Lux Industries Ltd
LUXINDLux Industries 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 70th percentile of its own range — the multiple has already done part of the work.
The price is in a confirmed uptrend (10 weeks in) while the P/E sits at the 70th percentile of its own 8-year range. Underneath, the last four quarters read deteriorating — profit −2.1% year on year, and 3% 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.
Lux Industries Ltd trades at ₹1,278, in a confirmed uptrend and 10 weeks into that stage. That is +2.3% against its own 200-day average. It sits at 52% of a 52-week range of ₹864 to ₹1,654. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (8 weeks and counting).
Today the stock is in a confirmed uptrend — week 10 of stage 2, confirmed. At ₹1,278 it trades +2.3% versus its 200-day average and sits at 52% of its 52-week range (₹864–₹1,654).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +92% 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 (8 weeks and counting; last ahead the week of 2026-06-12) — 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 70th 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.
Lux Industries Ltd trades at 34.0× P/E, at the pricey end of its own range (70th percentile). Its long-run median P/E is 29.4×, measured across 7.9 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 34.0× is at the pricey end of its own range (70th percentile), against a long-run median of 29.4× measured over 7.9 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 −37.2% against a −12.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the −19.1%/yr price move, ~−19.6%/yr came from earnings growth and ~+0.5 pp from the multiple (roughly flat). 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 disagree by up to 7.9% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — 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: 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).
Lux Industries Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE slipping at 8.0% — the per-curve reads carry the story. The read is built from 10 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.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
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 | +13.4% | +7.1% | +8.4% | — |
| Profit | −35.8% | −8.2% | −17.0% | — |
| EPS | −37.2% | −9.9% | −20.3% | — |
| Share price | −12.6% | −4.9% | −19.1% | +7.6% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
41.7/100 — rank 20 of 26 in Textiles - Readymade Apparel · 79% evidence confidence
Lux Industries Ltd scores 41.7 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, 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: 10.2 + 10.4 + 9 + 12.1 = 41.7. 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.
Lux Industries Ltd reported ₹873 Cr of revenue in the Mar 26 quarter, +6.7% year on year. That is the 8th straight quarter of year-on-year growth. Over 8 years it has compounded at 13.3% a year. The last full year, FY26, came in at ₹2,929 Cr. The last four reported quarters add to ₹2,929 Cr.
Lux Industries Ltd reported ₹873 Cr of revenue in the Mar 26 quarter, +6.7% year on year. That is the 8th straight quarter of year-on-year growth. Over 8 years it has compounded at 13.3% a year. The last full year, FY26, came in at ₹2,929 Cr. The last four reported quarters add to ₹2,929 Cr.
FY26 revenue came in at ₹2,929 Cr (+13.4% on the year), capping 8 years at 13.3% compound. The latest quarter (Mar 26) printed ₹873 Cr, +6.7% year on year — the 8th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +14.1% growth against the decade's 13.3% — the current year is running in line with its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +13.4% over the last 4 quarters against +12.4%/yr over the last 8 — stabilising; TTM profit −35.8% vs −7.9%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 7.0% this quarter (−2.0 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Lux Industries Ltd's operating margin is 7.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 6.0% to 21.0%. The current quarter sits inside that band.
Lux Industries Ltd's operating margin is 7.0% in the Mar 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 6.0% to 21.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 7.0%, −2.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 6.0%–21.0%.
🚨 Why the margin moved: operating margin went −2.0 pp year on year while gross margin went −6.7 pp — the loss came mostly from the gross line: input costs and pricing.
→ Margins slipped — did that reach the bottom line? Next: profit −2.1% 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.
Lux Industries Ltd earned ₹47.0 Cr of net profit in the Mar 26 quarter, −2.1% year on year. Full-year FY26 profit was ₹106 Cr. The 8-year compound rate is 3.9%. That is 5.4% of the quarter's revenue. The same quarter a year earlier earned ₹48.0 Cr.
Lux Industries Ltd earned ₹47.0 Cr of net profit in the Mar 26 quarter, −2.1% year on year. Full-year FY26 profit was ₹106 Cr. The 8-year compound rate is 3.9%. That is 5.4% of the quarter's revenue. The same quarter a year earlier earned ₹48.0 Cr.
Mar 26 profit was ₹47.0 Cr, −2.1% year on year. On the full year, FY26 printed ₹106 Cr (−35.8%), and the 8-year compound rate is 3.9%.
🚨 Why profit moved: revenue contributed +6.7% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −36.9% vs revenue +14.1%. 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: 3% 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 3% of Lux Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−149 Cr of operating cash against ₹106 Cr of profit. After ₹67.0 Cr of capital spending, ₹−216 Cr was left as free cash.
