Fundamental analysis answers a different question from chart reading: not “what is price doing now” but “what is this business worth, and what am I paying for it”. For an investor with a multi-year horizon, that question matters more than the shape of the last candle.
This course teaches you to read the three financial statements together, calculate the ratios that matter, and use annual reports and regulatory filings as primary sources. It also spends time on the limits of valuation, because a model can produce a precise number from assumptions that are anything but precise.
- Level: Beginner to Advanced
- Format: Live online, with recordings for revision
- Best for: Long-term investors who want to form their own view of a business instead of relying on tips, screenshots or borrowed conviction.
Who this course is for
It suits salaried investors building a portfolio, business owners who want to understand listed peers, and traders who want context for the instruments they trade. Basic arithmetic is enough; accounting knowledge is not assumed.
It is probably not the right fit if you want a quick screen that tells you which stock will double. Fundamental analysis is a slow, uncertain process, and this course is honest about how often a reasonable thesis is simply wrong.
What you will be able to do afterwards
The syllabus is written as capabilities rather than topics. By the end of the programme, a learner who has done the work should be able to:
- Read a balance sheet, profit and loss statement and cash flow statement together
- Calculate and interpret P/E, EPS, ROE, ROCE, debt-to-equity and book value
- Spot the difference between reported profit and cash actually generated
- Build a simple valuation and state the assumptions it depends on
- Use annual reports and regulatory filings as primary sources
Course syllabus
The syllabus covers the purpose and limits of fundamental analysis, the three statements and their connections, revenue quality, margins, cash flow, debt, ratio analysis, annual reports, sector comparison and valuation with a margin of safety.
- What fundamental analysis answers, and what it cannot
- The three statements and how they connect
- Revenue quality, margins and operating leverage
- Cash flow: operating, investing and financing
- Debt, interest cover and working capital cycles
- Ratio analysis: valuation, profitability, efficiency and solvency
- Reading an annual report, including notes and related-party disclosures
- Sector context and peer comparison
- Intrinsic value, margin of safety and the limits of a model
Profit is an opinion; cash is harder to fake
The profit and loss statement records revenue and expenses over a period, and accounting choices affect when both are recognised. A company can report growing profit while generating little cash if receivables are rising or costs are being capitalised. The cash flow statement is where those differences show up.
We read the three statements side by side: what the business earned, what it invested, how it financed the gap, and how much cash finished in the bank. A company that consistently converts profit into operating cash is easier to trust than one that reports profits while borrowing to fund working capital. This is not a guarantee of quality, but it is a useful filter.
Valuation without false precision
Price-to-earnings, price-to-book, enterprise value to EBITDA and discounted cash flow each answer a slightly different question. A low P/E can mean cheap or can mean the market expects earnings to fall. A high P/E can be expensive or can reflect genuine growth. The ratio is a starting point for questions, not an answer.
You will build a simple valuation for one company, state the assumptions explicitly and change them to see how sensitive the output is. The lesson is usually that the range of reasonable values is wide. A margin of safety exists precisely because the future is uncertain, not because the spreadsheet says the number is exact.
How the course is taught
Sessions combine statement walk-throughs with real annual reports from listed Indian companies. You will calculate ratios yourself, compare a company with two peers, and present a short investment note with the risks stated.
The course does not recommend stocks. The company used for exercises is a teaching case, not a suggestion to buy or sell.
- Live sessions on a shared screen, using current NSE and BSE charts rather than static screenshots.
- Time for questions in every session, with doubts answered in plain language.
- Session recordings and revision notes, so a missed evening does not break the sequence.
- Exercises that ask you to mark a chart, size a position or explain a decision before you risk money on it.
Duration, fees and batch timings
We do not publish a fixed fee or a fixed calendar because both depend on the course and the batch you join. Contact us on WhatsApp for the latest course fees, available batches and complete course details.
When you enquire, ask for the session length, the number of sessions, the batch days and what happens if you miss a class. A provider should be able to answer all four before you pay.
Course completion and certificate
Learners who complete the programme receive a course completion record from Share Market Training. It confirms the training you attended and the topics covered. It is not a SEBI registration, a licence to advise others, or a guarantee of trading results, and it should never be presented as any of those things.
Completion means you attended the sessions and did the exercises. It does not mean you have passed a test of profitability, because no course can certify that.
What this course does not do
It does not give stock tips, model portfolios, buy or sell recommendations, or a signal service. It does not promise a return, a monthly income or a fixed number of profitable trades. It does not replace your own judgement or remove market risk.
Trading and investing involve risk, including the loss of the capital you commit. Position sizing and stop placement are taught precisely because outcomes cannot be guaranteed.
A sensible next step
Ask for the reading list and confirm that the course uses primary filings rather than only screeners. If you want to combine this with chart timing, the technical analysis course covers the other half.