R K Swamy Ltd
RKSWAMYR K Swamy 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 disagreement: profits are rising, but only 48% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a downtrend (95 weeks in) while the P/E sits at the 18th percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +33.3% year on year, and 48% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
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.
R K Swamy Ltd trades at ₹102, in a downtrend and 95 weeks into that stage. That is −10.6% against its own 200-day average. It sits at 82% of a 52-week range of ₹84 to ₹106. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks.
Today the stock is in a downtrend — week 95 of stage 4, confirmed. At ₹102 it trades −10.6% versus its 200-day average and sits at 82% of its 52-week range (₹84–₹106).
Against the market, two honest reads. Cumulative: over the last 4 months the stock moved +13% while the NIFTY 500 moved +1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 7 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 18th 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.
R K Swamy Ltd trades at 21.0× P/E, near the bottom of its own range — cheaper only 18% of the time. Its long-run median P/E is 29.5×, measured across 2.4 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 21.0× is near the bottom of its own range — cheaper only 18% of the time, against a long-run median of 29.5× measured over 2.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
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: No read 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).
R K Swamy Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 3 curves, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.
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.
Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +16.0% | +5.2% | +14.4% | — |
| Profit | +15.8% | −10.8% | +49.0% | — |
| EPS | +18.4% | −60.4% | — | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
58.0/100 — rank 10 of 36 in Miscellaneous · 61% evidence confidence
R K Swamy Ltd scores 58.0 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 10. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 22.3 + 16.8 + 10.5 + 8.4 = 58. 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.
R K Swamy Ltd reported ₹101 Cr of revenue in the Mar 26 quarter, +20.2% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 14.4% a year. The last full year, FY26, came in at ₹341 Cr. The last four reported quarters add to ₹342 Cr.
R K Swamy Ltd reported ₹101 Cr of revenue in the Mar 26 quarter, +20.2% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 14.4% a year. The last full year, FY26, came in at ₹341 Cr. The last four reported quarters add to ₹342 Cr.
FY26 revenue came in at ₹341 Cr (+16.0% on the year), capping 5 years at 14.4% compound. The latest quarter (Mar 26) printed ₹101 Cr, +20.2% year on year — the 4th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +15.6% 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 +15.9% over the last 4 quarters against +1.6%/yr over the last 8 — accelerating; TTM profit +21.1% vs −24.2%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 22.0% this quarter (+3.0 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.
R K Swamy Ltd's operating margin is 22.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 10.0% to 21.0%. The current quarter is running above every full year in that window.
R K Swamy Ltd's operating margin is 22.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 10.0% to 21.0%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 22.0%, +3.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 10.0%–21.0%.
Why the margin moved: operating margin went +2.3 pp year on year while gross margin went +0.0 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 +33.3% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
R K Swamy Ltd earned ₹16.0 Cr of net profit in the Mar 26 quarter, +33.3% year on year. Full-year FY26 profit was ₹22.0 Cr. The 5-year compound rate is 49.0%. That is 15.8% of the quarter's revenue. The same quarter a year earlier earned ₹12.0 Cr.
R K Swamy Ltd earned ₹16.0 Cr of net profit in the Mar 26 quarter, +33.3% year on year. Full-year FY26 profit was ₹22.0 Cr. The 5-year compound rate is 49.0%. That is 15.8% of the quarter's revenue. The same quarter a year earlier earned ₹12.0 Cr.
Mar 26 profit was ₹16.0 Cr, +33.3% year on year. On the full year, FY26 printed ₹22.0 Cr (+15.8%), and the 5-year compound rate is 49.0%.
Why profit moved: revenue contributed +20.2% and the margin +3.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +14.6% vs revenue +15.6%. Profit and revenue are moving roughly in step.
→ Profit rose — but did the cash follow? Next: 48% 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 48% of R K Swamy Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹38.0 Cr of operating cash against ₹22.0 Cr of profit. After ₹34.0 Cr of capital spending, ₹4.0 Cr was left as free cash.
FY26: operating cash of ₹38.0 Cr against reported profit of ₹22.0 Cr, leaving free cash of ₹4.0 Cr after ₹34.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 48% 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 48%: the cash cycle tightened 237 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.
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 135-day cycle and ₹71.0 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).
R K Swamy Ltd's cash conversion cycle runs 135 days in FY26, down from 372 days in FY21. Capital spending ran ₹71.0 Cr over the last 3 years. At FY26 sales of ₹341 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹126 Cr sits inside the business at any moment.
FY26: debtors at 135 days (an asset-light business — no inventory to speak of) — for a full cycle of 135 days, tighter than FY21's 372.
In money terms: at FY26 sales of ₹341 Cr, each day of the cycle holds about ₹0.9 Cr — so the 135-day loop keeps roughly ₹126 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹71.0 Cr over the last 3 fiscal years against ₹49.0 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 12% and the ROIC − WACC spread is −1.0 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.
