Dalmia Bharat Ltd
DALBHARATDalmia Bharat Ltd is cheap for a reason. The P/E sits at the 27th percentile of its own range, and the quarters are still getting worse.
The sharpest disagreement: annual EPS moved +66.8% against a −19.0% price move — the market has not yet caught up with the delivery.
The price is in a downtrend (19 weeks in) while the P/E sits at the 27th percentile of its own 7-year range. Underneath, the last four quarters read deteriorating — profit −51.4% year on year, and 260% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Dalmia Bharat Ltd trades at ₹1,823, in a downtrend and 19 weeks into that stage. That is −5.0% against its own 200-day average. It sits at 24% of a 52-week range of ₹1,638 to ₹2,411. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (20 weeks and counting).
Today the stock is in a downtrend — week 19 of stage 4, confirmed. At ₹1,823 it trades −5.0% versus its 200-day average and sits at 24% of its 52-week range (₹1,638–₹2,411).
Against the market, two honest reads. Cumulative: over the last 7.6 years the stock moved +61% while the NIFTY 500 moved +158% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (20 weeks and counting; last ahead the week of 2026-03-20) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 27th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Dalmia Bharat Ltd trades at 30.9× P/E, near the bottom of its own range — cheaper only 27% of the time. Its long-run median P/E is 36.0×, measured across 7.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 30.9× is near the bottom of its own range — cheaper only 27% of the time, against a long-run median of 36.0× measured over 7.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +66.8% against a −19.0% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −4.1%/yr price move, ~−2.2%/yr came from earnings growth and ~−1.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Dalmia Bharat Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +7.6% while profit growth is falling at +0.4% — the curves disagree, so the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +5.9% | +3.0% | +7.9% | — |
| Profit | +65.5% | +2.4% | −0.4% | — |
| EPS | +66.8% | +3.2% | −0.6% | — |
| Share price | −19.0% | −3.9% | −4.1% | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
52.2/100 — rank 9 of 26 in Cement · 94% evidence confidence
Dalmia Bharat Ltd scores 52.2 out of 100 against the 26 companies it is compared with in Cement, ranking 9. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
The four contributions add to the total exactly: 12.1 + 13.2 + 14.7 + 12.2 = 52.2. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Dalmia Bharat Ltd reported ₹3,890 Cr of revenue in the Jun 26 quarter, +7.0% year on year. That is the 5th straight quarter of year-on-year growth. Over 9 years it has compounded at 7.9% a year. The last full year, FY26, came in at ₹14,804 Cr. The last four reported quarters add to ₹15,058 Cr.
Dalmia Bharat Ltd reported ₹3,890 Cr of revenue in the Jun 26 quarter, +7.0% year on year. That is the 5th straight quarter of year-on-year growth. Over 9 years it has compounded at 7.9% a year. The last full year, FY26, came in at ₹14,804 Cr. The last four reported quarters add to ₹15,058 Cr.
FY26 revenue came in at ₹14,804 Cr (+5.9% on the year), capping 9 years at 7.9% compound. The latest quarter (Jun 26) printed ₹3,890 Cr, +7.0% year on year — the 5th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +7.9% growth against the decade's 7.9% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +7.6% over the last 4 quarters against +1.3%/yr over the last 8 — accelerating; TTM profit +0.4% vs +5.6%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 21.0% this quarter (−3.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Dalmia Bharat Ltd's operating margin is 21.0% in the Jun 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 17.0% to 27.0%. The current quarter sits inside that band.
Dalmia Bharat Ltd's operating margin is 21.0% in the Jun 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 17.0% to 27.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 21.0%, −3.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 17.0%–27.0%.
🚨 Why the margin moved: operating margin went −3.6 pp year on year while gross margin went −1.8 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit −51.4% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Dalmia Bharat Ltd earned ₹192 Cr of net profit in the Jun 26 quarter, −51.4% year on year. Full-year FY26 profit was ₹1,157 Cr. The 9-year compound rate is 43.8%. That is 4.9% of the quarter's revenue. The same quarter a year earlier earned ₹395 Cr.
Dalmia Bharat Ltd earned ₹192 Cr of net profit in the Jun 26 quarter, −51.4% year on year. Full-year FY26 profit was ₹1,157 Cr. The 9-year compound rate is 43.8%. That is 4.9% of the quarter's revenue. The same quarter a year earlier earned ₹395 Cr.
Jun 26 profit was ₹192 Cr, −51.4% year on year. On the full year, FY26 printed ₹1,157 Cr (+65.5%), and the 9-year compound rate is 43.8%.
🚨 Why profit moved: revenue contributed +7.0% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit +105.0% vs revenue +7.9%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 260% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 260% of Dalmia Bharat Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,278 Cr of operating cash against ₹1,157 Cr of profit. After ₹3,524 Cr of capital spending, ₹−1,246 Cr was left as free cash.
FY26: operating cash of ₹2,278 Cr against reported profit of ₹1,157 Cr, leaving free cash of ₹−1,246 Cr after ₹3,524 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 260% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 260%: the cash cycle stretched 19 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.
