Jaiprakash Power Ventures Ltd
JPPOWERJaiprakash Power Ventures Ltd is coiled. The quarters are improving, yet the P/E sits at the 35th percentile of its own 10-year range — the business is moving before the market.
The sharpest disagreement: Domestic institutions moved −7.0 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 (10 weeks in) while the P/E sits at the 35th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +68.7% year on year, and 216% 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.
Jaiprakash Power Ventures Ltd trades at ₹16.9, in a confirmed uptrend and 10 weeks into that stage. That is −3.5% against its own 200-day average. It sits at 38% of a 52-week range of ₹14 to ₹22. 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 confirmed uptrend — week 10 of stage 2, confirmed. At ₹16.9 it trades −3.5% versus its 200-day average and sits at 38% of its 52-week range (₹14–₹22).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +263% while the NIFTY 500 moved +274% — 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 35th 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.
Jaiprakash Power Ventures Ltd trades at 13.9× P/E, near the bottom of its own range — cheaper only 35% of the time. Its long-run median P/E is 17.5×, 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 13.9× is near the bottom of its own range — cheaper only 35% of the time, against a long-run median of 17.5× 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 −44.5% against a −26.2% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +23.6%/yr price move, ~+37.3%/yr came from earnings growth and ~−13.7 pp from the multiple (compressing); over 10y, of the +11.2%/yr price move, ~+9.3%/yr came from earnings growth and ~+1.9 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 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).
Jaiprakash Power Ventures Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 6.6% — the per-curve reads carry the story. The read is built from 12 quarters across 3 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
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 | +1.8% | −1.3% | +11.0% | +3.1% |
| Profit | −44.6% | +101.7% | +9.9% | — |
| EPS | −44.5% | +102.1% | +14.9% | — |
| Share price | −26.2% | +40.8% | +23.6% | +11.2% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
43.1/100 — rank 14 of 20 in Power - Generation/Distribution · 77% evidence confidence
Jaiprakash Power Ventures Ltd scores 43.1 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 14. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 11.2 + 11.8 + 11 + 9.1 = 43.1. 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.
Jaiprakash Power Ventures Ltd reported ₹1,776 Cr of revenue in the Jun 26 quarter, +12.2% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 3.1% a year. The last full year, FY26, came in at ₹5,563 Cr. The last four reported quarters add to ₹5,756 Cr.
Jaiprakash Power Ventures Ltd reported ₹1,776 Cr of revenue in the Jun 26 quarter, +12.2% year on year. That is the 4th straight quarter of year-on-year growth. Over 10 years it has compounded at 3.1% a year. The last full year, FY26, came in at ₹5,563 Cr. The last four reported quarters add to ₹5,756 Cr.
FY26 revenue came in at ₹5,563 Cr (+1.8% on the year), capping 10 years at 3.1% compound. The latest quarter (Jun 26) printed ₹1,776 Cr, +12.2% year on year — the 4th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +8.6% growth against the decade's 3.1% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +8.8% over the last 4 quarters against −8.1%/yr over the last 8 — accelerating; TTM profit −13.7% vs −26.2%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 43.0% 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.
Jaiprakash Power Ventures Ltd's operating margin is 43.0% in the Jun 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 19.0% to 71.0%. The current quarter sits inside that band.
Jaiprakash Power Ventures Ltd's operating margin is 43.0% in the Jun 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 19.0% to 71.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 43.0%, +5.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 19.0%–71.0%.
Why the margin moved: operating margin went +4.8 pp year on year while gross margin went +6.2 pp — the gain came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit +68.7% 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.
Jaiprakash Power Ventures Ltd earned ₹469 Cr of net profit in the Jun 26 quarter, +68.7% year on year. Full-year FY26 profit was ₹451 Cr. That is 26.4% of the quarter's revenue. The same quarter a year earlier earned ₹278 Cr. 1 of the last 12 reported quarters were loss-making.
Jaiprakash Power Ventures Ltd earned ₹469 Cr of net profit in the Jun 26 quarter, +68.7% year on year. Full-year FY26 profit was ₹451 Cr. That is 26.4% of the quarter's revenue. The same quarter a year earlier earned ₹278 Cr. 1 of the last 12 reported quarters were loss-making.
Jun 26 profit was ₹469 Cr, +68.7% year on year. On the full year, FY26 printed ₹451 Cr (−44.6%).
Why profit moved: revenue contributed +12.2% 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 −34.3% vs revenue +8.6%. 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: 216% 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 216% of Jaiprakash Power Ventures Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,301 Cr of operating cash against ₹451 Cr of profit. After ₹85.0 Cr of capital spending, ₹1,216 Cr was left as free cash.
FY26: operating cash of ₹1,301 Cr against reported profit of ₹451 Cr, leaving free cash of ₹1,216 Cr after ₹85.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 216% 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 216%: the cash cycle tightened 15 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
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 72-day cycle and ₹161 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).
