■FIG. B.3 · Self project · statement analytics
Listed-Lender Equity Research Workbench
Equity research on lenders starts in the ugliest place: unstructured filings. This workbench turns twelve listed lenders’ disclosures into versioned, source-cited structured data, normalizes them into lender ratio families, and drives them through earnings models into dated initiation notes — each call tracked afterwards against Nifty Bank.
Composite of growth, margin, asset-quality, efficiency and capital-return percentile ranks — all computed from extracted line items, not quoted from third-party screens.
RATIO FAMILIES → VALUE DRIVERS → MODELS
Line items are normalized into the ratio families that actually drive lender equity value — NIM, GNPA/NNPA, CAR, LDR — and then into driver-based earnings forecasts, DCF and peer comparables with scenario and sensitivity grids. Excel packs are generated via openpyxl and Power Query, so the models leave the repo in a form analysts can actually open.
AN INITIATION NOTE, AS COMMITTED
BAJFINANCE.NS · BAJAJ FINANCE LIMITED · NBFC
call
BUY
CMP
₹1,079.90
base target
₹3,334.09
bear – bull
₹2,017 – 4,843
Excerpt from the committed initiation note (2026-08-30): a multi-stage excess return model anchored on FY24–27E advance CAGR of ≈14.0%, sustainable NIM of 10.05%, forecast FY26E RoE 23.36% / RoA 5.30%, net NPA 0.37% and CAR 22.52%. Notes are timestamped with thesis, risks and valuation ranges — and every call is subsequently tracked against Nifty Bank.
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