# Automotive Stampings & Assemblies share price today (Automotive Stampings & Assemblies Ltd, NSE: ASAL)

> Automotive Stampings & Assemblies share price today: ₹442.00 at the NSE close on 3 November 2026, down 18.9% in a year. Automotive Stampings & Assemblies (NSE: ASAL) is worth ₹701 crore, trades at a P/E of 19.2 and has closed between ₹397.80 and ₹549.15 over the past 52 weeks. > Automotive Stampings & Assemblies Ltd's earnings have grown faster than its share price. Earnings per share grew +64.9% in a year while the price moved −18.9%. ASAL · Auto Ancillaries - Spare Parts Accessories · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/automotive-stampings-assemblies-ltd

Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms

## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹442.00 (−18.9% in a year)
- P/E: 19.2× (lower than 99% of the last 3.8 years)
- Revenue (Sep 2026): ₹337 Cr (+59.0% on a year ago)
- Profit (Sep 2026): ₹10.0 Cr (+150.0% on a year ago)
- Operating margin: 6.0% (flat on a year ago)
- ROCE: 25%, FY26
- ROIC: 33.0%, against a 12.0% cost of capital: +21.0 points

The main question: yearly earnings per share moved +64.9% while the share price moved −18.9%. ## What is the Automotive Stampings & Assemblies share price today? Automotive Stampings & Assemblies Ltd's share price was ₹442.00 at the close on 3 November 2026. It has been falling for 6 weeks. That is 7.7% below its average price over the last 200 trading days. Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 16 weeks running. In the last 52 weeks it traded between ₹398 and ₹549, and at that close it sat 29% of the way up from that low. Over the last 11 years the share price moved +1,219% while the NIFTY 500 moved +251%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 17 July 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Automotive Stampings & Assemblies this quarter? 2. Revenue up on a year earlier for 5 quarters in a row In the September 2026 quarter revenue was ₹337 crore, +59% on a year earlier. 3. Highest quarterly revenue in 16 quarters Revenue of ₹337 crore in the September 2026 quarter is the highest of the last 16 quarters. ## What are Automotive Stampings & Assemblies' latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), Automotive Stampings & Assemblies reported revenue of ₹337 crore, up 59.0% from ₹212 crore a year earlier, and a profit of ₹10.0 crore, up 150.0% from ₹4.00 crore. ### Automotive Stampings & Assemblies results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹337 crore | ₹212 crore | +59.0% |
| Profit | ₹10.0 crore | ₹4.00 crore | +150.0% |
| Earnings per share | ₹6.35 | ₹2.77 | +129.2% |
| Operating margin | 6.0% | 6.0% | 0.0 points |

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). (From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.)

## What is the Automotive Stampings & Assemblies share price history? Automotive Stampings & Assemblies closed at ₹442.00 on 3 November 2026, down 18.9% from ₹544.95 a year earlier (31 October 2025) and up 304.6% over five years. Its highest weekly close since March 2016 was ₹1,037.05 on 5 July 2024. ### Automotive Stampings & Assemblies share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹398.90 | +10.8% |
| 1 month ago · 1 Oct 2026 | ₹427.20 | +3.5% |
| 6 months ago · 30 Apr 2026 | ₹512.00 | −13.7% |
| 1 year ago · 31 Oct 2025 | ₹544.95 | −18.9% |
| 3 years ago · 3 Nov 2023 | ₹389.30 | +13.5% |
| 5 years ago · 4 Nov 2021 | ₹109.25 | +304.6% |
| 10 years ago · 4 Nov 2016 | ₹61.40 | +619.9% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹33.50 | +1,219.4% |
| Highest weekly close since March 2016 · 5 Jul 2024 | ₹1,037.05 | −57.4% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹12.60 | +3,407.9% |
| 52-week high (weekly close) · 8 May 2026 | ₹549.15 | −19.5% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹397.80 | +11.1% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (562 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on Automotive Stampings & Assemblies? 3 Nov 2026: Automotive Stampings & Assemblies closed at ₹442.00, up 10.8% on the week and up 3.5% on the month. Results for July to September 2026: Revenue up 59.0% and profit up 150.0% on a year earlier. ## What dividend does Automotive Stampings & Assemblies pay? Automotive Stampings & Assemblies has paid no dividend on the NSE since 1 April 2021, the start of the period we checked. No. Automotive Stampings & Assemblies Ltd paid out 0% of its profit as dividends in each of its last 13 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate. (From the NSE corporate-actions record, read 4 November 2026.)

