Shanti Overseas (India) Ltd
SHANTIShanti Overseas (India) Ltd is cheap for a reason. The P/E sits at the 3rd percentile of its own range, and the quarters are still getting worse.
The sharpest disagreement: the P/E sits at the 3rd percentile of its own range, but the engine is deteriorating — cheap for a reason until the quarters turn.
The price is in a downtrend (34 weeks in) while the P/E sits at the 3rd percentile of its own 9-year range. Underneath, the last four quarters read deteriorating, and 503% of the last 3 years' profit arrived as cash. What settles it: whether the quarters turn before the discount closes.
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.
Shanti Overseas (India) Ltd trades at ₹5.2, in a downtrend and 34 weeks into that stage. That is −46.7% against its own 200-day average. It sits at 0% of a 52-week range of ₹5 to ₹23. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (17 weeks and counting).
Today the stock is in a downtrend — week 34 of stage 4, confirmed. At ₹5.2 it trades −46.7% versus its 200-day average and sits at 0% of its 52-week range (₹5–₹23).
Against the market, two honest reads. Cumulative: over the last 8.6 years the stock moved −82% while the NIFTY 500 moved +142% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (17 weeks and counting; last ahead the week of 2025-11-28) — 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 3rd 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.
Shanti Overseas (India) Ltd trades at 3.0× P/E, near the bottom of its own range — cheaper only 3% of the time. Its long-run median P/E is 3.9×, measured across 8.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 3.0× is near the bottom of its own range — cheaper only 3% of the time, against a long-run median of 3.9× measured over 8.6 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).
Shanti Overseas (India) 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 2 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 | +123.6% | −51.0% | −31.6% | −10.3% |
| Share price | −65.3% | −29.2% | −26.1% | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
34.2/100 — rank 34 of 48 in Trading · 56% evidence confidence
Shanti Overseas (India) Ltd scores 34.2 out of 100 against the 48 companies it is compared with in Trading, ranking 34. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
The four contributions add to the total exactly: 11.3 + 6.4 + 13.3 + 3.2 = 34.2. 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.
Shanti Overseas (India) Ltd reported ₹1.0 Cr of revenue in the Dec 25 quarter, −94.2% year on year. Over 10 years it has compounded at −10.3% a year. The last full year, FY25, came in at ₹23.8 Cr. The last four reported quarters add to ₹8.6 Cr.
Shanti Overseas (India) Ltd reported ₹1.0 Cr of revenue in the Dec 25 quarter, −94.2% year on year. Over 10 years it has compounded at −10.3% a year. The last full year, FY25, came in at ₹23.8 Cr. The last four reported quarters add to ₹8.6 Cr.
FY25 revenue came in at ₹23.8 Cr (+123.6% on the year), capping 10 years at −10.3% compound. The latest quarter (Dec 25) printed ₹1.0 Cr, −94.2% year on year.
Pace check: the last four quarters averaged −2.3% growth against the decade's −10.3% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew −63.4% over the last 4 quarters against −22.6%/yr over the last 8 — rolling over.
→ Revenue slipped — did margins hold as it scaled? Next: −216.5% this quarter (−200.5 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.
Shanti Overseas (India) Ltd's operating margin is −216.5% in the Dec 25 quarter, −200.5 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −18.8% to 10.2%. The current quarter is running below every full year in that window.
Shanti Overseas (India) Ltd's operating margin is −216.5% in the Dec 25 quarter, −200.5 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −18.8% to 10.2%. The current quarter is running below every full year in that window.
The latest quarter's operating margin is −216.5%, −200.5 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged −18.8%–10.2%.
🚨 Why the margin moved: operating margin went −200.5 pp year on year while gross margin went +15.1 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 null 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.
Shanti Overseas (India) Ltd earned ₹1.6 Cr of net profit in the Dec 25 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY25 year was a loss of ₹2.8 Cr. That is 157.3% of the quarter's revenue.
Shanti Overseas (India) Ltd earned ₹1.6 Cr of net profit in the Dec 25 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY25 year was a loss of ₹2.8 Cr. That is 157.3% of the quarter's revenue.
