The freefincal Excel Stock Screener

Published: August 14, 2016 at 7:04 am

Last Updated on

Here is an Excel stock screener to scan & filter Indian stocks with multiple criteria. Cap-wise screening & sector-wise screening possible. It gets data from Value Research and allows the user to screen capitalization-wise and sector-wise.

I have always wanted to build a stock screener and hence this sheet. I am well aware that they are pretty good online screeners available. What is being offered is a choice, and I am confident that the Excel screener will evolve into something at least useful to a small group of users, if not as a unique tool. I seek your help in evaluating this sheet and in making it better.

Those who are comfortable with using Excel’s data sort options can screen in several ways with this sheet.

For users who are not familiar with the sort options, several simple stock screens are incorporated after consultations with Krishna Kishore – tyroinvestor and Indraneal Balasubramanium – cognicrafter.

They are my go-to guys when it comes to stock analysis. They are capable of simplifying valuation quite efficiently for a low-attention-span dummy like me.

Excel Stock Screener: How to use Video

This video may help build your own screens.

Capitalisation-wise stock screening

This is the screenshot of the cap-wise stock screener

Excel Stock Screener

In order to use the tool, one must first login to Value Research via Excel. Necessary steps are given below.

As you can see there are five sample screens which can be used independently or combined with each other.  Other sort options can also be enabled from the data sheet.


The green cells refer to stocks with current PE lesser than median PE (5Y or 3Y -duration listed).

The following screens are available

Piotroski Score – Higher the score, better the strength of the company and confidence in  its operation. VR article on the score.

Altman-Z Score – Higher the score, lower the probability of bankruptcy. This is how VR computes it

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Modified C-Score – lower the score, lower the chance of accounting manipulation. This is how VR computes C-Score.

Debt to Equity – a measure of debt used by the company to operate. Lower is typically less risky. Less than one, preferred by many.

PEG – The PE ratio divided by annual EPS growth.  Less than one, could represent undervalued stock.

Enterprise Multiple EV/EBITDA – Compares EBITA,  the earnings before interest, taxes, depreciation and amortization with EV, the enterprise value. Low values could mean undervaluation.  However, ‘low’ is sector dependent.

Current PE less than Median PE – Median is the mid-point of a distribution of values (PEs in this case). Maybe used for solid companies (thanks Krishna).

Current PE more than Median PE – Maybe used for small companies which are expanding, provided other checks are in place.

Sector-wise stock screening

Excel-stock-screener -3

In this case, only essential checks are retrieved.

Download the freefincal Excel Stock Screener Sep 2018 Version 3 (with Joel Greenblatt Magic Formula Screener)

Download the freefincal Excel Stock Screener Dec 2017 Version 2 (included screening by index and an error in FMCG sector download, thanks to feedback from users)

Download the freefincal Excel Stock Screener Jan 2016 Version 1

Also check out the individual stock analysis sheet with multiple valuation techniques: Automated Stock Analysis V9: Earnings Growth Estimation

Guest post by Krishna: A Guide to Understanding Stock Screeners

Guest post by Indraneal: How to Build a Stock Screener

Note: Please do the following to login to Value Research

  1. Open blank excel
  2. Select Data in the menu
  3. Click get external data and then from web
  4. A browser window will open and there will annoying script error messages. Dismiss them.
  5. Then Go to VR online in that window and go to main page. There will annoying messages. Dismiss them.
  6. Click on login. If you are not able to do so. Stop the page from downloading and then click
  7. Login with your email (preferable) and click on remember me.
  8. Now you can exit the browser window and start using the screener. It should work fine now.
Do share if you found this useful
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About the Author

Pattabiraman editor freefincalM. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. since Aug 2006. Connect with him via Twitter or Linkedin Pattabiraman has co-authored two print-books, You can be rich too with goal-based investing (CNBC TV18) and Gamechanger and seven other free e-books on various topics of money management. He is a patron and co-founder of “Fee-only India” an organisation to promote unbiased, commission-free investment advice.
He conducts free money management sessions for corporates and associations on the basis of money management. Previous engagements include World Bank, RBI, BHEL, Asian Paints, Cognizant, Madras Atomic Power Station, Honeywell, Tamil Nadu Investors Association. For speaking engagements write to pattu [at] freefincal [dot] com

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      1. Essentially, unable to log into VR online using the instructions above, as the login button on the top right does not appear at all.

        1. It works perfectly!

          Paste “” in Excel / Data Tab / from Web /

          It will directly take you to login page. Login in (Check Remember Me/keep me logged in)

  1. Hello Friends
    Thanks your post and comments for the new comers like me! when I follow your instruction to access the update data…. I unable/ there the excel sheet became full blank! so friends please please guide me
    Thank You in advance

  2. Is there any article on freefincal for considering the factors while picking a stock? Just like there’s a step by step guide for choosing mutual funds…

  3. Hi!!! Can you provide a modified version of your stock screener to screen US stocks? Or what can I do to modify the spreadsheet to download stocks from Morningstar, Yahoo, Google, etc?

  4. Great tool! Has everything that I was looking for.
    One question: I want to monitor a few stocks that I don’t see in All data tab (example: Kanoria Chemicals, Lincoln Pharma). Is there a way to add them?