## Which stock lists is Automotive Stampings & Assemblies on? Automotive Stampings & Assemblies is not on any of our India lists this week. ## Is Automotive Stampings & Assemblies profitable? Automotive Stampings & Assemblies Ltd earned ₹10.0 Cr of net profit in the Sep 2026 quarter, +150.0% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹28.0 Cr. That is 3.0% of the quarter's revenue. The same quarter a year earlier earned ₹4.0 Cr. For the full year, FY26 profit was ₹28.0 Cr (+64.7% on the year before). Why profit moved: revenue changed +59.0% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +112.9% and revenue +41.9%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Automotive Stampings & Assemblies make, and is it growing? Automotive Stampings & Assemblies Ltd reported ₹337 Cr of revenue in the Sep 2026 quarter, +59.0% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 10 years it has grown 13.0% a year on average. The last full year, FY26, came in at ₹891 Cr. The last four reported quarters add to ₹1,096 Cr. FY26 revenue was ₹891 Cr, +15.0% on the year before. Recent pace: the last four quarters grew +41.9% on average, against 13.0% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +42.2%, against +14.4% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +118.8%, against +29.1% a year (accelerating). ## How much of every ₹100 of sales does Automotive Stampings & Assemblies keep? Automotive Stampings & Assemblies Ltd's operating margin was 6.0% in the Sep 2026 quarter, about the same as the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 13 years it has been between −8.0% and 7.0%. The latest quarter is within that range. In the latest quarter it moved +0.0 percentage points on the same quarter a year ago. Why the margin moved: operating margin changed +0.5 percentage points on the year while gross margin changed −2.2 points. So the gain came mostly from the gross margin, which means input costs and prices charged. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. ## Is Automotive Stampings & Assemblies' profit turning into cash? Over the last 3 years, 128% of Automotive Stampings & Assemblies Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹59.0 Cr of operating cash against ₹28.0 Cr of profit. After ₹5.0 Cr of spending on assets, ₹54.0 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 128% of profit came in as cash: the cash cycle got 32 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Automotive Stampings & Assemblies' cash go? Automotive Stampings & Assemblies Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 9 days in FY26, up from −23 days in FY21. It spent ₹66.0 Cr on assets over the last 3 years. Customers take 40 days to pay, and stock sits for 48 days on average. At FY26 sales of ₹891 Cr, each day of that cycle ties up about ₹2.4 Cr, so roughly ₹22.0 Cr is tied up in the business at any time. FY26: customers took 40 days to pay and stock sat for 48 days, about 1.6 months of sales sitting as stock, for a full cycle of 9 days, longer than FY21's −23. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 48 days. Customers pay about 40 days after that. Suppliers are paid at 79 days. Together that makes the 9-day cycle. Spending on assets: ₹66.0 Cr over the last 3 years, against ₹56.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹1.0 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Automotive Stampings & Assemblies' P/E ratio, and how does it compare with its own history? Automotive Stampings & Assemblies Ltd's P/E is 19.2×, about the lowest it has ever been. Its usual P/E (the middle reading) is 51.5×, over 3.8 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Sep 2026 add up to ₹22.39. Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +64.9% while the price moved −18.9%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 3 years the price moved +4.3% a year; about +40.4% a year came from earnings growth and about −36.1 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Automotive Stampings & Assemblies business getting better or worse? Automotive Stampings & Assemblies Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 53.8%; each line tells part of the story. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## How much does Automotive Stampings & Assemblies earn on its capital? Automotive Stampings & Assemblies Ltd earned a ROCE of 25% in FY26. That is up from a low of −38% in FY18. Its return on capital used (ROIC) is 21.0 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 3.1% net margin and 2.66× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.1% net margin × 2.66× asset turnover × 9.31× leverage (assets divided by equity) ≈ 76.8% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 33.0% − 12.0% = +21.