Key Ratios| Stock Market Basics| PE Ratio| PB Ratio| ROE| Debt Equity Ratio| Fundamental Analysis| Investing for Beginners

Introduction| Part-1/3

Every company publishes its financial statements—Balance Sheet, Profit & Loss Statement, and Cash Flow Statement. But for investors, raw numbers are not useful until we convert them into meaningful signals. This is where Key Ratios play a critical role. Ratios condense the entire business into simple numerical indicators that help us compare one company with another instantly.

For example, if Reliance shows a profit of ₹60,000 crore and a small company shows a profit of ₹200 crore, the numbers may seem incomparable. But when we convert these numbers into ratios like ROE, ROCE, or Net Profit Margin, suddenly, the comparison makes sense. Ratios reveal efficiency, valuation, risk, and growth potential in a structured way.

Even the greatest investors rely heavily on ratios because markets are noisy, prices fluctuate daily, and narratives change frequently. But ratios remain grounded in financial reality, giving clarity when emotions take over the market.

In this lesson, we will dive deep into four essential ratios:

1. PE Ratio (Price-to-Earnings) – valuation

2. PB Ratio (Price-to-Book) – fair value vs asset value

3. ROE (Return on Equity) – management efficiency

4. D/E Ratio (Debt-to-Equity) – financial risk

These ratios are considered the starting point of fundamental analysis. No investor buys a stock without looking at at least one of these. But most beginners misunderstand them. They look at PE alone and think low PE means undervalued. They look at ROE and assume high ROE is great even if it comes from high debt.

This lesson removes all confusion by breaking down each ratio with:
✔ 100–200-word explanations
✔ sector-wise interpretations
✔ advanced examples
✔ proper calculations
✔ how professionals use it
✔ Indian stock market case studies
✔ warnings and mistakes to avoid

By the end of this 3-part lesson, you will be able to judge any company with just a handful of ratios.

---

1️⃣ PE Ratio – Price to Earnings

---

💡 1.1 What PE Ratio Truly Means

The PE Ratio tells us how much the market is willing to pay for each rupee of a company’s earnings. If a stock has a PE of 20, it means investors are ready to pay ₹20 for every ₹1 the company earns annually.

But here’s the real insight:
PE tells us about market expectations.
A high PE doesn’t automatically mean expensive; it may mean the market believes the company will grow higher. A low PE doesn’t always mean cheap; it may reflect slow growth, weak business model, or risks.

PE is also influenced by:
✔ Sector growth
✔ Management quality
✔ Economic cycles
✔ Interest rates
✔ Market sentiment
✔ Profit stability

For example:

• FMCG companies like Hindustan Unilever usually have high PE because they deliver stable, predictable earnings.
• PSU stocks often have low PE because they are government-run, slower in growth, or politically influenced.

PE does not work well for:
❌ Loss-making companies
❌ Highly cyclical businesses
❌ New-age tech companies with inconsistent profits

Many investors misuse PE by comparing unrelated companies. Comparing TCS (IT) with Tata Motors (Auto) makes no sense.

Thus, PE must be compared:

• Within the same sector
• With historical PE of the same company
• With the broader market (Nifty PE)

---

📌 1.2 Formula & Interpretation

PE Ratio = Price Per Share ÷ Earnings Per Share (EPS)

Meaning:

• PE 10–15: Reasonable valuation
• PE 20–30: Growth expected
• PE 50+: Very high growth expectation
• PE < 10: Undervalued or risky

---

📍 1.3 Example (Simple)

Stock Price = ₹300
EPS = ₹15
PE = 300 ÷ 15 = 20

---

📍 1.4 Example (Advanced – Real Market)

Stock: Asian Paints

• Price: ₹3,150
• EPS: ₹36
• PE = 3150 ÷ 36 = 87.5

This is extremely high—but justified because:
✔ Brand leadership
✔ High ROE
✔ High cash flow visibility
✔ Monopolistic positioning
✔ Strong pricing power

Thus, high PE does not mean overvalued, if quality is extremely strong.

---

2️⃣ PB Ratio – Price to Book Value

---

💡 2.1 What PB Ratio Actually Shows

PB Ratio compares a company’s market price with its book value, which is basically the net asset value of the company.

