Vinyas Innovative Technologies Ltd
VINYASVinyas Innovative Technologies Ltd's earnings have outrun its stock. EPS grew +59.0% in a year against a −1.5% price move.
The sharpest disagreement: profits are rising, but only −80% 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 confirmed uptrend (6 weeks in). Underneath, the last four quarters read improving — profit +83.3% year on year, and −80% 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.
Vinyas Innovative Technologies Ltd trades at ₹1,326, in a confirmed uptrend and 6 weeks into that stage. That is +15.2% against its own 200-day average. It sits at 71% of a 52-week range of ₹855 to ₹1,522. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 15 straight weeks.
Today the stock is in a confirmed uptrend — week 6 of stage 2, confirmed. At ₹1,326 it trades +15.2% versus its 200-day average and sits at 71% of its 52-week range (₹855–₹1,522).
Against the market, two honest reads. Cumulative: over the last 2.8 years the stock moved +283% while the NIFTY 500 moved +34% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 15 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: how the P/E reads against its own history.
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.
Vinyas Innovative Technologies Ltd trades at 51.9× P/E, against too little history to rank. Its long-run median P/E is 56.6×, measured across 0.2 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 51.9× is against too little history to rank, against a long-run median of 56.6× measured over 0.2 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 +59.0% against a −1.5% price move — earnings outran the price, pushing the multiple DOWN its own range.
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: 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).
Vinyas Innovative Technologies 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 6 quarters across 1 curve, on partial evidence.
Why it matters: with too little history, an honest page says so instead of guessing a trajectory.
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 | +29.5% | +29.8% | +20.2% | — |
| Profit | +63.2% | +64.2% | +98.7% | — |
| EPS | +59.0% | — | — | — |
| Share price | −1.5% | — | — | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
57.0/100 — rank 9 of 24 in Aerospace & Defence - Equipments · 57% evidence confidence
Vinyas Innovative Technologies Ltd scores 57.0 out of 100 against the 24 companies it is compared with in Aerospace & Defence - Equipments, ranking 9. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
The four contributions add to the total exactly: 21.6 + 16.1 + 10.9 + 8.4 = 57. 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.
Vinyas Innovative Technologies Ltd reported ₹302 Cr of revenue in the Mar 26 quarter, +22.3% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 22.8% a year. The last full year, FY26, came in at ₹514 Cr. The last four reported quarters add to ₹911 Cr.
Vinyas Innovative Technologies Ltd reported ₹302 Cr of revenue in the Mar 26 quarter, +22.3% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 22.8% a year. The last full year, FY26, came in at ₹514 Cr. The last four reported quarters add to ₹911 Cr.
FY26 revenue came in at ₹514 Cr (+29.5% on the year), capping 6 years at 22.8% compound. The latest quarter (Mar 26) printed ₹302 Cr, +22.3% year on year — the 6th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +27.6% growth against the decade's 22.8% — the current year is running faster than its own long-run rate.
→ Revenue grew — did margins hold as it scaled? Next: 13.0% 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.
Vinyas Innovative Technologies Ltd's operating margin is 13.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +2.0 percentage points.
Vinyas Innovative Technologies Ltd's operating margin is 13.0% in the Mar 26 quarter, +3.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across the last four quarters the operating margin has moved +2.0 percentage points.
The latest quarter's operating margin is 13.0%, +3.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 6.0%–12.0%, and FY26's 12.0% is the top of that band — a record year.
Why the margin moved: operating margin went +2.5 pp year on year while gross margin went +0.8 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
→ Margins held — did that reach the bottom line? Next: profit +83.3% 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.
Vinyas Innovative Technologies Ltd earned ₹22.0 Cr of net profit in the Mar 26 quarter, +83.3% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹31.0 Cr. The 6-year compound rate is 77.2%. That is 7.3% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr.
Vinyas Innovative Technologies Ltd earned ₹22.0 Cr of net profit in the Mar 26 quarter, +83.3% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹31.0 Cr. The 6-year compound rate is 77.2%. That is 7.3% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr.
Mar 26 profit was ₹22.0 Cr, +83.3% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹31.0 Cr (+63.2%), and the 6-year compound rate is 77.2%.
Why profit moved: revenue contributed +22.3% 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 +37.2% vs revenue +27.6%. 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: −80% 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 −80% of Vinyas Innovative Technologies Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−32.0 Cr of operating cash against ₹31.0 Cr of profit. After ₹36.0 Cr of capital spending, ₹−68.0 Cr was left as free cash.
FY26: operating cash of ₹−32.0 Cr against reported profit of ₹31.0 Cr, leaving free cash of ₹−68.0 Cr after ₹36.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −80% 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 −80%: the cash cycle stretched 55 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: conversion is below par and the cash cycle has stretched 55 days — the next section's job is to find where the cash is stuck.
