The ₹251 Crore Loss That Wasn’t | Case Study: Deep Industries

Learn on the Go | Episode 3

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Understanding a company’s Profit & Loss statement is not just about skimming through top-line and bottom-line numbers — true insight lies in the middle. Especially when it comes to “exceptional items” — those often-overlooked entries that can distort profitability, confuse valuation models, and throw off even the most seasoned investors. In this episode of Learn on the Go, we unpack the nuances of reading through a P&L with a sharp lens, diving into what makes certain losses or gains “exceptional” and how they should be interpreted when analyzing a company’s intrinsic value.

To illustrate this, we take a real-world case study — Deep Industries — a company that recently reported a ₹251 crore exceptional loss. On the surface, this might seem like a red flag, but we went beyond the headlines to decode what really happened. Through an investigative lens, we explored how Deep acquired distressed assets under liquidation/CIRP, what kind of receivables and inventory were involved, and why the management chose to write them off in one go. This video goes beyond the textbook P/E ratio to show how one-off losses can skew valuation metrics across platforms like Screener, Tijori, and TickerTape — and how to adjust for them manually to arrive at a more realistic earnings multiple. We reverse-engineer the true earnings power of Deep Industries, connect it back to its long-term operating outlook and also flag structural risks like client concentration.

Whether you’re just getting started with financial analysis or already knee-deep in your stock-picking journey, this episode will sharpen your ability to read between the lines, challenge what's reported, and uncover valuation mismatches that may otherwise get buried under "exceptional items." Watch, learn, and evolve — one line item at a time

👉 Video Chapters:
00:00 Introduction
04:11 Case Study: Deep Industries Limited

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