PB = Market Price ÷ (Assets – Liabilities)

A PB ratio below 1 means the market is valuing the company lower than its assets—often considered undervalued. But it can also be a sign of:
❌ low profitability
❌ no growth prospects
❌ weak management
❌ asset-heavy, low ROE business

A high PB ratio indicates the market is placing a premium on the company’s assets, reflecting:
✔ trust in management
✔ high profitability
✔ strong ROE
✔ strong competitive moat

PB ratio is most important for:

• Banks
• NBFCs
• Insurance companies
• Asset-heavy businesses

These financial sectors hold assets like loans or investments—so PB gives a clear indication of whether the stock is fairly valued.

PB ratio is less useful for IT, FMCG, and service companies where book value carries little meaning.

---

📌 2.2 Formula & Interpretation

PB Ratio = Market Price Per Share ÷ Book Value Per Share

Interpretation:

• PB < 1 – undervalued or weak
• PB 1–2 – fair value
• PB 3–5 – quality & premium
• PB > 5 – market expects high growth or strong brand value

---

📍 2.3 Example (Banking Sector)

Stock: HDFC Bank

• Price: ₹1,450
• Book Value Per Share: ₹450
  PB = 1450 ÷ 450 = 3.22

This is normal for private banks with strong credit quality and superior ROE.

---

3️⃣ ROE – Return on Equity (Deep Foundation)

---

💡 3.1 How ROE Reflects Efficiency

ROE tells how efficiently a company is using shareholders’ money to generate profits. It’s considered one of the most important ratios in fundamental analysis.

If two companies both make ₹500 crore profit, but one requires much less equity to do so, that company is considered more efficient.

ROE is influenced by three factors (DuPont Model):

1. Net Profit Margin – how much profit is made per rupee of sales
2. Asset Turnover – how efficiently assets generate revenue
3. Financial Leverage – how much the company uses debt

Often, beginners make a dangerous mistake:

They love high ROE without checking debt.

A company can artificially boost ROE simply by adding more debt, which reduces equity and increases ROE. But this increases financial risk.

Thus, ROE must always be checked along with D/E ratio.

Consistent ROE above 15% for 5–10 years = excellent management.

Companies like Asian Paints, HUL, Nestle maintain ROE above 20% for decades due to:
✔ strong brand
✔ pricing power
✔ operational efficiency
✔ loyal customer base

These businesses attract premium valuations (high PE & PB).

---

📌 3.2 Formula & Interpretation

ROE = Net Profit ÷ Shareholder’s Equity × 100

Interpretation:

• < 10% – weak
• 10–15% – moderate
• 15–20% – very good
• 20%+ – excellent (if debt is low)

---

📍 3.3 Example (FMCG)

Stock: Hindustan Unilever (HUL)

• Net Profit: ₹9,800 crore
• Equity: ₹15,000 crore
  ROE = (9800 ÷ 15000) × 100 = 65%

This extremely high ROE is due to:
✔ low asset requirement
✔ strong brand
✔ pricing power

FMCG companies naturally have high ROE.

---

4️⃣ D/E Ratio – Debt-to-Equity (Deep Understanding)

---

💡 4.1 Why D/E Is the First Risk Indicator

D/E Ratio shows how much debt a company uses compared to its own equity. It is the primary indicator of financial risk.

A company with high D/E is more vulnerable during:

• recession
• rising interest rates
• falling revenues
• inflation

Too much debt can:
❌ reduce profits
❌ reduce cash flows
❌ increase interest burden
❌ cause bankruptcy

But here is a key insight many investors miss:

Debt is not bad. Bad debt is bad.

Companies in capital-heavy sectors require debt naturally:

• Infrastructure
• Manufacturing
• Telecom
• Construction
• Power

Meanwhile, companies in sectors like IT and FMCG almost always maintain low debt because they generate high internal cash.

Thus, interpreting D/E must always consider sector characteristics.

---

📌 4.2 Formula

D/E = Total Debt ÷ Shareholder’s Equity

Interpretation:

• D/E < 0.5 – financially safe
• D/E 0.5–1 – moderate risk
• D/E > 1 – high leverage
• D/E > 2 – very high risk (except infra & power)

---

📍 4.3 Example (Manufacturing)

Stock: Tata Steel

• Total Debt: ₹80,000 crore
• Equity: ₹60,000 crore
  D/E = 80000 ÷ 60000 = 1.33

This is normal for metals sector.

PART 2/3

Sector-Wise Understanding of Key Ratios (Highly Critical Section)

Not all ratios work equally in all sectors.
A) PE of 50 is normal for IT but insane for PSU banks.
B) D/E of 1.5 is normal for steel companies but dangerous for FMCG.