Jaiprakash Power Ventures Ltd's cash conversion cycle runs 72 days in FY26, down from 87 days in FY21. Capital spending ran ₹161 Cr over the last 3 years. At FY26 sales of ₹5,563 Cr each day of that cycle holds about ₹15.2 Cr, so roughly ₹1,097 Cr sits inside the business at any moment.
FY26: debtors at 72 days, inventory at 49 days — roughly 1.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 72 days, tighter than FY21's 87.
The full loop: cash goes out to suppliers and production on day 0; stock waits 49 days to sell; customers pay about 72 days after that; and suppliers themselves are paid at 28 days — netting out to the 72-day cycle.
In money terms: at FY26 sales of ₹5,563 Cr, each day of the cycle holds about ₹15.2 Cr — so the 72-day loop keeps roughly ₹1,097 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹161 Cr over the last 3 fiscal years against ₹1,408 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹277 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 7% and the ROIC − WACC spread is −7.9 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.
Jaiprakash Power Ventures Ltd earns a ROCE of 7% in FY26. That is up from a trough of 2% in FY20. Return on invested capital clears the cost of that capital by −7.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 8.1% net margin on 0.31× asset turns.
FY26 ROCE is 7%, recovered from a FY20 trough of 2% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 8.1% net margin × 0.31× asset turns × 1.41× balance-sheet leverage ≈ 3.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 4.1% − 12.0% = a −7.9 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 0.27.
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.
Jaiprakash Power Ventures Ltd carries total debt of ₹3,391 Cr against shareholder equity of ₹12,732 Cr as of Jun 26, a debt-to-equity of 0.27 — effectively unlevered. On the annual view that ratio went from 0.49 in FY22 to 0.27 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Jun 26: total debt of ₹3,391 Cr against shareholder equity of ₹12,732 Cr — a debt-to-equity of 0.27. On the annual view, debt-to-equity went from 0.49 (FY22) to 0.27 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 7.0 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 7.0 points of Jaiprakash Power Ventures Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 11.2% of the company. Foreign institutions moved −0.8 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: −7.0 points over 8 quarters to 11.2%; Foreign institutions: −0.8 points over 8 quarters to 6.8%; Promoters: +0.0 points over 8 quarters to 24.0%.
🚨 Why the register moved: domestic institutions drove it (−7.0 points), alongside foreign institutions (−0.8 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.
Jaiprakash Power Ventures 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 |
|---|---|---|---|---|---|---|
| Jaiprakash Power Ventures Ltd this page | 13.9× | ₹11,617 Cr | Turning around | |||
| Adani Power Ltd | 28.9× | ₹4.1L Cr | Improving | |||
| NTPC Ltd | 12.1× | ₹3.4L Cr | Mixed | |||
| Adani Green Energy Ltd | 119.0× | ₹2.3L Cr | Mixed | |||
| Tata Power Company Ltd | 31.1× | ₹1.2L Cr | Mixed | |||
| JSW Energy Ltd | 50.4× | ₹1L Cr | Mixed | |||
| NTPC Green Energy Ltd | 134.0× | ₹81,162 Cr | No read | |||
| NHPC Ltd | 21.2× | ₹79,748 Cr | Turning around | |||
| Torrent Power Ltd | 31.6× | ₹72,265 Cr | Mixed | |||
| NLC India Ltd | 11.5× | ₹40,601 Cr | Improving | |||
| SJVN Ltd | 41.4× | ₹26,558 Cr | Improving | |||
| CESC Ltd | 14.0× | ₹21,631 Cr | Mixed | |||
| Reliance Power Ltd | — | ₹9,951 Cr | No read | |||
| KPI Green Energy Ltd | 16.2× | ₹7,713 Cr | Mixed | |||
| RattanIndia Power Ltd | 41.6× | ₹4,634 Cr | No read | |||
| Gujarat Industries Power Co Ltd | 6.1× | ₹2,440 Cr | No read | |||
| BF Utilities Ltd | 14.3× | ₹2,186 Cr | Consistent | |||
| Orient Green Power Company Ltd | 22.0× | ₹1,177 Cr | Mixed | |||
| Mac Charles (India) Ltd | — | ₹938 Cr | No read | |||
| India Power Corporation Ltd | 54.5× | ₹698 Cr | Mixed |
Frequently asked questions
What is Jaiprakash Power Ventures Ltd's share price today?
Jaiprakash Power Ventures Ltd trades at ₹16.9, −26.2% over the past year. The company is valued at ₹11,617 Cr. The stock sits at 38% of its 52-week range of ₹14–₹22, −3.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 10 weeks in. — as of 24 July 2026.
What were Jaiprakash Power Ventures Ltd's latest quarterly results?
