Dalmia Bharat Sugar & Industries Ltd
DALMIASUGDalmia Bharat Sugar & Industries Ltd's price has outrun its earnings. −7.4% in a year against EPS −35.2% — the market is paying now for delivery later.
The sharpest disagreement: the price moved −7.4% in a year while annual EPS moved −35.2% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (12 weeks in) while the P/E sits at the 80th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −47.7% year on year, and 45% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has 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 Sugar & Industries Ltd trades at ₹367, in a confirmed uptrend and 12 weeks into that stage. That is +7.0% against its own 200-day average. It sits at 76% of a 52-week range of ₹274 to ₹398. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.
Today the stock is in a confirmed uptrend — week 12 of stage 2. At ₹367 it trades +7.0% versus its 200-day average and sits at 76% of its 52-week range (₹274–₹398).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +236% while the NIFTY 500 moved +266% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — 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 80th 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 Sugar & Industries Ltd trades at 12.7× P/E, at the pricey end of its own range (80th percentile). Its long-run median P/E is 10.0×, measured across 10.4 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 12.7× is at the pricey end of its own range (80th percentile), against a long-run median of 10.0× measured over 10.4 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 −35.2% against a −7.4% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the −4.2%/yr price move, ~−3.2%/yr came from earnings growth and ~−1.0 pp from the multiple (compressing); over 10y, of the +8.9%/yr price move, ~+16.7%/yr came from earnings growth and ~−7.8 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 full 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 Sugar & Industries Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 9.6% — the per-curve reads carry the story. The read is built from 11 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 | −2.9% | +3.6% | +6.1% | +12.0% |
| Profit | −35.5% | −1.9% | −2.7% | +15.1% |
| EPS | −35.2% | −1.8% | −2.6% | +15.0% |
| Share price | −7.4% | −1.2% | −4.2% | +8.9% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
54.3/100 — rank 5 of 20 in Sugar · 96% evidence confidence
Dalmia Bharat Sugar & Industries Ltd scores 54.3 out of 100 against the 20 companies it is compared with in Sugar, ranking 5. Price leads the evidence: RS versus the benchmark is 7.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 9.8 + 13.2 + 15 + 16.3 = 54.3. 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 Sugar & Industries Ltd reported ₹991 Cr of revenue in the Mar 26 quarter, −2.5% year on year. Over 10 years it has compounded at 12.0% a year. The last full year, FY26, came in at ₹3,617 Cr. The last four reported quarters add to ₹3,619 Cr.
Dalmia Bharat Sugar & Industries Ltd reported ₹991 Cr of revenue in the Mar 26 quarter, −2.5% year on year. Over 10 years it has compounded at 12.0% a year. The last full year, FY26, came in at ₹3,617 Cr. The last four reported quarters add to ₹3,619 Cr.
FY26 revenue came in at ₹3,617 Cr (−2.9% on the year), capping 10 years at 12.0% compound. The latest quarter (Mar 26) printed ₹991 Cr, −2.5% year on year.
Pace check: the last four quarters averaged −3.6% growth against the decade's 12.0% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −3.2% over the last 4 quarters against +11.7%/yr over the last 8 — rolling over; TTM profit −37.7% vs −6.9%/yr — rolling over.
→ Revenue slipped — did margins hold as it scaled? Next: 17.0% this quarter (−2.0 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 Sugar & Industries Ltd's operating margin is 17.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 22.0%. The current quarter sits inside that band.
Dalmia Bharat Sugar & Industries Ltd's operating margin is 17.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0% to 22.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 17.0%, −2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 9.0%–22.0%.
Why the margin moved: operating margin went +5.1 pp year on year while gross margin went +4.0 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins slipped — did that reach the bottom line? Next: profit −47.7% 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 Sugar & Industries Ltd earned ₹104 Cr of net profit in the Mar 26 quarter, −47.7% year on year. Full-year FY26 profit was ₹236 Cr. The 10-year compound rate is 15.1%. That is 10.5% of the quarter's revenue. The same quarter a year earlier earned ₹199 Cr.
Dalmia Bharat Sugar & Industries Ltd earned ₹104 Cr of net profit in the Mar 26 quarter, −47.7% year on year. Full-year FY26 profit was ₹236 Cr. The 10-year compound rate is 15.1%. That is 10.5% of the quarter's revenue. The same quarter a year earlier earned ₹199 Cr.
Mar 26 profit was ₹104 Cr, −47.7% year on year. On the full year, FY26 printed ₹236 Cr (−35.5%), and the 10-year compound rate is 15.1%.
🚨 Why profit moved: revenue contributed −2.5% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −30.9% vs revenue −3.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit rose — but did the cash follow? Next: 45% 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 45% of Dalmia Bharat Sugar & Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹219 Cr of operating cash against ₹236 Cr of profit. After ₹124 Cr of capital spending, ₹95.0 Cr was left as free cash.
