Laurus Labs Ltd
LAURUSLABSLaurus Labs Ltd's earnings have outrun its stock. EPS grew +147.9% in a year against a +85.0% price move.
The sharpest disagreement: annual EPS moved +147.9% against a +85.0% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (133 weeks in) while the P/E sits at the 78th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +123.5% year on year, and 205% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Laurus Labs Ltd trades at ₹1,530, in a confirmed uptrend and 133 weeks into that stage. That is +33.9% against its own 200-day average. It sits at 98% of a 52-week range of ₹832 to ₹1,542. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 29 straight weeks.
Today the stock is in a confirmed uptrend — week 133 of stage 2, confirmed. At ₹1,530 it trades +33.9% versus its 200-day average and sits at 98% of its 52-week range (₹832–₹1,542).
Against the market, two honest reads. Cumulative: over the last 9.6 years the stock moved +1,508% while the NIFTY 500 moved +241% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 29 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 78th 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.
Laurus Labs Ltd trades at 79.1× P/E, at the pricey end of its own range (78th percentile). Its long-run median P/E is 33.5×, measured across 9.6 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 79.1× is at the pricey end of its own range (78th percentile), against a long-run median of 33.5× measured over 9.6 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 +147.9% against a +85.0% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +18.0%/yr price move, ~+2.0%/yr came from earnings growth and ~+16.0 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.
→ 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).
Laurus Labs Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +318.4% at its peak to +114.6% but is still expanding, ROCE holding at 9.4%. 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 | +22.7% | +4.1% | +7.2% | +14.4% |
| Profit | +148.6% | +3.9% | −2.0% | +20.8% |
| EPS | +147.9% | +3.9% | −2.1% | −0.3% |
| Share price | +85.0% | +63.3% | +18.0% | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
65.7/100 — rank 5 of 24 in Pharma - API & CRAMS · 93% evidence confidence
Laurus Labs Ltd scores 65.7 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 32.5 + 14.4 + 4.4 + 14.4 = 65.7. 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.
Laurus Labs Ltd reported ₹2,026 Cr of revenue in the Jun 26 quarter, +29.0% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 14.4% a year. The last full year, FY26, came in at ₹6,813 Cr. The last four reported quarters add to ₹7,269 Cr.
Laurus Labs Ltd reported ₹2,026 Cr of revenue in the Jun 26 quarter, +29.0% year on year. That is the 7th straight quarter of year-on-year growth. Over 10 years it has compounded at 14.4% a year. The last full year, FY26, came in at ₹6,813 Cr. The last four reported quarters add to ₹7,269 Cr.
FY26 revenue came in at ₹6,813 Cr (+22.7% on the year), capping 10 years at 14.4% compound. The latest quarter (Jun 26) printed ₹2,026 Cr, +29.0% year on year — the 7th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +23.8% growth against the decade's 14.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +22.6% over the last 4 quarters against +19.9%/yr over the last 8 — stabilising; TTM profit +114.6% vs +171.4%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 32.0% this quarter (+8.0 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.
Laurus Labs Ltd's operating margin is 32.0% in the Jun 26 quarter, +8.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 32.0%. The current quarter sits inside that band.
Laurus Labs Ltd's operating margin is 32.0% in the Jun 26 quarter, +8.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 32.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 32.0%, +8.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0%–32.0%.
Why the margin moved: operating margin went +7.1 pp year on year while gross margin went +3.3 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 +123.5% 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.
Laurus Labs Ltd earned ₹362 Cr of net profit in the Jun 26 quarter, +123.5% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹890 Cr. The 10-year compound rate is 20.8%. That is 17.9% of the quarter's revenue. The same quarter a year earlier earned ₹162 Cr.
Laurus Labs Ltd earned ₹362 Cr of net profit in the Jun 26 quarter, +123.5% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹890 Cr. The 10-year compound rate is 20.8%. That is 17.9% of the quarter's revenue. The same quarter a year earlier earned ₹162 Cr.
Jun 26 profit was ₹362 Cr, +123.5% year on year — the 7th consecutive quarter of growth. On the full year, FY26 printed ₹890 Cr (+148.6%), and the 10-year compound rate is 20.8%.
