Reading Financial Statements

1. What you'll learn and why it matters

The first five chapters taught you to read price. This chapter teaches you to read the business behind the price. A company's financial statements are its report card: three tables that, read together, tell you how much it sold, how much it kept, what it owns, what it owes, and whether real cash came in.

By the end of this chapter you will be able to:

• Explain what fundamental analysis (FA) is and how an investor's mindset differs from a trader's or a speculator's.
• Know where to find official numbers in India (annual reports, exchange filings, investor presentations, concall transcripts, screener.in) and which parts of an annual report are worth your time.
• Read a Profit & Loss statement line by line, from revenue through EBITDA, depreciation, interest, exceptional items and tax down to PAT and EPS, and calculate margins and growth.
• Read a Balance Sheet: equity, reserves, borrowings, payables, fixed assets, CWIP, goodwill, inventory, receivables, and the accounting equation that ties them together.
• Read a Cash Flow Statement: CFO, CFI, CFF, free cash flow, and why cash and profit are rarely the same number.
• Trace how the three statements link to each other.
• Understand why a bank's statements look completely different (NII, NIM, CASA, GNPA/NNPA).
• Spot the classic red flags, using real Indian cases from 2023–2026.

We will work with real, recent numbers throughout. The main companies are:

All annual figures are consolidated (except HDFC Bank, which we read standalone, for reasons explained in section 9), in ₹ crore, for financial years ending 31 March. "FY26" means the year from 1 Apr 2025 to 31 Mar 2026. Data was taken from screener.in on 2 Oct 2026 and saved under data/extra/screener/, so every number here can be reproduced.

2. What fundamental analysis is: the investor mindset

2.1 The idea in one paragraph

Fundamental analysis means studying a business (its products, competition, management and, above all, its financial numbers) to judge whether it is worth owning, and roughly at what price. The logic is simple. Over long periods, a share price follows the company's earnings and cash flows, because a share is a claim on those cash flows. Over short periods, price is driven by sentiment, flows and news, and can drift far from the business. FA bets on the long-run link.

Varsity makes two points worth repeating. First, you do not need to be a chartered accountant. You need basic arithmetic, an understanding of what each line in a statement means, and some common sense about the industry. You read statements as a user, not a preparer. Second, FA is about telling apart the businesses that compound wealth from the ones that destroy it. Both kinds leave fingerprints in their statements years before the stock price reflects them.

2.2 Speculator vs trader vs investor

Varsity illustrates three mindsets with a story about an RBI policy announcement. Here is the same idea in a table:

This course trains you to be the second and third, and never the first. Note that for an investor, doing nothing (holding through noise) is a deliberate action.

2.3 Compounding: why time is the investor's edge

If profits are reinvested, they earn returns too. This is compounding, and its effect is non-linear: the later years add far more than the early ones.

The same thing happens inside a good company. A business that earns high returns on its capital and reinvests profits grows its earnings per share year after year. Investors call these businesses compounding machines. The statements show you whether a company is one.

2.4 Good fundamentals do not mean the price goes up every year

Varsity uses Eicher Motors, which went nowhere for years before a large rally. We can see the same thing in our own data. Below, each company's share price and its EPS (earnings per share) are both indexed to 100 at the start (October 2016 for price, FY16 for EPS):

2.5 Investable-grade attributes: qualitative and quantitative

Varsity splits what you check into two groups:

A single qualitative failure can outweigh excellent numbers. As Varsity puts it, the market eventually finds out about bad related-party dealings and punishes the stock, however good the margins look. Sections 4 and 10 show where these qualitative issues surface in the documents.

3. Where the numbers come from

3.1 Official sources (in order of reliability)

3.2 Standalone vs consolidated

Each company publishes two sets of statements:

• Standalone: the listed parent company alone.
• Consolidated: the parent plus all subsidiaries (companies it controls), with the share of subsidiaries owned by outsiders shown separately as non-controlling interest (also called minority interest).

Use consolidated by default, because it shows the whole economic group. Varsity's example is a parent that loses ₹1,000 crore while its fully owned subsidiary earns ₹700 crore. Standalone shows a ₹1,000 crore loss; consolidated shows the true group loss of ₹300 crore.

