GTPL Hathway Ltd
GTPLGTPL Hathway Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
Biggest watch item: the P/E sits at the 100th percentile of its own range — the multiple has already done part of the work.
The price is in a downtrend (103 weeks in) while the P/E sits at the 100th percentile of its own 9-year range. Underneath, the last four quarters read deteriorating — profit −81.3% year on year, and 732% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
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.
GTPL Hathway Ltd trades at ₹63.4, in a downtrend and 103 weeks into that stage. That is −19.6% against its own 200-day average. It sits at 11% of a 52-week range of ₹57 to ₹117. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).
Today the stock is in a downtrend — week 103 of stage 4, confirmed. At ₹63.4 it trades −19.6% versus its 200-day average and sits at 11% of its 52-week range (₹57–₹117).
Against the market, two honest reads. Cumulative: over the last 9.0 years the stock moved −65% while the NIFTY 500 moved +172% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-06-19) — 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 100th 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.
GTPL Hathway Ltd trades at 85.5× P/E, about the priciest it has ever traded. Its long-run median P/E is 15.0×, measured across 8.9 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 85.5× is about the priciest it has ever traded, against a long-run median of 15.0× measured over 8.9 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 −67.1% against a −46.0% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the −20.6%/yr price move, ~−47.2%/yr came from earnings growth and ~+26.6 pp from the multiple (expanding). 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.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
→ 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: Deteriorating 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).
GTPL Hathway Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −84.6% latest against −30.6% at its 12-quarter best), ROCE slipping at 3.0%. The read is built from 8 quarters across 4 curves, on partial evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +7.0% | +11.8% | +8.6% | +17.6% |
| Profit | −75.5% | −54.2% | −43.6% | +11.6% |
| EPS | −67.1% | −48.3% | −39.1% | +6.4% |
| Share price | −46.0% | −18.0% | −20.6% | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
31.2/100 — rank 20 of 25 in Entertainment & Media · 81% evidence confidence
GTPL Hathway Ltd scores 31.2 out of 100 against the 25 companies it is compared with in Entertainment & Media, ranking 20. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 10.7 + 10.6 + 6.2 + 3.7 = 31.2. 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.
GTPL Hathway Ltd reported ₹1,015 Cr of revenue in the Jun 26 quarter, +12.4% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.6% a year. The last full year, FY26, came in at ₹3,719 Cr. The last four reported quarters add to ₹3,831 Cr.
GTPL Hathway Ltd reported ₹1,015 Cr of revenue in the Jun 26 quarter, +12.4% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.6% a year. The last full year, FY26, came in at ₹3,719 Cr. The last four reported quarters add to ₹3,831 Cr.
FY26 revenue came in at ₹3,719 Cr (+7.0% on the year), capping 10 years at 17.6% compound. The latest quarter (Jun 26) printed ₹1,015 Cr, +12.4% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +8.3% growth against the decade's 17.6% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +8.3% over the last 4 quarters against +8.0%/yr over the last 8 — stabilising; TTM profit −84.6% vs −73.6%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 10.3% this quarter (−1.5 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.
GTPL Hathway Ltd's operating margin is 10.3% in the Jun 26 quarter, −1.5 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0% to 27.0%. The current quarter is running below every full year in that window.
GTPL Hathway Ltd's operating margin is 10.3% in the Jun 26 quarter, −1.5 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0% to 27.0%. The current quarter is running below every full year in that window.
The latest quarter's operating margin is 10.3%, −1.5 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0%–27.0%.
🚨 Why the margin moved: operating margin went −1.5 pp year on year while gross margin went +0.3 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 −81.3% 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.
GTPL Hathway Ltd earned ₹1.4 Cr of net profit in the Jun 26 quarter, −81.3% year on year. Full-year FY26 profit was ₹12.0 Cr. The 10-year compound rate is 11.6%. That is 0.1% of the quarter's revenue. The same quarter a year earlier earned ₹7.3 Cr. 1 of the last 12 reported quarters were loss-making.
GTPL Hathway Ltd earned ₹1.4 Cr of net profit in the Jun 26 quarter, −81.3% year on year. Full-year FY26 profit was ₹12.0 Cr. The 10-year compound rate is 11.6%. That is 0.1% of the quarter's revenue. The same quarter a year earlier earned ₹7.3 Cr. 1 of the last 12 reported quarters were loss-making.
Jun 26 profit was ₹1.4 Cr, −81.3% year on year. On the full year, FY26 printed ₹12.0 Cr (−75.5%), and the 10-year compound rate is 11.6%.
🚨 Why profit moved: revenue contributed +12.4% and the margin −1.5 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit −84.0% vs revenue +8.3%. 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: 732% 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 732% of GTPL Hathway Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹360 Cr of operating cash against ₹12.0 Cr of profit. After ₹487 Cr of capital spending, ₹−127 Cr was left as free cash.
FY26: operating cash of ₹360 Cr against reported profit of ₹12.0 Cr, leaving free cash of ₹−127 Cr after ₹487 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 732% 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 732%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.
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 54-day cycle and ₹1,488 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).
