Ceinsys Tech Ltd
CEINSYSCeinsys Tech Ltd's earnings have outrun its stock. EPS grew +75.7% in a year against a −52.1% price move.
The sharpest disagreement: profits are rising, but only 25% 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 downtrend (37 weeks in) while the P/E sits at the 19th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +68.2% year on year, and 25% 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.
Ceinsys Tech Ltd trades at ₹839, in a downtrend and 37 weeks into that stage. That is −20.4% against its own 200-day average. It sits at 0% of a 52-week range of ₹839 to ₹1,701. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (3 weeks and counting).
Today the stock is in a downtrend — week 37 of stage 4, confirmed. At ₹839 it trades −20.4% versus its 200-day average and sits at 0% of its 52-week range (₹839–₹1,701).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,675% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-07-10) — 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.
Ceinsys Tech Ltd trades at 13.1× P/E, near the bottom of its own range — cheaper only 19% of the time. Its long-run median P/E is 20.5×, measured across 10.4 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 13.1× is near the bottom of its own range — cheaper only 19% of the time, against a long-run median of 20.5× measured over 10.4 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 +75.7% against a −52.1% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +39.6%/yr price move, ~+104.5%/yr came from earnings growth and ~−64.9 pp from the multiple (compressing); over 10y, of the +30.2%/yr price move, ~+25.1%/yr came from earnings growth and ~+5.1 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
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: Mixed 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).
Ceinsys Tech Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +82.1% at its peak to +20.4% (single-quarter readings) but is still expanding, ROCE lifting at 27.0%. The read is built from 10 quarters across 3 curves, on partial evidence.
Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.
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.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +58.1% | +44.3% | +29.0% | +17.4% |
| Profit | +111.1% | +62.5% | +131.5% | +38.8% |
| EPS | +75.7% | +47.1% | +104.3% | +30.3% |
| Share price | −52.1% | +61.4% | +39.6% | +30.2% |
4-Factor Sector Score
65.3/100 — rank 1 of 3 in Geospatial · 84% evidence confidence
Ceinsys Tech Ltd scores 65.3 out of 100 against the 3 companies it is compared with in Geospatial, ranking 1. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15.6% and the one-year return is -44.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
The four contributions add to the total exactly: 31.9 + 21.5 + 11.9 + 0 = 65.3. 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.
Ceinsys Tech Ltd reported ₹171 Cr of revenue in the Mar 26 quarter, +20.4% year on year. That is the 10th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.4% a year. The last full year, FY26, came in at ₹661 Cr. The last four reported quarters add to ₹661 Cr.
FY26 revenue came in at ₹661 Cr (+58.1% on the year), capping 10 years at 17.4% compound. The latest quarter (Mar 26) printed ₹171 Cr, +20.4% year on year — the 10th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +66.4% growth against the decade's 17.4% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +58.1% over the last 4 quarters against +61.6%/yr over the last 8 — rolling over; TTM profit +109.4% vs +95.7%/yr — accelerating.
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.
Ceinsys Tech Ltd's operating margin is 24.0% in the Mar 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 25.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 24.0%, +5.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–25.0%.
Why the margin moved: operating margin went +4.8 pp year on year while gross margin went +0.7 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Ceinsys Tech Ltd earned ₹37.0 Cr of net profit in the Mar 26 quarter, +68.2% year on year. It is the 8th consecutive quarter of growth. Full-year FY26 profit was ₹133 Cr. The 10-year compound rate is 38.8%. That is 21.6% of the quarter's revenue. The same quarter a year earlier earned ₹22.0 Cr.
Mar 26 profit was ₹37.0 Cr, +68.2% year on year — the 8th consecutive quarter of growth. On the full year, FY26 printed ₹133 Cr (+111.1%), and the 10-year compound rate is 38.8%.
Why profit moved: revenue contributed +20.4% 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 +117.1% vs revenue +66.4%. 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 25% of Ceinsys Tech Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹3.0 Cr of operating cash against ₹133 Cr of profit. After ₹14.0 Cr of capital spending, ₹−11.0 Cr was left as free cash.
FY26: operating cash of ₹3.0 Cr against reported profit of ₹133 Cr, leaving free cash of ₹−11.0 Cr after ₹14.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 25% 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 25%: the cash cycle stretched 65 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 65 days — the next section's job is to find where the cash is stuck.
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).
Ceinsys Tech Ltd's cash conversion cycle runs −988 days in FY26, up from −1,053 days in FY21. Capital spending ran ₹70.0 Cr over the last 3 years. At FY26 sales of ₹661 Cr each day of that cycle holds about ₹1.8 Cr, so roughly ₹−1,789 Cr sits inside the business at any moment.