4. How to read an annual report

An annual report can run to 300–400 pages. Most of it you can skim. Here is what each section is for, and what to look for:

4.1 The auditor's opinion: four types

An Emphasis of Matter paragraph is not a qualification. It points you to something important already disclosed, such as a large pending tax dispute or doubt about the company remaining a "going concern" (able to keep operating and paying its debts for the next year). Read it. An auditor who resigns mid-term is a major red flag; the resignation letter is filed with the exchanges.

4.2 Two notes you must always open

Related-party transactions (RPTs). Sales to, purchases from, loans to, or guarantees for entities owned by promoters or their relatives. Some RPTs are normal (buying from a group company at market rates). The warning signs are large loans or advances to promoter entities, purchases at odd prices, and RPTs growing faster than the business.

Contingent liabilities. Obligations that might become real: disputed tax demands, legal claims, guarantees given for others' loans. They are not on the balance sheet. Compare them with net worth. A contingent liability of 5% of equity is noise; one of 50% could be existential if it goes against the company.

5. The Profit & Loss statement, line by line

The P&L (income statement) covers a period, a quarter or a year. It answers: how much did the company sell, what did it cost, and what was left for shareholders? Revenue is called the "top line" and net profit the "bottom line".

5.1 The structure

5.2 Asian Paints FY26, every line

5.3 Each line: what it is, the logic, the traps

Revenue from operations. Sales of products and services from the core business, plus "other operating revenue" such as scrap sales or export incentives. This is the line to watch for growth. Logic: without growing revenue, profit growth eventually runs out (you can only cut costs so far). Trap: revenue booked aggressively (goods pushed to dealers at quarter-end on long credit). This shows up as receivables growing faster than sales (section 10).

Other income. Income that is not from the core business: interest on deposits, dividends, gains on selling investments, rent. It is real money, but it is not the business. Rule of thumb: if other income is a large share of PBT, the operating business is weaker than the headline profit suggests. Asian Paints' other income was 12.1% of PBT in FY26, which is fine for a cash-rich company. For Adani Enterprises in FY26 it was 86.4% (section 10).

Operating expenses. Indian companies present expenses "by nature": materials, employees, finance cost, depreciation, other. The materials line includes "changes in inventories": if the company produced more than it sold, the cost of the unsold goods is moved to inventory on the balance sheet, which reduces this year's expense. That is why a production build-up can flatter margins briefly.

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation). Profit from operations before financing and accounting choices. It is useful for comparing operating performance across companies with different debt levels and asset ages.

Depreciation and amortisation (D&A). When a company buys a machine that will last years, it does not expense the whole cost on day one. It spreads the cost across the machine's useful life. Depreciation applies to tangible assets (plant, buildings, vehicles); amortisation applies to intangibles (software, patents, acquired brands). Logic: match the cost of an asset to the years in which it earns revenue, so that each year's profit is fair.

Finance cost. Interest on borrowings, plus interest on lease liabilities. Since Ind AS 116 (Ind AS = Indian Accounting Standards, the accounting rules listed companies follow; standard 116 covers leases), long leases (for example rented stores or depots) appear on the balance sheet as a "right-of-use" asset and a lease liability. So even a debt-free company can show finance cost. Asian Paints' ₹1,636 cr of lease liabilities is part of its ₹3,929 cr "borrowings".

Exceptional items. Large, unusual gains or losses: impairment (writing down) of an asset or goodwill, restructuring costs, profit on selling a business, a one-time legal settlement. Analysts usually look at profit before exceptional items to judge the ongoing business. Trap: a company that has "one-time" charges every year has an ongoing cost, and it should be treated as one.

Tax. Current tax (payable on this year's taxable income) plus deferred tax (an accounting adjustment for timing differences, for example when tax depreciation runs faster than book depreciation). The headline Indian corporate rate under the concessional regime (Section 115BAA of the Income-tax Act 1961, which applies to income up to 31 March 2026; the Income-tax Act 2025 replaced the 1961 Act from 1 April 2026 with renumbered sections) is 22% + 10% surcharge + 4% cess = 25.17%. Asian Paints' 26.79% effective rate is close to this. When the effective rate is far from 25%, find out why. In FY24 Tata Steel paid a tax charge of about ₹3,763 cr on a pre-tax loss of ₹1,147 cr (screener shows this as "328%"), so the net loss widened to ₹4,910 cr. That happened largely because losses in some countries (such as the UK) cannot be offset against taxable profits elsewhere, so the group pays tax even when its total pre-tax result is negative.