GTPL Hathway Ltd's cash conversion cycle runs 54 days in FY26, down from 57 days in FY21. Capital spending ran ₹1,488 Cr over the last 3 years. At FY26 sales of ₹3,719 Cr each day of that cycle holds about ₹10.2 Cr, so roughly ₹550 Cr sits inside the business at any moment.
FY26: debtors at 54 days (an asset-light business — no inventory to speak of) — for a full cycle of 54 days, tighter than FY21's 57.
In money terms: at FY26 sales of ₹3,719 Cr, each day of the cycle holds about ₹10.2 Cr — so the 54-day loop keeps roughly ₹550 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹1,488 Cr over the last 3 fiscal years against ₹1,082 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹66.0 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 3% and the ROIC − WACC spread is −10.8 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.⚠ unverified
GTPL Hathway Ltd earns a ROCE of 3% in FY26. Return on invested capital clears the cost of that capital by −10.8 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.3% net margin on 1.14× asset turns.
FY26 ROCE is 3%.
🚨 Why the return is what it is — the wiring (FY26): 0.3% net margin × 1.14× asset turns × 2.86× balance-sheet leverage ≈ 1.0% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 1.2% − 12.0% = a −10.8 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 0.44.
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.⚠ unverified
GTPL Hathway Ltd carries total debt of ₹502 Cr against shareholder equity of ₹1,267 Cr as of Jun 26, a debt-to-equity of 0.40. On the annual view that ratio went from 0.12 in FY22 to 0.40 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Jun 26: total debt of ₹502 Cr against shareholder equity of ₹1,267 Cr — a debt-to-equity of 0.40. On the annual view, debt-to-equity went from 0.12 (FY22) to 0.40 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 1.5 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.
Foreign institutions cut 1.5 points of GTPL Hathway Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 7.2% of the company. Promoters moved +0.0 points over the same window, to 75.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −1.5 points over 8 quarters to 7.2%; Promoters: +0.0 points over 8 quarters to 75.0%; Domestic institutions: +0.0 points over 8 quarters to 0.0%.
🚨 Why the register moved: foreign institutions drove it (−1.5 points) — distribution into the market’s bid.
→ 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.
GTPL Hathway 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 |
|---|---|---|---|---|---|---|
| GTPL Hathway Ltd this page | 85.5× | ₹682 Cr | Deteriorating | |||
| Prime Focus Ltd | 95.6× | ₹22,463 Cr | No read | |||
| Sun TV Network Ltd | 12.8× | ₹19,188 Cr | Mixed | |||
| Amagi Media Labs Ltd | 184.0× | ₹13,176 Cr | — | — | — | — |
| Nazara Technologies Ltd | 11.6× | ₹11,236 Cr | No read | |||
| Nazara Technologies Ltd | 11.6× | ₹11,199 Cr | No read | |||
| PVR Inox Ltd | 32.9× | ₹10,448 Cr | No read | |||
| Zee Entertainment Enterprises Ltd | 36.3× | ₹10,130 Cr | Deteriorating | |||
| Network 18 Media & Investments Ltd | — | ₹4,413 Cr | No read | |||
| City Pulse Multiventures Ltd | 2,154.0× | ₹4,329 Cr | No read | |||
| Hathway Cable & Datacom Ltd | 25.1× | ₹1,905 Cr | Deteriorating | |||
| Media Matrix Worldwide Ltd | 271.0× | ₹1,585 Cr | Turning around | |||
| Den Networks Ltd | 8.7× | ₹1,296 Cr | Deteriorating | |||
| Panorama Studios International Ltd | 80.8× | ₹1,266 Cr | Deteriorating | |||
| Panorama Studios International Ltd | 30.2× | ₹1,116 Cr | Topping out | |||
| Balaji Telefilms Ltd | — | ₹1,024 Cr | No read | |||
| Bright Outdoor Media Ltd | 43.7× | ₹875 Cr | No read | |||
| New Delhi Television Ltd | — | ₹865 Cr | No read | |||
| City Pulse Multiventures Ltd | 426.0× | ₹779 Cr | No read | |||
| T.V. Today Network Ltd | 26.8× | ₹695 Cr | Mixed | |||
| Hindustan Media Ventures Ltd | 4.4× | ₹688 Cr | No read | |||
| H T Media Ltd | 4.3× | ₹565 Cr | No read | |||
| Dish TV India Ltd | — | ₹519 Cr | No read | |||
| Entertainment Network (India) Ltd | 258.0× | ₹504 Cr | No read | |||
| Nila Spaces Ltd | 17.6× | ₹501 Cr | No read | |||
| Zee Media Corporation Ltd | 74.8× | ₹498 Cr | No read | |||
| Basilic Fly Studio Ltd | 9.4× | ₹481 Cr | No read | |||
| DAPS Advertising Ltd | 8.5× | ₹11 Cr | No read |
Frequently asked questions
What is GTPL Hathway Ltd's share price today?
