Nelcast Ltd
NELCASTNelcast Ltd's earnings have outrun its stock. EPS grew +29.8% in a year against a −13.2% price move.
The sharpest disagreement: annual EPS moved +29.8% against a −13.2% price move — the market has not yet caught up with the delivery.
The price is in a confirmed uptrend (14 weeks in) while the P/E sits at the 48th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +7.1% year on year, and 156% 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.
Nelcast Ltd trades at ₹128, in a confirmed uptrend and 14 weeks into that stage. That is +0.2% against its own 200-day average. It sits at 55% of a 52-week range of ₹89 to ₹160. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).
Today the stock is in a confirmed uptrend — week 14 of stage 2, confirmed. At ₹128 it trades +0.2% versus its 200-day average and sits at 55% of its 52-week range (₹89–₹160).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +118% 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 (4 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 48th percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Nelcast Ltd trades at 24.1× P/E, mid-range by its own standards (48th percentile). Its long-run median P/E is 24.6×, 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 24.1× is mid-range by its own standards (48th percentile), against a long-run median of 24.6× 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 +29.8% against a −13.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +7.9%/yr price move, ~+39.9%/yr came from earnings growth and ~−32.0 pp from the multiple (compressing); over 10y, of the +6.9%/yr price move, ~+4.3%/yr came from earnings growth and ~+2.6 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 unremarkable 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: Turning around 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).
Nelcast Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −41.2% at the trough to +7.1% off a 5-quarter-old trough (single-quarter readings), ROCE holding at 11.0%. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.
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 | +6.1% | +1.7% | +16.6% | +9.0% |
| Profit | +29.7% | +17.0% | +39.8% | +4.1% |
| EPS | +29.8% | +17.7% | +39.9% | +4.3% |
| Share price | −13.2% | +11.1% | +7.9% | +6.9% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
49.6/100 — rank 13 of 19 in Castings, Forgings & Fastners · 83% evidence confidence
Nelcast Ltd scores 49.6 out of 100 against the 19 companies it is compared with in Castings, Forgings & Fastners, ranking 13. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 21.7 + 12.8 + 11.8 + 3.3 = 49.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Nelcast Ltd reported ₹368 Cr of revenue in the Mar 26 quarter, +11.5% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 9.0% a year. The last full year, FY26, came in at ₹1,328 Cr. The last four reported quarters add to ₹1,329 Cr.
Nelcast Ltd reported ₹368 Cr of revenue in the Mar 26 quarter, +11.5% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 9.0% a year. The last full year, FY26, came in at ₹1,328 Cr. The last four reported quarters add to ₹1,329 Cr.
FY26 revenue came in at ₹1,328 Cr (+6.1% on the year), capping 10 years at 9.0% compound. The latest quarter (Mar 26) printed ₹368 Cr, +11.5% year on year — the 2nd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +6.5% growth against the decade's 9.0% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +6.2% over the last 4 quarters against +2.5%/yr over the last 8 — accelerating; TTM profit +26.3% vs −6.6%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 9.0% this quarter (+0.0 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.
Nelcast Ltd's operating margin is 9.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 11.0%. The current quarter sits inside that band.
Nelcast Ltd's operating margin is 9.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 11.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 9.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0%–11.0%.
🚨 Why the margin moved: operating margin went −0.3 pp year on year while gross margin went −1.1 pp — the loss came mostly from the gross line: input costs and pricing.
→ Margins held — did that reach the bottom line? Next: profit +7.1% 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.
Nelcast Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter, +7.1% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹48.0 Cr. The 10-year compound rate is 4.1%. That is 4.1% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr.
Nelcast Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter, +7.1% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹48.0 Cr. The 10-year compound rate is 4.1%. That is 4.1% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr.
Mar 26 profit was ₹15.0 Cr, +7.1% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹48.0 Cr (+29.7%), and the 10-year compound rate is 4.1%.
Why profit moved: revenue contributed +11.5% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +43.4% vs revenue +6.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 156% 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 156% of Nelcast Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹92.0 Cr of operating cash against ₹48.0 Cr of profit. After ₹16.0 Cr of capital spending, ₹76.0 Cr was left as free cash.
FY26: operating cash of ₹92.0 Cr against reported profit of ₹48.0 Cr, leaving free cash of ₹76.0 Cr after ₹16.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 156% 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 156%: the cash cycle tightened 34 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 51-day cycle and ₹107 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).