PAT and minority interest. PAT is the group's profit. If a subsidiary is, say, 60% owned, 40% of its profit belongs to others. That slice is deducted as "minority share" (non-controlling interest) to get profit attributable to the parent's shareholders.

Share of profit of associates and joint ventures. When a company owns a significant but non-controlling stake (typically 20–50%), it does not add up that company's revenue and expenses line by line. It adds only its share of the associate's profit, as one line just above PAT (the "equity method"). Example: if a company owns 30% of an associate that earns ₹100 cr, ₹30 cr appears in consolidated profit, but none of the associate's revenue does. Screener shows this as "Profit from Associates" (zero for Asian Paints in FY26). Trap: a large associate share can make PAT grow while the company's own revenue stalls, and the cash stays with the associate unless it pays dividends.

EPS: basic and diluted.

Dividends. Paid out of profit to shareholders. They are not an expense in the P&L; they reduce retained earnings on the balance sheet and appear as a cash outflow under financing. Varsity's old example shows a "dividend distribution tax" paid by the company. That tax was abolished from 1 April 2020, and dividends are now taxed in shareholders' hands (chapter 13).

5.4 Growth: YoY, QoQ and CAGR

Quarterly numbers should be compared YoY (same quarter last year), not QoQ, because many businesses are seasonal. Paint demand, for example, peaks before Diwali, and monsoon quarters are softer.

5.5 Cyclical businesses: Tata Steel

For a commodity producer, the selling price is set by the global market. Profits therefore swing with the cycle, and a single year's P&L means little.

6. The Balance Sheet

The P&L is a video of a period; the balance sheet is a photograph on one date (31 March). It lists what the company owns (assets) and how those assets were funded: by owners (equity) or by others (liabilities). It is cumulative, the result of every transaction since the company was incorporated.

Logic: every rupee the company holds came from somewhere, either the owners or lenders and creditors. So the two sides must always be equal. From the company's point of view, even equity is something it owes, to its shareholders. That is why Varsity's (older format) statements show equity on the "liabilities" side.

6.1 Asian Paints balance sheet, 31 March 2026

The two sides match: ₹34,519 cr. (Each line is rounded to the nearest crore, so adding the rows by hand gives ₹34,518 and ₹34,520. Screener groups non-controlling interest with "other liabilities"; in the actual filing it sits within total equity.)

6.2 The equity side

Share capital = number of shares × face value. Asian Paints: 95.92 crore shares × ₹1 = ₹96 cr. Face value is a legal number, unrelated to market price.

Reserves & surplus is where the real value sits:

• Retained earnings (surplus): accumulated profits not paid out as dividends. This is the main link to the P&L.
• Securities premium: when shares are issued above face value, the excess goes here. Example: Adani Enterprises' ₹24,930 cr rights issue (Nov–Dec 2025; a rights issue offers new shares to existing shareholders in proportion to their holding) was priced at ₹1,800 a share, of which ₹1 is face value and ₹1,799 premium. Its reserves rose from ₹50,199 cr (FY25) to ₹80,797 cr (FY26).
• General reserve, capital reserve, other comprehensive income (OCI): transfers and items such as foreign-currency translation and actuarial gains/losses on employee benefits.

6.3 Liabilities

6.4 Assets

Fixed assets (property, plant & equipment). Shown at net block = gross block − accumulated depreciation.

Capital work-in-progress (CWIP). Plants and projects under construction. They are not yet depreciated and not yet earning. When a project is commissioned, CWIP moves into gross block and depreciation starts.

Goodwill and intangible assets. When a company buys another for more than the fair value of its net assets, the excess is recorded as goodwill. Acquired brands and customer relationships are intangibles. Goodwill is not amortised under Ind AS. Instead it is tested for impairment each year, and if the acquired business underperforms, it is written down (often as an exceptional item).

• Pidilite bought Huntsman's Indian business (the Araldite brand) for about ₹2,100 cr in November 2020. Intangible assets in its gross block jumped from ₹575 cr (FY20) to ₹3,048 cr (FY21).
• Asian Paints impaired goodwill and intangibles from its White Teak and Causeway Paints acquisitions in Q4 FY25: overpaid acquisitions eventually show up.

Large goodwill relative to equity means a big share of "assets" depends on acquisitions working out.