→ So follow the cash to where it goes. Next: the 232-day cycle, in money terms.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Vinyas Innovative Technologies Ltd's cash conversion cycle runs 232 days in FY26, up from 177 days in FY21. Capital spending ran ₹68.0 Cr over the last 3 years. At FY26 sales of ₹514 Cr each day of that cycle holds about ₹1.4 Cr, so roughly ₹327 Cr sits inside the business at any moment.
FY26: debtors at 161 days, inventory at 114 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 232 days, looser than FY21's 177.
The full loop: cash goes out to suppliers and production on day 0; stock waits 114 days to sell; customers pay about 161 days after that; and suppliers themselves are paid at 43 days — netting out to the 232-day cycle.
In money terms: at FY26 sales of ₹514 Cr, each day of the cycle holds about ₹1.4 Cr — so the 232-day loop keeps roughly ₹327 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹68.0 Cr over the last 3 fiscal years against ₹15.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹4.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 16% and the ROIC − WACC spread is −0.6 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
Vinyas Innovative Technologies Ltd earns a ROCE of 16% in FY25. That is up from a trough of 10% in FY21. Return on invested capital clears the cost of that capital by −0.6 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 6.0% net margin on 1.10× asset turns.
FY25 ROCE is 16%, recovered from a FY21 trough of 10% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 6.0% net margin × 1.10× asset turns × 1.98× balance-sheet leverage ≈ 13.1% on equity. Margin does its share; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 11.4% − 12.0% = a −0.6 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 0.55.
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
Vinyas Innovative Technologies Ltd carries total debt of ₹131 Cr against shareholder equity of ₹236 Cr as of Mar 26, a debt-to-equity of 0.56. On the annual view that ratio went from 1.87 in FY23 to 0.56 in FY26. Read the returns elsewhere on this page with that leverage in mind.
Mar 26: total debt of ₹131 Cr against shareholder equity of ₹236 Cr — a debt-to-equity of 0.56. On the annual view, debt-to-equity went from 1.87 (FY23) to 0.56 (FY26). Read the returns on this page with that leverage in mind.
→ Who owns this, and are they adding or leaving? Next: Domestic institutions added 3.3 points over 5 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 added 3.3 points of Vinyas Innovative Technologies Ltd over 5 quarters, the biggest move on the register. That takes domestic institutions to 6.5% of the company. Foreign institutions moved +0.5 points over the same window, to 0.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: +3.3 points over 5 quarters to 6.5%; Foreign institutions: +0.5 points over 5 quarters to 0.5%; Promoters: +0.0 points over 5 quarters to 29.4%.
Why the register moved: domestic institutions drove it (+3.3 points), alongside 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.
Vinyas Innovative Technologies 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 |
|---|---|---|---|---|---|---|
| Vinyas Innovative Technologies Ltd this page | 51.9× | ₹1,602 Cr | No read | |||
| Hindustan Aeronautics Ltd | 33.6× | ₹3.1L Cr | Consistent | |||
| Bharat Electronics Ltd | 48.8× | ₹3L Cr | Mixed | |||
| Bharat Dynamics Ltd | 108.0× | ₹45,564 Cr | Deteriorating | |||
| Data Patterns (India) Ltd | 104.0× | ₹25,666 Cr | Turning around | |||
| MTAR Technologies Ltd | 184.0× | ₹17,856 Cr | Improving | |||
| Astra Microwave Products Ltd | 89.2× | ₹17,217 Cr | Mixed | |||
| Zen Technologies Ltd | 87.9× | ₹15,970 Cr | Deteriorating | |||
| Azad Engineering Ltd | 119.0× | ₹15,751 Cr | Mixed | |||
| Aequs Ltd | — | ₹15,374 Cr | — | — | — | — |
| Apollo Micro Systems Ltd | 130.0× | ₹14,652 Cr | Mixed | |||
| BEML Ltd | 101.0× | ₹14,269 Cr | Mixed | |||
| Sigma Advanced System Ltd | 35.7× | ₹9,911 Cr | No read | |||
| Paras Defence and Space Technologies Ltd | 112.0× | ₹9,632 Cr | Mixed | |||
| Mishra Dhatu Nigam Ltd | 56.0× | ₹7,357 Cr | Mixed | |||
| Dynamatic Technologies Ltd | 142.0× | ₹7,102 Cr | Turning around | |||
| AXISCADES Technologies Ltd | 86.6× | ₹6,839 Cr | Mixed | |||
| AXISCADES Technologies Ltd | 82.5× | ₹6,520 Cr | Topping out | |||
| Avantel Ltd | 253.0× | ₹4,344 Cr | Deteriorating | |||
| Ideaforge Technology Ltd | — | ₹4,326 Cr | No read | |||
| Rossell Techsys Ltd | 164.0× | ₹3,707 Cr | No read | |||
| Sika Interplant Systems Ltd | 68.8× | ₹2,416 Cr | Mixed | |||
| NIBE Ltd | 414.0× | ₹2,332 Cr | Turning around | |||
| Jaykay Enterprises Ltd | 32.1× | ₹2,152 Cr | No read | |||
| DCX Systems Ltd | — | ₹2,013 Cr | Deteriorating | |||
| Sika Interplant Systems Ltd | 49.4× | ₹1,813 Cr | Mixed |
Frequently asked questions
What is Vinyas Innovative Technologies Ltd's share price today?
