🔹 What is Fundamental Analysis?

English: Fundamental analysis is a method of evaluating a stock by studying the company’s financial health, performance, and future growth potential.
Hindi: Fundamental analysis ek aisa तरीका है jismein hum company ki financial health, performance aur future growth ke chances ko study karte hain.

1. Objectives of Fundamental Analysis (लक्ष्य)

  • English: To find the intrinsic value (real worth) of a stock.
  • Hindi: किसी stock की asli value (intrinsic value) जानने के लिए।
  • English: To decide whether the stock is undervalued, overvalued, or fairly priced.
  • Hindi: Decide karna ki stock sasta hai, mehenga hai ya सही price pe hai।

2. Key Parts of Fundamental Analysis

(A) Qualitative Factors (गुणात्मक पहलू)

  • Business Model → How company earns money (Company ka kaam karne ka tareeka).
  • Management Quality → Experience aur capability of CEO, Directors.
  • Industry & Competition → Kis sector mein company kaam karti hai aur competition kaisa hai.
  • Corporate Governance → Company ka transparency aur ethical practices.

(B) Quantitative Factors (मात्रात्मक पहलू)

Yeh mainly company ke Financial Statements se nikale jaate hain:

  1. Income Statement (Profit & Loss Account)
    • Revenue (बिक्री/कमाई)
    • Net Profit (शुद्ध लाभ)
  2. Balance Sheet
    • Assets (संपत्ति)
    • Liabilities (देनदारियाँ)
    • Shareholder’s Equity (हिस्सेदारी पूंजी)
  3. Cash Flow Statement
    • Operating Cash Flow (Business se cash inflow)
    • Investing Cash Flow (Investments ka cash)
    • Financing Cash Flow (Loans, dividend etc.)

3. Important Ratios in Fundamental Analysis (महत्वपूर्ण अनुपात)

  • Earnings Per Share (EPS) → प्रति शेयर लाभ
  • Price to Earnings (P/E Ratio) → Share price ka comparison profit se
  • Price to Book Value (P/B Ratio) → Market value vs Company assets
  • Debt to Equity Ratio → Company ke loan aur capital ka balance
  • Return on Equity (ROE) → Company shareholders ke paise pe kitna return la rahi hai
  • Dividend Yield → Dividend ka % return

4. Approaches in Fundamental Analysis (तरीके)

  • Top-Down Approach
    English: Start with economy → industry → company.
    Hindi: Pehle economy dekho, phir industry aur fir company analyze karo.
  • Bottom-Up Approach
    English: Start with company → industry → economy.
    Hindi: Pehle company ka analysis karo, fir industry aur fir economy.

5. Benefits of Fundamental Analysis (फायदे)

  • Long-term investment ke liye useful
  • Company ke asli value ko samajhne mein madad karta hai
  • Overvalued aur undervalued stocks identify karne mein helpful

6. Limitations of Fundamental Analysis (सीमाएँ)

  • Time-consuming process hai
  • Future predictions uncertain hote hain
  • Market sentiment aur short-term news impact ko cover nahi karta

✅ Conclusion (निष्कर्ष):
Fundamental Analysis ek scientific aur logical approach hai jisme hum ek stock ki asli value ko samajhne ki koshish karte hain. Agar aap long-term investor ho, toh yeh analysis aapko सही decision lene mein madad karega.