Venus Pipes & Tubes share price today

Venus Pipes & Tubes Ltd's share price was ₹1,843.00 at the close on 4 November 2026. It has been rising for 23 weeks. That is 14.3% above its average price over the last 200 trading days. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 38 weeks in a row.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Venus Pipes & Tubes Ltd is in stage 2. The phase helps read everything below.

In the last 52 weeks it traded between ₹937 and ₹2,284, and at that close it sat 67% of the way up from that low.

Over the last 4.4 years the share price moved +451% while the NIFTY 500 moved +55%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 11 quarters in a row (every quarter we can compare), profit up on a year earlier for 4 quarters in a row and highest quarterly revenue in 15 quarters.

1. Revenue up on a year earlier for 11 quarters in a row (every quarter we can compare)

   In the June 2026 quarter revenue was ₹321 crore, +16.3% on a year earlier.

   Why: Revenue rose because domestic sales grew strongly, led by oil and gas, chemicals, pharma and engineering demand.

   Next results: check whether exports pick up as geopolitical and container problems ease.

   From the earnings call on 10 Aug 2026.

2. Profit up on a year earlier for 4 quarters in a row

   In the June 2026 quarter profit was ₹26 crore, +4% on a year earlier.

   Why: Profit rose because higher steel prices lifted what the company earned per kg.

   Next results: check whether operating profit margin starts improving after the second quarter as management expects.

   From the earnings call on 10 Aug 2026.

3. Highest quarterly revenue in 15 quarters

   Revenue of ₹321 crore in the June 2026 quarter is the highest of the last 15 quarters.

   Why: Revenue hit a record because domestic sales grew strongly, led by oil and gas, chemicals, pharma and engineering demand.

   From the earnings call on 10 Aug 2026.

For April to June 2026 (the quarter ended 30 June 2026), Venus Pipes & Tubes reported revenue of ₹321 crore, up 16.3% from ₹276 crore a year earlier, and a profit of ₹26.0 crore, up 4.0% from ₹25.0 crore.

Venus Pipes & Tubes results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Venus Pipes & Tubes' management discussed these results on a call held on 10 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Venus Pipes & Tubes closed at ₹1,843.00 on 4 November 2026, up 44.4% from ₹1,276.15 a year earlier (7 November 2025) and up 31.2% over three years. Its highest weekly close since May 2022 was ₹2,430.75 on 30 August 2024.

Venus Pipes & Tubes share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

240 weekly closes from 27 May 2022 to 4 November 2026.

4 Nov 2026: Venus Pipes & Tubes closed at ₹1,843.00, up 2.3% on the week and down 16.5% on the month. Our read, 10 Oct 2026: The thesis requires delivered margin and cash improvement, with guidance changes treated as execution warnings.

Earlier

• 4 Sep 2026: ex-date for a dividend of ₹0.50 a share.
• 10 Aug 2026: Venus Pipes & Tubes held its results call for April to June 2026. Management guided: FY27 revenue growth maintained around 20%; CFO later stated above 20% for FY27-FY28, while business doubling by FY29-FY30 remains the ambition.
• Results for April to June 2026: Revenue up 16.3% and profit up 4.0% on a year earlier.
• 18 Nov 2025: ex-date for an interim dividend of ₹0.50 a share.

Our read of the business

The thesis requires delivered margin and cash improvement, with guidance changes treated as execution warnings.

Latest quarter: Orders improve, but the value-added ramp has yet to change reported profit.

Our read after the latest results, written 10 October 2026.

Venus Pipes & Tubes paid ₹1 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 0.05% at the ₹1,843.00 close on 4 November 2026. The last was a dividend of ₹0.50 a share, ex-date 4 September 2026.

Venus Pipes & Tubes dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Venus Pipes & Tubes Ltd paid out 2% of its profit as dividends in FY26, and it paid a dividend in 4 of its last 8 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 10 August 2026, Venus Pipes & Tubes' management guided: FY27 revenue growth maintained around 20%; CFO later stated above 20% for FY27-FY28, while business doubling by FY29-FY30 remains the ambition.

