From annual reports to a valuation model you can check.
Upload one to three years of a company’s annual reports. herodocu reads the statements, shows you every historical figure to check and correct, then fills a DCF model: projected statements under three scenarios, WACC, two terminal values and sensitivities, all live Excel.
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| Historicals | FY 2024-25 | FY 2025-26 |
|---|---|---|
| Revenue from operations | 2,600.00 | 3,000.00 |
| EBITDA | 375.00 | 480.00 |
| Profit after tax | 180.00 | 240.00 |
| Total assets | 2,490.00 | 2,740.00 |
- Enterprise value
- 2,234.49
- Equity value
- 1,979.49
- Value per share
- ₹39.59
Fig. 1 — History from the accounts; a DCF at 14.1% WACC on the model’s default assumptions. Made-up accounts.
Checks OK .xlsx- Three years of history from the audited statements, placed on Schedule III
- Every figure shown to you to check and correct before it is written
- Every projection, DCF and sensitivity a live Excel formula
A full model, not a data dump.
Eleven sheets, every one of them formulas except the history and your assumptions. Change a driver and the statements, the value and the sensitivities follow.
Three audited years
Profit and loss and balance sheet as the reports print them, with checks that profit ties and the balance sheet balances.
Three scenarios
Base, upside and downside drivers: growth, margins, capital expenditure, working capital days, tax and payout. A switch picks the case in use.
Fixed assets, working capital, debt
Depreciation, capital expenditure, receivable, inventory and payable days, and borrowings repaid, year by year.
Projected statements
Profit and loss, balance sheet and cash flow, linked, with cash as the balancing figure and no circular references.
Two terminal values
Cost of equity by CAPM, free cash flow to the firm, a mid-year switch, and perpetuity growth weighed against an exit multiple.
The answer, and how far it moves
Equity value against WACC and terminal growth or exit multiple, a summary with charts, and every check in one place.
Three steps, one company at a time.
- 01
Upload the annual reports
One to three years as PDFs, scanned or not, Division I or Ind AS. Each report prints the year before too, so two give three years.
- 02
Check the figures
Every input line of the model is shown, year by year. Type over any figure that was read wrongly; the model's checks are worked out again as you type.
- 03
Download the model
Only the history and the share count are written. Set your assumptions and every projection, value and sensitivity follows.
Nothing goes into the model until you have seen it.
A figure misread from a scan would carry through every projection. So the history is shown first, year by year. The model’s own checks run as you look: when profit does not tie, the lines it adds up are marked, you type over the wrong figure, and the check clears.
| Check the historical figures | FY 2024-25 | FY 2025-26 |
|---|---|---|
| Revenue from operations | 2,600.00 | 3,000.00 |
| Employee benefits expense | 300.00 | 350.00 |
| Other expenses | 480.00 | 445.00 |
Your assumptions, kept.
Download the model blank, set it up the way you work, and upload your copy with the next company’s reports: only the history and the share count are replaced. A simpler projections-and-DCF model is there too, for a quick look.
Download the blank modelQuestions people ask.
- Which reports does it read?
- Indian financial statements on Schedule III, Division I or Division II (Ind AS), standalone or consolidated, from a text PDF or a scan. Annual reports and results announcements both work; it needs the balance sheet and the profit and loss.
- What units is the model in?
- Rupees in lakhs, as its sheets say. Reports in crores, thousands or rupees are converted when their units are known; when a report prints its units above the tables rather than in them, choose them on the page.
- Are the assumptions set for the company?
- No. The model opens on placeholder assumptions so that it works out end to end. Growth, margins, working capital days and the discount rate are yours to set for each company, and the Analysis sheet shows the history to set them against.
- Where does the number of shares come from?
- From the latest year's profit over its basic earnings per share. Earnings per share uses the year's weighted average, so change the count if shares were issued or bought back since; you can do that before downloading.
- Can I use my own model?
- Your copy of herodocu's model, with your assumptions in it, at no extra cost: upload it with the reports and only its history is replaced. Your firm's own Excel model can be filled too, as a custom engagement scoped and priced per model; tell us about it from the pricing page.
The reports stay yours.
The PDF is deleted as soon as extraction finishes, and is never used to train models. The model is filled in your browser, and nothing from it is stored.
Read how documents are handledAbout a rupee a page.
Standard is ₹499 a month for 500 pages during the introductory offer. You pay for the pages read; herodocu’s model costs nothing extra. Filling your firm’s own model is scoped and priced per model.
Try it on the company you are looking at.
Upload its latest annual report free, with no card, and check the history against the statements yourself.