Prevest Denpro Ltd
PREVESTPrevest Denpro Ltd's earnings have outrun its stock. EPS grew +12.9% in a year against a −1.2% price move.
Biggest watch item: the price is not yet in a confirmed uptrend — timing risk, not thesis risk.
The price is in a downtrend (15 weeks in) while the P/E sits at the 15th percentile of its own 4-year range. Underneath, the last four quarters read improving — profit +15.5% year on year, and 72% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.
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.
Prevest Denpro Ltd trades at ₹425, in a downtrend and 15 weeks into that stage. That is −13.5% against its own 200-day average. It sits at 13% of a 52-week range of ₹401 to ₹586. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.
Today the stock is in a downtrend — week 15 of stage 4, confirmed. At ₹425 it trades −13.5% versus its 200-day average and sits at 13% of its 52-week range (₹401–₹586).
Against the market, two honest reads. Cumulative: over the last 4.4 years the stock moved +125% while the NIFTY 500 moved +49% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
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.
Prevest Denpro Ltd trades at 24.8× P/E, near the bottom of its own range — cheaper only 15% of the time. Its long-run median P/E is 32.5×, measured across 4.4 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 24.8× is near the bottom of its own range — cheaper only 15% of the time, against a long-run median of 32.5× measured over 4.4 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 +12.9% against a −1.2% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 3y, of the +11.9%/yr price move, ~+16.4%/yr came from earnings growth and ~−4.5 pp from the multiple (compressing). 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.
Stage: Improving 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).
Prevest Denpro Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 6 quarters ago at −8.8% and has held its recovery at +15.5% (single-quarter readings), ROCE slipping at 25.0%. The read is built from 9 quarters across 3 curves, on partial evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
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 | +12.5% | +18.4% | +22.3% | — |
| Profit | +12.5% | +14.5% | +29.2% | — |
| EPS | +12.9% | +16.3% | −61.4% | — |
| Share price | −1.2% | +11.9% | — | — |
4-Factor Sector Score
71.3/100 — rank 1 of 6 in Medical Equipment · 72% evidence confidence
Prevest Denpro Ltd scores 71.3 out of 100 against the 6 companies it is compared with in Medical Equipment, 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: 23.4 + 20.8 + 13.8 + 13.3 = 71.3. 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.
Prevest Denpro Ltd reported ₹18.4 Cr of revenue in the Dec 25 quarter, +23.0% year on year. That is the 6th straight quarter of year-on-year growth. Over 6 years it has compounded at 22.1% a year. The last full year, FY25, came in at ₹63.0 Cr. The last four reported quarters add to ₹71.3 Cr.
FY25 revenue came in at ₹63.0 Cr (+12.5% on the year), capping 6 years at 22.1% compound. The latest quarter (Dec 25) printed ₹18.4 Cr, +23.0% year on year — the 6th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +17.4% growth against the decade's 22.1% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +17.3% over the last 4 quarters against +14.9%/yr over the last 8 — stabilising; TTM profit +17.0% vs +11.5%/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.
Prevest Denpro Ltd's operating margin is 33.9% in the Dec 25 quarter, −0.6 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 20.0% to 40.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 33.9%, −0.6 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 20.0%–40.0%.
🚨 Why the margin moved: operating margin went −0.6 pp year on year while gross margin went +1.3 pp — the loss came mostly from the gross line: input costs and pricing.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Prevest Denpro Ltd earned ₹5.2 Cr of net profit in the Dec 25 quarter, +15.5% year on year. It is the 6th consecutive quarter of growth. Full-year FY25 profit was ₹18.0 Cr. The 6-year compound rate is 34.8%. That is 28.0% of the quarter's revenue. The same quarter a year earlier earned ₹4.5 Cr.
Dec 25 profit was ₹5.2 Cr, +15.5% year on year — the 6th consecutive quarter of growth. On the full year, FY25 printed ₹18.0 Cr (+12.5%), and the 6-year compound rate is 34.8%.
