
Return on Equity (ROE)
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 240.0 290.0 256.1 368.1 549.7 755.2 792.2
Average Shareholder Equity 648.0 840.6 1016.4 1221.1 1476.5 1843.3 2295.7
Return on Equity (ROE) 37.04% 34.50% 25.20% 30.15% 37.23% 40.97% 34.51%

(ROE) - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 240.0 290.0 256.1 368.1 549.7 755.2 792.2
Revenues 1386.3 1596.9 1609.9 1826.2 2470.8 3144.7 3552.2
Net profit Margin (A) 17.32% 18.16% 15.91% 20.16% 22.25% 24.01% 22.30%

Revenue 1386.3 1596.9 1609.9 1826.2 2470.8 3144.7 3552.2

Average Total Assets 830.1 1044.1 1266.2 1552.8 1942.9 2466.3 2975.2
Assets Turnover Ratio (B) 1.67x 1.53x 1.27x 1.18x 1.27x 1.28x 1.19x

Average Total Assets 830.1 1044.1 1266.2 1552.8 1942.9 2466.3 2975.2
Average Shareholder Equity 648.0 840.6 1016.4 1221.1 1476.5 1843.3 2295.7
Equity Multiplier (C) 1.28x 1.24x 1.25x 1.27x 1.32x 1.34x 1.30x

Return on Equity (A*B*C) 37.04% 34.50% 25.20% 30.15% 37.23% 40.97% 34.51%

Return on Assets (ROE)

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 240.0 290.0 256.1 368.1 549.7 755.2 792.2
Average Total Assets 830.1 1044.1 1266.2 1552.8 1942.9 2466.3 2975.2
Return on Assets (ROA) 28.92% 27.77% 20.23% 23.71% 28.29% 30.62% 26.63%

(ROA) - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 240.0 290.0 256.1 368.1 549.7 755.2 792.2
Revenues 1386.3 1596.9 1609.9 1826.2 2470.8 3144.7 3552.2
Net profit Margin (A) 17.32% 18.16% 15.91% 20.16% 22.25% 24.01% 22.30%

Revenue 1386.3 1596.9 1609.9 1826.2 2470.8 3144.7 3552.2

Average Total Assets 830.1 1044.1 1266.2 1552.8 1942.9 2466.3 2975.2
Assets Turnover Ratio (B) 1.67x 1.53x 1.27x 1.18x 1.27x 1.28x 1.19x

Return on Assets (A*B) 28.92% 27.77% 20.23% 23.71% 28.29% 30.62% 26.63%
Dupont Summary:
• ROE of Tata Elxsi has been decreased during COVID and made a low of 25.20% in FY2020 which now has rose to precovid
levels and currently at 34.51% as of 31 March 2024.
• ROE has been decreased significantly in past 7 years from 37.04% to 34.51%. While the company was able to increase the net
margins from 17.32% in FY2018 to 22.30% in FY24. Equity Multiplier of the company is constantly maintained throughout the
period, the reason for fall in ROE is reduction of Asset turnover ratio in the company from 1.67x in FY2018 to 1.19x in FY2024,
which shows assets inefficiency of the company.
• ROA of Tata Elxsi has been decreased from from 28.92% in FY2018 to 26.63% in FY2024. While the company was able to
increase the net margins from 17.32% in FY2018 to 22.30% in FY24 , the reason for the fall in ROA is decreased Assets
turnover ratio of the company.

