Sterlite Technologies Ltd
STLTECHSterlite Technologies Ltd is strength at full price. The numbers are improving — and a P/E at the 100th percentile of its own range says the market knows.
The sharpest disagreement: the engine is strong, but at the 100th percentile of its own range you are paying full price for it.
The price is in a confirmed uptrend (25 weeks in) while the P/E sits at the 100th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +1,870.0% year on year, and 584% of the last 3 years' profit arrived as cash. What settles it: whether the earnings grow into the multiple.
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.
Sterlite Technologies Ltd trades at ₹557, in a confirmed uptrend and 25 weeks into that stage. That is +69.8% against its own 200-day average. It sits at 83% of a 52-week range of ₹88 to ₹653. 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 confirmed uptrend — week 25 of stage 2, confirmed. At ₹557 it trades +69.8% versus its 200-day average and sits at 83% of its 52-week range (₹88–₹653).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +1,149% while the NIFTY 500 moved +282% — 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.
Sterlite Technologies Ltd trades at 121.0× P/E, about the priciest it has ever traded. Its long-run median P/E is 19.5×, measured across 10.5 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 121.0× is about the priciest it has ever traded, against a long-run median of 19.5× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
The price move, decomposed: over 5y, of the +21.4%/yr price move, ~−12.5%/yr came from earnings growth and ~+33.9 pp from the multiple (expanding); over 10y, of the +24.1%/yr price move, ~+1.4%/yr came from earnings growth and ~+22.7 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 full against its own past, so the story rests on the earnings line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 133% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — 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).
Sterlite Technologies 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 8 quarters across 2 curves, 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 | +18.7% | −11.8% | −0.3% | +8.3% |
| Profit | — | −23.9% | −26.7% | −10.0% |
| EPS | — | −31.3% | −30.2% | −11.5% |
| Share price | +379.9% | +72.6% | +21.4% | +24.1% |
4-Factor Sector Score
57.6/100 — rank 1 of 5 in Cables - Telecom · 82% evidence confidence
Sterlite Technologies Ltd scores 57.6 out of 100 against the 5 companies it is compared with in Cables - Telecom, ranking 1. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 30.6 + 6.9 + 5.1 + 15 = 57.6. 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.
Sterlite Technologies Ltd reported ₹1,910 Cr of revenue in the Jun 26 quarter, +87.4% year on year. That is the 3rd straight quarter of year-on-year growth. Over 10 years it has compounded at 8.3% a year. The last full year, FY26, came in at ₹4,745 Cr. The last four reported quarters add to ₹5,642 Cr.
FY26 revenue came in at ₹4,745 Cr (+18.7% on the year), capping 10 years at 8.3% compound. The latest quarter (Jun 26) printed ₹1,910 Cr, +87.4% year on year — the 3rd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +36.7% growth against the decade's 8.3% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +36.2% over the last 4 quarters against +11.6%/yr over the last 8 — 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.
Sterlite Technologies Ltd's operating margin is 20.0% in the Jun 26 quarter, +7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 23.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 20.0%, +7.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–23.0%.
Why the margin moved: operating margin went +7.2 pp year on year while gross margin went −0.1 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.
Sterlite Technologies Ltd earned ₹197 Cr of net profit in the Jun 26 quarter, +1,870.0% year on year. Full-year FY26 profit was ₹56.0 Cr. The 10-year compound rate is −10.0%. That is 10.3% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr. 7 of the last 12 reported quarters were loss-making.
Jun 26 profit was ₹197 Cr, +1,870.0% year on year. On the full year, FY26 printed ₹56.0 Cr (null), and the 10-year compound rate is −10.0%.
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 584% of Sterlite Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹520 Cr of operating cash against ₹56.0 Cr of profit. After ₹352 Cr of capital spending, ₹168 Cr was left as free cash.
FY26: operating cash of ₹520 Cr against reported profit of ₹56.0 Cr, leaving free cash of ₹168 Cr after ₹352 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 584% 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 584%: the cash cycle stretched 107 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.
Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.
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).
Sterlite Technologies Ltd's cash conversion cycle runs 16 days in FY26, up from −91 days in FY21. Capital spending ran ₹558 Cr over the last 3 years. At FY26 sales of ₹4,745 Cr each day of that cycle holds about ₹13.0 Cr, so roughly ₹208 Cr sits inside the business at any moment.
FY26: debtors at 82 days, inventory at 139 days — roughly 4.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 16 days, looser than FY21's −91.
The full loop: cash goes out to suppliers and production on day 0; stock waits 139 days to sell; customers pay about 82 days after that; and suppliers themselves are paid at 204 days — netting out to the 16-day cycle.
In money terms: at FY26 sales of ₹4,745 Cr, each day of the cycle holds about ₹13.0 Cr — so the 16-day loop keeps roughly ₹208 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹558 Cr over the last 3 fiscal years against ₹943 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹19.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.
