Borana Weaves Ltd
BORANABorana Weaves Ltd is coiled. The quarters are improving, yet the P/E sits at the 21st percentile of its own 1-year range — the business is moving before the market.
The sharpest disagreement: Foreign institutions moved −1.9 points over 4 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (38 weeks in) while the P/E sits at the 21st percentile of its own 1-year range. Underneath, the last four quarters read improving — profit +33.3% year on year, and 64% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
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.
Borana Weaves Ltd trades at ₹320, in a confirmed uptrend and 38 weeks into that stage. That is +1.6% against its own 200-day average. It sits at 59% of a 52-week range of ₹217 to ₹391. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).
Today the stock is in a confirmed uptrend — week 38 of stage 2. At ₹320 it trades +1.6% versus its 200-day average and sits at 59% of its 52-week range (₹217–₹391).
Against the market, two honest reads. Cumulative: over the last 1.2 years the stock moved +43% while the NIFTY 500 moved +3% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-08-07) — 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.
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.
Borana Weaves Ltd trades at 12.4× P/E, near the bottom of its own range — cheaper only 21% of the time. Its long-run median P/E is 13.3×, measured across 0.9 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 12.4× is near the bottom of its own range — cheaper only 21% of the time, against a long-run median of 13.3× measured over 0.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +20.3% against a +44.1% price move — the price outran earnings, pushing the multiple UP its own range.
Put together: the multiple is low 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.
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).
Borana Weaves 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 | +34.1% | +42.3% | — | — |
| Profit | +62.5% | +59.6% | — | — |
| EPS | +20.3% | −81.9% | — | — |
| Share price | +44.1% | — | — | — |
4-Factor Sector Score
67.9/100 — rank 1 of 5 in Textiles - Weaving · 71% evidence confidence
Borana Weaves Ltd scores 67.9 out of 100 against the 5 companies it is compared with in Textiles - Weaving, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
The four contributions add to the total exactly: 24.4 + 20.3 + 10 + 13.2 = 67.9. 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.
Borana Weaves Ltd reported ₹101 Cr of revenue in the Jun 26 quarter, +24.7% year on year. That is the 6th straight quarter of year-on-year growth. Over 4 years it has compounded at 74.5% a year. The last full year, FY26, came in at ₹389 Cr. The last four reported quarters add to ₹409 Cr.
FY26 revenue came in at ₹389 Cr (+34.1% on the year), capping 4 years at 74.5% compound. The latest quarter (Jun 26) printed ₹101 Cr, +24.7% year on year — the 6th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +32.5% growth against the decade's 74.5% — the current year is running slower than its own long-run rate.
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.
Borana Weaves Ltd's operating margin is 26.0% in the Jun 26 quarter, +5.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 12.0% to 24.0%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 26.0%, +5.0 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 12.0%–24.0%, and FY26's 24.0% is the top of that band — a record year.
Why the margin moved: operating margin went +4.4 pp year on year while gross margin went +5.5 pp — the gain came mostly from the gross line: input costs and pricing.
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.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Borana Weaves Ltd earned ₹16.0 Cr of net profit in the Jun 26 quarter, +33.3% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹65.0 Cr. The 4-year compound rate is 138.8%. That is 15.8% of the quarter's revenue. The same quarter a year earlier earned ₹12.0 Cr.
Jun 26 profit was ₹16.0 Cr, +33.3% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹65.0 Cr (+62.5%), and the 4-year compound rate is 138.8%.
Why profit moved: revenue contributed +24.7% and the margin +5.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +68.3% vs revenue +32.5%. 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.
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 64% of Borana Weaves Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹37.0 Cr of operating cash against ₹65.0 Cr of profit. After ₹179 Cr of capital spending, ₹−142 Cr was left as free cash.
FY26: operating cash of ₹37.0 Cr against reported profit of ₹65.0 Cr, leaving free cash of ₹−142 Cr after ₹179 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 64% 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 64%: the cash cycle held roughly steady between FY22 and FY26 — so conversion tracks profitability rather than the cycle. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: the bigger cash user is investment — capital spending ran 5.8× depreciation over three years, so the next section's job is to check what that build-out is buying.
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).
Borana Weaves Ltd's cash conversion cycle runs 98 days in FY26, down from 102 days in FY22. Capital spending ran ₹234 Cr over the last 3 years. At FY26 sales of ₹389 Cr each day of that cycle holds about ₹1.1 Cr, so roughly ₹104 Cr sits inside the business at any moment.
FY26: debtors at 22 days, inventory at 76 days — roughly 2.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 98 days, tighter than FY22's 102.
The full loop: cash goes out to suppliers and production on day 0; stock waits 76 days to sell; customers pay about 22 days after that; and suppliers themselves are paid at 0 days — netting out to the 98-day cycle.