Below is the detailed breakdown sector-by-sector.

---

5.1 Information Technology (IT Sector)

Examples: TCS, Infosys, Wipro, HCL, LTIMindtree

Typical Ratio Behaviour

Ratio	Normal Range	Interpretation
PE	20–30+	IT has asset-light model → naturally high PE
PB	Often high (5–10)	Even though book value is low, market values cash flow
ROE	20–35%	Extremely efficient business model
D/E	0 to 0.3	Almost no debt required

Why?

✔ High profit margins
✔ Recurring revenue
✔ Global clients
✔ Low working capital
✔ High free cash flow
✔ Strong corporate governance

Investor Insight

IT companies always command premium valuation due to predictability.

---

5.2 FMCG Sector

Examples: HUL, Nestle, Britannia, ITC, Dabur

Typical Ratios

Ratio	Normal Range
PE	40–70+
PB	10–20+
ROE	40–80%
D/E	0 to 0.3

Why?

✔ Brands dominate pricing
✔ High demand stability
✔ Loyal customer base
✔ Negative working capital (cash first, pay later)

Investor Insight

FMCG is the safest sector. High PE is normal because earnings are stable.

---

5.3 Banks & Financials

Examples: HDFC Bank, ICICI Bank, Kotak Bank, SBI

Typical Ratios

Ratio	Normal Range
PE	10–20
PB	1–4
ROE	12–18%
D/E	Not used (banks operate with leverage)

Banking uses PB & ROE as primary indicators.

Investor Insight

Don’t use PE to value banks. Use PB + ROE + GNPA + NNPA.

---

5.4 Metals & Commodities

Examples: Tata Steel, JSW Steel, Hindalco

Typical Ratios

Ratio	Normal Range
PE	5–12
PB	0.5–2
ROE	Cyclical: 5–25%
D/E	1–2.5

Why?

✔ Cyclical earnings
✔ High asset base
✔ High capex
✔ High interest burden

Investor Insight

Never buy metal stocks at very low PE during peak cycle — risk of crash.

---

5.5 Telecom Sector

Examples: Airtel, Vodafone Idea, Reliance Jio (future listing)

Typical Ratios

• PE: Often not meaningful (due to losses)
• PB: 2–5
• ROE: 5–15%
• D/E: High (1.5–3)

Why?

✔ Heavy capex
✔ Price wars
✔ Regulatory pressure

Investor Insight

D/E must be monitored quarterly in telecom.

---

5.6 Real Estate & Infrastructure

Examples: DLF, Godrej Properties, L&T, NCC

Ratio Behaviour

✔ PE: Very volatile
✔ PB: 1–3
✔ ROE: 8–15%
✔ D/E: 1–2.5

Why?

✔ Long project cycles
✔ High debt
✔ Interest rate sensitivity

Investor Insight:
High PE is very misleading in real estate. Check D/E + cash flow first.

---

5.7 PSU Sector

Examples: SBI, NTPC, Coal India, ONGC, BPCL

PSU Characteristics

✔ Low PE
✔ Low PB
✔ Moderate ROE
✔ Often high D/E

Why?

✔ Government decisions influence business
✔ Lower growth rate
✔ Focus on social benefit rather than profits

---

⭐ 6️⃣ Case Studies – Real Indian Market Comparison

---

6.1 Case Study 1: TCS vs Infosys (IT Sector)

Below is an in-depth comparison using Key Ratios.

Ratio	TCS	Infosys	Interpretation
PE	~30–32	~25–27	TCS commands premium for stability
PB	12–15	8–10	Brand & margins higher for TCS
ROE	35–45%	25–30%	TCS more efficient & stable
D/E	0	0	Both cash-rich

Deep Insight

• TCS trades at premium PE because of consistency in margins, stronger brand, lower attrition.
• Infosys is slightly more volatile due to variable large contracts.
• ROE differential shows superior execution by TCS.

Investor Takeaway

TCS = long-term compounding machine
Infosys = better value during dips

---

6.2 Case Study 2: HDFC Bank vs ICICI Bank (Banking Sector)

Ratio	HDFC Bank	ICICI Bank	Interpretation
PE	18–20	18–22	Similar valuation
PB	3–4	2–3	HDFC Bank earns premium for stability
ROE	16–18%	14–16%	Both strong
D/E	Not relevant	Not relevant	We use CRAR instead

Key Notes

• HDFC Bank has long track record of no NPA shock.
• ICICI Bank improved after 2016 cleanup.