FY26: debtors at 83 days, inventory at 6 days — roughly 0.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −988 days, looser than FY21's −1,053.
The full loop: cash goes out to suppliers and production on day 0; stock waits 6 days to sell; customers pay about 83 days after that; and suppliers themselves are paid at 1,076 days — netting out to the −988-day cycle.
In money terms: at FY26 sales of ₹661 Cr, each day of the cycle holds about ₹1.8 Cr — so the −988-day loop keeps roughly ₹−1,789 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹70.0 Cr over the last 3 fiscal years against ₹24.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 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.
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
Ceinsys Tech Ltd earns a ROCE of 27% in FY26. That is up from a trough of 9% in FY21. Return on invested capital clears the cost of that capital by +8.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 20.1% net margin on 0.71× asset turns.
FY26 ROCE is 27%, recovered from a FY21 trough of 9% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 20.1% net margin × 0.71× asset turns × 1.38× balance-sheet leverage ≈ 19.7% 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: 20.8% − 12.0% = a +8.8 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
Ceinsys Tech Ltd carries total debt of ₹57.0 Cr against shareholder equity of ₹673 Cr as of Mar 26, a debt-to-equity of 0.08 — effectively unlevered. On the annual view that ratio went from 0.37 in FY22 to 0.08 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹57.0 Cr against shareholder equity of ₹673 Cr — a debt-to-equity of 0.08. On the annual view, debt-to-equity went from 0.37 (FY22) to 0.08 (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.
Foreign institutions added 5.8 points of Ceinsys Tech Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 10.1% of the company. Promoters moved −1.0 points over the same window, to 50.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +5.8 points over 8 quarters to 10.1%; Promoters: −1.0 points over 8 quarters to 50.9%; Domestic institutions: +0.2 points over 8 quarters to 0.2%.
Why the register moved: foreign institutions drove it (+5.8 points), absorbed on the other side by promoters (−1.0 points) — steady accumulation by institutions reading the same numbers this page reads.
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.
Ceinsys Tech 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 |
|---|---|---|---|---|---|---|
| 1Ceinsys Tech Ltdthis pageCEINSYS | 65.3/100Favorable setup84% evidence | ASLEEP | 31.9/35 Revenue 58.1% · PAT 100% · OPM change 5 pp 95% evidence | 21.5/25 ROCE 27.5% · OPM 24% 95% evidence | 11.9/20 P/E 13.1× · PEG — 35% evidence | 0.0/20 RS sector -15.6% · RS bench -28.5% · 1Y -44.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 31.9 + 21.5 + 11.9 + 0 = 65.3 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -15.6% and the one-year return is -44.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 2C.E. Info Systems LtdMAPMYINDIA | 40.7/100Mixed-negative evidence91% evidence | TURNING | 10.8/35 Revenue 2.4% · PAT -8.2% · OPM change 6 pp 100% evidence | 17.5/25 ROCE 19.1% · OPM 44% 100% evidence | 9.4/20 P/E 62.9× · PEG 2.33 85% evidence | 3.0/20 RS sector -10.3% · RS bench -11.7% · 1Y -35.6%3 of 10 weeks ahead 70% evidence |
| Exact sum: 10.8 + 17.5 + 9.4 + 3 = 40.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Genesys International Corporation LtdGENESYS | 26.9/100Adverse evidence71% evidence | ASLEEP | 4.7/35 Revenue 5.5% · PAT -41.1% · OPM change -20 pp 95% evidence | 9.2/25 ROCE 8.2% · OPM 33% 95% evidence | 10.0/20 P/E 31.4× · PEG — 0% evidence | 3.0/20 RS sector -21.5% · RS bench -30.1% · 1Y -55.1%5 of 10 weeks ahead 70% evidence |
| Exact sum: 4.7 + 9.2 + 10 + 3 = 26.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
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 Ceinsys Tech Ltd's share price today?
Ceinsys Tech Ltd trades at ₹839, −52.1% over the past year. The company is valued at ₹1,757 Cr. The stock sits at 0% of its 52-week range of ₹839–₹1,701, −20.4% versus its 200-day average. On the tape, the price is in a downtrend, 37 weeks in. — as of 31 July 2026.
What were Ceinsys Tech Ltd's latest quarterly results?
Ceinsys Tech Ltd reported revenue of ₹171 Cr and net profit of ₹37.0 Cr for the Mar 26 quarter. Revenue rose 20.4% and profit rose 68.2% year on year. Earnings per share were ₹17.75. The operating margin was 24.0%, 5.0 pp higher than a year earlier. — as of 31 July 2026.
What is Ceinsys Tech Ltd's revenue?