FY26: operating cash of ₹−149 Cr against reported profit of ₹106 Cr, leaving free cash of ₹−216 Cr after ₹67.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 3% 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 3%: the cash cycle stretched 63 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: conversion is below par and the cash cycle has stretched 63 days — the next section's job is to find where the cash is stuck.
→ So follow the cash to where it goes. Next: the 263-day cycle, in money terms.
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).
Lux Industries Ltd's cash conversion cycle runs 263 days in FY26, up from 200 days in FY21. Capital spending ran ₹146 Cr over the last 3 years. At FY26 sales of ₹2,929 Cr each day of that cycle holds about ₹8.0 Cr, so roughly ₹2,110 Cr sits inside the business at any moment.
FY26: debtors at 140 days, inventory at 270 days — roughly 8.9 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 200.
The full loop: cash goes out to suppliers and production on day 0; stock waits 270 days to sell; customers pay about 140 days after that; and suppliers themselves are paid at 147 days — netting out to the 263-day cycle.
In money terms: at FY26 sales of ₹2,929 Cr, each day of the cycle holds about ₹8.0 Cr — so the 263-day loop keeps roughly ₹2,110 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹146 Cr over the last 3 fiscal years against ₹76.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹17.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 8%.
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.
Lux Industries Ltd earns a ROCE of 8% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 3.6% net margin on 0.95× asset turns.
FY26 ROCE is 8%.
Why the return is what it is — the wiring (FY26): 3.6% net margin × 0.95× asset turns × 1.68× balance-sheet leverage ≈ 5.7% on equity. Margin does its share; leverage is a meaningful part of the equation.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 7.9% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.34.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Lux Industries Ltd carries ₹618 Cr of borrowings against ₹1,834 Cr of equity in FY26, a debt-to-equity of 0.34. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹137 Cr to ₹618 Cr. Capital spending ran ₹146 Cr across the last 3 of those years.
FY26: borrowings of ₹618 Cr against equity of ₹1,834 Cr — a debt-to-equity of 0.34. Operating profit covers the interest bill 5×. Over 5 years borrowings went from ₹137 Cr to ₹618 Cr while capital spending ran ₹146 Cr in just the last 3 — part of the build-out is riding on borrowed money.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 7.9% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
→ Who owns this, and are they adding or leaving? Next: the register is quiet.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of Lux Industries Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved −0.1 points over the same window, to 4.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −0.1 points over 8 quarters to 0.7%; Domestic institutions: −0.1 points over 8 quarters to 4.8%; Promoters: +0.0 points over 8 quarters to 74.2%.
→ 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.
Lux Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Lux Industries Ltd this page | 34.0× | ₹3,689 Cr | Mixed | |||
| Trent Ltd | 89.3× | ₹1.5L Cr | Consistent | |||
| Vishal Mega Mart Ltd | 56.7× | ₹50,609 Cr | No read | |||
| Aditya Birla Lifestyle Brands Ltd | 54.9× | ₹11,474 Cr | — | — | No read | |
| Vedant Fashions Ltd | 24.3× | ₹9,775 Cr | Turning around | |||
| Pearl Global Industries Ltd | 33.2× | ₹9,119 Cr | Mixed | |||
| V2 Retail Ltd | 56.0× | ₹7,996 Cr | No read | |||
| Aditya Birla Fashion & Retail Ltd | — | ₹6,865 Cr | No read | |||
| Arvind Fashions Ltd | 47.2× | ₹6,182 Cr | Turning around | |||
| Gokaldas Exports Ltd | 60.8× | ₹6,085 Cr | Mixed | |||
| V-Mart Retail Ltd | 41.6× | ₹5,764 Cr | No read | |||
| Raymond Lifestyle Ltd | 39.6× | ₹4,356 Cr | No read | |||
| Kewal Kiran Clothing Ltd | 21.8× | ₹3,095 Cr | Mixed | |||
| Kitex Garments Ltd | 293.0× | ₹2,933 Cr | Deteriorating | |||
| S P Apparels Ltd | 25.0× | ₹2,521 Cr | Mixed | |||
| Baazar Style Retail Ltd | 97.0× | ₹2,134 Cr | No read | |||
| Cantabil Retail India Ltd | 21.0× | ₹2,006 Cr | Mixed | |||
| SBC Exports Ltd | 79.3× | ₹2,003 Cr | Consistent | |||
| Go Fashion (India) Ltd | 28.8× | ₹1,705 Cr | Deteriorating | |||
| SBC Exports Ltd | 58.3× | ₹1,541 Cr | Turning around | |||
| Sai Silks (Kalamandir) Ltd | 9.9× | ₹1,356 Cr | Mixed | |||
| Monte Carlo Fashions Ltd | 9.9× | ₹1,114 Cr | No read | |||
| Iris Clothings Ltd | 56.2× | ₹910 Cr | Consistent | |||
| Karnika Industries Ltd | 25.0× | ₹700 Cr | — | — | — | — |
| Credo Brands Marketing Ltd | 7.8× | ₹542 Cr | Topping out | |||
| Thomas Scott India Ltd | 21.0× | ₹369 Cr | Mixed | |||
| Bella Casa Fashion & Retail Ltd | 16.6× | ₹330 Cr | Mixed |
Frequently asked questions
What is Lux Industries Ltd's share price today?