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.
Sterlite Technologies Ltd earns a ROCE of 8% in FY26. That is up from a trough of 3% in FY14. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 1.2% net margin on 0.75× asset turns.
FY26 ROCE is 8%, recovered from a FY14 trough of 3% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 1.2% net margin × 0.75× asset turns × 2.77× balance-sheet leverage ≈ 2.5% on equity. Margin does its share; leverage is a meaningful part of the equation.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 133% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
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.
Sterlite Technologies Ltd carries ₹1,942 Cr of borrowings against ₹2,268 Cr of equity in FY26, a debt-to-equity of 0.86. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹2,944 Cr to ₹1,942 Cr. Capital spending ran ₹558 Cr across the last 3 of those years.
FY26: borrowings of ₹1,942 Cr against equity of ₹2,268 Cr — a debt-to-equity of 0.86. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹2,944 Cr to ₹1,942 Cr while capital spending ran ₹558 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 133% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
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 11.4 points of Sterlite Technologies Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 19.7% of the company. Domestic institutions moved +2.6 points over the same window, to 13.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +11.4 points over 8 quarters to 19.7%; Domestic institutions: +2.6 points over 8 quarters to 13.3%; Promoters: −1.9 points over 8 quarters to 42.3%.
Why the register moved: foreign institutions drove it (+11.4 points), alongside domestic institutions (+2.6 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.
Sterlite Technologies 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 |
|---|---|---|---|---|---|---|
| 1Sterlite Technologies Ltdthis pageSTLTECH | 57.6/100Mixed-positive evidence82% evidence | LEADER | 30.6/35 Revenue 36.2% · PAT 100% · OPM change 7 pp 95% evidence | 6.9/25 ROCE 7.7% · OPM 20% 76% evidence | 5.1/20 P/E 121× · PEG — 50% evidence | 15.0/20 RS sector 69.3% · RS bench 127% · 1Y 375.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 30.6 + 6.9 + 5.1 + 15 = 57.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Birla Cable LtdBIRLACABLE | 55.3/100Mixed-positive evidence83% evidence | LEADER | 25.0/35 Revenue 16.5% · PAT 100% · OPM change 4 pp 83% evidence | 11.4/25 ROCE 9% · OPM 9% 95% evidence | 11.9/20 P/E 36.6× · PEG — 50% evidence | 7.0/20 RS sector -18.9% · RS bench 27.8% · 1Y 19.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25 + 11.4 + 11.9 + 7 = 55.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Paramount Communications LtdPARACABLES | 45.2/100Mixed-negative evidence83% evidence | LEADER | 11.5/35 Revenue 21.4% · PAT -32.2% · OPM change -1 pp 83% evidence | 10.9/25 ROCE 12.4% · OPM 5% 95% evidence | 8.2/20 P/E 35.6× · PEG — 50% evidence | 14.6/20 RS sector -9.4% · RS bench 39.2% · 1Y 11.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 11.5 + 10.9 + 8.2 + 14.6 = 45.2 · Decision use: Price leads the evidence: RS versus the benchmark is 39.2%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 4Finolex Cables LtdFINCABLES | 39.9/100Mixed-negative evidence96% evidence | FADING | 13.9/35 Revenue 18.9% · PAT 1.9% · OPM change -2 pp 88% evidence | 16.9/25 ROCE 16% · OPM 9% 100% evidence | 7.3/20 P/E 21.2× · PEG 2.78 100% evidence | 1.8/20 RS sector -30.1% · RS bench 10.3% · 1Y 9.9%9 of 12 weeks ahead 100% evidence |
| Exact sum: 13.9 + 16.9 + 7.3 + 1.8 = 39.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Vindhya Telelinks LtdVINDHYATEL | 39.9/100Mixed-negative evidence83% evidence | LEADER | 12.3/35 Revenue -11.3% · PAT 8.9% · OPM change 0 pp 83% evidence | 5.4/25 ROCE 8.2% · OPM 7% 95% evidence | 10.9/20 P/E 10.7× · PEG — 50% evidence | 11.3/20 RS sector -15.9% · RS bench 31.3% · 1Y 24.7%12 of 12 weeks ahead 100% evidence |
| Exact sum: 12.3 + 5.4 + 10.9 + 11.3 = 39.9 · 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 Sterlite Technologies Ltd's share price today?
Sterlite Technologies Ltd trades at ₹557, +379.9% over the past year. The company is valued at ₹28,627 Cr. The stock sits at 83% of its 52-week range of ₹88–₹653, +69.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 25 weeks in. — as of 31 July 2026.
What were Sterlite Technologies Ltd's latest quarterly results?
Sterlite Technologies Ltd reported revenue of ₹1,910 Cr and net profit of ₹197 Cr for the Jun 26 quarter. Revenue rose 87.4% and profit rose 1,870.0% year on year. Earnings per share were ₹4.04. The operating margin was 20.0%, 7.0 pp higher than a year earlier. — as of 31 July 2026.
