# AYM Syntex share price today (AYM Syntex Ltd, NSE: AYMSYNTEX)

> AYM Syntex share price today: ₹276.64 at the NSE close on 3 November 2026, up 54.6% in a year. AYM Syntex (NSE: AYMSYNTEX) is worth ₹1,623 crore, trades at a P/E of 39.9 and has closed between ₹149.94 and ₹310.70 over the past 52 weeks. > AYM Syntex Ltd's results are improving, while its P/E is near the low end of its own history over 3.5 years, higher than only 2% of past readings. AYMSYNTEX · Textiles - Processing/Texturising · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/aym-syntex-ltd

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: ₹276.64 (+54.6% in a year)
- P/E: 39.9× (lower than 98% of the last 3.5 years)
- Revenue (Sep 2026): ₹451 Cr (+29.2% on a year ago)
- Profit (Sep 2026): ₹15.0 Cr
- Operating margin: 11.0% (+5.0 points on a year ago)
- ROCE: 5%, FY26
- ROIC: 7.5%, against a 12.0% cost of capital: −4.5 points

The main question: the share price moved +54.6% in a year while yearly earnings per share moved −43.7%. The difference came from the market paying a higher multiple. ## What is the AYM Syntex share price today? AYM Syntex Ltd's share price was ₹276.64 at the close on 3 November 2026. It has been rising for 28 weeks. That is 16.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹150 and ₹311, and at that close it sat 79% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 2 weeks in a row. Over the last 11 years the share price moved +178% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. 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 AYM Syntex this quarter? Three changes stood out: best operating margin in 10 quarters, foreign funds (FIIs) raised their stake for 3 quarters in a row and promoters cut their stake for 3 quarters in a row. 1. Best operating margin in 10 quarters Operating margin was 11% in the September 2026 quarter, against 6% a year earlier. 2. Foreign funds (FIIs) raised their stake for 3 quarters in a row From 3.2% to 3.7% of the company by the September 2026 quarter. 3. Promoters cut their stake for 3 quarters in a row From 65.9% to 65.7% of the company by the September 2026 quarter. ## What are AYM Syntex's latest quarterly results? For July to September 2026 (the quarter ended 30 September 2026), AYM Syntex reported revenue of ₹451 crore, up 29.2% from ₹349 crore a year earlier, and a profit of ₹15.0 crore. ### AYM Syntex results: July to September 2026 against a year earlier

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹451 crore | ₹349 crore | +29.2% |
| Profit | ₹15.0 crore | ₹0.00 crore | n/a |
| Earnings per share | ₹2.55 | ₹−0.07 | n/a |
| Operating margin | 11.0% | 6.0% | +5.0 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 AYM Syntex share price history? AYM Syntex closed at ₹276.64 on 3 November 2026, up 54.6% from ₹178.94 a year earlier (31 October 2025) and up 167.4% over five years. Its highest weekly close since March 2016 was ₹310.70 on 4 September 2026. ### AYM Syntex share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹226.15 | +22.3% |
| 1 month ago · 1 Oct 2026 | ₹281.95 | −1.9% |
| 6 months ago · 30 Apr 2026 | ₹233.18 | +18.6% |
| 1 year ago · 31 Oct 2025 | ₹178.94 | +54.6% |
| 3 years ago · 3 Nov 2023 | ₹69.00 | +300.9% |
| 5 years ago · 4 Nov 2021 | ₹103.45 | +167.4% |
| 10 years ago · 4 Nov 2016 | ₹77.75 | +255.8% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹99.35 | +178.4% |
| Highest weekly close since March 2016, also the 52-week high · 4 Sep 2026 | ₹310.70 | −11.0% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹14.55 | +1,801.3% |
| 52-week low (weekly close) · 23 Jan 2026 | ₹149.94 | +84.5% |