Ceinsys Tech Ltd reported revenue of ₹171 Cr in the Mar 26 quarter, +20.4% year on year. For the full FY26 fiscal year, revenue was ₹661 Cr (+58.1%). Over the last 10 years revenue compounded at 17.4% a year. — as of 31 July 2026.
What is Ceinsys Tech Ltd's profit?
Ceinsys Tech Ltd earned ₹37.0 Cr of net profit in the Mar 26 quarter, +68.2% year on year — the 8th straight quarter of growth. Full-year FY26 profit was ₹133 Cr. The operating margin ran 24.0% in the latest quarter. — as of 31 July 2026.
What is Ceinsys Tech Ltd's market cap?
Ceinsys Tech Ltd's market capitalisation is ₹1,757 Cr at a share price of ₹839. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 31 July 2026.
What is Ceinsys Tech Ltd's P/E ratio?
Ceinsys Tech Ltd trades at a P/E of 13.1×, at the 19th percentile of its own 10-year range, against a long-run median of 20.5×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does Ceinsys Tech Ltd pay a dividend?
Yes — Ceinsys Tech Ltd's dividend payout was 5% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.
Is Ceinsys Tech Ltd overvalued?
On its own history, Ceinsys Tech Ltd looks cheap against its own history: its P/E of 13.1× has been cheaper only 19% of the time in 10 years (long-run median 20.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 31 July 2026.
Is Ceinsys Tech Ltd growing?
Yes — Ceinsys Tech Ltd is growing: latest-quarter revenue +20.4% year on year, profit +68.2%, and the margin +5.0 pp at 24.0%. The 10-year compound rates are 17.4% (revenue) and 38.8% (profit). The earnings engine currently reads: improving — as of 31 July 2026.
How is Ceinsys Tech Ltd performing?
Ceinsys Tech Ltd is in a downtrend, 37 weeks in. Its latest quarter's revenue rose 20.4% and profit rose 68.2% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 31 July 2026.
What stage is Ceinsys Tech Ltd in?
Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +82.1% at its peak to +20.4% (single-quarter readings) but is still expanding, ROCE lifting at 27.0%. The read comes from the last 12 quarters of growth (revenue growth +20.4% latest, profit growth +68.2% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.
Is Ceinsys Tech Ltd in an uptrend?
No — the price is in a downtrend (week 37 of stage 4), trading −20.4% versus its 200-day average and at 0% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 31 July 2026.
Is Ceinsys Tech Ltd beating the market?
Not lately — on a trailing-13-week view Ceinsys Tech Ltd is currently behind the NIFTY 500 (3 weeks and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +1,675% against the NIFTY 500's +276% — ahead of the index over the full window. — as of 31 July 2026.
Will Ceinsys Tech Ltd's share price go up?
This page publishes no price forecast for Ceinsys Tech Ltd. What it measures instead: the share price is ₹839, the price is in a downtrend 37 weeks in. Its P/E of 13.1× sits at the 19th percentile of its own 10-year range. — as of 31 July 2026.
Who owns Ceinsys Tech Ltd?
Promoters hold 50.9% of Ceinsys Tech Ltd, foreign institutions 10.1%, domestic institutions 0.2% and the public 38.8% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 5.8 points over 8 quarters. — as of 31 July 2026.
Does Ceinsys Tech Ltd have too much debt?
No — Ceinsys Tech Ltd's debt-to-equity is 0.08, and operating profit covers the interest bill 24×. FY26 borrowings were ₹57.0 Cr against equity of ₹673 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.
What is Ceinsys Tech Ltd's capex?
Ceinsys Tech Ltd spent ₹70.0 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 ₹14.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is Ceinsys Tech Ltd's cash flow?
Ceinsys Tech Ltd generated ₹3.0 Cr of operating cash flow in FY26 and ₹−11.0 Cr of free cash flow after ₹14.0 Cr of capital spending. Reported profit that year was ₹133 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is Ceinsys Tech Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 25% of Ceinsys Tech Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹3.0 Cr against reported profit of ₹133 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 31 July 2026.
Where is Ceinsys Tech Ltd in its business cycle?
Ceinsys Tech Ltd's FY26 operating margin was 22.0%, against a 13-year band of 10.0%–25.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 24.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 31 July 2026.
What could break the Ceinsys Tech Ltd story?
The sharpest disagreement: profits are rising, but only 25% 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 31 July 2026.
Is Ceinsys Tech Ltd a stock worth studying right now?
This is not investment advice. The machine read: Ceinsys Tech Ltd's earnings have outrun its stock. EPS grew +75.7% in a year against a −52.1% 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 31 July 2026.