Jaiprakash Power Ventures Ltd reported revenue of ₹1,776 Cr and net profit of ₹469 Cr for the Jun 26 quarter. Revenue rose 12.2% and profit rose 68.7% year on year. Earnings per share were ₹0.68. The operating margin was 43.0%, 5.0 pp higher than a year earlier. — as of 24 July 2026.
What is Jaiprakash Power Ventures Ltd's revenue?
Jaiprakash Power Ventures Ltd reported revenue of ₹1,776 Cr in the Jun 26 quarter, +12.2% year on year. For the full FY26 fiscal year, revenue was ₹5,563 Cr (+1.8%). Over the last 10 years revenue compounded at 3.1% a year. — as of 24 July 2026.
What is Jaiprakash Power Ventures Ltd's profit?
Jaiprakash Power Ventures Ltd earned ₹469 Cr of net profit in the Jun 26 quarter, +68.7% year on year. Full-year FY26 profit was ₹451 Cr. The operating margin ran 43.0% in the latest quarter. — as of 24 July 2026.
What is Jaiprakash Power Ventures Ltd's market cap?
Jaiprakash Power Ventures Ltd's market capitalisation is ₹11,617 Cr at a share price of ₹16.9. 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 Jaiprakash Power Ventures Ltd's P/E ratio?
Jaiprakash Power Ventures Ltd trades at a P/E of 13.9×, at the 35th percentile of its own 10-year range, against a long-run median of 17.5×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Jaiprakash Power Ventures Ltd pay a dividend?
Not in its latest year — Jaiprakash Power Ventures Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 2 of its last 13 reported fiscal years, so there is a history but no current dividend. — as of 24 July 2026.
Is Jaiprakash Power Ventures Ltd overvalued?
On its own history, Jaiprakash Power Ventures Ltd looks cheap against its own history: its P/E of 13.9× has been cheaper only 35% of the time in 10 years (long-run median 17.5×). 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 Jaiprakash Power Ventures Ltd growing?
Yes — Jaiprakash Power Ventures Ltd is growing: latest-quarter revenue +12.2% year on year, profit +68.7%, and the margin +5.0 pp at 43.0%. The earnings engine currently reads: improving — as of 24 July 2026.
How is Jaiprakash Power Ventures Ltd performing?
Jaiprakash Power Ventures Ltd is in a confirmed uptrend, 10 weeks in. Its latest quarter's revenue rose 12.2% and profit rose 68.7% 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 Jaiprakash Power Ventures Ltd in?
Mixed — no clean majority across the growth curves, ROCE slipping at 6.6% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +8.8% latest, profit growth −13.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Jaiprakash Power Ventures Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 10 of stage 2), trading −3.5% versus its 200-day average and at 38% 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 Jaiprakash Power Ventures Ltd beating the market?
Not lately — on a trailing-13-week view Jaiprakash Power Ventures 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 10.3 years the stock moved +263% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will Jaiprakash Power Ventures Ltd's share price go up?
This page publishes no price forecast for Jaiprakash Power Ventures Ltd. What it measures instead: the share price is ₹16.9, the price is in a confirmed uptrend 10 weeks in. Its P/E of 13.9× sits at the 35th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Jaiprakash Power Ventures Ltd?
Promoters hold 24.0% of Jaiprakash Power Ventures Ltd, foreign institutions 6.8%, domestic institutions 11.2% and the public 58.1% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 7.0 points over 8 quarters. — as of 24 July 2026.
Does Jaiprakash Power Ventures Ltd have too much debt?
No — Jaiprakash Power Ventures Ltd's debt-to-equity is 0.27, and operating profit covers the interest bill 4×. FY26 borrowings were ₹3,391 Cr against equity of ₹12,732 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Jaiprakash Power Ventures Ltd's capex?
Jaiprakash Power Ventures Ltd spent ₹161 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 ₹85.0 Cr, with ₹277 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Jaiprakash Power Ventures Ltd's cash flow?
Jaiprakash Power Ventures Ltd generated ₹1,301 Cr of operating cash flow in FY26 and ₹1,216 Cr of free cash flow after ₹85.0 Cr of capital spending. Reported profit that year was ₹451 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Jaiprakash Power Ventures Ltd's profit real cash?
Yes — over the last 3 fiscal years, 216% of Jaiprakash Power Ventures Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,301 Cr against reported profit of ₹451 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 Jaiprakash Power Ventures Ltd in its business cycle?
Jaiprakash Power Ventures Ltd's FY26 operating margin was 25.0%, against a 13-year band of 19.0%–71.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 43.0%. 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 Jaiprakash Power Ventures Ltd story?
The sharpest disagreement: Domestic institutions moved −7.0 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 Jaiprakash Power Ventures Ltd a stock worth studying right now?
This is not investment advice. The machine read: Jaiprakash Power Ventures Ltd is coiled. The quarters are improving, yet the P/E sits at the 35th percentile of its own 10-year range — the business is moving before the market. 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.