Gland Pharma Ltd
GLANDGland Pharma Ltd's earnings have outrun its stock. EPS grew +47.1% in a year against a +22.4% price move.
The sharpest disagreement: Domestic institutions moved −2.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (9 weeks in) while the P/E sits at the 48th percentile of its own 5-year range. Underneath, the last four quarters read improving — profit +96.3% year on year, and 118% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
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.
Gland Pharma Ltd trades at ₹2,449, in a confirmed uptrend and 9 weeks into that stage. That is +24.0% against its own 200-day average. It sits at 96% of a 52-week range of ₹1,627 to ₹2,479. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 17 straight weeks.
Today the stock is in a confirmed uptrend — week 9 of stage 2, confirmed. At ₹2,449 it trades +24.0% versus its 200-day average and sits at 96% of its 52-week range (₹1,627–₹2,479).
Against the market, two honest reads. Cumulative: over the last 5.6 years the stock moved +16% while the NIFTY 500 moved +115% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 17 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 48th 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.
Gland Pharma Ltd trades at 37.6× P/E, mid-range by its own standards (48th percentile). Its long-run median P/E is 38.7×, measured across 5.2 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 37.6× is mid-range by its own standards (48th percentile), against a long-run median of 38.7× measured over 5.2 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 +47.1% against a +22.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the −9.1%/yr price move, ~+0.8%/yr came from earnings growth and ~−9.9 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 unremarkable 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).
Gland Pharma Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 14.6% — 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 | +14.5% | +21.1% | +13.2% | — |
| Profit | +46.9% | +9.6% | +0.6% | — |
| EPS | +47.1% | +9.6% | +0.5% | — |
| Share price | +22.4% | +29.2% | −9.1% | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
74.6/100 — rank 3 of 24 in Pharma - API & CRAMS · 96% evidence confidence
Gland Pharma Ltd scores 74.6 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 3. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 26.2 + 18.4 + 13.2 + 16.8 = 74.6. 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.
Gland Pharma Ltd reported ₹1,743 Cr of revenue in the Mar 26 quarter, +22.3% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 16.0% a year. The last full year, FY26, came in at ₹6,431 Cr. The last four reported quarters add to ₹6,431 Cr.
Gland Pharma Ltd reported ₹1,743 Cr of revenue in the Mar 26 quarter, +22.3% year on year. That is the 4th straight quarter of year-on-year growth. Over 6 years it has compounded at 16.0% a year. The last full year, FY26, came in at ₹6,431 Cr. The last four reported quarters add to ₹6,431 Cr.
FY26 revenue came in at ₹6,431 Cr (+14.5% on the year), capping 6 years at 16.0% compound. The latest quarter (Mar 26) printed ₹1,743 Cr, +22.3% year on year — the 4th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +14.5% growth against the decade's 16.0% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +14.5% over the last 4 quarters against +6.6%/yr over the last 8 — accelerating; TTM profit +46.7% vs +15.3%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 29.0% this quarter (+5.0 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.
Gland Pharma Ltd's operating margin is 29.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 23.0% to 38.0%. The current quarter sits inside that band.
Gland Pharma Ltd's operating margin is 29.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 23.0% to 38.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 29.0%, +5.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 23.0%–38.0%.
Why the margin moved: operating margin went +5.1 pp year on year while gross margin went +1.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins held — did that reach the bottom line? Next: profit +96.3% 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.
Gland Pharma Ltd earned ₹367 Cr of net profit in the Mar 26 quarter, +96.3% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,027 Cr. The 6-year compound rate is 4.8%. That is 21.1% of the quarter's revenue. The same quarter a year earlier earned ₹187 Cr.
Gland Pharma Ltd earned ₹367 Cr of net profit in the Mar 26 quarter, +96.3% year on year. It is the 4th consecutive quarter of growth. Full-year FY26 profit was ₹1,027 Cr. The 6-year compound rate is 4.8%. That is 21.1% of the quarter's revenue. The same quarter a year earlier earned ₹187 Cr.
Mar 26 profit was ₹367 Cr, +96.3% year on year — the 4th consecutive quarter of growth. On the full year, FY26 printed ₹1,027 Cr (+46.9%), and the 6-year compound rate is 4.8%.
Why profit moved: revenue contributed +22.3% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +46.3% vs revenue +14.5%. 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: 118% 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 118% of Gland Pharma Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,031 Cr of operating cash against ₹1,027 Cr of profit. After ₹960 Cr of capital spending, ₹71.0 Cr was left as free cash.
FY26: operating cash of ₹1,031 Cr against reported profit of ₹1,027 Cr, leaving free cash of ₹71.0 Cr after ₹960 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 118% 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 118%: the cash cycle tightened 31 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 3.7× 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: ₹4,233 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).