R K Swamy Ltd earns a ROCE of 12% in FY26. That is up from a trough of 10% in FY25. Return on invested capital clears the cost of that capital by −1.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 6.5% net margin on 0.80× asset turns.
FY26 ROCE is 12%, recovered from a FY25 trough of 10% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 6.5% net margin × 0.80× asset turns × 1.62× balance-sheet leverage ≈ 8.4% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 11.0% − 12.0% = a −1.0 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 0.16.
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.
R K Swamy Ltd carries ₹43.0 Cr of borrowings against ₹264 Cr of equity in FY26, a debt-to-equity of 0.16. Operating profit covers the interest bill 11×. Over 5 years borrowings went from ₹75.0 Cr to ₹43.0 Cr. Capital spending ran ₹71.0 Cr across the last 3 of those years.
FY26: borrowings of ₹43.0 Cr against equity of ₹264 Cr — a debt-to-equity of 0.16. Operating profit covers the interest bill 11×. Over 5 years borrowings went from ₹75.0 Cr to ₹43.0 Cr while capital spending ran ₹71.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 7.6 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 7.6 points of R K Swamy Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 2.5% of the company. Foreign institutions moved −3.7 points over the same window, to 0.2%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −7.6 points over 8 quarters to 2.5%; Foreign institutions: −3.7 points over 8 quarters to 0.2%; Promoters: +3.6 points over 8 quarters to 69.6%.
🚨 Why the register moved: domestic institutions drove it (−7.6 points), alongside foreign institutions (−3.7 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.
R K Swamy 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 |
|---|---|---|---|---|---|---|
| R K Swamy Ltd this page | 21.0× | ₹512 Cr | No read | |||
| GMR Airports Ltd | 544.0× | ₹1.1L Cr | No read | |||
| Aegis Vopak Terminals Ltd | 104.0× | ₹32,424 Cr | No read | |||
| Sagility Ltd | 18.4× | ₹18,922 Cr | Mixed | |||
| Central Mine Planning & Design Institute Ltd | 27.1× | ₹17,738 Cr | — | — | — | — |
| Embassy Developments Ltd | — | ₹8,512 Cr | No read | |||
| Inox Green Energy Services Ltd | 74.6× | ₹7,703 Cr | Mixed | |||
| RattanIndia Enterprises Ltd | — | ₹4,368 Cr | No read | |||
| Kaveri Seed Company Ltd | 14.5× | ₹4,298 Cr | No read | |||
| Indiqube Spaces Ltd | — | ₹3,844 Cr | — | No read | ||
| TruAlt Bioenergy Ltd | 38.3× | ₹3,678 Cr | No read | |||
| Anzen India Energy Yield Plus Trust | — | ₹3,324 Cr | No read | |||
| Eveready Industries India Ltd | 25.9× | ₹2,595 Cr | No read | |||
| Shipping Corporation of India Land & Assets Ltd | 66.8× | ₹1,925 Cr | Turning around | |||
| Jai Corp Ltd | 10.3× | ₹1,761 Cr | Mixed | |||
| Delta Corp Ltd | 18.9× | ₹1,687 Cr | Deteriorating | |||
| Aeroflex Enterprises Ltd | 22.2× | ₹1,441 Cr | Improving | |||
| TCC Concept Ltd | 20.5× | ₹1,293 Cr | Mixed | |||
| Gulshan Polyols Ltd | 28.5× | ₹1,217 Cr | Improving | |||
| Unitech Ltd | — | ₹1,146 Cr | No read | |||
| Jindal Photo Ltd | — | ₹1,104 Cr | No read | |||
| GKW Ltd | — | ₹980 Cr | Deteriorating | |||
| Shree Vasu Logistics Ltd | 154.0× | ₹888 Cr | — | — | — | — |
| IIRM Holdings India Ltd | 36.3× | ₹886 Cr | No read | |||
| Stanley Lifestyles Ltd | 61.4× | ₹879 Cr | Deteriorating | |||
| Parin Enterprises Ltd | 125.0× | ₹810 Cr | Mixed | |||
| FlySBS Aviation Ltd | 13.3× | ₹807 Cr | — | — | — | — |
| Exhicon Events Media Solutions Ltd | 19.6× | ₹799 Cr | No read | |||
| Tandhan Industries Ltd | — | ₹746 Cr | No read | |||
| Exhicon Events Media Solutions Ltd | 19.7× | ₹731 Cr | No read | |||
| Prozone Realty Ltd | 62.5× | ₹668 Cr | No read | |||
| Aqylon Nexus Ltd | — | ₹666 Cr | No read | |||
| Take Solutions Ltd | 3,222.0× | ₹644 Cr | No read | |||
| Aqylon Nexus Ltd | — | ₹639 Cr | No read | |||
| Maagh Advertising & Marketing Services Ltd | — | ₹572 Cr | No read | |||
| IIRM Holdings India Ltd | 28.4× | ₹569 Cr | — | No read | ||
| Shree Rama Newsprint Ltd | — | ₹532 Cr | No read | |||
| Global Education Ltd | 19.6× | ₹519 Cr | Turning around | |||
| Qualitek Labs Ltd | 35.0× | ₹513 Cr | — | — | — | — |
Frequently asked questions
What is R K Swamy Ltd's share price today?