Investments. Non-current (strategic stakes, long-term bonds) and current (liquid mutual funds). Cash-rich companies like Pidilite (₹4,350 cr investments vs ₹417 cr borrowings) park surplus here.

Inventory. Raw materials, work-in-progress and finished goods. Trade receivables: money customers owe for goods sold on credit. Cash and equivalents: bank balances and very short-term deposits. Loans and advances: money lent to others, or advances to suppliers. Large loans to related parties are a classic red flag (Gensol, section 10).

6.5 Working capital and the cash conversion cycle

A manufacturer pays for raw materials, holds inventory, sells on credit, and only then collects cash. The time this takes ties up money.

Tata Steel shows a different pattern: debtor days of only 8 but inventory days of 184. Steel is sold quickly, often against advances, but iron ore, coal and finished steel sit in inventory for months. Chapter 7 covers these turnover ratios in detail.

6.6 Leverage: how much debt, and can it be serviced?

7. The Cash Flow Statement

Profit is an accounting opinion; cash is a fact. The P&L recognises revenue when goods are delivered, even if the customer has not paid. It deducts depreciation, which uses no cash in that year. It ignores the cash spent building inventory. The cash flow statement strips all that away and shows the actual movement in the bank balance, sorted into three buckets.

7.1 How CFO is built (indirect method)

Most Indian companies start from profit before tax and adjust:

1. Add back non-cash expenses: depreciation, impairment, provisions.
2. Remove non-operating items: subtract interest and dividend income and gains on selling investments (their cash belongs in CFI); add back finance cost (it goes in CFF).
3. Adjust for working-capital changes. This is the part to understand properly:

The general rule, from Varsity: an increase in an asset uses cash; an increase in a liability provides cash. Finally, subtract taxes actually paid.

7.2 CFO vs PAT across companies

The most useful earnings-quality test: over several years, does operating cash flow keep up with reported profit?

• Asian Paints 1.09×, Pidilite 1.18× (FY22–26). Healthy. Cash slightly exceeds profit because depreciation is added back.
• Tata Steel 2.45×. Normal for a capital-heavy business: ₹9,000–12,000 cr of depreciation a year (FY22–26) is a non-cash charge in the P&L. The real question for Tata Steel is FCF after its heavy capex: FY22–26 cumulative FCF was ₹75,502 cr, used largely to reduce debt and pay dividends. In FY26 it repaid ₹23,916 cr and borrowed ₹15,954 cr.
• Adani Enterprises 0.38× (FY25–26). PAT was ₹8,005 cr and ₹9,951 cr, but CFO was ₹4,513 cr and ₹2,357 cr. The main reason is not hidden: much of the profit came from exceptional gains on selling stakes (in FY26, about ₹9,215 cr per the company, mainly from exiting AWL Agri Business and selling cement units to Ambuja). The cash from those sales is recorded under CFI, not CFO. Over FY22–26 as a whole, its CFO/PAT was 1.48×. This is why you reconcile before you judge (more in section 10).
• Gensol −0.38× (FY22–24). Reported PAT of ₹87 cr; CFO of −₹33 cr. The profits were never collected in cash. That was the prelude to collapse (section 10).

7.3 Reading the pattern of the three buckets

8. How the three statements connect

Using Asian Paints FY26 numbers, here are the links Varsity lists, made concrete:

9. Why banks are different (HDFC Bank)

For a manufacturer, money is a means to make products. For a bank, money is the product. Deposits are its raw material, loans are its inventory, and interest is its revenue. Normal metrics break: "debt-to-equity" is meaningless (deposits are technically debt), and "CFO" swings wildly because lending and deposit-taking count as operating activities.

9.1 The bank P&L

9.2 The metrics that matter for banks

Chapter 7 goes deeper into bank ratios (ROA, ROE, credit cost, slippage ratio). For now, remember: for banks, use NII, NIM, CASA, GNPA/NNPA, capital adequacy, not EBITDA, D/E or CFO.

10. Red flags in financial statements

Most frauds and blow-ups give warning signs in the statements well before the price collapses. None of these signals proves wrongdoing; each is a reason to dig deeper, demand a clear explanation, or simply move on. There are thousands of other stocks.

10.1 Case: Gensol Engineering (2024–2026)

Gensol was a solar EPC (engineering, procurement and construction: it built solar plants for clients) and EV-leasing company whose stock rose sharply in 2023–24. The statements carried several of the flags above before the collapse.

