Som Distilleries & Breweries Ltd
SDBLSom Distilleries & Breweries Ltd's price has outrun its earnings. −59.3% in a year against EPS −91.1% — the market is paying now for delivery later.
The sharpest disagreement: the price moved −59.3% in a year while annual EPS moved −91.1% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a downtrend (39 weeks in) while the P/E sits at the 100th percentile of its own 9-year range. Underneath, the last four quarters read deteriorating — profit −337.5% year on year, and 163% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has 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.
Som Distilleries & Breweries Ltd trades at ₹65.2, in a downtrend and 39 weeks into that stage. That is −29.3% against its own 200-day average. It sits at 0% of a 52-week range of ₹65 to ₹141. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).
Today the stock is in a downtrend — week 39 of stage 4, confirmed. At ₹65.2 it trades −29.3% versus its 200-day average and sits at 0% of its 52-week range (₹65–₹141).
Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +77% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-06-19) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 100th 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.
Som Distilleries & Breweries Ltd trades at 106.0× P/E, about the priciest it has ever traded. Its long-run median P/E is 24.1×, measured across 9.2 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 106.0× is about the priciest it has ever traded, against a long-run median of 24.1× measured over 9.2 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 −91.1% against a −59.3% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the −18.8%/yr price move, ~+9.9%/yr came from earnings growth and ~−28.7 pp from the multiple (compressing). 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 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: Deteriorating 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).
Som Distilleries & Breweries Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue and profit growth are shrinking (revenue growth −46.6% latest (single-quarter readings) against +51.0% at its 12-quarter best), ROCE slipping at 6.0%. The read is built from 10 quarters across 3 curves, on partial evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
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 | −14.8% | +15.1% | +33.7% | — |
| Profit | −90.4% | −45.0% | — | — |
| EPS | −91.1% | −47.6% | — | — |
| Share price | −59.3% | −18.8% | +28.3% | +7.2% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
25.3/100 — rank 14 of 14 in Alcoholic Beverages · 70% evidence confidence
Som Distilleries & Breweries Ltd scores 25.3 out of 100 against the 14 companies it is compared with in Alcoholic Beverages, ranking 14. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 5.2 + 8.4 + 8.7 + 3 = 25.3. 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.
Som Distilleries & Breweries Ltd reported ₹181 Cr of revenue in the Mar 26 quarter, −46.6% year on year. Over 9 years it has compounded at 19.6% a year. The last full year, FY26, came in at ₹1,229 Cr. The last four reported quarters add to ₹1,230 Cr.
Som Distilleries & Breweries Ltd reported ₹181 Cr of revenue in the Mar 26 quarter, −46.6% year on year. Over 9 years it has compounded at 19.6% a year. The last full year, FY26, came in at ₹1,229 Cr. The last four reported quarters add to ₹1,230 Cr.
FY26 revenue came in at ₹1,229 Cr (−14.8% on the year), capping 9 years at 19.6% compound. The latest quarter (Mar 26) printed ₹181 Cr, −46.6% year on year.
Pace check: the last four quarters averaged −16.8% growth against the decade's 19.6% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −14.8% over the last 4 quarters against −2.0%/yr over the last 8 — rolling over; TTM profit −90.6% vs −66.1%/yr — rolling over.
→ Revenue slipped — did margins hold as it scaled? Next: −24.0% this quarter (−36.0 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.
Som Distilleries & Breweries Ltd's operating margin is −24.0% in the Mar 26 quarter, −36.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged −3.0% to 17.0%. The current quarter is running below every full year in that window.
Som Distilleries & Breweries Ltd's operating margin is −24.0% in the Mar 26 quarter, −36.0 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged −3.0% to 17.0%. The current quarter is running below every full year in that window.
The latest quarter's operating margin is −24.0%, −36.0 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged −3.0%–17.0%.
🚨 Why the margin moved: operating margin went −36.8 pp year on year while gross margin went −18.6 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
→ Margins slipped — did that reach the bottom line? Next: profit −337.5% 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.
Som Distilleries & Breweries Ltd posted a net loss of ₹57.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹10.0 Cr. The 9-year compound rate is −3.7%. That loss is 31.5% of the quarter's revenue. The same quarter a year earlier earned ₹24.0 Cr. 1 of the last 12 reported quarters were loss-making.
Som Distilleries & Breweries Ltd posted a net loss of ₹57.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹10.0 Cr. The 9-year compound rate is −3.7%. That loss is 31.5% of the quarter's revenue. The same quarter a year earlier earned ₹24.0 Cr. 1 of the last 12 reported quarters were loss-making.
Mar 26 profit was ₹−57.0 Cr, −337.5% year on year. On the full year, FY26 printed ₹10.0 Cr (−90.4%), and the 9-year compound rate is −3.7%.
🚨 Why profit moved: revenue contributed −46.6% and the margin −36.0 pp — the quarter was revenue-led despite a thinner margin.