Why profit moved: revenue contributed +29.0% and the margin +8.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +296.4% vs revenue +23.8%. 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: 205% 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 205% of Laurus Labs Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,624 Cr of operating cash against ₹890 Cr of profit. After ₹1,043 Cr of capital spending, ₹581 Cr was left as free cash.
FY26: operating cash of ₹1,624 Cr against reported profit of ₹890 Cr, leaving free cash of ₹581 Cr after ₹1,043 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 205% 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 205%: the cash cycle stretched 97 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: the bigger cash user is investment — capital spending ran 1.9× 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: ₹2,479 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).
Laurus Labs Ltd's cash conversion cycle runs 263 days in FY26, up from 166 days in FY21. Capital spending ran ₹2,479 Cr over the last 3 years. At FY26 sales of ₹6,813 Cr each day of that cycle holds about ₹18.7 Cr, so roughly ₹4,909 Cr sits inside the business at any moment.
FY26: debtors at 115 days, inventory at 317 days — roughly 10.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 263 days, looser than FY21's 166.
The full loop: cash goes out to suppliers and production on day 0; stock waits 317 days to sell; customers pay about 115 days after that; and suppliers themselves are paid at 170 days — netting out to the 263-day cycle.
In money terms: at FY26 sales of ₹6,813 Cr, each day of the cycle holds about ₹18.7 Cr — so the 263-day loop keeps roughly ₹4,909 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹2,479 Cr over the last 3 fiscal years against ₹1,295 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹773 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 18% and the ROIC − WACC spread is +3.0 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.
Laurus Labs Ltd earns a ROCE of 18% in FY26. That is up from a trough of 7% in FY24. Return on invested capital clears the cost of that capital by +3.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 13.1% net margin on 0.65× asset turns.
FY26 ROCE is 18%, recovered from a FY24 trough of 7% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 13.1% net margin × 0.65× asset turns × 1.98× balance-sheet leverage ≈ 16.9% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 15.0% − 12.0% = a +3.0 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 0.48.
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.
Laurus Labs Ltd carries total debt of ₹2,518 Cr against shareholder equity of ₹5,431 Cr as of Mar 26, a debt-to-equity of 0.46. On the annual view that ratio went from 0.53 in FY22 to 0.46 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹2,518 Cr against shareholder equity of ₹5,431 Cr — a debt-to-equity of 0.46. On the annual view, debt-to-equity went from 0.53 (FY22) to 0.46 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 2.3 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Foreign institutions added 2.3 points of Laurus Labs Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 28.0% of the company. Promoters moved +0.3 points over the same window, to 27.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +2.3 points over 8 quarters to 28.0%; Promoters: +0.3 points over 8 quarters to 27.5%; Domestic institutions: +0.2 points over 8 quarters to 13.7%.
Why the register moved: foreign institutions drove it (+2.3 points) — steady accumulation by institutions reading the same numbers this page reads.
→ 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.
Laurus Labs 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 |
|---|---|---|---|---|---|---|
| Laurus Labs Ltd this page | 79.1× | ₹86,505 Cr | Mixed | |||
| Divis Laboratories Ltd | 73.4× | ₹1.9L Cr | Mixed | |||
| Anthem Biosciences Ltd | 73.1× | ₹43,360 Cr | No read | |||
| Gland Pharma Ltd | 37.6× | ₹39,257 Cr | Improving | |||
| 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 Laurus Labs Ltd's share price today?
Laurus Labs Ltd trades at ₹1,530, +85.0% over the past year. The company is valued at ₹86,505 Cr. The stock sits at 98% of its 52-week range of ₹832–₹1,542, +33.9% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 133 weeks in. — as of 24 July 2026.
What were Laurus Labs Ltd's latest quarterly results?
Laurus Labs Ltd reported revenue of ₹2,026 Cr and net profit of ₹362 Cr for the Jun 26 quarter. Revenue rose 29.0% and profit rose 123.5% year on year. Earnings per share were ₹6.80. The operating margin was 32.0%, 8.0 pp higher than a year earlier. — as of 24 July 2026.
What is Laurus Labs Ltd's revenue?