10.2 Case: profits from exceptional gains (Adani Enterprises FY26)

10.3 Case: frequent exceptional items (Tata Steel)

Screener's exceptional items for Tata Steel (pre-tax) are non-zero in every one of the last 12 years (FY15–FY26), in both directions: FY17 −₹4,323 cr, FY18 +₹10,230 cr (a gain), FY20 −₹4,776 cr, FY21 −₹668 cr, FY22 +₹163 cr, FY23 +₹365 cr, FY24 −₹6,611 cr, FY25 −₹386 cr, FY26 −₹792 cr. Most relate to its European operations (impairments, restructuring, pension changes). Something that happens every year is not "exceptional". Add up the items over the cycle (FY17–FY26 net, including FY19's +₹854 cr: −₹5,944 cr, or about −₹594 cr a year) and treat that average as an ongoing cost of owning the business.

11. Try it yourself (Python)

These snippets need a copy of the course repository and Python with pandas and numpy (setup steps are in its framework/README.md). Run them from the repository's root folder, for example with .venv/bin/python, because the file paths are relative to that folder. They use the screener snapshots saved for this chapter.

1. Load a company's P&L and compute margins and growth.

import pandas as pd
D = "data/extra/screener/"

def tab(sym, kind):   # kind: pl, bs, cf, ratios, quarters
    df = pd.read_csv(f"{D}{sym}_{kind}.csv").set_index("item")
    return df.apply(lambda s: pd.to_numeric(s.astype(str).str.replace(",", "").str.replace("%", ""), errors="coerce"))

pl = tab("ASIANPAINT", "pl")
yrs = [c for c in pl.columns if c.startswith("Mar")]
out = pd.DataFrame({
    "Sales": pl.loc["Sales", yrs],
    "EBITDA margin %": 100 * pl.loc["Operating Profit", yrs] / pl.loc["Sales", yrs],
    "PAT margin %": 100 * pl.loc["Net Profit", yrs] / pl.loc["Sales", yrs],
    "Sales YoY %": 100 * pl.loc["Sales", yrs].pct_change(),
})
print(out.round(2).tail(6))
cagr = (pl.loc["Sales", "Mar 2026"] / pl.loc["Sales", "Mar 2016"]) ** (1/10) - 1
print(f"10y sales CAGR: {cagr:.2%}")      # 9.57%

2. Cash conversion and FCF.

cf = tab("ASIANPAINT", "cf")
y5 = [f"Mar {y}" for y in range(2022, 2027)]
cfo, pat = cf.loc["Cash from Operating Activity", y5], pl.loc["Net Profit", y5]
print(pd.DataFrame({"PAT": pat, "CFO": cfo, "CFO/PAT": (cfo/pat).round(2)}))
print("5y cumulative CFO/PAT:", round(cfo.sum()/pat.sum(), 2))   # 1.09
print("5y cumulative FCF:", cf.loc["Free Cash Flow", y5].sum())   # 15070

3. Balance-sheet checks: accounting equation, D/E, interest coverage.

for sym in ["ASIANPAINT", "PIDILITIND", "TATASTEEL"]:
    bs, p = tab(sym, "bs"), tab(sym, "pl")
    c = "Mar 2026"
    eq = bs.loc["Equity Capital", c] + bs.loc["Reserves", c]
    left = bs.loc[["Equity Capital", "Reserves", "Borrowings", "Other Liabilities"], c].sum()
    right = bs.loc[["Fixed Assets", "CWIP", "Investments", "Other Assets"], c].sum()
    cover = (p.loc["Profit before tax", c] + p.loc["Interest", c]) / p.loc["Interest", c]
    print(f"{sym:11s} L={left:,.0f} A={right:,.0f}  D/E={bs.loc['Borrowings', c]/eq:.2f}  cover={cover:.1f}x")

4. Fetch any company fresh from screener.in (be polite: one request every few seconds; for personal study only).

import io, requests, pandas as pd
sym = "PIDILITIND"
html = requests.get(f"https://www.screener.in/company/{sym}/consolidated/",
                    headers={"User-Agent": "Mozilla/5.0"}, timeout=30).text
tables = pd.read_html(io.StringIO(html))
quarters, pl, bs, cf = tables[0], tables[1], tables[6], tables[7]   # order on the page as of Oct 2026
print(pl.head(12))

(If requests is not installed, use curl -A "Mozilla/5.0" URL -o file.html and read the file. The table order on screener's page can change, so check the shapes.)

