Sample report
Every analysis comes with an Excel workbook for review and a Word report for your file, in the layout Indian reviewers expect. Below are four of the sheets, filled with made-up companies and figures.
Example only. The companies and figures on this page are made up. A real analysis uses named companies from the TP Bharat database and your own search settings.
Lead sheet: IT services, FY 2025-26 (data FY 2022-23 to FY 2024-25)
| Screening Criteria | Accepted | Rejected | Total |
|---|---|---|---|
| Total companies in the TP Bharat Detailed database with financial statements for FY 2022-23 to FY 2024-25 | 48,210 | ||
| Companies engaged in IT services (industry, product and NIC classification) | 2,980 | 45,230 | 48,210 |
| Companies for which annual financial statements for at least 2 of the 3 years are available | 2,410 | 570 | 2,980 |
| Companies having turnover (average operating revenue) in the range of ₹1 Crore to ₹500 Crores | 1,492 | 918 | 2,410 |
| Companies having services revenue ≥ 75% of total operating revenue | 611 | 881 | 1,492 |
| Companies having positive net worth (FY 2024-25) | 587 | 24 | 611 |
| Companies having related party revenue / total sales less than 25% | 64 | 523 | 587 |
| Companies functionally not comparable — rejected based on business description | 7 | 57 | 64 |
| Total Comparable Companies | 7 |
Each filter has its own sheet listing the companies that passed and those removed, with each company’s own figure (for example “Turnover ₹612.40 crore outside 1–500”).
PLI working: Company A Ltd (₹ lakh) — every comparable has its own column group
| Particulars | FY 2024-25 | FY 2023-24 | FY 2022-23 |
|---|---|---|---|
| Income | |||
| Revenue from Operations | 41,260.00 | 40,290.00 | 35,120.00 |
| Total Operating Income / Revenue (OR) | 41,260.00 | 40,290.00 | 35,120.00 |
| Operating Expenses | |||
| Employee Benefits Expense | 24,180.00 | 23,950.00 | 21,010.00 |
| Depreciation and Amortisation | 1,210.00 | 1,180.00 | 1,090.00 |
| Other Operating Expenses | 8,350.00 | 7,870.00 | 7,200.00 |
| Total Operating Expenses / Cost (OC) | 33,740.00 | 33,000.00 | 29,300.00 |
| Operating Profit (OP = OR − OC) | 7,520.00 | 7,290.00 | 5,820.00 |
| OP/OC % | 22.29% | 22.09% | 19.86% |
| Weighted Average OP/OC (%) | 21.48% | ||
In the workbook, totals, profits, margins, three-year sums and weighted averages are Excel formulas on the figures above them.
Benchmarking Analysis — Operating Profit to Operating Cost Margin (OP/OC)
| Sr. No. | Comparable Company | FY 2024-25 | FY 2023-24 | FY 2022-23 | Weighted Avg. OP/OC % |
|---|---|---|---|---|---|
| 1 | Company G Ltd | 9.75% | 8.12% | 7.90% | 8.61% |
| 2 | Company F Ltd | 9.90% | 9.42% | 10.21% | 9.84% |
| 3 | Company E Ltd | 12.51% | 12.02% | 9.51% | 11.37% |
| 4 | Company D Ltd | 14.88% | 14.55% | 13.10% | 14.20% |
| 5 | Company C Ltd | 17.20% | 15.90% | 14.88% | 16.02% |
| 6 | Company B Ltd | 19.90% | 19.11% | 17.02% | 18.73% |
| 7 | Company A Ltd | 22.31% | 22.10% | 19.87% | 21.46% |
| 35th Percentile (Lower ALR) | 2.45 | 3rd Comparable (Company E) | 11.37% | ||
| Median (50th Percentile) | 3.50 | 4th Comparable (Company D) | 14.20% | ||
| 65th Percentile (Upper ALR) | 4.55 | 5th Comparable (Company C) | 16.02% | ||
| The arm’s length range of weighted OP/OC for companies engaged in IT services is 11.37% to 16.02% with a median of 14.20%. | |||||
Business Description: every company reviewed, with the decision
| Sr No | Company Name | Business Description | Status | Reason |
|---|---|---|---|---|
| 1 | Company A Ltd | Provides software development and maintenance services to overseas clients … | Accepted | Functionally comparable |
| 2 | Company H Ltd | Provides software development and maintenance services to overseas clients … | Rejected | Significant intangibles / R&D / brand |
| 3 | Company B Ltd | Provides software development and maintenance services to overseas clients … | Accepted | Same products / services as the tested party |
| 4 | Company J Ltd | Provides software development and maintenance services to overseas clients … | Rejected | Extraordinary event / merger / restructuring |
| 5 | Company C Ltd | Provides software development and maintenance services to overseas clients … | Accepted | Functionally comparable |
| 6 | Company L Ltd | Provides software development and maintenance services to overseas clients … | Rejected | Functionally different (activities / products) |
The full workbook
- Lead sheet: accepted, rejected and total at each filter.
- Industry filter and one sheet per filter: companies that passed and those removed, with their own figure.
- Business Description and Tested party (final comparables with their descriptions).
- PLI: the working of every comparable, latest year first, in ₹ lakh with formulas.
- Benchmarking: one sheet per PLI (OP/OC, OP/OR, GP/OR and others) with the range and the position of each percentile.
- Rejected companies and Filters and method.
The Word report
- Identification of independent comparable companies
- Database used
- Selection of financial years
- Search process, step by step
- Summary of the search process
- Financial analysis: one section per PLI and the consolidated range
- Business descriptions of the comparables
- Conclusion
- Appendix A — accept / reject matrix
Want this for your own tested party?
Run a search first, then ask for the analysis from the results page.