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does Automotive Stampings & Assemblies have too much debt? Automotive Stampings & Assemblies Ltd has total debt of ₹124 Cr against shareholder equity of ₹36.0 Cr as of Jun 2026, so its debt is 3.44× its equity. Year by year, that ratio went from −2.28 in FY22 to 3.44 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Automotive Stampings & Assemblies shareholding pattern? No group of Automotive Stampings & Assemblies Ltd's owners changed its stake by a full percentage point over the last two years. Foreign institutions moved +0.0 points over the same period, to 0.0%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: +0.0 points over 8 quarters, to 75.0%; Foreign institutions: +0.0 points over 8 quarters, to 0.0%; Domestic institutions: +0.0 points over 8 quarters, to 0.0%. ## How far is Automotive Stampings & Assemblies from balance-sheet trouble? For Automotive Stampings & Assemblies Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Automotive Stampings & Assemblies rank in its industry? 71.0 out of 100, rank 1 of 4 in Auto Ancillaries - Spare Parts Accessories, with 87% of the evidence available. Automotive Stampings & Assemblies Ltd scores 71.0 out of 100 against the 4 companies it is compared with in Auto Ancillaries - Spare Parts Accessories, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 27.4 + 18.9 + 13.5 + 11.2 = 71. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Automotive Stampings & Assemblies compared with? Automotive Stampings & Assemblies ranks 1 of 4 Auto Ancillaries - Spare Parts Accessories companies on the 4-Factor Sector Score, with 71.0 out of 100. 1. Automotive Stampings & Assemblies Ltd this page ASAL · basing · Most evidence points up · 87% evidence 71.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.4/35 · Revenue 42.1% · Profit 100% · Operating margin change 0 points · 100% evidence Capital efficiency 18.9/25 · ROCE 25.3% · Operating margin 6% · 100% evidence Valuation 13.5/20 · P/E 19× · PEG n/a · 35% evidence Relative strength 11.2/20 · Lead over its industry -0.6% · Lead over NIFTY 500 -2.6% · 1 year -19.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.4 + 18.9 + 13.5 + 11.2 = 71 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [India Motor Parts & Accessories Ltd](https://www.sectoralpha.in/stocks/india-motor-parts-accessories-ltd) IMPAL · turning · Evidence leans up · 97% evidence 60.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Revenue 12.7% · Profit 16.3% · Operating margin change 1 points · 100% evidence Capital efficiency 5.8/25 · ROCE 4.5% · Operating margin 8% · 100% evidence Valuation 17.2/20 · P/E 12.6× · PEG 0.94 · 85% evidence Relative strength 15.6/20 · Lead over its industry 2.6% · Lead over NIFTY 500 0.6% · 1 year -6.8% · 100% evidence · 1 of 12 weeks ahead Exact sum: 21.7 + 5.8 + 17.2 + 15.6 = 60.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [IST Ltd](https://www.sectoralpha.in/stocks/ist-ltd) ISTLTD · quiet · Evidence leans down · 78% evidence 48.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.7/35 · Revenue 14.8% · Profit 3.1% · Operating margin change -26 points · 88% evidence Capital efficiency 11.9/25 · ROCE 13.1% · Operating margin 46% · 100% evidence Valuation 17.2/20 · P/E 4.3× · PEG 0.52 · 85% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -8.1% · 1 year -30.4% · 25% evidence · 2 of 5 weeks ahead Exact sum: 11.7 + 11.9 + 17.2 + 7.5 = 48.3 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 4. [Rico Auto Industries Ltd](https://www.sectoralpha.in/stocks/rico-auto-industries-ltd) RICOAUTO · quiet · Most evidence points down · 78% evidence 29.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.5/35 · Revenue 21.4% · Profit -0.5% · Operating margin change -5.3 points · 88% evidence Capital efficiency 7.5/25 · ROCE 9.2% · Operating margin 4.6% · 100% evidence Valuation 1.9/20 · P/E 37.5× · PEG 3 · 85% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -14.9% · 1 year 19% · 25% evidence · 2 of 12 weeks ahead Exact sum: 12.5 + 7.5 + 1.9 + 7.5 = 29.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Auto Ancillaries - Spare Parts Accessories](https://www.sectoralpha.in/sectors/auto-ancillaries-spare-parts-accessories), all 4 compared on one page. ## Which companies are close to Automotive Stampings & Assemblies in size? Automotive Stampings & Assemblies is the 4th largest of 4 Auto Ancillaries - Spare Parts Accessories companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Rico Auto Industries, India Motor Parts & Accessories and IST. It is the smallest. ### Auto Ancillaries - Spare Parts Accessories companies close in size