12. Practical checklist: reading a company's statements

• Use consolidated statements (standalone for banks with insurance arms, or holding companies). Note the units.
• Auditor's report: unmodified opinion? Any qualification, emphasis of matter, auditor change or resignation?
• Revenue: 5- and 10-year CAGR; last 4 quarters YoY. Is growth from volume, price or acquisitions (MD&A)?
• Margins: EBITDA and PAT margins over 10 years. Stable, rising or falling? Structural or cyclical cause?
• Other income ÷ PBT: below about 20%? Exceptional items: rare, or every year? Look at profit before exceptional items.
• Effective tax rate near 25%? If not, why?
• EPS growth vs PAT growth: is the share count rising (dilution)? Are bonus issues and splits adjusted?
• Cumulative CFO/PAT over 5 years: about 1 or more? Explain any year far below.
• FCF (CFO − capex): positive over a cycle? If negative, is it a planned investment phase with funding in place?
• Pattern of CFO/CFI/CFF signs: self-funding, or dependent on new debt and equity?
• Debt: D/E, net debt, interest coverage (above 3× is comfortable, below 1.5× is dangerous), short-term share of debt.
• Working capital: debtor, inventory and payable days, and the cash conversion cycle trend. Receivables growing faster than sales?
• Balance sheet: goodwill/intangibles vs equity; CWIP size and age; loans and advances to related parties.
• Notes: related-party transactions, contingent liabilities ÷ net worth.
• Shareholding: promoter holding trend; pledged shares (and changes); large holders.
• Rating rationales and exchange announcements for delays, downgrades, resignations.
• Banks: NII growth, NIM, CASA, GNPA/NNPA, capital adequacy, credit vs deposit growth.
• Compare with at least one peer before concluding anything.

13. Key takeaways

14. Quiz and exercises

15. Sources

Zerodha Varsity, Module 3: Fundamental Analysis (concepts explained here in our own words): Ch 1 Introduction to Fundamental Analysis · Ch 2 Mindset of an Investor · Ch 3 How to Read the Annual Report of a Company · Ch 4 Understanding the P&L Statement (Part 1) · Ch 5 Understanding the P&L Statement (Part 2) · Ch 6 Understanding the Balance Sheet Statement (Part 1) · Ch 7 Understanding the Balance Sheet Statement (Part 2) · Ch 8 The Cash Flow Statement.
Financial data: screener.in consolidated pages and schedules for Asian Paints, Pidilite, Tata Steel, Adani Enterprises, Gensol Engineering; HDFC Bank (standalone). Fetched 2 Oct 2026; saved in data/extra/screener/. Prices: NSE via Yahoo Finance (data/ohlc/, data/extra/GENSOL_daily_yf.csv), to 30 Sep 2026.
Company and news disclosures: HDFC Bank Q1 FY27 earnings presentation (NIM, CASA, GNPA, CAR); HDFC Bank Q1 FY26 earnings presentation and Systematix Q1 FY26 note (HDB stake-sale gain, floating and contingent provisions); Adani Enterprises Q4/FY26 results release; Business Today on Adani Enterprises Q4 FY26; Adani Enterprises rights issue terms; Tata Steel Q2 FY24 loss; Asian Paints Q4 FY25 exceptional items; Pidilite–Huntsman acquisition; Pidilite bonus 2025; HDFC Bank bonus 2025; IndusInd Bank Q4 FY25 loss and accounting discrepancies.
Gensol case: SEBI confirmatory order, Gensol Engineering; Business Standard on the SEBI interim order (15 Apr 2025); CARE/ICRA downgrades (Mar 2025); ICRA rating rationale.
Rules (verified Oct 2026): SEBI LODR Reg. 33 results timelines (SEBI LODR master circular, 11 Jul 2023); SEBI SAST Reg. 31 encumbrance disclosure (summary); Companies Act 2013 s.96 (AGM) and s.136 (summary); corporate tax under s.115BAA (ClearTax); Income-tax Act 2025 in force from 1 Apr 2026 (Income Tax Department FAQs on transition).
Figures: course/scripts/ch06_figures.py. All examples are historical analysis for education, not recommendations to buy or sell any security.