“The intent is to take margins to 18% over the next 2 years.”Arun Kothari, on the call for April to June 2026

What management guided

• Fittings volumes expected from Q2, contributing 5-7% of FY27 top line and 8-10% in FY28.
• Spooling facility to commence by end-Q3, contributing approximately 5% of FY27 top line and 10-15% in FY28.
• Operating margin planned around 18% over the next two years, with progressive quarterly improvement and a lift expected after Q2.
• Spooling capital spending around ₹70 crore; total FY27 capital spending approximately ₹100-110 crore across new projects, maintenance and solar.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 10 August 2026.

The changes showing up in Venus Pipes & Tubes' own numbers are a bigger order book and a bigger market to serve. It is too early to say whether they last.

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown.

Checked against results and calls up to April to June 2026, 10 October 2026.

The August summary reports a pipes-and-fittings order book above 600 crore and approximately 800 crore visibility including the 185 crore data-center LOI.

✓ fact

Our read after the latest results, written 10 October 2026.

If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis.

Each change stops working if

• Existing welded capacity absorbs incremental orders: Utilization rises without operating-margin improvement because variable costs or customer pricing absorb the benefit.
• Fittings approvals convert cross-supplying into higher-value revenue: Customer approvals do not convert into commercial orders or the new mix fails to improve blended profit.
• Spooling commercial execution extends the integrated offer: Facility commencement or customer acceptance slips enough to prevent the guided commercial contribution.
• Customer orders support the newly installed product basket: Orders fail to become invoiced deliveries or customers extend payment terms enough to absorb the earnings benefit.

The main risks

• Revenue growth fails to become incremental profit: Reported profit is flat across the latest quarterly slots despite rising revenue and operating profit. ⚠ estimate
• Guidance changes obscure the delivery test: The retained revenue ambition now relies more on pricing and mix after the volume expectation softened. ⚠ estimate
• Spooling customer and approval concentration: Facility spending precedes proof of repeatable accepted deliveries from the data-center opportunity. ⚠ estimate
• Export recovery remains externally dependent: The latest call reports lower export revenue despite order inflows and retains a recovery expectation. ⚠ estimate

Our read after the latest results, written 10 October 2026.

When Venus Pipes & Tubes reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: Order book stays above ₹600 crore (excluding the data-centre letter of intent) while quarterly revenue grows at least 15% over ₹292 crore and operating margin stays at or above 16%.

Venus Pipes & Tubes is on 2 of our India lists: Multibagger study list and AI & data centre stocks.

Venus Pipes & Tubes Ltd earned ₹26.0 Cr of net profit in the Jun 2026 quarter, +4.0% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹102 Cr. Over 7 years profit has grown 58.8% a year on average. That is 8.1% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹25.0 Cr.

For the full year, FY26 profit was ₹102 Cr (+9.7% on the year before).

Why profit moved: revenue changed +16.3% on a year earlier and the margin moved +0.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +16.3% and revenue +22.4%. Profit is growing slower than sales: rising costs are taking part of the growth.

FY26-Q4. Spooling broadens the strategy; the annual call statement needs reconciliation

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Venus Pipes & Tubes Ltd reported ₹321 Cr of revenue in the Jun 2026 quarter, +16.3% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 7 years it has grown 38.6% a year on average. The last full year, FY26, came in at ₹1,167 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹1,212 Cr.

FY26 revenue was ₹1,167 Cr, +21.7% on the year before.

Recent pace: the last four quarters grew +22.4% on average, against 38.6% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +21.9%, against +18.6% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +14.3%, against +4.1% a year (accelerating).

FY26-Q4. Spooling broadens the strategy; the annual call statement needs reconciliation

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Venus Pipes & Tubes Ltd's operating margin was 16.0% in the Jun 2026 quarter, about the same as the same quarter a year ago. Across 8 years it has been between 7.0% and 18.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why this happened. The latest call separates physical commencement from customer approvals and operating processes. This distinction prevents commissioning from being mistaken for delivered sales. Management expects the fittings contribution to begin in the next reporting quarter, but segment margins are not disclosed. Revenue contribution and blended profitability must therefore be checked together. Internal pipe usage and customer cross-sales are connected mechanisms, not separate additive earnings estimates.