In money terms: at FY26 sales of ₹389 Cr, each day of the cycle holds about ₹1.1 Cr — so the 98-day loop keeps roughly ₹104 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹234 Cr over the last 3 fiscal years against ₹40.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹81.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
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
Borana Weaves Ltd earns a ROCE of 33% in FY26. Return on invested capital clears the cost of that capital by +7.1 percentage points, so growth here adds value rather than only size. The wiring behind it is 16.7% net margin on 1.06× asset turns.
FY26 ROCE is 33%.
Why the return is what it is — the wiring (FY26): 16.7% net margin × 1.06× asset turns × 1.30× balance-sheet leverage ≈ 23.0% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 19.1% − 12.0% = a +7.1 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. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
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
Borana Weaves Ltd carries total debt of ₹71.0 Cr against shareholder equity of ₹282 Cr as of Mar 26, a debt-to-equity of 0.25 — effectively unlevered. On the annual view that ratio went from 1.48 in FY24 to 0.25 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹71.0 Cr against shareholder equity of ₹282 Cr — a debt-to-equity of 0.25. On the annual view, debt-to-equity went from 1.48 (FY24) to 0.25 (FY26). The returns on this page are earned, not borrowed.
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 cut 4.2 points of Borana Weaves Ltd over 4 quarters, the biggest move on the register. That takes domestic institutions to 2.8% of the company. Foreign institutions moved −1.9 points over the same window, to 1.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Domestic institutions: −4.2 points over 4 quarters to 2.8%; Foreign institutions: −1.9 points over 4 quarters to 1.7%; Promoters: +0.0 points over 4 quarters to 65.2%.
🚨 Why the register moved: domestic institutions drove it (−4.2 points), alongside foreign institutions (−1.9 points) — distribution into the market’s bid.
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.
Borana Weaves 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 | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Borana Weaves Ltdthis pageBORANA | 67.9/100Favorable setup71% evidence | ASLEEP | 24.4/35 Revenue 32.4% · PAT 64.3% · OPM change 5 pp 95% evidence | 20.3/25 ROCE 32.7% · OPM 26% 95% evidence | 10.0/20 P/E 12.4× · PEG — 0% evidence | 13.2/20 RS sector 1% · RS bench 3.6% · 1Y 45.3%0 of 12 weeks ahead 70% evidence |
| Exact sum: 24.4 + 20.3 + 10 + 13.2 = 67.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Siyaram Silk Mills LtdSIYSIL | 60.8/100Mixed-positive evidence97% evidence | LEADER | 19.9/35 Revenue 14.1% · PAT 25.3% · OPM change -1 pp 100% evidence | 13.1/25 ROCE 18.8% · OPM 4% 100% evidence | 15.3/20 P/E 12.2× · PEG 0.74 85% evidence | 12.5/20 RS sector -1.3% · RS bench 1.2% · 1Y 9.3%9 of 12 weeks ahead 100% evidence |
| Exact sum: 19.9 + 13.1 + 15.3 + 12.5 = 60.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Orbit Exports LtdORBTEXP | 55.8/100Mixed-positive evidence84% evidence | BREAKING OUT | 11.3/35 Revenue 3.5% · PAT -4.4% · OPM change 4 pp 95% evidence | 16.1/25 ROCE 14.6% · OPM 32% 95% evidence | 8.4/20 P/E 14.8× · PEG — 35% evidence | 20.0/20 RS sector 18.1% · RS bench 20.9% · 1Y 24.7%11 of 12 weeks ahead 100% evidence |
| Exact sum: 11.3 + 16.1 + 8.4 + 20 = 55.8 · Decision use: Price leads the evidence: RS versus the benchmark is 20.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 4Alok Industries LtdALOKINDS | 33.0/100Adverse evidence71% evidence | ASLEEP | 17.3/35 Revenue 3.9% · PAT 9% · OPM change 3.9 pp 74% evidence | 3.4/25 ROCE -4% · OPM 6% 100% evidence | 10.0/20 P/E — · PEG — 0% evidence | 2.3/20 RS sector -25.6% · RS bench -23.5% · 1Y -35.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.3 + 3.4 + 10 + 2.3 = 33 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5LS Industries LtdLSIND | 39.5/100Thin evidence · provisional47% evidence | 20.7/35 Revenue 100% · PAT 93.7% · OPM change 5339 pp 53% evidence | 5.8/25 ROCE -50.3% · OPM -54.4% 57% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.0/20 RS sector -26% · RS bench -33.2% · 1Y 0.6%4 of 12 weeks ahead to 2025-12-10 70% evidence | |
| Exact sum: 20.7 + 5.8 + 10 + 3 = 39.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. 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 curve the sector itself 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 widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Borana Weaves Ltd's share price today?