Nelcast Ltd's cash conversion cycle runs 51 days in FY26, down from 85 days in FY21. Capital spending ran ₹107 Cr over the last 3 years. At FY26 sales of ₹1,328 Cr each day of that cycle holds about ₹3.6 Cr, so roughly ₹186 Cr sits inside the business at any moment.
FY26: debtors at 98 days, inventory at 120 days — roughly 3.9 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 51 days, tighter than FY21's 85.
The full loop: cash goes out to suppliers and production on day 0; stock waits 120 days to sell; customers pay about 98 days after that; and suppliers themselves are paid at 167 days — netting out to the 51-day cycle.
In money terms: at FY26 sales of ₹1,328 Cr, each day of the cycle holds about ₹3.6 Cr — so the 51-day loop keeps roughly ₹186 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹107 Cr over the last 3 fiscal years against ₹76.0 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 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 11% and the ROIC − WACC spread is −4.0 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.⚠ unverified
Nelcast Ltd earns a ROCE of 11% in FY26. That is up from a trough of 5% in FY21. Return on invested capital clears the cost of that capital by −4.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 3.6% net margin on 1.11× asset turns.
FY26 ROCE is 11%, recovered from a FY21 trough of 5% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 3.6% net margin × 1.11× asset turns × 2.01× balance-sheet leverage ≈ 8.0% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 8.0% − 12.0% = a −4.0 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. 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 0.43.
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
Nelcast Ltd carries total debt of ₹257 Cr against shareholder equity of ₹599 Cr as of Mar 26, a debt-to-equity of 0.43. On the annual view that ratio went from 0.63 in FY22 to 0.43 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹257 Cr against shareholder equity of ₹599 Cr — a debt-to-equity of 0.43. On the annual view, debt-to-equity went from 0.63 (FY22) to 0.43 (FY26). Read the returns on this page with that leverage in mind.
→ 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 Nelcast Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved −0.4 points over the same window, to 0.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −0.4 points over 8 quarters to 0.4%; Domestic institutions: −0.4 points over 8 quarters to 0.1%; Promoters: +0.0 points over 8 quarters to 74.9%.
→ 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.
Nelcast Ltd: the Z-score reads 3.14. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.
Why it matters: a Z-score of 3.14 sits well clear of the distress zone — the balance sheet is not the risk here.
The safety line in one sentence: the Z-score reads 3.14.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Nelcast Ltd this page | 24.1× | ₹1,170 Cr | Turning around | |||
| Bharat Forge Ltd | 91.1× | ₹1L Cr | Mixed | |||
| Sona BLW Precision Forgings Ltd | 61.5× | ₹44,707 Cr | Mixed | |||
| CIE Automotive India Ltd | 17.5× | ₹15,696 Cr | Turning around | |||
| Happy Forgings Ltd | 51.0× | ₹15,247 Cr | Consistent | |||
| Ramkrishna Forgings Ltd | 92.0× | ₹10,579 Cr | Deteriorating | |||
| Kennametal India Ltd | 52.2× | ₹6,116 Cr | Deteriorating | |||
| Balu Forge Industries Ltd | 20.3× | ₹5,264 Cr | Mixed | |||
| Uniparts India Ltd | 19.3× | ₹3,113 Cr | Mixed | |||
| Steelcast Ltd | 35.9× | ₹3,103 Cr | Topping out | |||
| Sundaram Clayton Ltd | — | ₹3,005 Cr | No read | |||
| M M Forgings Ltd | 27.2× | ₹2,664 Cr | Deteriorating | |||
| Amic Forging Ltd | 70.5× | ₹1,992 Cr | No read | |||
| Amic Forging Ltd | 58.9× | ₹1,485 Cr | — | — | — | — |
| Gala Precision Engineering Ltd | 40.4× | ₹1,469 Cr | Turning around | |||
| Alicon Castalloy Ltd | 26.6× | ₹1,044 Cr | Mixed | |||
| Tirupati Forge Ltd | 151.0× | ₹951 Cr | Turning around | |||
| Uni Abex Alloy Products Ltd | 19.8× | ₹932 Cr | No read | |||
| Synergy Green Industries Ltd | 186.0× | ₹927 Cr | Mixed | |||
| Sterling Tools Ltd | 36.7× | ₹882 Cr | Mixed | |||
| Uni Abex Alloy Products Ltd | 16.7× | ₹581 Cr | Turning around |
Frequently asked questions
What is Nelcast Ltd's share price today?
