How a filing becomes a figure

A number in a Mool report is only as good as the rules that put it there. These are the ones every report follows, from the first document read to the last table published.

The documents come first

The research is read from the company's own documents first: the annual report, the results releases, its exchange disclosures, investor presentations and call transcripts, with market data beside them. When a filing and a data vendor give different figures for the same line, the disagreement is written down rather than averaged away.

Units, periods and basis

• Units. An Indian company's statement lines are in ₹ crore and its per-share figures in ₹. Lakh, crore and million are never mixed in one series, and numbers are compared only in a common unit, converted in code.
• Periods. A fiscal year is named for the year it ends in: India's FY26 runs from April 2025 to March 2026. A reported figure is marked A and an estimate E, and a period still in progress is never A.
• Basis. Figures are on one basis, consolidated as a rule, stated with the figures and never mixed within one series. Profit and EPS are those attributable to the parent's shareholders, and EPS is diluted.

Computed, never typed

Derived figures, such as EBITDA, net debt, return on capital or a normalised EPS, are computed in code from the statements, never by hand.

A gap stays a gap

A figure that is not in a filing, a data result or code output does not exist for the report. The research says that the company does not disclose it, or that it could not be retrieved, and the table marks it as missing. It is never filled in from memory, and never illustrated with a made-up number.

Where Mool keeps a file on a company

A file is the research on a company carried from run to run. On a company Mool keeps a file on, the rules go further:

• Every document is a registered source. It is registered before anything is taken from it, and every figure taken is cited to its page. The headline lines of the statements are extracted from the company's own releases; a data vendor's figure is marked as the vendor's.
• The figures are checked before they are used. The four quarters of each completed year must add up to the year, the segments to the company's total after eliminations, and the company's EBITDA to its revenue less its costs, on its own definition. Where a check fails, the reason is found and recorded, and the wrong figure is fixed. A quarter the company reports only inside its year is derived as the year less the nine months, and the note beside it says so.
• The model must rebuild the past. Before it is allowed to forecast, it must rebuild the reported history from its own formulas within half a percent, and code computes every forecast, range and value from the drivers the analyst sets.
• A gap has a reason. A value that cannot be sourced is recorded with its reason, never an estimate and never a zero, and never hidden in a note.

There, the business model and financial foundation, the part of the research that is free to read wherever Mool has published it, is built by code from the file when a run is finalized: five years of statements, the last eight quarters and the metrics computed from them. The method page sets out the rest of how Mool's research is made.

Mool's research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, which is responsible for it. It is general research, not advice for any individual.