1. [Rico Auto Industries Ltd](https://www.sectoralpha.in/stocks/rico-auto-industries-ltd) ₹1,342 crore
2. [India Motor Parts & Accessories Ltd](https://www.sectoralpha.in/stocks/india-motor-parts-accessories-ltd) ₹1,256 crore
3. [IST Ltd](https://www.sectoralpha.in/stocks/ist-ltd) ₹701 crore
4. Automotive Stampings & Assemblies Ltd ₹695 crore

[All 4 Auto Ancillaries - Spare Parts Accessories companies, largest first](https://www.sectoralpha.in/sectors/auto-ancillaries-spare-parts-accessories#all-companies)

### Companies close in size in other industries

1. [Valiant Laboratories Ltd](https://www.sectoralpha.in/stocks/valiant-laboratories-ltd) ₹697 crore · Pharmaceuticals Bulk Drugs & Formulation
2. [Allcargo Terminals Ltd](https://www.sectoralpha.in/stocks/allcargo-terminals-ltd) ₹695 crore · Logistics
3. Automotive Stampings & Assemblies Ltd ₹695 crore
4. [SRIT India Ltd](https://www.sectoralpha.in/stocks/srit-india-ltd) ₹692 crore
5. [Kronox Lab Sciences Ltd](https://www.sectoralpha.in/stocks/kronox-lab-sciences-ltd) ₹691 crore · Speciality Chemicals

## What else do people ask about Automotive Stampings & Assemblies? ### What were Automotive Stampings & Assemblies's latest quarterly results? Automotive Stampings & Assemblies Ltd reported revenue of ₹337 Cr and net profit of ₹10.0 Cr for the Sep 2026 quarter. Revenue rose 59.0% and profit rose 150.0% compared with a year earlier. Earnings per share were ₹6.35 (as of 3 November 2026). ### What is Automotive Stampings & Assemblies's market cap? Automotive Stampings & Assemblies Ltd's market capitalisation is ₹701 Cr at a share price of ₹442.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### What is Automotive Stampings & Assemblies's P/E ratio? Automotive Stampings & Assemblies Ltd's P/E is 19.2×, higher than 1% of its own last 4 years. Its usual level (the middle reading) is 51.5×. This compares the price with the company's own past; it is not a view on what the shares are worth (as of 3 November 2026). ### How is Automotive Stampings & Assemblies valued against its own history? Against its own history, Automotive Stampings & Assemblies Ltd's valuation is low: its P/E of 19.2× has been lower only 1% of the time in 4 years (usual level 51.5×). This compares the price with the company's own past; it is not a view on what the shares are worth or where the price goes next. One thing to keep in mind: margins are the best this company has ever reported, and a multiple can look low when profit is at a record (as of 3 November 2026). ### How is Automotive Stampings & Assemblies performing? Automotive Stampings & Assemblies Ltd's share price has been falling for 6 weeks. In its latest quarter, revenue rose 59.0% and profit rose 150.0% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 16 weeks running (as of 3 November 2026). ### Will Automotive Stampings & Assemblies's share price go up? This page does not forecast Automotive Stampings & Assemblies Ltd's share price. What it shows instead: the share price is ₹442.00, and it has been falling for 6 weeks. Its P/E of 19.2× is higher than 1% of its own last 4 years (as of 3 November 2026). ### Who owns Automotive Stampings & Assemblies? Promoters own 75.0% of Automotive Stampings & Assemblies Ltd, foreign institutions 0.0%, domestic institutions 0.0% and the public 25.0% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 3 November 2026). ### Where is Automotive Stampings & Assemblies in its business cycle? Automotive Stampings & Assemblies Ltd's FY26 operating margin was 7.0%, against a 13-year range of −8.0% to 7.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 6.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Automotive Stampings & Assemblies story? The main question: yearly earnings per share moved +64.9% while the share price moved −18.9%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Automotive Stampings & Assemblies a stock worth studying right now? What the numbers show: Automotive Stampings & Assemblies Ltd's earnings have grown faster than its share price. Earnings per share grew +64.9% in a year while the price moved −18.9%. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.