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. (563 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on AYM Syntex? 3 Nov 2026: AYM Syntex closed at ₹276.64, up 22.3% on the week and down 1.9% on the month. Results for July to September 2026: Revenue up 29.2% on a year earlier. ## What dividend does AYM Syntex pay? AYM Syntex has paid no dividend on the NSE since 1 April 2021, the start of the period we checked. No. AYM Syntex Ltd paid out 0% of its profit as dividends in each of its last 6 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 AYM Syntex on? AYM Syntex is not on any of our India lists this week. ## Is AYM Syntex profitable? AYM Syntex Ltd earned ₹15.0 Cr of net profit in the Sep 2026 quarter. Full-year FY26 profit was ₹7.0 Cr. That is 3.3% of the quarter's revenue. The same quarter a year earlier earned ₹0.0 Cr. 2 of the last 12 reported quarters were loss-making. For the full year, FY26 profit was ₹7.0 Cr (−41.7% on the year before). ## How much revenue does AYM Syntex make, and is it growing? AYM Syntex Ltd reported ₹451 Cr of revenue in the Sep 2026 quarter, +29.2% on the same quarter a year earlier. That is the 3rd quarter in a row with growth on the year before. Over 19 years it has grown 8.9% a year on average. The last full year, FY26, came in at ₹1,365 Cr. The last four reported quarters add to ₹1,492 Cr. FY26 revenue was ₹1,365 Cr, −8.3% on the year before. Recent pace: the last four quarters grew +6.0% on average, against 8.9% a year over the longer run, so this year is growing slower than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +5.5%, against +1.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +3,300.0%, against +19.0% a year (accelerating). ## How much of every ₹100 of sales does AYM Syntex keep? AYM Syntex Ltd's operating margin was 11.0% in the Sep 2026 quarter, 5.0 percentage points higher than the same quarter a year ago. Across 6 years it has been between 3.1% and 8.0%. The latest quarter is above every full year in that period. Why the margin moved: operating margin changed +5.5 percentage points on the year while gross margin changed −3.2 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is AYM Syntex's profit turning into cash? Over the last 3 years, 1,538% of AYM Syntex Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹151 Cr of operating cash against ₹7.0 Cr of profit. After ₹136 Cr of spending on assets, ₹15.0 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 1,538% of profit came in as cash: the cash cycle got 15 days longer between FY07 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 AYM Syntex's cash go? AYM Syntex Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 26 days in FY26, up from 11 days in FY07. It spent ₹270 Cr on assets over the last 3 years. Customers take 36 days to pay, and stock sits for 122 days on average. At FY26 sales of ₹1,365 Cr, each day of that cycle ties up about ₹3.7 Cr, so roughly ₹97.0 Cr is tied up in the business at any time. FY26: customers took 36 days to pay and stock sat for 122 days, about 4.0 months of sales sitting as stock, for a full cycle of 26 days, longer than FY07's 11. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 122 days. Customers pay about 36 days after that. Suppliers are paid at 132 days. Together that makes the 26-day cycle. Spending on assets: ₹270 Cr over the last 3 years, against ₹182 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 ₹42.0 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 AYM Syntex's P/E ratio, and how does it compare with its own history? AYM Syntex Ltd's P/E is 39.9×, about the lowest it has ever been. Its usual P/E (the middle reading) is 82.5×, over 3.5 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 ₹5.81. Why the multiple is where it is: over the past year earnings per share moved −43.7% while the price moved +54.6%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 3 years the price moved +58.9% a year; about +258.5% a year came from earnings growth and about −199.6 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 AYM Syntex business getting better or worse? AYM Syntex Ltd's business is giving mixed signals. There is no clear direction across the growth lines, with ROCE falling at 5.6%; 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. The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading. ## How much does AYM Syntex earn on its capital? AYM Syntex Ltd earned a ROCE of 5% in FY26. That is up from a low of 3% in FY08. Its return on capital used (ROIC) is 4.5 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 0.5% net margin and 1.27× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 0.5% net margin × 1.27× asset turnover × 1.82× leverage (assets divided by equity) ≈ 1.2% 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: 7.5% − 12.0% = −4.5 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. Negative: growth at these returns loses value until returns improve. The 7.5% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 2.