Pace comparison, last four quarters: profit −101.8% vs revenue −16.8%. 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: 163% 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 163% of Som Distilleries & Breweries Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹211 Cr of operating cash against ₹10.0 Cr of profit. After ₹308 Cr of capital spending, ₹−97.0 Cr was left as free cash.
FY26: operating cash of ₹211 Cr against reported profit of ₹10.0 Cr, leaving free cash of ₹−97.0 Cr after ₹308 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 163% 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 163%: the cash cycle tightened 76 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 6.4× 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: ₹512 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).
Som Distilleries & Breweries Ltd's cash conversion cycle runs 45 days in FY26, down from 121 days in FY21. Capital spending ran ₹512 Cr over the last 3 years. At FY26 sales of ₹1,229 Cr each day of that cycle holds about ₹3.4 Cr, so roughly ₹152 Cr sits inside the business at any moment.
FY26: debtors at 52 days, inventory at 82 days — roughly 2.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 45 days, tighter than FY21's 121.
The full loop: cash goes out to suppliers and production on day 0; stock waits 82 days to sell; customers pay about 52 days after that; and suppliers themselves are paid at 89 days — netting out to the 45-day cycle.
In money terms: at FY26 sales of ₹1,229 Cr, each day of the cycle holds about ₹3.4 Cr — so the 45-day loop keeps roughly ₹152 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹512 Cr over the last 3 fiscal years against ₹80.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹246 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 6% and the ROIC − WACC spread is −9.5 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
Som Distilleries & Breweries Ltd earns a ROCE of 6% in FY26. That is up from a trough of −4% in FY21. Return on invested capital clears the cost of that capital by −9.5 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 0.8% net margin on 0.84× asset turns.
FY26 ROCE is 6%, recovered from a FY21 trough of −4% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 0.8% net margin × 0.84× asset turns × 1.88× balance-sheet leverage ≈ 1.3% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 2.5% − 12.0% = a −9.5 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.27.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified
Som Distilleries & Breweries Ltd carries total debt of ₹212 Cr against shareholder equity of ₹819 Cr as of Mar 26, a debt-to-equity of 0.26 — effectively unlevered. On the annual view that ratio went from 0.69 in FY22 to 0.26 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹212 Cr against shareholder equity of ₹819 Cr — a debt-to-equity of 0.26. On the annual view, debt-to-equity went from 0.69 (FY22) to 0.26 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: Promoters added 4.1 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.
Promoters added 4.1 points of Som Distilleries & Breweries Ltd over 8 quarters, the biggest move on the register. That takes promoters to 39.4% of the company. Foreign institutions moved −0.5 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 — Promoters: +4.1 points over 8 quarters to 39.4%; Foreign institutions: −0.5 points over 8 quarters to 0.2%; Domestic institutions: −0.5 points over 8 quarters to 0.0%.
Why the register moved: promoters drove it (+4.1 points), absorbed on the other side by foreign institutions (−0.5 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.
Som Distilleries & Breweries 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 |
|---|---|---|---|---|---|---|
| Som Distilleries & Breweries Ltd this page | 106.0× | ₹1,515 Cr | Deteriorating | |||
| United Spirits Ltd | 57.6× | ₹1.1L Cr | Consistent | |||
| Radico Khaitan Ltd | 89.2× | ₹54,816 Cr | Mixed | |||
| United Breweries Ltd | 108.0× | ₹36,980 Cr | Mixed | |||
| Allied Blenders & Distillers Ltd | 77.8× | ₹17,363 Cr | No read | |||
| Tilaknagar Industries Ltd | 43.2× | ₹10,933 Cr | Mixed | |||
| India Glycols Ltd | 26.4× | ₹7,760 Cr | Mixed | |||
| Piccadily Agro Industries Ltd | 52.8× | ₹7,267 Cr | Turning around | |||
| Globus Spirits Ltd | 25.5× | ₹2,560 Cr | Turning around | |||
| G M Breweries Ltd | 15.0× | ₹2,066 Cr | Turning around | |||
| Associated Alcohols & Breweries Ltd | 20.0× | ₹1,649 Cr | Mixed | |||
| Sula Vineyards Ltd | 46.7× | ₹1,265 Cr | Turning around | |||
| IFB Agro Industries Ltd | 16.3× | ₹932 Cr | No read | |||
| Jagatjit Industries Ltd | 59.9× | ₹599 Cr | No read |
Frequently asked questions
What is Som Distilleries & Breweries Ltd's share price today?
Som Distilleries & Breweries Ltd trades at ₹65.2, −59.3% over the past year. The company is valued at ₹1,515 Cr. The stock sits at 0% of its 52-week range of ₹65–₹141, −29.3% versus its 200-day average. On the tape, the price is in a downtrend, 39 weeks in. — as of 24 July 2026.
What were Som Distilleries & Breweries Ltd's latest quarterly results?
Som Distilleries & Breweries Ltd reported revenue of ₹181 Cr and a net loss of ₹57.0 Cr for the Mar 26 quarter. Revenue fell 46.6% and profit fell 337.5% year on year. Earnings per share were ₹−2.67. The operating margin was −24.0%, 36.0 pp lower than a year earlier. — as of 24 July 2026.