Why profit moved: revenue contributed +23.0% and the margin −0.6 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +17.5% vs revenue +17.4%. Profit and revenue are moving roughly in step.
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 72% of Prevest Denpro Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY25 that was ₹15.0 Cr of operating cash against ₹18.0 Cr of profit. After ₹2.0 Cr of capital spending, ₹13.0 Cr was left as free cash.
FY25: operating cash of ₹15.0 Cr against reported profit of ₹18.0 Cr, leaving free cash of ₹13.0 Cr after ₹2.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 72% 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 72%: the cash cycle stretched 189 days between FY20 and FY25 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: conversion is below par and the cash cycle has stretched 189 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).
Prevest Denpro Ltd's cash conversion cycle runs 211 days in FY25, up from 22 days in FY20. Capital spending ran ₹19.0 Cr over the last 3 years. At FY25 sales of ₹63.0 Cr each day of that cycle holds about ₹0.2 Cr, so roughly ₹36.0 Cr sits inside the business at any moment.
FY25: debtors at 45 days, inventory at 208 days — roughly 6.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 211 days, looser than FY20's 22.
The full loop: cash goes out to suppliers and production on day 0; stock waits 208 days to sell; customers pay about 45 days after that; and suppliers themselves are paid at 42 days — netting out to the 211-day cycle.
In money terms: at FY25 sales of ₹63.0 Cr, each day of the cycle holds about ₹0.2 Cr — so the 211-day loop keeps roughly ₹36.0 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹19.0 Cr over the last 3 fiscal years against ₹4.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY25) — 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.
Prevest Denpro Ltd earns a ROCE of 25% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 28.6% net margin on 0.56× asset turns.
FY25 ROCE is 25%.
Why the return is what it is — the wiring (FY25): 28.6% net margin × 0.56× asset turns × 1.07× balance-sheet leverage ≈ 17.1% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Prevest Denpro Ltd carries ₹0.0 Cr of borrowings against ₹106 Cr of equity in FY25, a debt-to-equity of 0.00. Over 5 years borrowings went from ₹2.0 Cr to ₹0.0 Cr. Capital spending ran ₹19.0 Cr across the last 3 of those years.
FY25: borrowings of ₹0.0 Cr against equity of ₹106 Cr — a debt-to-equity of 0.00. Over 5 years borrowings went from ₹2.0 Cr to ₹0.0 Cr while capital spending ran ₹19.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
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.
No holder of Prevest Denpro Ltd moved a full percentage point over the last two years — the register is quiet. Domestic institutions moved +0.1 points over the same window, to 0.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +0.3 points over 8 quarters to 0.7%; Domestic institutions: +0.1 points over 8 quarters to 0.8%; Promoters: +0.0 points over 8 quarters to 73.6%.
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.
Prevest Denpro 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 |
|---|---|---|---|---|---|---|
| 1Prevest Denpro Ltdthis pagePREVEST | 71.3/100Favorable setup72% evidence | 23.4/35 Revenue 17.3% · PAT 17% · OPM change -0.6 pp 83% evidence | 20.8/25 ROCE 25.2% · OPM 33.9% 76% evidence | 13.8/20 P/E 24.8× · PEG — 50% evidence | 13.3/20 RS sector 21.2% · RS bench -12.7% · 1Y -22.7%3 of 12 weeks ahead to 2026-03-08 70% evidence | |