Disclaimer : This report is made as part of educational assignment and is meant for educational purpose only.
The author of the report is not liable for any losses due to actions taken basis this report. It is advisable to consult
SEBI registered reasearch analyst before making any investments
 TATA ELXSI LTD
Date Adj Close Returns Sorted Returns Calculation Of Value At Risk - TATA ELXSI LTD
01-07-2002 36.03 -0.732828321 -
28-07-2005 134.87 0.73342896 0.999999985 Mean 0.14%
02-12-2009 77.81 -0.873684413 0.200059056 Std Deviation 3.08%
03-03-2015 615.98 -0.359951475 0.199965615 Min -49.94%
18-08-2015 962.39 23.21868968 0.196530703 Max 100.00%
22-04-2009 39.74 -0.911360965 0.173889632
16-02-2015 448.31 6.678225289 0.163792271 C.M.P 7106.0
22-05-2009 58.39 -0.406232295 0.157397244
28-10-2013 98.33 -0.987246867 0.148242395 Percentile Confidence VAR% Stock Price VAR(INR)
13-05-2022 7710.48 2.346376819 0.145566021 5.00% 95.00% -3.62% 6848.7 -257.3
13-01-2021 2304.13 70.44124193 0.13616123 1.00% 99.00% -6.78% 6624.4 -481.6
24-05-2004 32.25 -0.614553114 0.135359343 0.50% 99.50% -8.12% 6529.3 -576.7
26-09-2013 83.67 -0.672807927 0.131563576
28-02-2014 255.74 1.477992784 0.130677816
30-11-2012 103.20 -0.28107449 0.127031997
04-12-2013 143.55 -0.799927038 0.125534562
24-07-2015 717.49 25.76604777 0.124447995
18-05-2004 26.81 -0.30588175 0.117801153
05-01-2009 38.62 -0.554911647 0.11664908
03-12-2009 86.77 -0.989482433 0.115148625
25-03-2022 8249.71 203.0273181 0.109282334
10-11-2008 40.43 -0.41497421 0.108040119
07-09-2009 69.12 0.011607943 0.107437832
02-11-2005 68.32 0.46847809 0.105732723
27-08-2004 46.53 -0.941192833 0.10374111
27-04-2020 791.16 -0.201088721 0.103693922
03-03-2020 990.30 5.537966594 0.102629558
16-12-2013 151.47 2.00365247 0.101872534
18-05-2009 50.43 -0.291034972 0.101762741
18-04-2006 71.13 -0.895142163 0.101423308
05-06-2017 678.34 11.03216137 0.100280278
04-01-2005 56.38 -0.187353455 0.100253919
23-05-2006 69.38 -0.876955796 0.10015923
01-04-2015 563.82 0.900351028 0.099978626
19-09-2014 296.69 0.100018262 0.099918076
10-03-2014 269.72 -0.595957978 0.098720273
09-04-2020 667.55 0.369434726 0.097325578
28-04-2015 487.46 -0.829890409 0.096438459
01-02-2021 2865.58 21.87749376 0.096335291
29-05-2007 125.26 0.245545484 0.096308703
05-12-2007 100.56 0.395280136 0.095964363
23-05-2008 72.07 0.222115963 0.095905299
26-07-2006 58.98 0.392849673 0.095422244
21-10-2008 42.34 -0.993792845 0.094831608
19-01-2022 6821.40 57.35221029 0.094247429
26-10-2010 116.90 2.015595552 0.094243799
03-07-2002 38.77 -0.924482561 0.092920325
02-03-2015 513.33 19.83291909 0.092421278
09-06-2003 24.64 -0.72976415 0.091793787
28-10-2011 91.18 1.607602185 0.091718195
28-06-2004 34.97 -0.958757402 0.091087278
 TATA ELXSI LTD
Date Adj Close Returns Sorted Returns Replication Simulated Returns Calculation Of Value At Risk - TATA ELXSI LTD
01-07-2002 36.03 -0.732828321 - 1 -0.05748298
28-07-2005 134.87 0.73342896 0.999999985 2 -0.009153021 Historical Approach
02-12-2009 77.81 -0.873684413 0.200059056 3 0.015435459 Mean 0.14%
03-03-2015 615.98 -0.359951475 0.199965615 4 0.049719521 Std Deviation 3.08%
18-08-2015 962.39 23.21868968 0.196530703 5 -0.042090961 Min -49.94%
22-04-2009 39.74 -0.911360965 0.173889632 6 0.011993803 Max 100.00%
16-02-2015 448.31 6.678225289 0.163792271 7 -0.035837745
22-05-2009 58.39 -0.406232295 0.157397244 8 0.016358637 C.M.P 7106.0
28-10-2013 98.33 -0.987246867 0.148242395 9 -0.044615749