→ So follow the cash to where it goes. Next: ₹9,620 Cr of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Dalmia Bharat Ltd's cash conversion cycle runs 5 days in FY26, up from −14 days in FY21. Capital spending ran ₹9,620 Cr over the last 3 years. At FY26 sales of ₹14,804 Cr each day of that cycle holds about ₹40.6 Cr, so roughly ₹203 Cr sits inside the business at any moment.
FY26: debtors at 21 days, inventory at 186 days — roughly 6.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 5 days, looser than FY21's −14.
The full loop: cash goes out to suppliers and production on day 0; stock waits 186 days to sell; customers pay about 21 days after that; and suppliers themselves are paid at 202 days — netting out to the 5-day cycle.
In money terms: at FY26 sales of ₹14,804 Cr, each day of the cycle holds about ₹40.6 Cr — so the 5-day loop keeps roughly ₹203 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹9,620 Cr over the last 3 fiscal years against ₹4,178 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2,726 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 8% and the ROIC − WACC spread is −5.6 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Dalmia Bharat Ltd earns a ROCE of 8% in FY26. That is up from a trough of 4% in FY19. Return on invested capital clears the cost of that capital by −5.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 7.8% net margin on 0.45× asset turns.
FY26 ROCE is 8%, recovered from a FY19 trough of 4% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 7.8% net margin × 0.45× asset turns × 1.85× balance-sheet leverage ≈ 6.5% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 6.4% − 12.0% = a −5.6 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.41.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Dalmia Bharat Ltd carries total debt of ₹7,428 Cr against shareholder equity of ₹18,123 Cr as of Mar 26, a debt-to-equity of 0.41. On the annual view that ratio went from 0.20 in FY22 to 0.41 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹7,428 Cr against shareholder equity of ₹18,123 Cr — a debt-to-equity of 0.41. On the annual view, debt-to-equity went from 0.20 (FY22) to 0.41 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 6.3 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 6.3 points of Dalmia Bharat Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 19.9% of the company. Foreign institutions moved −2.6 points over the same window, to 6.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +6.3 points over 8 quarters to 19.9%; Foreign institutions: −2.6 points over 8 quarters to 6.8%; Promoters: +0.0 points over 8 quarters to 55.8%.
Why the register moved: rotation — foreign institutions −2.6 points against domestic institutions +6.3 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Dalmia Bharat Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Dalmia Bharat Ltd this page | 30.9× | ₹33,964 Cr | Mixed | |||
| UltraTech Cement Ltd | 40.5× | ₹3.5L Cr | Turning around | |||
| Ambuja Cements Ltd | 21.1× | ₹1.1L Cr | Improving | |||
| Shree Cement Ltd | 57.4× | ₹96,480 Cr | Turning around | |||
| J K Cements Ltd | 44.7× | ₹43,649 Cr | Mixed | |||
| ACC Ltd | 13.2× | ₹25,180 Cr | Mixed | |||
| The Ramco Cements Ltd | 730.0× | ₹21,616 Cr | Turning around | |||
| JSW Cement Ltd | 27.6× | ₹18,013 Cr | No read | |||
| Nuvoco Vistas Corporation Ltd | 30.6× | ₹12,717 Cr | Mixed | |||
| India Cements Ltd | 93.4× | ₹12,613 Cr | No read | |||
| Star Cement Ltd | 20.6× | ₹8,281 Cr | Turning around | |||
| Rain Industries Ltd | 25.1× | ₹7,576 Cr | No read | |||
| Birla Corporation Ltd | 13.2× | ₹7,367 Cr | Turning around | |||
| JK Lakshmi Cement Ltd | 17.9× | ₹7,107 Cr | Turning around | |||
| Prism Johnson Ltd | — | ₹5,437 Cr | No read | |||
| HeidelbergCement India Ltd | 25.4× | ₹3,544 Cr | Turning around | |||
| Orient Cement Ltd | 12.9× | ₹2,749 Cr | Mixed | |||
| Mangalam Cement Ltd | 18.5× | ₹2,706 Cr | No read | |||
| Sagar Cements Ltd | — | ₹2,321 Cr | No read | |||
| K C P Ltd | 10.4× | ₹2,097 Cr | Turning around | |||
| Shree Digvijay Cement Co. Ltd | 62.6× | ₹1,127 Cr | Turning around | |||
| NCL Industries Ltd | 6.4× | ₹835 Cr | No read | |||
| Deccan Cements Ltd | 43.4× | ₹776 Cr | — | No read | ||
| BIGBLOC Construction Ltd | — | ₹676 Cr | Turning around | |||
| Saurashtra Cement Ltd | 28.5× | ₹619 Cr | No read | |||
| Shiva Cement Ltd | — | ₹517 Cr | No read |
Frequently asked questions
What is Dalmia Bharat Ltd's share price today?
Dalmia Bharat Ltd trades at ₹1,823, −19.0% over the past year. The company is valued at ₹33,964 Cr. The stock sits at 24% of its 52-week range of ₹1,638–₹2,411, −5.0% versus its 200-day average. On the tape, the price is in a downtrend, 19 weeks in. — as of 24 July 2026.