| Exact sum: 23.4 + 20.8 + 13.8 + 13.3 = 71.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Laxmi Dental LtdLAXMIDENTL | 48.8/100Mixed-negative evidence74% evidence | TURNING | 23.1/35 Revenue 15.8% · PAT -9.4% · OPM change 2 pp 95% evidence | 11.8/25 ROCE 14.9% · OPM 18% 95% evidence | 10.3/20 P/E 35× · PEG — 15% evidence | 3.6/20 RS sector -18.5% · RS bench -16.5% · 1Y -53.6%11 of 11 weeks ahead 70% evidence |
| Exact sum: 23.1 + 11.8 + 10.3 + 3.6 = 48.8 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.5% and the one-year return is -53.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Poly Medicure LtdPOLYMED | 40.9/100Mixed-negative evidence94% evidence | TURNING | 12.6/35 Revenue 12.3% · PAT -5% · OPM change -6 pp 100% evidence | 11.6/25 ROCE 14% · OPM 21% 100% evidence | 4.3/20 P/E 52.7× · PEG 3.87 100% evidence | 12.4/20 RS sector 1.7% · RS bench 0.2% · 1Y -17.3%9 of 10 weeks ahead 70% evidence |
| Exact sum: 12.6 + 11.6 + 4.3 + 12.4 = 40.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Tarsons Products LtdTARSONS | 33.5/100Adverse evidence81% evidence | TURNING | 8.4/35 Revenue 7.7% · PAT -51.9% · OPM change -4.5 pp 95% evidence | 8.4/25 ROCE 4.6% · OPM 28.3% 95% evidence | 5.4/20 P/E 111× · PEG — 50% evidence | 11.3/20 RS sector -3.9% · RS bench 25.5% · 1Y -15.9%9 of 10 weeks ahead 70% evidence |
| Exact sum: 8.4 + 8.4 + 5.4 + 11.3 = 33.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Vasa Denticity LtdDENTALKART | 23.0/100Adverse evidence81% evidence | ASLEEP | 6.7/35 Revenue 12.1% · PAT -41.4% · OPM change -8.4 pp 95% evidence | 4.8/25 ROCE 8.6% · OPM 0.4% 95% evidence | 7.0/20 P/E 66.7× · PEG — 50% evidence | 4.5/20 RS sector -6% · RS bench -23.5% · 1Y -35.4%2 of 10 weeks ahead 70% evidence |
| Exact sum: 6.7 + 4.8 + 7 + 4.5 = 23 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Hemant Surgical Industries Ltd543916 | 56.6/100Thin evidence · provisional31% evidence | BREAKING OUT | 18.1/35 Revenue — · PAT — · OPM change 0 pp 10% evidence | 15.7/25 ROCE 19.6% · OPM 9% 76% evidence | 10.9/20 P/E 30.1× · PEG — 15% evidence | 11.9/20 RS sector — · RS bench 19.2% · 1Y —6 of 6 weeks ahead 25% evidence |
| Exact sum: 18.1 + 15.7 + 10.9 + 11.9 = 56.6 · 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 Prevest Denpro Ltd's share price today?
Prevest Denpro Ltd trades at ₹425, −1.2% over the past year. The company is valued at ₹510 Cr. The stock sits at 13% of its 52-week range of ₹401–₹586, −13.5% versus its 200-day average. On the tape, the price is in a downtrend, 15 weeks in. — as of 31 July 2026.
What were Prevest Denpro Ltd's latest quarterly results?
Prevest Denpro Ltd reported revenue of ₹18.4 Cr and net profit of ₹5.2 Cr for the Dec 25 quarter. Revenue rose 23.0% and profit rose 15.5% year on year. Earnings per share were ₹4.29. The operating margin was 33.9%, 0.6 pp lower than a year earlier. — as of 31 July 2026.
What is Prevest Denpro Ltd's revenue?
Prevest Denpro Ltd reported revenue of ₹18.4 Cr in the Dec 25 quarter, +23.0% year on year. For the full FY25 fiscal year, revenue was ₹63.0 Cr (+12.5%). Over the last 6 years revenue compounded at 22.1% a year. — as of 31 July 2026.
What is Prevest Denpro Ltd's profit?
Prevest Denpro Ltd earned ₹5.2 Cr of net profit in the Dec 25 quarter, +15.5% year on year — the 6th straight quarter of growth. Full-year FY25 profit was ₹18.0 Cr. The operating margin ran 33.9% in the latest quarter. — as of 31 July 2026.
What is Prevest Denpro Ltd's market cap?