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does AYM Syntex have too much debt? AYM Syntex Ltd has total debt of ₹188 Cr against shareholder equity of ₹589 Cr as of Jun 2026, so its debt is 0.32× its equity. Year by year, that ratio went from 0.71 in FY22 to 0.32 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the AYM Syntex shareholding pattern? Promoters cut their stake in AYM Syntex Ltd by 7.7 percentage points over 8 quarters, the biggest change among its owners. Promoters now own 65.7% of the company. Foreign institutions moved +3.7 points over the same period, to 3.7%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Promoters: −7.7 points over 8 quarters, to 65.7%; Foreign institutions: +3.7 points over 8 quarters, to 3.7%; Domestic institutions: +0.5 points over 8 quarters, to 0.5%. Why the owners changed: promoters drove it (−7.7 points), with the other side taken by foreign institutions (+3.7 points). They reduced their stake. ## How far is AYM Syntex from balance-sheet trouble? For AYM Syntex 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 AYM Syntex rank in its industry? 51.2 out of 100, rank 4 of 6 in Textiles - Processing/Texturising, with 84% of the evidence available. AYM Syntex Ltd scores 51.2 out of 100 against the 6 companies it is compared with in Textiles - Processing/Texturising, ranking 4. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 20.2 + 9.1 + 8.7 + 13.2 = 51.2. 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 AYM Syntex compared with? AYM Syntex ranks 4 of 6 Textiles - Processing/Texturising companies on the 4-Factor Sector Score, with 51.2 out of 100. 1. [Sunrakshakk Industries India Ltd](https://www.sectoralpha.in/stocks/sunrakshakk-industries-india-ltd) SUNRAKSHAK · breaking out · Most evidence points up · 74% evidence 69.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.5/35 · Revenue 100% · Profit 100% · Operating margin change -4.6 points · 88% evidence Capital efficiency 17.3/25 · ROCE 14.8% · Operating margin 10.2% · 100% evidence Valuation 14.1/20 · P/E 52.8× · PEG 0.63 · 65% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 26.4% · 1 year 53% · 25% evidence · 4 of 5 weeks ahead Exact sum: 25.5 + 17.3 + 14.1 + 12.5 = 69.4 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Raj Rayon Industries Ltd](https://www.sectoralpha.in/stocks/raj-rayon-industries-ltd) RAJRILTD · turning · Evidence leans up · 64% evidence 59.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 23.9% · Profit 49% · Operating margin change 2.5 points · 88% evidence Capital efficiency 14.7/25 · ROCE 13.6% · Operating margin 8.4% · 100% evidence Valuation 10.3/20 · P/E 31.2× · PEG n/a · 15% evidence Relative strength 8.3/20 · Lead over its industry n/a · Lead over NIFTY 500 -5.8% · 1 year -20% · 25% evidence · 6 of 12 weeks ahead Exact sum: 26 + 14.7 + 10.3 + 8.3 = 59.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Sarla Performance Fibers Ltd](https://www.sectoralpha.in/stocks/sarla-performance-fibers-ltd) SARLAPOLY · turning · Evidence leans up · 81% evidence 55.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.5/35 · Revenue -1.4% · Profit -80% · Operating margin change 13 points · 88% evidence Capital efficiency 13.8/25 · ROCE 10.5% · Operating margin 24% · 100% evidence Valuation 18.7/20 · P/E 9.4× · PEG 0.53 · 100% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 6.6% · 1 year 1.2% · 25% evidence · 1 of 12 weeks ahead Exact sum: 12.5 + 13.8 + 18.7 + 10.9 = 55.9 · 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. AYM Syntex Ltd this page AYMSYNTEX · leader · Evidence leans up · 84% evidence 51.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.2/35 · Revenue 5.5% · Profit 100% · Operating margin change 5 points · 74% evidence Capital efficiency 9.1/25 · ROCE 5.4% · Operating margin 11% · 100% evidence Valuation 8.7/20 · P/E 35.8× · PEG 1.9 · 65% evidence Relative strength 13.2/20 · Lead over its industry 22.2% · Lead over NIFTY 500 21.3% · 1 year 38.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 20.2 + 9.1 + 8.7 + 13.2 = 51.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Vishal Fabrics Ltd](https://www.sectoralpha.in/stocks/vishal-fabrics-ltd) VISHAL · Evidence leans up · 69% evidence 50.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.6/43.75 · Revenue 5.4% · Profit 26.3% · Operating margin change -2.1 points · 88% evidence Capital efficiency 12.1/31.25 · ROCE 10% · Operating margin 5.1% · 100% evidence Valuation 19.9/25 · P/E 14× · PEG 0.52 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 18.6 + 12.1 + 19.9 = 50.6 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 6. [Bombay Dyeing & Manufacturing Company Ltd](https://www.sectoralpha.in/stocks/bombay-dyeing-manufacturing-company-ltd) BOMDYEING · quiet · Most evidence points down · 64% evidence 23.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.4/35 · Revenue -2.5% · Profit -80% · Operating margin change 3.6 points · 88% evidence Capital efficiency 0.1/25 · ROCE 1.3% · Operating margin -0.1% · 100% evidence Valuation 8.5/20 · P/E 85× · PEG n/a · 15% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -22.2% · 1 year -46.3% · 25% evidence · 0 of 12 weeks ahead Exact sum: 7.4 + 0.1 + 8.5 + 7.5 = 23.5 · 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: [Textiles - Processing/Texturising](https://www.sectoralpha.in/sectors/textiles-processing-texturising), all 6 compared on one page. ## Which companies are close to AYM Syntex in size? AYM Syntex is the 2nd largest of 6 Textiles - Processing/Texturising companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Bombay Dyeing & Manufacturing Company. Just below it: Sunrakshakk Industries India, Raj Rayon Industries, Sarla Performance Fibers and Vishal Fabrics. ### Textiles - Processing/Texturising companies close in size