Vinyas Innovative Technologies Ltd trades at ₹1,326, −1.5% over the past year. The company is valued at ₹1,602 Cr. The stock sits at 71% of its 52-week range of ₹855–₹1,522, +15.2% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 6 weeks in. — as of 24 July 2026.
What were Vinyas Innovative Technologies Ltd's latest quarterly results?
Vinyas Innovative Technologies Ltd reported revenue of ₹302 Cr and net profit of ₹22.0 Cr for the Mar 26 quarter. Revenue rose 22.3% and profit rose 83.3% year on year. Earnings per share were ₹17.11. The operating margin was 13.0%, 3.0 pp higher than a year earlier. — as of 24 July 2026.
What is Vinyas Innovative Technologies Ltd's revenue?
Vinyas Innovative Technologies Ltd reported revenue of ₹302 Cr in the Mar 26 quarter, +22.3% year on year. For the full FY26 fiscal year, revenue was ₹514 Cr (+29.5%). Over the last 6 years revenue compounded at 22.8% a year. — as of 24 July 2026.
What is Vinyas Innovative Technologies Ltd's profit?
Vinyas Innovative Technologies Ltd earned ₹22.0 Cr of net profit in the Mar 26 quarter, +83.3% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹31.0 Cr. The operating margin ran 13.0% in the latest quarter. — as of 24 July 2026.
What is Vinyas Innovative Technologies Ltd's market cap?
Vinyas Innovative Technologies Ltd's market capitalisation is ₹1,602 Cr at a share price of ₹1,326. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
Does Vinyas Innovative Technologies Ltd pay a dividend?
No — Vinyas Innovative Technologies Ltd has recorded a dividend payout of 0% of profit in each of its last 7 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 24 July 2026.
Is Vinyas Innovative Technologies Ltd growing?
Yes — Vinyas Innovative Technologies Ltd is growing: latest-quarter revenue +22.3% year on year, profit +83.3%, and the margin +3.0 pp at 13.0%. The 6-year compound rates are 22.8% (revenue) and 77.2% (profit). The earnings engine currently reads: improving — as of 24 July 2026.
How is Vinyas Innovative Technologies Ltd performing?
Vinyas Innovative Technologies Ltd is in a confirmed uptrend, 6 weeks in. Its latest quarter's revenue rose 22.3% and profit rose 83.3% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 15 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
Is Vinyas Innovative Technologies Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 6 of stage 2), trading +15.2% versus its 200-day average and at 71% 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 Vinyas Innovative Technologies Ltd beating the market?
On recent form, yes — Vinyas Innovative Technologies Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 15 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 2.8 years the stock moved +283% against the NIFTY 500's +34% — ahead of the index over the full window. — as of 24 July 2026.
Will Vinyas Innovative Technologies Ltd's share price go up?
This page publishes no price forecast for Vinyas Innovative Technologies Ltd. What it measures instead: the share price is ₹1,326, the price is in a confirmed uptrend 6 weeks in. Direction is not something this site claims to know. — as of 24 July 2026.
Who owns Vinyas Innovative Technologies Ltd?
Promoters hold 29.4% of Vinyas Innovative Technologies Ltd, foreign institutions 0.5%, domestic institutions 6.5% and the public 63.6% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 3.3 points over 5 quarters. — as of 24 July 2026.
Does Vinyas Innovative Technologies Ltd have too much debt?
It is moderate — Vinyas Innovative Technologies Ltd's debt-to-equity is 0.55, and operating profit covers the interest bill 4×. FY26 borrowings were ₹130 Cr against equity of ₹236 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.
What is Vinyas Innovative Technologies Ltd's capex?
Vinyas Innovative Technologies Ltd spent ₹68.0 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 ₹36.0 Cr, with ₹4.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Vinyas Innovative Technologies Ltd's cash flow?
Vinyas Innovative Technologies Ltd generated ₹−32.0 Cr of operating cash flow in FY26 and ₹−68.0 Cr of free cash flow after ₹36.0 Cr of capital spending. Reported profit that year was ₹31.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Vinyas Innovative Technologies Ltd's profit real cash?
Not fully — over the last 3 fiscal years, −80% of Vinyas Innovative Technologies Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹−32.0 Cr against reported profit of ₹31.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.
Where is Vinyas Innovative Technologies Ltd in its business cycle?
Vinyas Innovative Technologies Ltd's FY26 operating margin was 12.0%, against a 7-year band of 6.0%–12.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 13.0%. 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 Vinyas Innovative Technologies Ltd story?
The sharpest disagreement: profits are rising, but only −80% 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 Vinyas Innovative Technologies Ltd a stock worth studying right now?
This is not investment advice. The machine read: Vinyas Innovative Technologies Ltd's earnings have outrun its stock. EPS grew +59.0% in a year against a −1.5% price move. 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.