  5. Excellent tool!
    But i am getting a runtime error. Error is –

    Run-time error ‘1004’
    Unable to open

    Cannot locate the Internet server or proxy server

    How to go ahead with this?

  6. excellent tool!
    but i am getting a run time error. Error is –

    Run-time error ‘1004’
    Unable to open

    Cannot locate the Internet server or Proxy server

    Please let me know the way ahead.

  7. Unable to download data using Download the freefincal Excel Stock Screener. I was using it seemly feww weeks back but now, its not able to download complete set of data and request for relogin everytime. Has security feature changes in VR. Kindly check as it was very helpful DIY tool for my analysis.

  8. Hi, Great spreadsheet!
    Can the spreadsheet be modified to screen the Australian Stock market?
    Or What can I do to modify the spreadsheet to download stocks from Morningstar, Yahoo, Google, etc?

  9. Dear Sir, when I click to get data from Value Research, I am getting the following error “Run time error ‘1004’. That name is already taken. Try a different one” could you kindly advise how to move forward from here. I have already logged in VR website previously via excel.

    1. I just checked now and it works fine. If you have cleared your cookies and other temp data then you will need to relogin again. First check if you are still logged in and check again.

  10. Ok Sir, will check again. thanks. btw, I was able to run the Mutual Funds Screener, there is one observation there. I have added in the comments section of that post. Thanks again

  11. Good morning,
    First of all, thank you for providing such an amazing tool. My suggestion is that a column for ROCE will be very useful.

  12. Dear sir, The stock screener is brilliantly done. It’s very useful to sort according to requirements. Adding a ROCE or ROIC column to the screener would add to the utility. I can seen ROCE in the value-research website, so maybe it’s possible to pull this data into the excel sheet. Could you kindly add this feature ?

    Thank you.

  13. Sir, I have followed instructions but not able to view any data. Do I need to take completely blank workbook to begin with or do I need to create a blank worksheet in file ‘freefincal-stock-screener-Jan-2016’? I tried both. I could log in to VR online through excel, but nothing happened later. Do I need to click on import data after dismissing all annoying scripts? I tried that too. I tried running macros also but can’t run all of them in one go. Please help. Thanks

  14. Hi,
    I logged into ValueResearchOnline and then came to the downloaded excel but receive only Run-time error ‘1004’ Unable to open message.

    Can you please advice on how to proceed next?

    T Venkatesh

  15. Any particular reason that no data exists for established companies from the TATA group, Reliance, Wipro, Mahindra? Not one single important company’s data is available even after updating the data while dubious entities like Winsome Diamonds find mention. What exactly is the point then dumping the data of worthless enterprises in which most prudent investors would not be interested anyway?

    1. Learn to use the sheet before commenting! “Any particular reason that no data exists for established companies from the TATA group, Reliance, Wipro, Mahindra?” If you stare at a list of tiny/small market cap companies, they won’t be there. Retrieve giant or large cap stocks from the sheet and then you will see them there.

  16. Thanks MOD for pointing out the obvious. Perhaps I was impetuous since I went straight to the data sheet as I thought cap selection tool was for screening the stocks and not so much for data download. My mistake entirely. Perhaps, you could consider adding a “All Stocks” option along with the Large, Mid , Small Giant & Tiny Caps that you have provided. Would spare some bother by downloading all stocks at one go instead of doing it separately as done now.
    Even so, a great effort. Many thanks.

  17. Sir,
    First of all thank you for this ready screener.
    My query is does it show the new stocks which have just come into the market via ipo?
    because I couldn’t find godrej agrovet.
    Kindly give advise as to what we need to do to auto update the sheet to include the new addition of stocks into the market.

    1. This gets data from Value Research and you will have to retrieve it each time you use with the macro. The stock you want should be listed there

  18. Dear Pattu Sir, Friends
    Is there any reliable excel based template that gives live data for Indian stocks on regular basis or anyother DIY method for this….kindly advice

    Warm regards

  19. I want filter out Index stocks(Nifty 100). I see Filter by Index in VR. Current sheet has Cap/Sector wide. Please let me know how do I add?

  20. For Long term borrowing from the excel sheet, it’s acquiring the value from short term borrowing from the balance sheet.
    Kindly fix it.
    Also please add a column for short term liabilities.

  21. Thank you for commendable job . This is really helpful tool.
    While trying to click on get dat from VR , i am encountering with below error:-
    Run-time error’1004′:
    We can’t paste because the copy area aren’t same size.
    Try one of the following:
    Click on cell, then paste.
    Select a rectangle that’s same size , then paste.
    Can you assist me to resolve this(just FYI-Recently VR website got upgraded).

  22. I am not able to screen stocks with after Value Research upgrade. Please let me know any way to fix this issue.

  23. Hello Mr. Puttu,

    Firstly big thank you for putting those very thoughtfully curated tools which enables all the DIY investors.

    One quick as, if you can fix the recent run time error message about which couple of fellow members has already highlighted. While using the v1.3 of the screener excel, we are getting some weird runtime error message suggesting if the copy area and paste area are not of same size.

    Will really help if you can fix this.

    Again, great job!!


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