GTPL Hathway Ltd trades at ₹63.4, −46.0% over the past year. The company is valued at ₹682 Cr. The stock sits at 11% of its 52-week range of ₹57–₹117, −19.6% versus its 200-day average. On the tape, the price is in a downtrend, 103 weeks in. — as of 24 July 2026.
What were GTPL Hathway Ltd's latest quarterly results?
GTPL Hathway Ltd reported revenue of ₹1,015 Cr and net profit of ₹1.4 Cr for the Jun 26 quarter. Revenue rose 12.4% and profit fell 81.3% year on year. Earnings per share were ₹0.21. The operating margin was 10.3%, 1.5 pp lower than a year earlier. — as of 24 July 2026.
What is GTPL Hathway Ltd's revenue?
GTPL Hathway Ltd reported revenue of ₹1,015 Cr in the Jun 26 quarter, +12.4% year on year. For the full FY26 fiscal year, revenue was ₹3,719 Cr (+7.0%). Over the last 10 years revenue compounded at 17.6% a year. — as of 24 July 2026.
What is GTPL Hathway Ltd's profit?
GTPL Hathway Ltd earned ₹1.4 Cr of net profit in the Jun 26 quarter, −81.3% year on year. Full-year FY26 profit was ₹12.0 Cr. The operating margin ran 10.3% in the latest quarter. — as of 24 July 2026.
What is GTPL Hathway Ltd's market cap?
GTPL Hathway Ltd's market capitalisation is ₹682 Cr at a share price of ₹63.4. 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 GTPL Hathway Ltd's P/E ratio?
GTPL Hathway Ltd trades at a P/E of 85.5×, at the 100th percentile of its own 9-year range, against a long-run median of 15.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does GTPL Hathway Ltd pay a dividend?
Yes — GTPL Hathway Ltd's dividend payout was 143% 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 GTPL Hathway Ltd overvalued?
On its own history, GTPL Hathway Ltd looks expensive against its own history: its P/E of 85.5× sits at the 100th percentile of its 9-year range (long-run median 15.0×). 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 GTPL Hathway Ltd growing?
Not right now — GTPL Hathway Ltd's latest numbers are shrinking: latest-quarter revenue +12.4% year on year, profit −81.3%, and the margin −1.5 pp at 10.3%. The 10-year compound rates are 17.6% (revenue) and 11.6% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is GTPL Hathway Ltd performing?
GTPL Hathway Ltd is in a downtrend, 103 weeks in. Its latest quarter's revenue rose 12.4% and profit fell 81.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 6 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is GTPL Hathway Ltd in?
Deteriorating — profit and EPS growth are shrinking (profit growth −84.6% latest against −30.6% at its 12-quarter best), ROCE slipping at 3.0%. The read comes from the last 12 quarters of growth (revenue growth +8.3% latest, profit growth −84.6% latest, eps growth −83.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is GTPL Hathway Ltd in an uptrend?
No — the price is in a downtrend (week 103 of stage 4), trading −19.6% versus its 200-day average and at 11% 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 GTPL Hathway Ltd beating the market?
Not lately — on a trailing-13-week view GTPL Hathway Ltd is currently behind the NIFTY 500 (6 weeks and counting; last ahead the week of 2026-06-19), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 9.0 years the stock moved −65% against the NIFTY 500's +172% — behind the index over the full window. — as of 24 July 2026.
Will GTPL Hathway Ltd's share price go up?
This page publishes no price forecast for GTPL Hathway Ltd. What it measures instead: the share price is ₹63.4, the price is in a downtrend 103 weeks in. Its P/E of 85.5× sits at the 100th percentile of its own 9-year range. — as of 24 July 2026.
Who owns GTPL Hathway Ltd?
Promoters hold 75.0% of GTPL Hathway Ltd, foreign institutions 7.2%, domestic institutions 0.0% and the public 17.8% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 1.5 points over 8 quarters. — as of 24 July 2026.
Does GTPL Hathway Ltd have too much debt?
It is moderate — GTPL Hathway Ltd's debt-to-equity is 0.44, and operating profit covers the interest bill 10×. FY26 borrowings were ₹502 Cr against equity of ₹1,146 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is GTPL Hathway Ltd's capex?
GTPL Hathway Ltd spent ₹1,488 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 ₹487 Cr, with ₹66.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is GTPL Hathway Ltd's cash flow?
GTPL Hathway Ltd generated ₹360 Cr of operating cash flow in FY26 and ₹−127 Cr of free cash flow after ₹487 Cr of capital spending. Reported profit that year was ₹12.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is GTPL Hathway Ltd's profit real cash?
Yes — over the last 3 fiscal years, 732% of GTPL Hathway Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹360 Cr against reported profit of ₹12.0 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 GTPL Hathway Ltd in its business cycle?
GTPL Hathway Ltd's FY26 operating margin was 11.0%, against a 13-year band of 11.0%–27.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 10.3%. 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 GTPL Hathway Ltd story?
Biggest watch item: the P/E sits at the 100th percentile of its own range — the multiple has already done part of the work. 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 GTPL Hathway Ltd a stock worth studying right now?
This is not investment advice. The machine read: GTPL Hathway Ltd's three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.