R K Swamy Ltd trades at ₹102. The company is valued at ₹512 Cr. The stock sits at 82% of its 52-week range of ₹84–₹106, −10.6% versus its 200-day average. On the tape, the price is in a downtrend, 95 weeks in. — as of 24 July 2026.
What were R K Swamy Ltd's latest quarterly results?
R K Swamy Ltd reported revenue of ₹101 Cr and net profit of ₹16.0 Cr for the Mar 26 quarter. Revenue rose 20.2% and profit rose 33.3% year on year. Earnings per share were ₹3.16. The operating margin was 22.0%, 3.0 pp higher than a year earlier. — as of 24 July 2026.
What is R K Swamy Ltd's revenue?
R K Swamy Ltd reported revenue of ₹101 Cr in the Mar 26 quarter, +20.2% year on year. For the full FY26 fiscal year, revenue was ₹341 Cr (+16.0%). Over the last 5 years revenue compounded at 14.4% a year. — as of 24 July 2026.
What is R K Swamy Ltd's profit?
R K Swamy Ltd earned ₹16.0 Cr of net profit in the Mar 26 quarter, +33.3% year on year. Full-year FY26 profit was ₹22.0 Cr. The operating margin ran 22.0% in the latest quarter. — as of 24 July 2026.
What is R K Swamy Ltd's market cap?
R K Swamy Ltd's market capitalisation is ₹512 Cr at a share price of ₹102. 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 R K Swamy Ltd's P/E ratio?
R K Swamy Ltd trades at a P/E of 21.0×, at the 18th percentile of its own 2-year range, against a long-run median of 29.5×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does R K Swamy Ltd pay a dividend?
Yes — R K Swamy Ltd's dividend payout was 46% of profit in FY26, and it recorded a payout in each of its last 6 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.
Is R K Swamy Ltd overvalued?
On its own history, R K Swamy Ltd looks cheap against its own history: its P/E of 21.0× has been cheaper only 18% of the time in 2 years (long-run median 29.5×). 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 R K Swamy Ltd growing?
Yes — R K Swamy Ltd is growing: latest-quarter revenue +20.2% year on year, profit +33.3%, and the margin +3.0 pp at 22.0%. The 5-year compound rates are 14.4% (revenue) and 49.0% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is R K Swamy Ltd performing?
R K Swamy Ltd is in a downtrend, 95 weeks in. Its latest quarter's revenue rose 20.2% and profit rose 33.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 7 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
Is R K Swamy Ltd in an uptrend?
No — the price is in a downtrend (week 95 of stage 4), trading −10.6% versus its 200-day average and at 82% 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 R K Swamy Ltd beating the market?
On recent form, yes — R K Swamy Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 7 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 4 months the stock moved +13% against the NIFTY 500's +1% — ahead of the index over the full window. — as of 24 July 2026.
Will R K Swamy Ltd's share price go up?
This page publishes no price forecast for R K Swamy Ltd. What it measures instead: the share price is ₹102, the price is in a downtrend 95 weeks in. Its P/E of 21.0× sits at the 18th percentile of its own 2-year range. — as of 24 July 2026.
Who owns R K Swamy Ltd?
Promoters hold 69.6% of R K Swamy Ltd, foreign institutions 0.2%, domestic institutions 2.5% and the public 27.6% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 7.6 points over 8 quarters. — as of 24 July 2026.
Does R K Swamy Ltd have too much debt?
No — R K Swamy Ltd's debt-to-equity is 0.16, and operating profit covers the interest bill 11×. FY26 borrowings were ₹43.0 Cr against equity of ₹264 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is R K Swamy Ltd's capex?
R K Swamy Ltd spent ₹71.0 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 ₹34.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is R K Swamy Ltd's cash flow?
R K Swamy Ltd generated ₹38.0 Cr of operating cash flow in FY26 and ₹4.0 Cr of free cash flow after ₹34.0 Cr of capital spending. Reported profit that year was ₹22.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is R K Swamy Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 48% of R K Swamy Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹38.0 Cr against reported profit of ₹22.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is R K Swamy Ltd in its business cycle?
R K Swamy Ltd's FY26 operating margin was 13.0%, against a 6-year band of 10.0%–21.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 22.0%. 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 R K Swamy Ltd story?
The sharpest disagreement: profits are rising, but only 48% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. 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 R K Swamy Ltd a stock worth studying right now?
This is not investment advice. The machine read: R K Swamy 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: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.