Dec 25 profit was ₹1.6 Cr, null year on year. On the full year, FY25 printed ₹−2.8 Cr (null).
🚨 Read this profit with care: at ₹1.6 Cr it is larger than the whole quarter's revenue of ₹1.0 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at −216.5% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.
→ Profit rose — but did the cash follow? Next: 503% 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 503% of Shanti Overseas (India) Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹−2.2 Cr of operating cash against ₹−2.8 Cr of profit. After ₹0.0 Cr of capital spending, ₹−2.0 Cr was left as free cash.
FY25: operating cash of ₹−2.2 Cr against reported profit of ₹−2.8 Cr, leaving free cash of ₹−2.0 Cr after ₹0.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 503% 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 503%: the cash cycle tightened 23 days between FY20 and FY25 — 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 37-day cycle and ₹−22.0 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).
Shanti Overseas (India) Ltd's cash conversion cycle runs 37 days in FY25, down from 60 days in FY20. Capital spending ran ₹−22.0 Cr over the last 3 years. At FY25 sales of ₹23.8 Cr each day of that cycle holds about ₹0.1 Cr, so roughly ₹2.0 Cr sits inside the business at any moment.
FY25: debtors at 37 days, inventory at 0 days — roughly 0.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 37 days, tighter than FY20's 60.
The full loop: cash goes out to suppliers and production on day 0; stock waits 0 days to sell; customers pay about 37 days after that; and suppliers themselves are paid at 4 days — netting out to the 37-day cycle.
In money terms: at FY25 sales of ₹23.8 Cr, each day of the cycle holds about ₹0.1 Cr — so the 37-day loop keeps roughly ₹2.0 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹−22.0 Cr over the last 3 fiscal years against ₹4.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY25) — 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 −25% and the ROIC − WACC spread is −25.1 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.
Shanti Overseas (India) Ltd earns a ROCE of −25% in FY25. That is up from a trough of −30% in FY23. Return on invested capital clears the cost of that capital by −25.1 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is −11.7% net margin on 1.18× asset turns.
FY25 ROCE is −25%, recovered from a FY23 trough of −30% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY25): −11.7% net margin × 1.18× asset turns × 1.75× balance-sheet leverage ≈ −24.2% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: −13.1% − 12.0% = a −25.1 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 0.12.
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.
Shanti Overseas (India) Ltd carries ₹1.3 Cr of borrowings against ₹11.5 Cr of equity in FY25, a debt-to-equity of 0.12. Operating profit covers the interest bill −75×. Over 5 years borrowings went from ₹41.1 Cr to ₹1.3 Cr. Capital spending ran ₹−22.0 Cr across the last 3 of those years.
FY25: borrowings of ₹1.3 Cr against equity of ₹11.5 Cr — a debt-to-equity of 0.12. Operating profit covers the interest bill −75×. Over 5 years borrowings went from ₹41.1 Cr to ₹1.3 Cr while capital spending ran ₹−22.0 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: Promoters cut 52.1 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 cut 52.1 points of Shanti Overseas (India) Ltd over 8 quarters, the biggest move on the register. That takes promoters to 0.0% of the company. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −52.1 points over 8 quarters to 0.0%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.
🚨 Why the register moved: promoters drove it (−52.1 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.