In the latest quarter it moved +0.0 percentage points on the same quarter a year ago.

Why the margin moved: operating margin changed −0.1 percentage points on the year while gross margin changed +2.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

FY26-Q4. Spooling broadens the strategy; the annual call statement needs reconciliation

Why-sources: our stock research file (10 October 2026) and the company’s own results for those quarters.

Over the last 3 years, 83% of Venus Pipes & Tubes Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹112 Cr of operating cash against ₹102 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹170 Cr of spending on assets, free cash was −₹58.0 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 83% of profit came in as cash: the cash cycle got 68 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives.

What to look at next: the bigger use of cash is spending on new assets, at 7.2× depreciation over three years. The next section checks what that spending is building.

Venus Pipes & Tubes Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 124 days in FY26, up from 56 days in FY21. It spent ₹396 Cr on assets over the last 3 years. Customers take 81 days to pay, and stock sits for 183 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,167 Cr, each day of that cycle ties up about ₹3.2 Cr, so roughly ₹396 Cr is tied up in the business at any time.

FY26: customers took 81 days to pay and stock sat for 183 days, about 6.0 months of sales sitting as stock, for a full cycle of 124 days, longer than FY21's 56.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 183 days. Customers pay about 81 days after that. Suppliers are paid at 141 days. Together that makes the 124-day cycle.

Spending on assets: ₹396 Cr over the last 3 years, against ₹55.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹124 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Venus Pipes & Tubes Ltd's P/E is 40.7×, in the middle of its own history: higher than 60% of past readings. Its usual P/E (the middle reading) is 36.6×, over 4.4 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹50.09.

Why the multiple is where it is: over the past year earnings per share moved +8.2% while the price moved +44.4%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 3 years the price moved +9.5% a year; about +13.8% a year came from earnings growth and about −4.3 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Worked out from its price on 11 October 2026, Venus Pipes & Tubes Ltd's share price assumed profit growth of about 22.3% a year. Over the past 7 years its profit actually grew 58.8% a year. Today its P/E is 40.7×, higher than 60% of its own last 4.4 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.

Venus Pipes & Tubes Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 26.6%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: steady growth with healthy returns is how a business compounds over time.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Venus Pipes & Tubes Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: TROUGH.

NOT YET CHECKED

From the numbers. The operating-cycle engine identifies a trough in capital returns, while current margins sit…

From the price. Price stage 2, week 23, above its 200-day line, relative strength rising.

Where they disagree. The operating-cycle engine identifies a trough in capital returns, while current margins sit near their historical midpoint.

What is not proven yet. If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis.

What would change our mind. If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis.

The test written in advance. If fittings and spooling begin commercial sales but reported operating margin and quarterly profit still fail to improve, the integrated-product strategy is not retaining enough economic benefit to support the thesis. Measured by: the thesis as written as stated by the next result.

The test written in advance. Revenue growth fails to become incremental profit. Measured by: Revenue growth fails to become incremental profit Operating profit increases while net profit remains flat after fittings and spooling begin commercial sales. by the next result.

The test written in advance. Guidance changes obscure the delivery test. Measured by: Guidance changes obscure the delivery test Further lowering of volume or export expectations without a quantified bridge to the retained revenue guide. by the next result.

What the company does. Revenue continues to grow, while reported quarterly profit remains flat sequentially; financing and depreciation absorb part of the operating-profit improvement. Fittings approvals, welded utilization and spooling execution can improve the mix, but these are connected parts of the same integrated offer rather than additive independent profit pools. The thesis requires delivered margin and cash improvement, with guidance changes treated as execution warnings.

The key numbers to watch, and the level that would change the picture

Everything further down this page is evidence for or against these.

What the surface reading misses. The surface reading is: Higher revenue and operating profit suggest accelerating earnings. The research reads it further: Interest and depreciation also increased, while rounded operating margin stayed unchanged. More operating profit therefore does not flow through proportionately to net profit.

What the surface reading misses. The surface reading is: Revenue growth should generate operating leverage. The research reads it further: Operating margin is unchanged and interest and depreciation are higher than in the comparison quarter, limiting net-profit conversion.

