Advanced International Journal for Research

E-ISSN: 3048-7641   •   Impact Factor: 9.11

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A Study of Equity Valuation through Fundamental Analysis: A Systematic Literature Review Using the PRISMA Framework

Author(s) Pooja S. Yerte, Dr. Nalawade Yuvraj Dattatray
Country India
Abstract This paper presents a systematic literature review (SLR) on the application of fundamental analysis for equity valuation of stocks listed on the Bombay Stock Exchange (BSE). The review adheres to the PRISMA 2020 (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) framework, ensuring methodological transparency across all four stages—identification, screening, eligibility, and inclusion. A structured search across six electronic databases yielded 312 initial records, which were progressively filtered to a final synthesis sample of 67 peer-reviewed studies and authoritative texts. Using a thematic approach informed by NVivo-style coding, five major themes were identified: (1) theoretical and conceptual foundations, (2) intrinsic value and discounted cash flow models, (3) financial ratio analysis and relative valuation, (4) earnings quality and accounting-based frameworks, and (5) sectoral evidence and market efficiency. The review reveals that while fundamental analysis retains strong explanatory power for BSE equity pricing, its application demands contextual adaptation for Indian market microstructure, accounting standard transitions, and sectoral heterogeneity. Critical gaps in integrated multi-model frameworks, small and mid-cap coverage, and ESG-inclusive valuation are identified as priorities for future research.
Keywords PRISMA, systematic review, equity valuation, fundamental analysis, Bombay Stock Exchange, intrinsic value, financial ratios, Indian capital market
Field Business Administration
Published In Volume 6, Issue 4, July-August 2025
Published On 2025-08-28
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E-ISSN 3048-7641
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