Gland Pharma Ltd's cash conversion cycle runs 255 days in FY26, down from 286 days in FY21. Capital spending ran ₹4,233 Cr over the last 3 years. At FY26 sales of ₹6,431 Cr each day of that cycle holds about ₹17.6 Cr, so roughly ₹4,493 Cr sits inside the business at any moment.
FY26: debtors at 107 days, inventory at 284 days — roughly 9.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 255 days, tighter than FY21's 286.
The full loop: cash goes out to suppliers and production on day 0; stock waits 284 days to sell; customers pay about 107 days after that; and suppliers themselves are paid at 136 days — netting out to the 255-day cycle.
In money terms: at FY26 sales of ₹6,431 Cr, each day of the cycle holds about ₹17.6 Cr — so the 255-day loop keeps roughly ₹4,493 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹4,233 Cr over the last 3 fiscal years against ₹1,147 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹342 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 15% and the ROIC − WACC spread is +0.2 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.
Gland Pharma Ltd earns a ROCE of 15% in FY26. That is up from a trough of 12% in FY25. Return on invested capital clears the cost of that capital by +0.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 16.0% net margin on 0.51× asset turns.
FY26 ROCE is 15%, recovered from a FY25 trough of 12% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 16.0% net margin × 0.51× asset turns × 1.21× balance-sheet leverage ≈ 9.9% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 12.2% − 12.0% = a +0.2 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. Positive but thin — value creation with little room for error.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.03.
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.
Gland Pharma Ltd carries total debt of ₹284 Cr against shareholder equity of ₹10,358 Cr as of Mar 26, a debt-to-equity of 0.03 — effectively unlevered. On the annual view that ratio went from 0.00 in FY22 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹284 Cr against shareholder equity of ₹10,358 Cr — a debt-to-equity of 0.03. On the annual view, debt-to-equity went from 0.00 (FY22) to 0.03 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 2.4 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 cut 2.4 points of Gland Pharma Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 30.4% of the company. Foreign institutions moved +1.9 points over the same window, to 8.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −2.4 points over 8 quarters to 30.4%; Foreign institutions: +1.9 points over 8 quarters to 8.7%; Promoters: −0.1 points over 8 quarters to 51.8%.
Why the register moved: rotation — foreign institutions +1.9 points against domestic institutions −2.4 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.
Gland Pharma 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 |
|---|---|---|---|---|---|---|
| Gland Pharma Ltd this page | 37.6× | ₹39,257 Cr | Improving | |||
| Divis Laboratories Ltd | 73.4× | ₹1.9L Cr | Mixed | |||
| Laurus Labs Ltd | 79.1× | ₹86,505 Cr | Mixed | |||
| Anthem Biosciences Ltd | 73.1× | ₹43,360 Cr | No read | |||
| Acutaas Chemicals Ltd | 75.2× | ₹26,785 Cr | Improving | |||
| Acutaas Chemicals Ltd | 69.1× | ₹26,686 Cr | Mixed | |||
| Sai Life Sciences Ltd | 73.8× | ₹26,174 Cr | No read | |||
| Piramal Pharma Ltd | — | ₹24,133 Cr | No read | |||
| Neuland Laboratories Ltd | 65.9× | ₹23,794 Cr | Turning around | |||
| Granules India Ltd | 31.8× | ₹20,655 Cr | Consistent | |||
| OneSource Specialty Pharma Ltd | — | ₹18,961 Cr | No read | |||
| Syngene International Ltd | 44.9× | ₹16,708 Cr | Turning around | |||
| Syngene International Ltd | 44.1× | ₹16,415 Cr | Turning around | |||
| Cohance Lifesciences Ltd | 80.9× | ₹15,957 Cr | Deteriorating | |||
| Jubilant Pharmova Ltd | 35.2× | ₹15,378 Cr | No read | |||
| Concord Biotech Ltd | 54.8× | ₹13,061 Cr | Deteriorating | |||
| Shilpa Medicare Ltd | 50.8× | ₹11,856 Cr | No read | |||
| Blue Jet Healthcare Ltd | 43.3× | ₹10,730 Cr | Deteriorating | |||
| Supriya Lifescience Ltd | 32.3× | ₹6,765 Cr | Consistent | |||
| IOL Chemicals & Pharmaceuticals Ltd | 30.0× | ₹4,380 Cr | Improving | |||
| SMS Pharmaceuticals Ltd | 35.0× | ₹3,569 Cr | Mixed | |||
| Morepen Laboratories Ltd | 39.6× | ₹2,948 Cr | Mixed | |||
| Dishman Carbogen Amcis Ltd | 29.0× | ₹2,878 Cr | No read | |||
| Hikal Ltd | 73.8× | ₹2,681 Cr | Deteriorating | |||
| Solara Active Pharma Sciences Ltd | 551.0× | ₹2,351 Cr | No read | |||
| Windlas Biotech Ltd | 26.6× | ₹1,770 Cr | Mixed |
Frequently asked questions
What is Gland Pharma Ltd's share price today?