13-05-2022 7710.48 2.346376819 0.145566021 10 0.043525291 Monte Carlo Simulation
13-01-2021 2304.13 70.44124193 0.13616123 11 -0.000564015 Mean 0.16%
24-05-2004 32.25 -0.614553114 0.135359343 12 -0.015871089 Std Deviation 3.08%
26-09-2013 83.67 -0.672807927 0.131563576 13 0.076692623 Min -10.75%
28-02-2014 255.74 1.477992784 0.130677816 14 0.056711173 Max 11.10%
30-11-2012 103.20 -0.28107449 0.127031997 15 -0.009181914
04-12-2013 143.55 -0.799927038 0.125534562 16 0.023322717 C.M.P 7106.0
24-07-2015 717.49 25.76604777 0.124447995 17 -0.008487285
18-05-2004 26.81 -0.30588175 0.117801153 18 0.025998448 Percentile Confidence VAR% Stock Price VAR(INR)
05-01-2009 38.62 -0.554911647 0.11664908 19 -0.029398984 5.00% 95.00% -4.90% 6758.0 -348.0
03-12-2009 86.77 -0.989482433 0.115148625 20 0.004248971 1.00% 99.00% -7.04% 6605.9 -500.1
25-03-2022 8249.71 203.0273181 0.109282334 21 0.003263451 0.50% 99.50% -7.73% 6556.6 -549.4
10-11-2008 40.43 -0.41497421 0.108040119 22 0.041647128
07-09-2009 69.12 0.011607943 0.107437832 23 0.012923212
02-11-2005 68.32 0.46847809 0.105732723 24 -0.012904308
27-08-2004 46.53 -0.941192833 0.10374111 25 0.004801654
27-04-2020 791.16 -0.201088721 0.103693922 26 -0.001158953
03-03-2020 990.30 5.537966594 0.102629558 27 -0.001488167
16-12-2013 151.47 2.00365247 0.101872534 28 0.014083625
18-05-2009 50.43 -0.291034972 0.101762741 29 -0.01837849
18-04-2006 71.13 -0.895142163 0.101423308 30 0.002173019
05-06-2017 678.34 11.03216137 0.100280278 31 0.023807843
04-01-2005 56.38 -0.187353455 0.100253919 32 -0.006352796
23-05-2006 69.38 -0.876955796 0.10015923 33 -0.038306297
01-04-2015 563.82 0.900351028 0.099978626 34 0.071150655
19-09-2014 296.69 0.100018262 0.099918076 35 -0.001959627
10-03-2014 269.72 -0.595957978 0.098720273 36 -0.010001539
09-04-2020 667.55 0.369434726 0.097325578 37 0.010231757
28-04-2015 487.46 -0.829890409 0.096438459 38 -0.009330806
01-02-2021 2865.58 21.87749376 0.096335291 39 -0.037762263
29-05-2007 125.26 0.245545484 0.096308703 40 0.024090292
05-12-2007 100.56 0.395280136 0.095964363 41 0.005574665
23-05-2008 72.07 0.222115963 0.095905299 42 0.017299107
26-07-2006 58.98 0.392849673 0.095422244 43 -0.01819804
21-10-2008 42.34 -0.993792845 0.094831608 44 -0.05080278
19-01-2022 6821.40 57.35221029 0.094247429 45 -0.018871313
26-10-2010 116.90 2.015595552 0.094243799 46 -0.039302806
03-07-2002 38.77 -0.924482561 0.092920325 47 0.037375866
02-03-2015 513.33 19.83291909 0.092421278 48 -0.000719207
09-06-2003 24.64 -0.72976415 0.091793787 49 -0.010179278
28-10-2011 91.18 1.607602185 0.091718195 50 0.009535101
28-06-2004 34.97 -0.958757402 0.091087278 51 0.021253145
08-09-2015 847.84 7.571290192 0.090985522 52 -0.011140866
08-12-2009 98.92 -0.858765584 0.089875602 53 0.028420312
15-04-2020 700.37 1.514137419 0.089505834 54 0.030573307
03-03-2014 278.57 1.576871346 0.089303839 55 0.015933782
13-01-2010 108.11 -0.971072513 0.088897611 56 0.012375586
04-05-2021 3737.11 101.2555167 0.088107645 57 -0.067284892
29-10-2008 36.55 0.119002585 0.087881981 58 0.053302758
16-02-2004 32.66 -0.557968452 0.087252097 59 -0.028589636
26-04-2006 73.89 1.653782488 0.086219551 60 0.020983036
28-08-2003 27.84 -0.77665264 0.08567958 61 -0.05766948
02-11-2010 124.66 -0.614173322 0.085579399 62 0.036129019
12-01-2015 323.09 2.532231872 0.085329435 63 0.027846057
02-02-2012 91.47 -0.132209513 0.084986768 64 0.010832672
 TATA ELXSI LTD
Football Field Analysis - Valuation Summary (Rs)
10,000.00
₹ 9,200.00
9,000.00