1. [Bombay Dyeing & Manufacturing Company Ltd](https://www.sectoralpha.in/stocks/bombay-dyeing-manufacturing-company-ltd) ₹1,822 crore
2. AYM Syntex Ltd ₹1,455 crore
3. [Sunrakshakk Industries India Ltd](https://www.sectoralpha.in/stocks/sunrakshakk-industries-india-ltd) ₹1,095 crore
4. [Raj Rayon Industries Ltd](https://www.sectoralpha.in/stocks/raj-rayon-industries-ltd) ₹1,084 crore
5. [Sarla Performance Fibers Ltd](https://www.sectoralpha.in/stocks/sarla-performance-fibers-ltd) ₹741 crore
6. [Vishal Fabrics Ltd](https://www.sectoralpha.in/stocks/vishal-fabrics-ltd) ₹497 crore

[All 6 Textiles - Processing/Texturising companies, largest first](https://www.sectoralpha.in/sectors/textiles-processing-texturising#all-companies)

### Companies close in size in other industries

1. [Meghna Infracon Infrastructure Ltd](https://www.sectoralpha.in/stocks/meghna-infracon-infrastructure-ltd) ₹1,462 crore · Finance - Capital Markets - Brokers
2. [Summit Securities Ltd](https://www.sectoralpha.in/stocks/summit-securities-ltd) ₹1,460 crore · Finance - Capital Markets - Brokers
3. AYM Syntex Ltd ₹1,455 crore
4. [HPL Electric & Power Ltd](https://www.sectoralpha.in/stocks/hpl-electric-power-ltd) ₹1,452 crore · Capital Goods - Electric General
5. [Aurum Proptech Ltd](https://www.sectoralpha.in/stocks/aurum-proptech-ltd) ₹1,451 crore · IT Enabled Services

## What else do people ask about AYM Syntex? ### What is AYM Syntex's share price today? AYM Syntex Ltd's share price is ₹276.64, +54.6% over the past year. The whole company is worth ₹1,623 Cr on the market. In the last 52 weeks it traded between ₹150 to ₹311; today it is 79% of the way up from the low, 16.5% above its 200-day average (as of 3 November 2026). ### What were AYM Syntex's latest quarterly results? AYM Syntex Ltd reported revenue of ₹451 Cr and net profit of ₹15.0 Cr for the Sep 2026 quarter. Earnings per share were ₹2.55. The operating margin was 11.0%, 5.0 percentage points higher than a year earlier (as of 3 November 2026). ### What is AYM Syntex's market cap? AYM Syntex Ltd's market capitalisation is ₹1,623 Cr at a share price of ₹276.64. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is AYM Syntex performing? AYM Syntex Ltd's share price has been rising for 28 weeks. Over the past 13 weeks it has done better than the NIFTY 500, for 2 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will AYM Syntex's share price go up? This page does not forecast AYM Syntex Ltd's share price. What it shows instead: the share price is ₹276.64, and it has been rising for 28 weeks. Its P/E of 39.9× is higher than 2% of its own last 4 years (as of 3 November 2026). ### Where is AYM Syntex in its business cycle? AYM Syntex Ltd's FY26 operating margin was 7.0%, against a 6-year range of 3.1% to 8.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 11.0%. 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 AYM Syntex story? The main question: the share price moved +54.6% in a year while yearly earnings per share moved −43.7%. The difference came from the market paying a higher multiple. 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 AYM Syntex a stock worth studying right now? What the numbers show: AYM Syntex Ltd's results are improving, while its P/E is near the low end of its own history over 3.5 years, higher than only 2% of past readings. The main open question: whether earnings grow into a price that has already moved. 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.