Lux Industries Ltd trades at ₹1,278, −12.6% over the past year. The company is valued at ₹3,689 Cr. The stock sits at 52% of its 52-week range of ₹864–₹1,654, +2.3% 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 Lux Industries Ltd's latest quarterly results?
Lux Industries Ltd reported revenue of ₹873 Cr and net profit of ₹47.0 Cr for the Mar 26 quarter. Revenue rose 6.7% and profit fell 2.1% year on year. Earnings per share were ₹14.59. The operating margin was 7.0%, 2.0 pp lower than a year earlier. — as of 24 July 2026.
What is Lux Industries Ltd's revenue?
Lux Industries Ltd reported revenue of ₹873 Cr in the Mar 26 quarter, +6.7% year on year. For the full FY26 fiscal year, revenue was ₹2,929 Cr (+13.4%). Over the last 8 years revenue compounded at 13.3% a year. — as of 24 July 2026.
What is Lux Industries Ltd's profit?
Lux Industries Ltd earned ₹47.0 Cr of net profit in the Mar 26 quarter, −2.1% year on year. Full-year FY26 profit was ₹106 Cr. The operating margin ran 7.0% in the latest quarter. — as of 24 July 2026.
What is Lux Industries Ltd's market cap?
Lux Industries Ltd's market capitalisation is ₹3,689 Cr at a share price of ₹1,278. 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 Lux Industries Ltd's P/E ratio?
Lux Industries Ltd trades at a P/E of 34.0×, at the 70th percentile of its own 8-year range, against a long-run median of 29.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Lux Industries Ltd pay a dividend?
Yes — Lux Industries Ltd's dividend payout was 6% of profit in FY26, and it recorded a payout in 8 of its last 9 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Lux Industries Ltd overvalued?
On its own history, Lux Industries Ltd looks expensive against its own history: its P/E of 34.0× sits at the 70th percentile of its 8-year range (long-run median 29.4×). 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 Lux Industries Ltd growing?
Not right now — Lux Industries Ltd's latest numbers are shrinking: latest-quarter revenue +6.7% year on year, profit −2.1%, and the margin −2.0 pp at 7.0%. The 8-year compound rates are 13.3% (revenue) and 3.9% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Lux Industries Ltd performing?
Lux Industries Ltd is in a confirmed uptrend, 10 weeks in. Its latest quarter's revenue rose 6.7% and profit fell 2.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 8 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Lux Industries Ltd in?
Mixed — no clean majority across the growth curves, ROCE slipping at 8.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +6.7% latest, profit growth −2.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Lux Industries Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 10 of stage 2), trading +2.3% versus its 200-day average and at 52% 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 Lux Industries Ltd beating the market?
Not lately — on a trailing-13-week view Lux Industries Ltd is currently behind the NIFTY 500 (8 weeks and counting; last ahead the week of 2026-06-12), 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 +92% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will Lux Industries Ltd's share price go up?
This page publishes no price forecast for Lux Industries Ltd. What it measures instead: the share price is ₹1,278, the price is in a confirmed uptrend 10 weeks in. Its P/E of 34.0× sits at the 70th percentile of its own 8-year range. — as of 24 July 2026.
Who owns Lux Industries Ltd?
Promoters hold 74.2% of Lux Industries Ltd, foreign institutions 0.7%, domestic institutions 4.8% and the public 20.3% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.
Does Lux Industries Ltd have too much debt?
It is moderate — Lux Industries Ltd's debt-to-equity is 0.34, and operating profit covers the interest bill 5×. FY26 borrowings were ₹618 Cr against equity of ₹1,834 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Lux Industries Ltd's capex?
Lux Industries Ltd spent ₹146 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 ₹67.0 Cr, with ₹17.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Lux Industries Ltd's cash flow?
Lux Industries Ltd generated ₹−149 Cr of operating cash flow in FY26 and ₹−216 Cr of free cash flow after ₹67.0 Cr of capital spending. Reported profit that year was ₹106 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Lux Industries Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 3% of Lux Industries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−149 Cr against reported profit of ₹106 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.
Where is Lux Industries Ltd in its business cycle?
Lux Industries Ltd's FY26 operating margin was 6.0%, against a 9-year band of 6.0%–21.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 7.0%. 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 Lux Industries Ltd story?
Biggest watch item: the P/E sits at the 70th 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 Lux Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: Lux Industries 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.