What were Dalmia Bharat Ltd's latest quarterly results?
Dalmia Bharat Ltd reported revenue of ₹3,890 Cr and net profit of ₹192 Cr for the Jun 26 quarter. Revenue rose 7.0% and profit fell 51.4% year on year. Earnings per share were ₹10.02. The operating margin was 21.0%, 3.0 pp lower than a year earlier. — as of 24 July 2026.
What is Dalmia Bharat Ltd's revenue?
Dalmia Bharat Ltd reported revenue of ₹3,890 Cr in the Jun 26 quarter, +7.0% year on year. For the full FY26 fiscal year, revenue was ₹14,804 Cr (+5.9%). Over the last 9 years revenue compounded at 7.9% a year. — as of 24 July 2026.
What is Dalmia Bharat Ltd's profit?
Dalmia Bharat Ltd earned ₹192 Cr of net profit in the Jun 26 quarter, −51.4% year on year. Full-year FY26 profit was ₹1,157 Cr. The operating margin ran 21.0% in the latest quarter. — as of 24 July 2026.
What is Dalmia Bharat Ltd's market cap?
Dalmia Bharat Ltd's market capitalisation is ₹33,964 Cr at a share price of ₹1,823. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Dalmia Bharat Ltd's P/E ratio?
Dalmia Bharat Ltd trades at a P/E of 30.9×, at the 27th percentile of its own 7-year range, against a long-run median of 36.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Dalmia Bharat Ltd pay a dividend?
Yes — Dalmia Bharat Ltd's dividend payout was 15% of profit in FY26, and it recorded a payout in 9 of its last 10 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Dalmia Bharat Ltd overvalued?
On its own history, Dalmia Bharat Ltd looks cheap against its own history: its P/E of 30.9× has been cheaper only 27% of the time in 7 years (long-run median 36.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Dalmia Bharat Ltd growing?
Not right now — Dalmia Bharat Ltd's latest numbers are shrinking: latest-quarter revenue +7.0% year on year, profit −51.4%, and the margin −3.0 pp at 21.0%. The 9-year compound rates are 7.9% (revenue) and 43.8% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Dalmia Bharat Ltd performing?
Dalmia Bharat Ltd is in a downtrend, 19 weeks in. Its latest quarter's revenue rose 7.0% and profit fell 51.4% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 20 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Dalmia Bharat Ltd in?
Mixed — revenue growth is rising at +7.6% while profit growth is falling at +0.4% — the curves disagree, so the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +7.6% latest, profit growth +0.4% latest, eps growth −0.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Dalmia Bharat Ltd in an uptrend?
No — the price is in a downtrend (week 19 of stage 4), trading −5.0% versus its 200-day average and at 24% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Dalmia Bharat Ltd beating the market?
Not lately — on a trailing-13-week view Dalmia Bharat Ltd is currently behind the NIFTY 500 (20 weeks and counting; last ahead the week of 2026-03-20), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 7.6 years the stock moved +61% against the NIFTY 500's +158% — behind the index over the full window. — as of 24 July 2026.
Will Dalmia Bharat Ltd's share price go up?
This page publishes no price forecast for Dalmia Bharat Ltd. What it measures instead: the share price is ₹1,823, the price is in a downtrend 19 weeks in. Its P/E of 30.9× sits at the 27th percentile of its own 7-year range. — as of 24 July 2026.
Who owns Dalmia Bharat Ltd?
Promoters hold 55.8% of Dalmia Bharat Ltd, foreign institutions 6.8%, domestic institutions 19.9% and the public 17.3% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 6.3 points over 8 quarters. — as of 24 July 2026.
Does Dalmia Bharat Ltd have too much debt?
It is moderate — Dalmia Bharat Ltd's debt-to-equity is 0.41, and operating profit covers the interest bill 6×. FY26 borrowings were ₹7,406 Cr against equity of ₹17,979 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Dalmia Bharat Ltd's capex?
Dalmia Bharat Ltd spent ₹9,620 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹3,524 Cr, with ₹2,726 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Dalmia Bharat Ltd's cash flow?
Dalmia Bharat Ltd generated ₹2,278 Cr of operating cash flow in FY26 and ₹−1,246 Cr of free cash flow after ₹3,524 Cr of capital spending. Reported profit that year was ₹1,157 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Dalmia Bharat Ltd's profit real cash?
Yes — over the last 3 fiscal years, 260% of Dalmia Bharat Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹2,278 Cr against reported profit of ₹1,157 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Dalmia Bharat Ltd in its business cycle?
Dalmia Bharat Ltd's FY26 operating margin was 21.0%, against a 10-year band of 17.0%–27.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 21.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Dalmia Bharat Ltd story?
The sharpest disagreement: annual EPS moved +66.8% against a −19.0% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Dalmia Bharat Ltd a stock worth studying right now?
This is not investment advice. The machine read: Dalmia Bharat Ltd is cheap for a reason. The P/E sits at the 27th percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.