FY26: operating cash of ₹219 Cr against reported profit of ₹236 Cr, leaving free cash of ₹95.0 Cr after ₹124 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 45% 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 45%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
→ So follow the cash to where it goes. Next: a 230-day cycle and ₹552 Cr of building.
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 Sugar & Industries Ltd's cash conversion cycle runs 230 days in FY26, down from 237 days in FY21. Capital spending ran ₹552 Cr over the last 3 years. At FY26 sales of ₹3,617 Cr each day of that cycle holds about ₹9.9 Cr, so roughly ₹2,279 Cr sits inside the business at any moment.
FY26: debtors at 18 days, inventory at 233 days — roughly 7.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 230 days, tighter than FY21's 237.
The full loop: cash goes out to suppliers and production on day 0; stock waits 233 days to sell; customers pay about 18 days after that; and suppliers themselves are paid at 21 days — netting out to the 230-day cycle.
In money terms: at FY26 sales of ₹3,617 Cr, each day of the cycle holds about ₹9.9 Cr — so the 230-day loop keeps roughly ₹2,279 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹552 Cr over the last 3 fiscal years against ₹394 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹47.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 8% and the ROIC − WACC spread is −6.2 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 Sugar & Industries Ltd earns a ROCE of 8% in FY26. That is up from a trough of 5% in FY15. Return on invested capital clears the cost of that capital by −6.2 percentage points, so growth here is not yet paying for the capital it uses.
FY26 ROCE is 8%, recovered from a FY15 trough of 5% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 6.5% net margin × 0.66× asset turns × 1.70× balance-sheet leverage ≈ 7.3% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 5.8% − 12.0% = a −6.2 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 0.56.
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 Sugar & Industries Ltd carries total debt of ₹1,803 Cr against shareholder equity of ₹3,235 Cr as of Mar 26, a debt-to-equity of 0.56. On the annual view that ratio went from 0.35 in FY22 to 0.56 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹1,803 Cr against shareholder equity of ₹3,235 Cr — a debt-to-equity of 0.56. On the annual view, debt-to-equity went from 0.35 (FY22) to 0.56 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: the register is quiet.
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.
No holder of Dalmia Bharat Sugar & Industries Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved +0.2 points over the same window, to 0.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −0.4 points over 8 quarters to 0.5%; Domestic institutions: +0.2 points over 8 quarters to 0.3%; Promoters: +0.0 points over 8 quarters to 74.9%.
→ 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 Sugar & Industries 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 Sugar & Industries Ltd this page | 12.7× | ₹2,930 Cr | Mixed | |||
| DCM Shriram Ltd | 18.5× | ₹15,685 Cr | Improving | |||
| EID Parry (India) Ltd | 20.6× | ₹13,489 Cr | Mixed | |||
| Balrampur Chini Mills Ltd | 34.1× | ₹12,890 Cr | Mixed | |||
| Triveni Engineering and Industries Ltd | 19.6× | ₹5,480 Cr | No read | |||
| Shree Renuka Sugars Ltd | — | ₹4,732 Cr | No read | |||
| Bannari Amman Sugars Ltd | 29.7× | ₹4,391 Cr | Mixed | |||
| Bajaj Hindusthan Sugar Ltd | 29.4× | ₹4,133 Cr | No read | |||
| M.V.K. Agro Food Product Ltd | 42.0× | ₹1,958 Cr | — | — | — | — |
| Godavari Biorefineries Ltd | 42.4× | ₹1,427 Cr | No read | |||
| Andhra Sugars Ltd | 11.7× | ₹1,170 Cr | Mixed | |||
| Avadh Sugar & Energy Ltd | 16.8× | ₹1,052 Cr | No read | |||
| Dhampur Sugar Mills Ltd | 14.0× | ₹914 Cr | No read | |||
| Uttam Sugar Mills Ltd | 8.6× | ₹871 Cr | No read | |||
| Dwarikesh Sugar Industries Ltd | — | ₹803 Cr | — | No read | ||
| Zuari Industries Ltd | 6.6× | ₹765 Cr | No read | |||
| Magadh Sugar & Energy Ltd | 11.0× | ₹696 Cr | No read | |||
| Dhampur Bio Organics Ltd | 26.5× | ₹678 Cr | No read | |||
| Davangere Sugar Company Ltd | 58.6× | ₹499 Cr | Mixed | |||
| DCM Shriram Industries Ltd | 8.2× | ₹498 Cr | Deteriorating |
Frequently asked questions
What is Dalmia Bharat Sugar & Industries Ltd's share price today?
Dalmia Bharat Sugar & Industries Ltd trades at ₹367, −7.4% over the past year. The company is valued at ₹2,930 Cr. The stock sits at 76% of its 52-week range of ₹274–₹398, +7.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 12 weeks in. — as of 24 July 2026.
What were Dalmia Bharat Sugar & Industries Ltd's latest quarterly results?