Shanti Overseas (India) 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 |
|---|---|---|---|---|---|---|
| Shanti Overseas (India) Ltd this page | 3.0× | ₹6 Cr | No read | |||
| Adani Enterprises Ltd | — | ₹4.1L Cr | Mixed | |||
| Lloyds Enterprises Ltd | 1,079.0× | ₹11,894 Cr | Turning around | |||
| RRP Semiconductor Ltd | — | ₹11,877 Cr | No read | |||
| MMTC Ltd | 92.2× | ₹9,228 Cr | No read | |||
| SG Mart Ltd | 72.3× | ₹8,993 Cr | Mixed | |||
| Rashi Peripherals Ltd | 18.5× | ₹5,139 Cr | Consistent | |||
| PTC India Ltd | 8.0× | ₹4,866 Cr | Mixed | |||
| Euro Pratik Sales Ltd | 37.2× | ₹3,083 Cr | No read | |||
| Shankara Buildpro Ltd | 23.1× | ₹2,998 Cr | No read | |||
| Blue Pearl Agriventures Ltd | 5,705.0× | ₹2,795 Cr | No read | |||
| BN Agrochem Ltd | 78.2× | ₹2,688 Cr | No read | |||
| Onix Solar Energy Ltd | 34.7× | ₹2,300 Cr | No read | |||
| Aayush Art and Bullion Ltd | 227.0× | ₹1,790 Cr | No read | |||
| Onix Solar Energy Ltd | 117.0× | ₹1,779 Cr | No read | |||
| Kothari Industrial Corporation Ltd | — | ₹1,761 Cr | No read | |||
| Kothari Industrial Corporation Ltd | — | ₹1,728 Cr | No read | |||
| Aayush Art and Bullion Ltd | 882.0× | ₹1,702 Cr | Mixed | |||
| Keto Motors Ltd | — | ₹1,603 Cr | No read | |||
| Le Merite Exports Ltd | 87.0× | ₹1,177 Cr | — | — | — | — |
| Arisinfra Solutions Ltd | 18.5× | ₹1,007 Cr | No read | |||
| Sudarshan Pharma Industries Ltd | 43.2× | ₹1,006 Cr | No read | |||
| Tembo Global Industries Ltd | 10.8× | ₹984 Cr | Mixed | |||
| A-1 Ltd | 383.0× | ₹947 Cr | Deteriorating | |||
| Bizotic Commercial Ltd | 86.4× | ₹936 Cr | — | — | — | — |
| Neueon Corporation Ltd | — | ₹930 Cr | No read | |||
| Shah Foods Ltd | 276.0× | ₹908 Cr | — | — | — | — |
| Hexa Tradex Ltd | — | ₹857 Cr | No read | |||
| Dhunseri Ventures Ltd | 9.4× | ₹854 Cr | Deteriorating | |||
| Vision Infra Equipment Solutions Ltd | 24.9× | ₹774 Cr | — | — | — | — |
| Hardwyn India Ltd | 58.5× | ₹773 Cr | Improving | |||
| Yogi Ltd | 36.9× | ₹765 Cr | No read | |||
| Patel Retail Ltd | 19.1× | ₹746 Cr | No read | |||
| Yogi Ltd | 39.1× | ₹741 Cr | No read | |||
| Nupur Recyclers Ltd | 51.0× | ₹725 Cr | Mixed | |||
| Mardia Samyoung Capillary Tubes Company Ltd | 687.0× | ₹707 Cr | No read | |||
| State Trading Corporation of India Ltd | 15.9× | ₹707 Cr | No read | |||
| Uniphos Enterprises Ltd | 33.0× | ₹683 Cr | No read | |||
| Cropster Agro Ltd | 43.7× | ₹679 Cr | No read | |||
| Fabtech Technologies Ltd | 13.7× | ₹666 Cr | No read |
Frequently asked questions
What is Shanti Overseas (India) Ltd's share price today?
Shanti Overseas (India) Ltd trades at ₹5.2, −65.3% over the past year. The company is valued at ₹5.8 Cr. The stock sits at 0% of its 52-week range of ₹5–₹23, −46.7% versus its 200-day average. On the tape, the price is in a downtrend, 34 weeks in. — as of 24 July 2026.
What were Shanti Overseas (India) Ltd's latest quarterly results?
Shanti Overseas (India) Ltd reported revenue of ₹1.0 Cr and net profit of ₹1.6 Cr for the Dec 25 quarter. Earnings per share were ₹1.46. The operating margin was −216.5%, 200.5 pp lower than a year earlier. — as of 24 July 2026.
What is Shanti Overseas (India) Ltd's revenue?