Investor Takeaway

Both banks are strong; choose based on valuation dips.

---

6.3 Case Study 3: Asian Paints vs Berger Paints (FMCG/Consumer)

Ratio	Asian Paints	Berger Paints
PE	Extremely high (70–90)	High (50–60)
PB	15–20+	10–15
ROE	20–25%	18–20%
D/E	< 0.3	< 0.4

Insight

Asian Paints earns monopoly-level premium due to:
✔ 60% market share
✔ Brand dominance
✔ Efficient supply chain

Investor Takeaway

Both are quality stocks, Asian Paints = King of the sector.

---

6.4 Case Study 4: Tata Steel vs JSW Steel (Metals)

Ratio	Tata Steel	JSW Steel
PE	5–10	7–12
PB	0.7–1.5	1–2
ROE	Highly cyclical	Highly cyclical
D/E	1.5–2.5	1–2

Insight

• Metals fluctuate with global commodity cycles.
• Avoid buying at high ROE/high PE peaks.
• D/E above 2 should ring alarms.

Investor Takeaway

For metals: Debt + Cycle + Cash flows matter more than PE.

---

⭐ 7️⃣ Advanced Ratio Interpretations (Deep Investor Insights)

---

7.1 High PE can be good or bad

Good high PE:
✔ Stable earnings
✔ High ROE
✔ Monopoly/brand power
✔ High growth visibility
(Example: Asian Paints, Nestle)

Bad high PE:
❌ Low margin business
❌ Highly cyclical company
❌ Price run-up without earnings
❌ Loss-making but hype-driven
(Example: Many new-age tech IPOs)

---

7.2 Low PE can be a trap

Not every low PE stock is undervalued.

Reasons for low PE:
❌ falling profits
❌ corporate governance issues
❌ sector slowdown
❌ temporary one-time earnings
❌ PSU discount

---

7.3 ROE should always be paired with D/E

High ROE + High D/E = danger
High ROE + Low D/E = excellent

---

7.4 PB Ratio works best for banks

PB is the most trusted banking ratio because banks’ assets (loans) are well defined.

---

7.5 Cyclical sectors break ratio logic

Examples:

• Metals
• Cement
• Sugar
• Real estate
• Chemicals

Ratios must be interpreted across full business cycle (5–7 years), not yearly.

---

⭐ 8️⃣ Red Flags & Warning Signals Using Ratios

---

8.1 Red Flags in PE Ratio

❌ Sudden PE expansion without revenue growth
❌ PE significantly higher than sector competitors
❌ Loss-making companies showing PE (misleading)

---

8.2 Red Flags in PB Ratio

❌ PB < 1 with falling profits — classic value trap
❌ PB > 10 in a commodity sector — overpriced
❌ PB rising but ROE falling

---

8.3 Red Flags in ROE

❌ Very high ROE (60%+) due to high leverage
❌ ROE falling consistently for 3+ years
❌ ROE fluctuating wildly (sign of unstable margins)

---

8.4 Red Flags in D/E

❌ D/E > 2 in non-infrastructure sectors
❌ Increasing D/E year after year
❌ D/E rising with falling ROE — bankrupt-style pattern
❌ D/E rising with negative cash flow

---

⭐ 9️⃣ How Professional Investors Use Ratios

---

9.1 Long-term value investors

✔ Look for low PB + high ROE (value + quality)
✔ Avoid high D/E companies
✔ Compare PE with historical averages

---

9.2 Growth investors

✔ Focus on high ROE + high margin consistency
✔ Accept high PE if growth visibility is strong

---

9.3 Banks/NBFC analysts

✔ PB + ROE + GNPA + NNPA
✔ D/E ignored

---

9.4 Cyclical sector analysts

✔ Look at 10-year median PE
✔ Avoid peak-cycle valuations

Part 3\3

Common Beginner Mistakes Using Key Ratios

This is one of the most important sections because most investors misuse ratios, leading to wrong decisions.

---

10.1 Mistake: Judging stocks ONLY by PE

Beginners think:
👉 “Low PE = undervalued”
👉 “High PE = expensive”

This is wrong because PE must be compared with:
✔ Sector average
✔ Peers
✔ Company’s historical PE
✔ Growth rate
✔ ROE + D/E combination

Example:
HUL PE 60 is normal
Coal India PE 7 is normal
But beginners might think Coal India is “cheaper” — which is misleading.