Nelcast Ltd trades at ₹128, −13.2% over the past year. The company is valued at ₹1,170 Cr. The stock sits at 55% of its 52-week range of ₹89–₹160, +0.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 14 weeks in. — as of 24 July 2026.
What were Nelcast Ltd's latest quarterly results?
Nelcast Ltd reported revenue of ₹368 Cr and net profit of ₹15.0 Cr for the Mar 26 quarter. Revenue rose 11.5% and profit rose 7.1% year on year. Earnings per share were ₹1.76. The operating margin was 9.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.
What is Nelcast Ltd's revenue?
Nelcast Ltd reported revenue of ₹368 Cr in the Mar 26 quarter, +11.5% year on year. For the full FY26 fiscal year, revenue was ₹1,328 Cr (+6.1%). Over the last 10 years revenue compounded at 9.0% a year. — as of 24 July 2026.
What is Nelcast Ltd's profit?
Nelcast Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter, +7.1% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹48.0 Cr. The operating margin ran 9.0% in the latest quarter. — as of 24 July 2026.
What is Nelcast Ltd's market cap?
Nelcast Ltd's market capitalisation is ₹1,170 Cr at a share price of ₹128. 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 Nelcast Ltd's P/E ratio?
Nelcast Ltd trades at a P/E of 24.1×, at the 48th percentile of its own 10-year range, against a long-run median of 24.6×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Nelcast Ltd pay a dividend?
Yes — Nelcast Ltd's dividend payout was 13% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is Nelcast Ltd overvalued?
On its own history, Nelcast Ltd looks mid-range against its own history: its P/E of 24.1× sits at the 48th percentile of its 10-year range (long-run median 24.6×). 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 Nelcast Ltd growing?
Yes — Nelcast Ltd is growing: latest-quarter revenue +11.5% year on year, profit +7.1%, and the margin +0.0 pp at 9.0%. The 10-year compound rates are 9.0% (revenue) and 4.1% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Nelcast Ltd performing?
Nelcast Ltd is in a confirmed uptrend, 14 weeks in. Its latest quarter's revenue rose 11.5% and profit rose 7.1% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Nelcast Ltd in?
Turning around — profit growth swung from −41.2% at the trough to +7.1% off a 5-quarter-old trough (single-quarter readings), ROCE holding at 11.0%. The read comes from the last 12 quarters of growth (revenue growth +11.5% latest, profit growth +7.1% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Nelcast Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 14 of stage 2), trading +0.2% versus its 200-day average and at 55% 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 Nelcast Ltd beating the market?
Not lately — on a trailing-13-week view Nelcast Ltd is currently behind the NIFTY 500 (4 weeks and counting; last ahead the week of 2026-06-25), 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 +118% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will Nelcast Ltd's share price go up?
This page publishes no price forecast for Nelcast Ltd. What it measures instead: the share price is ₹128, the price is in a confirmed uptrend 14 weeks in. Its P/E of 24.1× sits at the 48th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Nelcast Ltd?
Promoters hold 74.9% of Nelcast Ltd, foreign institutions 0.4%, domestic institutions 0.1% and the public 24.6% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.
Does Nelcast Ltd have too much debt?
It is moderate — Nelcast Ltd's debt-to-equity is 0.43, and operating profit covers the interest bill 3×. FY26 borrowings were ₹257 Cr against equity of ₹596 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Nelcast Ltd's capex?
Nelcast Ltd spent ₹107 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 ₹16.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Nelcast Ltd's cash flow?
Nelcast Ltd generated ₹92.0 Cr of operating cash flow in FY26 and ₹76.0 Cr of free cash flow after ₹16.0 Cr of capital spending. Reported profit that year was ₹48.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Nelcast Ltd's profit real cash?
Yes — over the last 3 fiscal years, 156% of Nelcast Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹92.0 Cr against reported profit of ₹48.0 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.
How financially safe is Nelcast Ltd?
On the balance sheet, the Z-score reads 3.14 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That sits well clear of trouble. — as of 24 July 2026.
Where is Nelcast Ltd in its business cycle?
Nelcast Ltd's FY26 operating margin was 8.0%, against a 13-year band of 6.0%–11.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 9.0%. 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 Nelcast Ltd story?
The sharpest disagreement: annual EPS moved +29.8% against a −13.2% 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 Nelcast Ltd a stock worth studying right now?
This is not investment advice. The machine read: Nelcast Ltd's earnings have outrun its stock. EPS grew +29.8% in a year against a −13.2% 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.