Gland Pharma Ltd trades at ₹2,449, +22.4% over the past year. The company is valued at ₹39,257 Cr. The stock sits at 96% of its 52-week range of ₹1,627–₹2,479, +24.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 9 weeks in. — as of 24 July 2026.
What were Gland Pharma Ltd's latest quarterly results?
Gland Pharma Ltd reported revenue of ₹1,743 Cr and net profit of ₹367 Cr for the Mar 26 quarter. Revenue rose 22.3% and profit rose 96.3% year on year. Earnings per share were ₹22.26. The operating margin was 29.0%, 5.0 pp higher than a year earlier. — as of 24 July 2026.
What is Gland Pharma Ltd's revenue?
Gland Pharma Ltd reported revenue of ₹1,743 Cr in the Mar 26 quarter, +22.3% year on year. For the full FY26 fiscal year, revenue was ₹6,431 Cr (+14.5%). Over the last 6 years revenue compounded at 16.0% a year. — as of 24 July 2026.
What is Gland Pharma Ltd's profit?
Gland Pharma Ltd earned ₹367 Cr of net profit in the Mar 26 quarter, +96.3% year on year — the 4th straight quarter of growth. Full-year FY26 profit was ₹1,027 Cr. The operating margin ran 29.0% in the latest quarter. — as of 24 July 2026.
What is Gland Pharma Ltd's market cap?
Gland Pharma Ltd's market capitalisation is ₹39,257 Cr at a share price of ₹2,449. 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 Gland Pharma Ltd's P/E ratio?
Gland Pharma Ltd trades at a P/E of 37.6×, at the 48th percentile of its own 5-year range, against a long-run median of 38.7×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Gland Pharma Ltd pay a dividend?
Yes — Gland Pharma Ltd's dividend payout was 32% of profit in FY26, and it recorded a payout in 3 of its last 7 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Gland Pharma Ltd overvalued?
On its own history, Gland Pharma Ltd looks mid-range against its own history: its P/E of 37.6× sits at the 48th percentile of its 5-year range (long-run median 38.7×). 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 Gland Pharma Ltd growing?
Yes — Gland Pharma Ltd is growing: latest-quarter revenue +22.3% year on year, profit +96.3%, and the margin +5.0 pp at 29.0%. The 6-year compound rates are 16.0% (revenue) and 4.8% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Gland Pharma Ltd performing?
Gland Pharma Ltd is in a confirmed uptrend, 9 weeks in. Its latest quarter's revenue rose 22.3% and profit rose 96.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 17 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Gland Pharma Ltd in?
Mixed — no clean majority across the growth curves, ROCE holding at 14.6% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +14.5% latest, profit growth +46.7% latest, eps growth +47.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Gland Pharma Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 9 of stage 2), trading +24.0% versus its 200-day average and at 96% 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 Gland Pharma Ltd beating the market?
On recent form, yes — Gland Pharma Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 17 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 5.6 years the stock moved +16% against the NIFTY 500's +115% — behind the index over the full window. — as of 24 July 2026.
Will Gland Pharma Ltd's share price go up?
This page publishes no price forecast for Gland Pharma Ltd. What it measures instead: the share price is ₹2,449, the price is in a confirmed uptrend 9 weeks in. Its P/E of 37.6× sits at the 48th percentile of its own 5-year range. — as of 24 July 2026.
Who owns Gland Pharma Ltd?
Promoters hold 51.8% of Gland Pharma Ltd, foreign institutions 8.7%, domestic institutions 30.4% and the public 9.1% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 2.4 points over 8 quarters. — as of 24 July 2026.
Does Gland Pharma Ltd have too much debt?
No — Gland Pharma Ltd's debt-to-equity is 0.03, and operating profit covers the interest bill 49×. FY26 borrowings were ₹284 Cr against equity of ₹10,357 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Gland Pharma Ltd's capex?
Gland Pharma Ltd spent ₹4,233 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 ₹960 Cr, with ₹342 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Gland Pharma Ltd's cash flow?
Gland Pharma Ltd generated ₹1,031 Cr of operating cash flow in FY26 and ₹71.0 Cr of free cash flow after ₹960 Cr of capital spending. Reported profit that year was ₹1,027 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Gland Pharma Ltd's profit real cash?
Yes — over the last 3 fiscal years, 118% of Gland Pharma Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,031 Cr against reported profit of ₹1,027 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Gland Pharma Ltd in its business cycle?
Gland Pharma Ltd's FY26 operating margin was 25.0%, against a 7-year band of 23.0%–38.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 29.0%. 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 Gland Pharma Ltd story?
The sharpest disagreement: Domestic institutions moved −2.4 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. 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 Gland Pharma Ltd a stock worth studying right now?
This is not investment advice. The machine read: Gland Pharma Ltd's earnings have outrun its stock. EPS grew +47.1% in a year against a +22.4% price move. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.