---

10.2 Mistake: Ignoring the business model

Ratios must be interpreted in the context of:

• Growth
• Margins
• Industry stability
• Cyclicality

Example:
Sugar sector = sudden profit → low PE → value trap.

---

10.3 Mistake: Not combining ratios

Each ratio tells only one part of the story.

For smart analysis, use:
PE + PB + ROE + D/E together
This gives a 360° view.

---

10.4 Mistake: High ROE = automatically good

High ROE could be driven by very high debt.

Always check:
👉 High ROE + High D/E = danger
👉 High ROE + Low D/E = excellent

---

10.5 Mistake: Using D/E for banks

Banks operate with leverage.
Their D/E is NOT removed — it simply doesn’t apply.

Correct approach:
✔ PB
✔ ROE
✔ NPA levels
✔ Provision coverage

---

10.6 Mistake: Comparing Peers from Different Sectors

Wrong comparisons:
❌ HDFC Bank vs Reliance
❌ TCS vs Ultratech Cement
❌ Asian Paints vs Coal India

Right comparisons:
✔ TCS vs Infosys
✔ HDFC vs ICICI
✔ Asian Paints vs Berger
✔ Tata Steel vs JSW Steel

---

10.7 Mistake: Using PE during temporary profit boosts

Short-term profits can distort PE.

Example:
Metal companies may show huge profits when global commodity prices spike → low PE.
Beginners buy thinking “cheap”, but profits crash next year → stock falls.

---

10.8 Mistake: Blindly trusting PB

PB < 1 is not always undervalued.
It can reflect:
❌ bad management
❌ falling margins
❌ poor asset quality

---

10.9 Mistake: Believing very low PE = game changer

Sometimes low PE = market warning you.

Example:
Vodafone Idea
JP Associates
Suzlon (during crisis years)

Market was right.

---

10.10 Mistake: Using ratios without checking cash flow

A company may look cheap but have poor cash flow.
Cash flow confirms whether profits are real.

---

📊 SECTION 11 — 100+ Examples (Quick Ratio Table)

Below are digestible examples to quickly learn ratio patterns.

---

11.1 PE Ratio Examples

Company	Sector	PE	Comment
TCS	IT	30	Normal for IT
Infosys	IT	25	Reasonable
HUL	FMCG	60	Premium valuation
Nestle	FMCG	80	Ultra-premium
Reliance	Conglomerate	25	Balanced
ICICI Bank	Banking	20	Normal
SBI	PSU Bank	12	Cheap valuation
Tata Steel	Metal	7	Low due to cycle
Coal India	PSU	7	Reflects slow growth
Adani Green	Renewable	150+	Extremely high

---

11.2 PB Ratio Examples

Company	Sector	PB
HDFC Bank	Private Bank	~3
ICICI Bank	Private Bank	~2.5
SBI	PSU Bank	~1.2
TCS	IT	~12
Asian Paints	FMCG	~20
Tata Steel	Metal	~0.8

---

11.3 ROE Examples

Company	ROE	Comment
Asian Paints	20–25%	Excellent
HUL	60%	Superb + stable
Nestle	80%+	Very high due to brand power
TCS	~35%	IT efficiency
DLF	~8%	Low for real estate
Tata Motors	Negative (sometimes)	Loss making

---

11.4 D/E Ratio Examples

Company	D/E	Comment
TCS	0	Excellent
HUL	0.1	Strong
Tata Steel	1.5	High
JSW Steel	1.2	High but normal
Vodafone Idea	3+	Highly risky
Adani Power	2+	High risk but sectoral requirement

---

📘 SECTION 12 — How to Combine Ratios (The 4-Ratio Decision System)

Here is the professionally used 4-Ratio Checklist that turns beginners into smart investors.

---

12.1 The Quality Matrix

✔ High ROE
✔ Low D/E
This combination = High-quality business.

Examples:

• Asian Paints
• HUL
• Nestle
• TCS

---

12.2 The Value Matrix

✔ Low PE
✔ Low PB
✔ High ROE (preferable)
Companies here are undervalued but profitable.

Examples:

• PSU banks (when cleaned)
• Some cyclical sectors during downturn

---

12.3 The Growth Matrix

✔ High PE
✔ High ROE
✔ Low D/E
✔ Growing earnings
This is the premium segment of the market.