Borana Weaves Ltd trades at ₹320, +44.1% over the past year. The company is valued at ₹853 Cr. The stock sits at 59% of its 52-week range of ₹217–₹391, +1.6% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 38 weeks in. — as of 14 August 2026.
What were Borana Weaves Ltd's latest quarterly results?
Borana Weaves Ltd reported revenue of ₹101 Cr and net profit of ₹16.0 Cr for the Jun 26 quarter. Revenue rose 24.7% and profit rose 33.3% year on year. Earnings per share were ₹6.18. The operating margin was 26.0%, 5.0 pp higher than a year earlier. — as of 14 August 2026.
What is Borana Weaves Ltd's revenue?
Borana Weaves Ltd reported revenue of ₹101 Cr in the Jun 26 quarter, +24.7% year on year. For the full FY26 fiscal year, revenue was ₹389 Cr (+34.1%). Over the last 4 years revenue compounded at 74.5% a year. — as of 14 August 2026.
What is Borana Weaves Ltd's profit?
Borana Weaves Ltd earned ₹16.0 Cr of net profit in the Jun 26 quarter, +33.3% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹65.0 Cr. The operating margin ran 26.0% in the latest quarter. — as of 14 August 2026.
What is Borana Weaves Ltd's market cap?
Borana Weaves Ltd's market capitalisation is ₹853 Cr at a share price of ₹320. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is Borana Weaves Ltd's P/E ratio?
Borana Weaves Ltd trades at a P/E of 12.4×, at the 21st percentile of its own 1-year range, against a long-run median of 13.3×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does Borana Weaves Ltd pay a dividend?
No — Borana Weaves Ltd has recorded a dividend payout of 0% of profit in each of its last 5 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 14 August 2026.
Is Borana Weaves Ltd overvalued?
On its own history, Borana Weaves Ltd looks cheap: its P/E of 12.4× has been cheaper only 21% of the time in 1 years (long-run median 13.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 14 August 2026.
Is Borana Weaves Ltd growing?
Yes — Borana Weaves Ltd is growing: latest-quarter revenue +24.7% year on year, profit +33.3%, and the margin +5.0 pp at 26.0%. The 4-year compound rates are 74.5% (revenue) and 138.8% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is Borana Weaves Ltd performing?
Borana Weaves Ltd is in a confirmed uptrend, 38 weeks in. Its latest quarter's revenue rose 24.7% and profit rose 33.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 14 August 2026.
Is Borana Weaves Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 38 of stage 2), trading +1.6% versus its 200-day average and at 59% 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 14 August 2026.
Is Borana Weaves Ltd beating the market?
Not lately — on a trailing-13-week view Borana Weaves Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-08-07), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.2 years the stock moved +43% against the NIFTY 500's +3% — ahead of the index over the full window. — as of 14 August 2026.
Will Borana Weaves Ltd's share price go up?
This page publishes no price forecast for Borana Weaves Ltd. What it measures instead: the share price is ₹320, the price is in a confirmed uptrend 38 weeks in. Its P/E of 12.4× sits at the 21st percentile of its own 1-year range. — as of 14 August 2026.
Who owns Borana Weaves Ltd?
Promoters hold 65.2% of Borana Weaves Ltd, foreign institutions 1.7%, domestic institutions 2.8% and the public 30.3% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 4.2 points over 4 quarters. — as of 14 August 2026.
Does Borana Weaves Ltd have too much debt?
No — Borana Weaves Ltd's debt-to-equity is 0.25, and operating profit covers the interest bill 31×. FY26 borrowings were ₹71.0 Cr against equity of ₹282 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.
What is Borana Weaves Ltd's capex?
Borana Weaves Ltd spent ₹234 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 ₹179 Cr, with ₹81.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is Borana Weaves Ltd's cash flow?
Borana Weaves Ltd generated ₹37.0 Cr of operating cash flow in FY26 and ₹−142 Cr of free cash flow after ₹179 Cr of capital spending. Reported profit that year was ₹65.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is Borana Weaves Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 64% of Borana Weaves Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹37.0 Cr against reported profit of ₹65.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 14 August 2026.
Where is Borana Weaves Ltd in its business cycle?
Borana Weaves Ltd's FY26 operating margin was 24.0%, against a 5-year band of 12.0%–24.0%: 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 26.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the Borana Weaves Ltd story?
The sharpest disagreement: Foreign institutions moved −1.9 points over 4 quarters while the operating story went the other way — someone close to the numbers is not convinced. 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 14 August 2026.
Is Borana Weaves Ltd a stock worth studying right now?
This is not investment advice. The machine read: Borana Weaves Ltd is coiled. The quarters are improving, yet the P/E sits at the 21st percentile of its own 1-year range — the business is moving before the market. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.