What is Som Distilleries & Breweries Ltd's revenue?
Som Distilleries & Breweries Ltd reported revenue of ₹181 Cr in the Mar 26 quarter, −46.6% year on year. For the full FY26 fiscal year, revenue was ₹1,229 Cr (−14.8%). Over the last 9 years revenue compounded at 19.6% a year. — as of 24 July 2026.
What is Som Distilleries & Breweries Ltd's profit?
Som Distilleries & Breweries Ltd earned ₹−57.0 Cr of net profit in the Mar 26 quarter, −337.5% year on year. Full-year FY26 profit was ₹10.0 Cr. The operating margin ran −24.0% in the latest quarter. — as of 24 July 2026.
What is Som Distilleries & Breweries Ltd's market cap?
Som Distilleries & Breweries Ltd's market capitalisation is ₹1,515 Cr at a share price of ₹65.2. 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 Som Distilleries & Breweries Ltd's P/E ratio?
Som Distilleries & Breweries Ltd trades at a P/E of 106.0×, at the 100th percentile of its own 9-year range, against a long-run median of 24.1×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Som Distilleries & Breweries Ltd pay a dividend?
Not in its latest year — Som Distilleries & Breweries Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 4 of its last 10 reported fiscal years, so there is a history but no current dividend. — as of 24 July 2026.
Is Som Distilleries & Breweries Ltd overvalued?
On its own history, Som Distilleries & Breweries Ltd looks expensive against its own history: its P/E of 106.0× sits at the 100th percentile of its 9-year range (long-run median 24.1×). 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 Som Distilleries & Breweries Ltd growing?
Not right now — Som Distilleries & Breweries Ltd's latest numbers are shrinking: latest-quarter revenue −46.6% year on year, profit −337.5%, and the margin −36.0 pp at −24.0%. The 9-year compound rates are 19.6% (revenue) and −3.7% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Som Distilleries & Breweries Ltd performing?
Som Distilleries & Breweries Ltd is in a downtrend, 39 weeks in. Its latest quarter's revenue fell 46.6% and profit fell 337.5% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 6 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Som Distilleries & Breweries Ltd in?
Deteriorating — revenue and profit growth are shrinking (revenue growth −46.6% latest (single-quarter readings) against +51.0% at its 12-quarter best), ROCE slipping at 6.0%. The read comes from the last 12 quarters of growth (revenue growth −46.6% latest, profit growth −337.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Som Distilleries & Breweries Ltd in an uptrend?
No — the price is in a downtrend (week 39 of stage 4), trading −29.3% versus its 200-day average and at 0% 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 Som Distilleries & Breweries Ltd beating the market?
Not lately — on a trailing-13-week view Som Distilleries & Breweries Ltd is currently behind the NIFTY 500 (6 weeks and counting; last ahead the week of 2026-06-19), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +77% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.
Will Som Distilleries & Breweries Ltd's share price go up?
This page publishes no price forecast for Som Distilleries & Breweries Ltd. What it measures instead: the share price is ₹65.2, the price is in a downtrend 39 weeks in. Its P/E of 106.0× sits at the 100th percentile of its own 9-year range. — as of 24 July 2026.
Who owns Som Distilleries & Breweries Ltd?
Promoters hold 39.4% of Som Distilleries & Breweries Ltd, foreign institutions 0.2%, domestic institutions 0.0% and the public 60.4% (latest quarter). The biggest move on the register over the last two years: Promoters added 4.1 points over 8 quarters. — as of 24 July 2026.
Does Som Distilleries & Breweries Ltd have too much debt?
No — Som Distilleries & Breweries Ltd's debt-to-equity is 0.27, and operating profit covers the interest bill 4×. FY26 borrowings were ₹212 Cr against equity of ₹779 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Som Distilleries & Breweries Ltd's capex?
Som Distilleries & Breweries Ltd spent ₹512 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 ₹308 Cr, with ₹246 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Som Distilleries & Breweries Ltd's cash flow?
Som Distilleries & Breweries Ltd generated ₹211 Cr of operating cash flow in FY26 and ₹−97.0 Cr of free cash flow after ₹308 Cr of capital spending. Reported profit that year was ₹10.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Som Distilleries & Breweries Ltd's profit real cash?
Yes — over the last 3 fiscal years, 163% of Som Distilleries & Breweries Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹211 Cr against reported profit of ₹10.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.
Where is Som Distilleries & Breweries Ltd in its business cycle?
Som Distilleries & Breweries Ltd's FY26 operating margin was 7.0%, against a 10-year band of −3.0%–17.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran −24.0%. 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 Som Distilleries & Breweries Ltd story?
The sharpest disagreement: the price moved −59.3% in a year while annual EPS moved −91.1% — the difference is re-rating, and re-rating has to be repaid with earnings. 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 Som Distilleries & Breweries Ltd a stock worth studying right now?
This is not investment advice. The machine read: Som Distilleries & Breweries Ltd's price has outrun its earnings. −59.3% in a year against EPS −91.1% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has 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.