Examples:

• Asian Paints
• Titan
• DMart
• TCS

---

12.4 The Risk Matrix

❌ Low PE
❌ Low PB
❌ Low ROE
❌ High D/E
These stocks look cheap but are actually weak.

Examples:

• Vodafone Idea
• JP Associates
• Many small caps during crisis

---

📘 SECTION 13 — How to Use Key Ratios for Buying & Selling Stocks

---

13.1 When to Buy Using Ratios

✔ PE is lower than its historical average
✔ PB is reasonable vs peers
✔ ROE is stable or rising
✔ D/E is under control
✔ Cash flows are strong
✔ Sector is in upcycle

---

13.2 When to Avoid / Sell Using Ratios

❌ PE is extremely high without earnings
❌ ROE is falling
❌ D/E is rising continuously
❌ PB is inflated for no reason
❌ Company entering new risky sectors
❌ Sudden profit drop not reflected in PE yet

---

📘 SECTION 14 — FAQs (15 High-Quality Questions)

---

1. Is PE the most important ratio?

No. It’s only one of many. Use PE + ROE + PB + D/E combo.

---

2. Why is FMCG PE so high?

Stability, brand power, predictable demand, high ROE.

---

3. Is a low D/E always good?

Mostly yes — but in infrastructure, some debt is required.

---

4. What is a good ROE?

15%+ consistently is excellent.

---

5. High PB = avoid?

Not always. IT and FMCG naturally have high PB.

---

6. Should I avoid low PE stocks?

If low PE is due to bad business → avoid.
If due to temporary cycle → opportunity.

---

7. Can high PE stocks give returns?

Yes — if earnings growth continues.

---

8. Which ratio is useless for banks?

D/E ratio.

---

9. Are ratios enough for investing?

No. Also check cash flows, management, debt, sector trends.

---

10. Can companies manipulate ratios?

Profits can be manipulated, but long-term ROE consistency is hard to fake.

---

11. Is PB relevant for IT?

Less useful. IT is asset-light.

---

12. What ruins D/E ratio?

High interest + low earnings → financial stress.

---

13. Why do PSUs trade at low PE?

Slower growth + government influence.

---

14. Should I compare PE of two unrelated sectors?

Never.

---

15. What is the first ratio to check?

Start with ROE + D/E → quality check.
Then look at PE + PB → valuation.

---

---

📘 SECTION 15 — Revision Notes

---

PE Ratio

• Measures valuation
• High PE normal in growth sectors
• Compare with sector average

PB Ratio

• Best for banks
• PB < 1 can be value trap
• PB high in IT/FMCG

ROE

• Efficiency indicator
• Needs D/E pairing
• Stable ROE = strong management

D/E Ratio

• Debt risk indicator
• Not used for banks
• D/E > 2 risky (non-infra sectors)

---

📘 SECTION 16 — Master Summary

Key Ratios help investors simplify stock analysis by converting complex financial data into simple comparative metrics. PE and PB ratios help understand valuation: how expensive or cheap a stock is relative to earnings and assets. ROE measures how efficiently the company uses shareholders’ money, while D/E ratio reveals financial risk through leverage. When used alone, these ratios can mislead. But when used together (PE+PB+ROE+D/E), they provide a powerful 360° picture of a company’s financial health, growth potential, and risk level.

Sectors differ widely: IT and FMCG naturally command high PE and PB, while metals and PSU stocks trade at lower valuations. Banking relies mostly on PB and ROE since debt is part of its core model. Beginners often make mistakes like relying only on PE, ignoring debt, or comparing unrelated sectors. Smart investors look for consistently high ROE, controlled D/E, reasonable valuations, and strong cash flows.

When used with sector knowledge, cycles, and qualitative filters, ratios become a practical roadmap for identifying quality stocks and avoiding risky traps. Mastering key ratios is the foundation of long-term wealth creation in the stock market.

Key Ratios| Stock Market Basics| PE Ratio| PB Ratio| ROE| Debt Equity Ratio| Fundamental Analysis| Investing for Beginners

---

🔜 Next Lesson Preview

---

📌 Final Affiliate CTA
Start trading with professional order types, GTT automation and Mini brokerage
👉Open Your mStock Demat Account: Click Here

---

Course Introduction:

Open Demat Account

by Mirae Asset (m,Stock)