Dalmia Bharat Sugar & Industries Ltd reported revenue of ₹991 Cr and net profit of ₹104 Cr for the Mar 26 quarter. Revenue fell 2.5% and profit fell 47.7% year on year. Earnings per share were ₹12.91. The operating margin was 17.0%, 2.0 pp lower than a year earlier. — as of 24 July 2026.
What is Dalmia Bharat Sugar & Industries Ltd's revenue?
Dalmia Bharat Sugar & Industries Ltd reported revenue of ₹991 Cr in the Mar 26 quarter, −2.5% year on year. For the full FY26 fiscal year, revenue was ₹3,617 Cr (−2.9%). Over the last 10 years revenue compounded at 12.0% a year. — as of 24 July 2026.
What is Dalmia Bharat Sugar & Industries Ltd's profit?
Dalmia Bharat Sugar & Industries Ltd earned ₹104 Cr of net profit in the Mar 26 quarter, −47.7% year on year. Full-year FY26 profit was ₹236 Cr. The operating margin ran 17.0% in the latest quarter. — as of 24 July 2026.
What is Dalmia Bharat Sugar & Industries Ltd's market cap?
Dalmia Bharat Sugar & Industries Ltd's market capitalisation is ₹2,930 Cr at a share price of ₹367. 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 Sugar & Industries Ltd's P/E ratio?
Dalmia Bharat Sugar & Industries Ltd trades at a P/E of 12.7×, at the 80th percentile of its own 10-year range, against a long-run median of 10.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Dalmia Bharat Sugar & Industries Ltd pay a dividend?
Yes — Dalmia Bharat Sugar & Industries Ltd's dividend payout was 21% of profit in FY26, and it recorded a payout in 11 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Dalmia Bharat Sugar & Industries Ltd overvalued?
On its own history, Dalmia Bharat Sugar & Industries Ltd looks expensive against its own history: its P/E of 12.7× sits at the 80th percentile of its 10-year range (long-run median 10.0×). 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 Sugar & Industries Ltd growing?
Not right now — Dalmia Bharat Sugar & Industries Ltd's latest numbers are shrinking: latest-quarter revenue −2.5% year on year, profit −47.7%, and the margin −2.0 pp at 17.0%. The 10-year compound rates are 12.0% (revenue) and 15.1% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Dalmia Bharat Sugar & Industries Ltd performing?
Dalmia Bharat Sugar & Industries Ltd is in a confirmed uptrend, 12 weeks in. Its latest quarter's revenue fell 2.5% and profit fell 47.7% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 2 weeks. — as of 24 July 2026.
What stage is Dalmia Bharat Sugar & Industries Ltd in?
Mixed — no clean majority across the growth curves, ROCE holding at 9.6% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth −3.2% latest, profit growth −37.7% latest, eps growth −37.6% 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 Sugar & Industries Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 12 of stage 2), trading +7.0% versus its 200-day average and at 76% 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 Sugar & Industries Ltd beating the market?
On recent form, yes — Dalmia Bharat Sugar & Industries Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +236% against the NIFTY 500's +266% — behind the index over the full window. — as of 24 July 2026.
Will Dalmia Bharat Sugar & Industries Ltd's share price go up?
This page publishes no price forecast for Dalmia Bharat Sugar & Industries Ltd. What it measures instead: the share price is ₹367, the price is in a confirmed uptrend 12 weeks in. Its P/E of 12.7× sits at the 80th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Dalmia Bharat Sugar & Industries Ltd?
Promoters hold 74.9% of Dalmia Bharat Sugar & Industries Ltd, foreign institutions 0.5%, domestic institutions 0.3% and the public 24.1% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.
Does Dalmia Bharat Sugar & Industries Ltd have too much debt?
It is moderate — Dalmia Bharat Sugar & Industries Ltd's debt-to-equity is 0.56, and operating profit covers the interest bill 7×. FY26 borrowings were ₹1,803 Cr against equity of ₹3,242 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Dalmia Bharat Sugar & Industries Ltd's capex?
Dalmia Bharat Sugar & Industries Ltd spent ₹552 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 ₹124 Cr, with ₹47.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Dalmia Bharat Sugar & Industries Ltd's cash flow?
Dalmia Bharat Sugar & Industries Ltd generated ₹219 Cr of operating cash flow in FY26 and ₹95.0 Cr of free cash flow after ₹124 Cr of capital spending. Reported profit that year was ₹236 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Dalmia Bharat Sugar & Industries Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 45% of Dalmia Bharat Sugar & Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹219 Cr against reported profit of ₹236 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Dalmia Bharat Sugar & Industries Ltd in its business cycle?
Dalmia Bharat Sugar & Industries Ltd's FY26 operating margin was 12.0%, against a 13-year band of 9.0%–22.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 17.0%. 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 Sugar & Industries Ltd story?
The sharpest disagreement: the price moved −7.4% in a year while annual EPS moved −35.2% — the difference is re-rating, and re-rating has to be repaid with earnings. 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 Sugar & Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: Dalmia Bharat Sugar & Industries Ltd's price has outrun its earnings. −7.4% in a year against EPS −35.2% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has 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.