Shanti Overseas (India) Ltd reported revenue of ₹1.0 Cr in the Dec 25 quarter, −94.2% year on year. For the full FY25 fiscal year, revenue was ₹23.8 Cr (+123.6%). Over the last 10 years revenue compounded at −10.3% a year. — as of 24 July 2026.
What is Shanti Overseas (India) Ltd's profit?
Shanti Overseas (India) Ltd earned ₹1.6 Cr of net profit in the Dec 25 quarter. Full-year FY25 profit was ₹−2.8 Cr. The operating margin ran −216.5% in the latest quarter. — as of 24 July 2026.
What is Shanti Overseas (India) Ltd's market cap?
Shanti Overseas (India) Ltd's market capitalisation is ₹5.8 Cr at a share price of ₹5.2. 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 Shanti Overseas (India) Ltd's P/E ratio?
Shanti Overseas (India) Ltd trades at a P/E of 3.0×, at the 3rd percentile of its own 9-year range, against a long-run median of 3.9×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Is Shanti Overseas (India) Ltd overvalued?
On its own history, Shanti Overseas (India) Ltd looks cheap against its own history: its P/E of 3.0× has been cheaper only 3% of the time in 9 years (long-run median 3.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
How is Shanti Overseas (India) Ltd performing?
Shanti Overseas (India) Ltd is in a downtrend, 34 weeks in. Against the NIFTY 500 it has been behind on a trailing-13-week view for 17 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
Is Shanti Overseas (India) Ltd in an uptrend?
No — the price is in a downtrend (week 34 of stage 4), trading −46.7% 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 Shanti Overseas (India) Ltd beating the market?
Not lately — on a trailing-13-week view Shanti Overseas (India) Ltd is currently behind the NIFTY 500 (17 weeks and counting; last ahead the week of 2025-11-28), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.6 years the stock moved −82% against the NIFTY 500's +142% — behind the index over the full window. — as of 24 July 2026.
Will Shanti Overseas (India) Ltd's share price go up?
This page publishes no price forecast for Shanti Overseas (India) Ltd. What it measures instead: the share price is ₹5.2, the price is in a downtrend 34 weeks in. Its P/E of 3.0× sits at the 3rd percentile of its own 9-year range. — as of 24 July 2026.
Who owns Shanti Overseas (India) Ltd?
Promoters hold 0.0% of Shanti Overseas (India) Ltd, foreign institutions null%, domestic institutions null% and the public 100.0% (latest quarter). The biggest move on the register over the last two years: Promoters cut 52.1 points over 8 quarters. — as of 24 July 2026.
Does Shanti Overseas (India) Ltd have too much debt?
No — Shanti Overseas (India) Ltd's debt-to-equity is 0.12, and operating profit covers the interest bill −75×. FY25 borrowings were ₹1.3 Cr against equity of ₹11.5 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Shanti Overseas (India) Ltd's capex?
Shanti Overseas (India) Ltd spent ₹−22.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹0.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Shanti Overseas (India) Ltd's cash flow?
Shanti Overseas (India) Ltd generated ₹−2.2 Cr of operating cash flow in FY25 and ₹−2.0 Cr of free cash flow after ₹0.0 Cr of capital spending. Reported profit that year was ₹−2.8 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Shanti Overseas (India) Ltd's profit real cash?
Yes — over the last 3 fiscal years, 503% of Shanti Overseas (India) Ltd's reported profit arrived as operating cash. In FY25, operating cash was ₹−2.2 Cr against reported profit of ₹−2.8 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 Shanti Overseas (India) Ltd in its business cycle?
Shanti Overseas (India) Ltd's FY25 operating margin was −18.8%, against a 12-year band of −18.8%–10.2%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran −216.5%. 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 Shanti Overseas (India) Ltd story?
The sharpest disagreement: the P/E sits at the 3rd percentile of its own range, but the engine is deteriorating — cheap for a reason until the quarters turn. 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 Shanti Overseas (India) Ltd a stock worth studying right now?
This is not investment advice. The machine read: Shanti Overseas (India) Ltd is cheap for a reason. The P/E sits at the 3rd percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the quarters turn before the discount closes. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.