Laurus Labs Ltd reported revenue of ₹2,026 Cr in the Jun 26 quarter, +29.0% year on year. For the full FY26 fiscal year, revenue was ₹6,813 Cr (+22.7%). Over the last 10 years revenue compounded at 14.4% a year. — as of 24 July 2026.
What is Laurus Labs Ltd's profit?
Laurus Labs Ltd earned ₹362 Cr of net profit in the Jun 26 quarter, +123.5% year on year — the 7th straight quarter of growth. Full-year FY26 profit was ₹890 Cr. The operating margin ran 32.0% in the latest quarter. — as of 24 July 2026.
What is Laurus Labs Ltd's market cap?
Laurus Labs Ltd's market capitalisation is ₹86,505 Cr at a share price of ₹1,530. 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 Laurus Labs Ltd's P/E ratio?
Laurus Labs Ltd trades at a P/E of 79.1×, at the 78th percentile of its own 10-year range, against a long-run median of 33.5×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Laurus Labs Ltd pay a dividend?
Yes — Laurus Labs Ltd's dividend payout was 12% 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 Laurus Labs Ltd overvalued?
On its own history, Laurus Labs Ltd looks expensive against its own history: its P/E of 79.1× sits at the 78th percentile of its 10-year range (long-run median 33.5×). 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 Laurus Labs Ltd growing?
Yes — Laurus Labs Ltd is growing: latest-quarter revenue +29.0% year on year, profit +123.5%, and the margin +8.0 pp at 32.0%. The 10-year compound rates are 14.4% (revenue) and 20.8% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Laurus Labs Ltd performing?
Laurus Labs Ltd is in a confirmed uptrend, 133 weeks in. Its latest quarter's revenue rose 29.0% and profit rose 123.5% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 29 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Laurus Labs Ltd in?
Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +318.4% at its peak to +114.6% but is still expanding, ROCE holding at 9.4%. The read comes from the last 12 quarters of growth (revenue growth +22.6% latest, profit growth +114.6% latest, eps growth +114.6% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Laurus Labs Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 133 of stage 2), trading +33.9% versus its 200-day average and at 98% 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 Laurus Labs Ltd beating the market?
On recent form, yes — Laurus Labs Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 29 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 9.6 years the stock moved +1,508% against the NIFTY 500's +241% — ahead of the index over the full window. — as of 24 July 2026.
Will Laurus Labs Ltd's share price go up?
This page publishes no price forecast for Laurus Labs Ltd. What it measures instead: the share price is ₹1,530, the price is in a confirmed uptrend 133 weeks in. Its P/E of 79.1× sits at the 78th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Laurus Labs Ltd?
Promoters hold 27.5% of Laurus Labs Ltd, foreign institutions 28.0%, domestic institutions 13.7% and the public 30.8% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 2.3 points over 8 quarters. — as of 24 July 2026.
Does Laurus Labs Ltd have too much debt?
It is moderate — Laurus Labs Ltd's debt-to-equity is 0.48, and operating profit covers the interest bill 10×. FY26 borrowings were ₹2,518 Cr against equity of ₹5,300 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Laurus Labs Ltd's capex?
Laurus Labs Ltd spent ₹2,479 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 ₹1,043 Cr, with ₹773 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Laurus Labs Ltd's cash flow?
Laurus Labs Ltd generated ₹1,624 Cr of operating cash flow in FY26 and ₹581 Cr of free cash flow after ₹1,043 Cr of capital spending. Reported profit that year was ₹890 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Laurus Labs Ltd's profit real cash?
Yes — over the last 3 fiscal years, 205% of Laurus Labs Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹1,624 Cr against reported profit of ₹890 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Laurus Labs Ltd in its business cycle?
Laurus Labs Ltd's FY26 operating margin was 26.0%, against a 13-year band of 15.0%–32.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 32.0%. 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 Laurus Labs Ltd story?
The sharpest disagreement: annual EPS moved +147.9% against a +85.0% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Laurus Labs Ltd a stock worth studying right now?
This is not investment advice. The machine read: Laurus Labs Ltd's earnings have outrun its stock. EPS grew +147.9% in a year against a +85.0% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.