8,000.00

7,000.00 ₹ 6,368.66
₹ 6,268.67

6,000.00 ₹ 6,407.00

5,000.00
₹ 4,914.56 ₹ 3,701.31
4,000.00
₹ 2,879.80
3,000.00 ₹ 3,627.41

2,000.00 ₹ 2,746.22
₹ 2,348.17

1,000.00

0.00
Comps DCF Bear DCF Base DCF Bull 52W H/L
 TATA ELXSI LTD
Altman's Z Score Analysis Calculation
Working Capital / Total Assets
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Working Capital 641.9 841.1 1000.3 1248.5 1445.8 1929.8 2332.3
Total Assets 944.9 1143.4 1389.0 1716.7 2169.2 2763.5 3187.0
Working Capital / Total Assets (A) 67.94% 73.56% 72.02% 72.73% 66.65% 69.83% 73.18%

Retained Earnings / Total Assets

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Retained Earnings 171.5 205.9 153.3 69.2 285.0 377.8 356.3
Total Assets 944.9 1143.4 1389.0 1716.7 2169.2 2763.5 3187.0
Retained Earnings / Total Assets (B) 18.15% 18.01% 11.04% 4.03% 13.14% 13.67% 11.18%

EBIT / Total Assets

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
EBIT 364.7 434.4 359.3 518.9 756.0 954.8 1069.8
Total Assets 944.9 1143.4 1389.0 1716.7 2169.2 2763.5 3187.0
EBIT / Total Assets (C) 38.60% 38.00% 25.86% 30.23% 34.85% 34.55% 33.57%

Market Cap / Long term Liabilities

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Market Cap 6136.4 5997.8 3917.8 16770.4 55053.3 37111.2 48483.1
Long term Liabilities 0.0 0.0 58.3 73.2 138.5 184.6 224.8
Market Cap / Long term Liabilities (D) 0.00% 0.00% 6723.55% 22907.28% 39749.68% 20101.37% 21569.15%

Sales / Total Assets

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Sales 1386.3 1596.9 1609.9 1826.2 2470.8 3144.7 3552.2
Total Assets 944.9 1143.4 1389.0 1716.7 2169.2 2763.5 3187.0
Return on Assets (E) 146.72% 139.67% 115.90% 106.38% 113.90% 113.79% 111.46%

Altman's Z Score
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Final Score 3.8 3.8 43.4 140.4 241.8 123.9 132.7
Financial Stability Strong Strong Strong Strong Strong Strong Strong

Disclaimer : This report is made as part of educational assignment and is meant for educational purpose only.
The author of the report is not liable for any losses due to actions taken basis this report. It is advisable to consult
SEBI registered reasearch analyst before making any investments