Prevest Denpro Ltd's market capitalisation is ₹510 Cr at a share price of ₹425. 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 Prevest Denpro Ltd's P/E ratio?
Prevest Denpro Ltd trades at a P/E of 24.8×, at the 15th percentile of its own 4-year range, against a long-run median of 32.5×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does Prevest Denpro Ltd pay a dividend?
Yes — Prevest Denpro Ltd's dividend payout was 7% of profit in FY25, and it recorded a payout in 3 of its last 7 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.
Is Prevest Denpro Ltd overvalued?
On its own history, Prevest Denpro Ltd looks cheap against its own history: its P/E of 24.8× has been cheaper only 15% of the time in 4 years (long-run median 32.5×). 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 Prevest Denpro Ltd growing?
Yes — Prevest Denpro Ltd is growing: latest-quarter revenue +23.0% year on year, profit +15.5%, and the margin −0.6 pp at 33.9%. The 6-year compound rates are 22.1% (revenue) and 34.8% (profit). The earnings engine currently reads: improving — as of 31 July 2026.
How is Prevest Denpro Ltd performing?
Prevest Denpro Ltd is in a downtrend, 15 weeks in. Its latest quarter's revenue rose 23.0% and profit rose 15.5% year on year. Against the NIFTY 500 it has been ahead 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 Prevest Denpro Ltd in?
Improving — profit growth bottomed 6 quarters ago at −8.8% and has held its recovery at +15.5% (single-quarter readings), ROCE slipping at 25.0%. The read comes from the last 12 quarters of growth (revenue growth +23.0% latest, profit growth +15.5% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 31 July 2026.
Is Prevest Denpro Ltd in an uptrend?
No — the price is in a downtrend (week 15 of stage 4), trading −13.5% versus its 200-day average and at 13% 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 Prevest Denpro Ltd beating the market?
On recent form, yes — Prevest Denpro Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 4.4 years the stock moved +125% against the NIFTY 500's +49% — ahead of the index over the full window. — as of 31 July 2026.
Will Prevest Denpro Ltd's share price go up?
This page publishes no price forecast for Prevest Denpro Ltd. What it measures instead: the share price is ₹425, the price is in a downtrend 15 weeks in. Its P/E of 24.8× sits at the 15th percentile of its own 4-year range. — as of 31 July 2026.
Who owns Prevest Denpro Ltd?
Promoters hold 73.6% of Prevest Denpro Ltd, foreign institutions 0.7%, domestic institutions 0.8% and the public 25.0% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 31 July 2026.
Does Prevest Denpro Ltd have too much debt?
No — Prevest Denpro Ltd's debt-to-equity is 0.00. FY25 borrowings were ₹0.0 Cr against equity of ₹106 Cr. The returns on this page are earned, not borrowed — as of 31 July 2026.
What is Prevest Denpro Ltd's capex?
Prevest Denpro Ltd spent ₹19.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹2.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is Prevest Denpro Ltd's cash flow?
Prevest Denpro Ltd generated ₹15.0 Cr of operating cash flow in FY25 and ₹13.0 Cr of free cash flow after ₹2.0 Cr of capital spending. Reported profit that year was ₹18.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is Prevest Denpro Ltd's profit real cash?
Mostly — over the last 3 fiscal years, 72% of Prevest Denpro Ltd's reported profit arrived as operating cash. In FY25, operating cash was ₹15.0 Cr against reported profit of ₹18.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 31 July 2026.
Where is Prevest Denpro Ltd in its business cycle?
Prevest Denpro Ltd's FY25 operating margin was 35.0%, against a 7-year band of 20.0%–40.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 33.9%. 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 Prevest Denpro Ltd story?
Biggest watch item: the price is not yet in a confirmed uptrend — timing risk, not thesis risk. 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 Prevest Denpro Ltd a stock worth studying right now?
This is not investment advice. The machine read: Prevest Denpro Ltd's earnings have outrun its stock. EPS grew +12.9% in a year against a −1.2% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.