What is Sterlite Technologies Ltd's revenue?
Sterlite Technologies Ltd reported revenue of ₹1,910 Cr in the Jun 26 quarter, +87.4% year on year. For the full FY26 fiscal year, revenue was ₹4,745 Cr (+18.7%). Over the last 10 years revenue compounded at 8.3% a year. — as of 31 July 2026.
What is Sterlite Technologies Ltd's profit?
Sterlite Technologies Ltd earned ₹197 Cr of net profit in the Jun 26 quarter, +1,870.0% year on year. Full-year FY26 profit was ₹56.0 Cr. The operating margin ran 20.0% in the latest quarter. — as of 31 July 2026.
What is Sterlite Technologies Ltd's market cap?
Sterlite Technologies Ltd's market capitalisation is ₹28,627 Cr at a share price of ₹557. 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 Sterlite Technologies Ltd's P/E ratio?
Sterlite Technologies Ltd trades at a P/E of 121.0×, at the 100th percentile of its own 11-year range, against a long-run median of 19.5×. This is a comparison with the stock's own history, not a value call — as of 31 July 2026.
Does Sterlite Technologies Ltd pay a dividend?
Not in its latest year — Sterlite Technologies Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 8 of its last 13 reported fiscal years, so there is a history but no current dividend. This page holds the payout ratio, not a per-share amount. — as of 31 July 2026.
Is Sterlite Technologies Ltd overvalued?
On its own history, Sterlite Technologies Ltd looks expensive against its own history: its P/E of 121.0× sits at the 100th percentile of its 11-year range (long-run median 19.5×). 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 Sterlite Technologies Ltd growing?
Yes — Sterlite Technologies Ltd is growing: latest-quarter revenue +87.4% year on year, profit +1,870.0%, and the margin +7.0 pp at 20.0%. The 10-year compound rates are 8.3% (revenue) and −10.0% (profit). The earnings engine currently reads: improving — as of 31 July 2026.
How is Sterlite Technologies Ltd performing?
Sterlite Technologies Ltd is in a confirmed uptrend, 25 weeks in. Its latest quarter's revenue rose 87.4% and profit rose 1,870.0% 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.
Is Sterlite Technologies Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 25 of stage 2), trading +69.8% versus its 200-day average and at 83% 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 Sterlite Technologies Ltd beating the market?
Not lately — on a trailing-13-week view Sterlite Technologies 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 +1,149% against the NIFTY 500's +282% — ahead of the index over the full window. — as of 31 July 2026.
Will Sterlite Technologies Ltd's share price go up?
This page publishes no price forecast for Sterlite Technologies Ltd. What it measures instead: the share price is ₹557, the price is in a confirmed uptrend 25 weeks in. Its P/E of 121.0× sits at the 100th percentile of its own 11-year range. — as of 31 July 2026.
Who owns Sterlite Technologies Ltd?
Promoters hold 42.3% of Sterlite Technologies Ltd, foreign institutions 19.7%, domestic institutions 13.3% and the public 24.7% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 11.4 points over 8 quarters. — as of 31 July 2026.
Does Sterlite Technologies Ltd have too much debt?
It is moderate — Sterlite Technologies Ltd's debt-to-equity is 0.86, and operating profit covers the interest bill 3×. FY26 borrowings were ₹1,942 Cr against equity of ₹2,268 Cr. Read the returns on this page with that leverage in mind — as of 31 July 2026.
What is Sterlite Technologies Ltd's capex?
Sterlite Technologies Ltd spent ₹558 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 ₹352 Cr, with ₹19.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 31 July 2026.
What is Sterlite Technologies Ltd's cash flow?
Sterlite Technologies Ltd generated ₹520 Cr of operating cash flow in FY26 and ₹168 Cr of free cash flow after ₹352 Cr of capital spending. Reported profit that year was ₹56.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 31 July 2026.
Is Sterlite Technologies Ltd's profit real cash?
Yes — over the last 3 fiscal years, 584% of Sterlite Technologies Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹520 Cr against reported profit of ₹56.0 Cr. The cash then goes into a mix of the working-capital cycle and capacity. Cash-flow resolution is annual — as of 31 July 2026.
Where is Sterlite Technologies Ltd in its business cycle?
Sterlite Technologies Ltd's FY26 operating margin was 12.0%, against a 13-year band of 10.0%–23.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 20.0%. 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 Sterlite Technologies Ltd story?
The sharpest disagreement: the engine is strong, but at the 100th percentile of its own range you are paying full price for it. 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 Sterlite Technologies Ltd a stock worth studying right now?
This is not investment advice. The machine read: Sterlite Technologies Ltd is strength at full price. The numbers are improving — and a P/E at the 100th percentile of its own range says the market knows. The sharpest open question: whether the earnings grow into the multiple. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 31 July 2026.