Last updated 11 October 2026.
What this site is
Market Study is an independent, non commercial educational project made by one person to practise reading company filings. It runs a fixed set of sixteen accounting and governance checks over public filings of 24 listed Indian companies and shows the results. It has no advertising, takes no payment from anyone and is not connected with any company, broker, fund or data provider.
Not investment advice
Nothing on this site is investment, financial, legal, tax or accounting advice, and nothing on it is a recommendation or an offer to buy, sell or hold any security. The author is not registered with the Securities and Exchange Board of India as a research analyst or an investment adviser and does not provide research reports or advice within the meaning of the SEBI (Research Analysts) Regulations, 2014 or the SEBI (Investment Advisers) Regulations, 2013. The site does not give price targets, ratings or calls of any kind. Please do not make any investment decision based on this site. If you need advice, speak to a SEBI registered investment adviser.
What a score means and what it does not
Each check compares a figure taken from public filings with a threshold that was written down before any data was collected. A result of mildly or well outside the range only means that a figure is unusual compared with that threshold. There are often ordinary business reasons for that, such as a company selling mostly to its parent, a lending arm inside a group, a merger, a reclassification of shareholders or fast growth, and the company pages note these where they were found.
A score is not an allegation, a finding or an opinion that any company, promoter, director, auditor, employee or other person has done anything wrong, broken any law or misreported anything. It is not an audit, a forensic review, a credit rating or a measure of the quality or value of a business. Companies were picked at random and are listed alphabetically, and the site does not rank them.
The validation case
The validation page runs the same checks on Gensol Engineering because SEBI has published orders about it. What it says about those orders comes from SEBI's published documents, which describe their findings as prima facie and note that an investigation was still going on. This site makes no finding of its own about Gensol or anyone connected with it, and the position may have changed after the dates of those orders.
Data and accuracy
All figures come from public filings made by the companies to the National Stock Exchange of India and from their published annual reports, downloaded on 8 October 2026 and covering filings up to 31 March 2026, and from SEBI's published orders. Some figures were read by hand from annual reports, and some company filings were found not to add up, which the method page explains. Mistakes are possible in how figures were read, worked out or shown. Everything is provided as is, without any warranty of accuracy, completeness or fitness for any purpose, and it is not updated as new filings come out. Always check the original filing, which every figure links to.
Liability
To the fullest extent the law allows, the author is not responsible for any loss or damage of any kind arising from the use of, or reliance on, anything on this site or in its repository.
Independence and holdings
The author held no shares or other position in any of the companies covered, including Gensol Engineering, when this site was published, and this page will say so if that ever changes. The site is not affiliated with, endorsed by or connected to NSE, BSE, SEBI, NSE Indices, any company named, or any of their auditors.
Names, trademarks and filings
Company names, symbols and trademarks belong to their owners and are used only to identify the company whose public filings are being studied. Filings and annual reports belong to the companies and exchanges that published them. This site links to them rather than copying them, and quotes figures from them only for study and commentary.
Corrections and requests for review
Anyone, including any company named here, can point out an error or ask for a figure to be reviewed by opening an issue in the project's GitHub repository. Each request is checked against the original filing. If a figure is wrong it is corrected and the change is recorded with its date in the corrections log. A company can also ask for its own explanation of a result to be noted on its page. While a disputed figure is being checked, its page can be taken down on request.
Privacy
The site sets no cookies, runs no analytics and collects no personal information. It is hosted on Cloudflare Pages, which may log basic technical details such as IP addresses under its own privacy policy. The typeface (Archivo, under the SIL Open Font License) is served from this site itself, so no request goes to Google Fonts or any other third party when a page loads.
Changes
This disclaimer may be updated. The date at the top shows the latest version, and earlier versions can be seen in the repository history.