• 1 · Operating leveragequiet
• 2 · Value-added mixbuilding
• 3 · Management changebuilding
• 4 · Paying down debtquiet
• 5 · Regulatory approvalquiet
• 6 · Order-book winsbuilding
• 7 · Consolidationquiet
• 8 · Demerger or value unlockquiet
• 9 · Buybackquiet
• 10 · New geographiesquiet
• 11 · More business from existing customersquiet
• 12 · New product launchquiet
• 13 · Mandatory normsquiet
• 14 · A bigger market to servequiet
• 15 · Market-share gainsquiet
• 16 · Asset qualityquiet

Lever 3 · Management change: building. Welded utilization leaves room to absorb orders, but incremental volume must exceed input and operating-cost offsets. What proves it keeps working: Existing welded capacity absorbs incremental orders. It stops working if Utilization rises without operating-margin improvement because variable costs or customer pricing absorb the benefit.

Lever 2 · Value-added mix: building. The fittings plant has commenced, but customer approvals determine commercial scale and the margin retained. What proves it keeps working: Fittings approvals convert cross-supplying into higher-value revenue. It stops working if Customer approvals do not convert into commercial orders or the new mix fails to improve blended profit.

Lever 6 · Order-book wins: building. The latest pipes-and-fittings order book increased, with repeat power customers and new engineering and chemical customers. What proves it keeps working: Customer orders support the newly installed product basket. It stops working if Orders fail to become invoiced deliveries or customers extend payment terms enough to absorb the earnings benefit.

Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table. Each row links to its section.

What Venus Pipes & Tubes Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Volume Growth Assumption Softened · 10 August 2026. In both the February 2026 and May 2026 calls, management said its more than 20% growth guidance should be achieved on the volume front. In the August 2026 call, management maintained more than 20% revenue growth but replaced the earlier 20% volume expectation with volume growth only stated as higher than 15%, creating a materially greater reliance on pricing and product mix that was not clearly reconciled with the prior guidance.

Export Outlook Reversal · 26 May 2026. In the Feb 2026 call, management defended slowing export growth by projecting confidence in a strong order book from the Middle East that would drive future volumes. However, in the May 2026 call, after export sales declined year-over-year, management contradicted this earlier optimism by citing the Middle East crisis as the reason for the drop, admitting they were not seeing much order flow from the region.

Pivot on Tariff Impact · 5 February 2026. In the November call, management dismissed the risk of US tariffs, explicitly stating they were 'neutral' and could pass costs to customers. However, in the February call, they completely shifted this narrative, attributing a sharp decline in export contribution directly to demand suppression caused by tariff uncertainty. Earlier call (Nov 2025): “The order what we are now taking, it”. Later call (Feb 2026): “There were a lot of apprehensions about potential tariff increases. Since that was resolved a few days ago. lack of clarity on other tariffs suppressed demand.”

Contradictory US Performance Narrative · 5 February 2026. Management retrospectively characterized Q2 US sales as 'lower' to align with the current slowdown, contradicting their statement during the Q2 call where they affirmed US share was stable at around 20% (consistent with Q1's 15-20%). This revisionism attempts to smooth the trajectory of the recent US decline. Earlier call (Nov 2025): “For the last quarter, primarily Q2, it was around 20% [of total export].” Later call (Feb 2026): “Our supply to the US was substantial in Q1 FY26, though Q2 and Q3 numbers were lower.”

Every quote above is taken word for word from the company’s own earnings calls.

No company-specific fraud finding, named live regulatory conduct case, proved lie or huge unowned miss surfaced. The automated forensic page gives no dated calculations and cannot establish misconduct.

Checked 14 October 2026.

Venus Pipes & Tubes Ltd earned a ROCE of 21% in FY26. Its return on capital used (ROIC) is 1.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 8.7% net margin and 0.90× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 8.7% net margin × 0.90× asset turnover × 1.94× leverage (assets divided by equity) ≈ 15.2% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 13.8% − 12.0% = +1.8 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error.

The 13.8% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 15.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Venus Pipes & Tubes Ltd has total debt of ₹287 Cr against shareholder equity of ₹668 Cr as of Jun 2026, so its debt is 0.43× its equity. Year by year, that ratio went from 0.50 in FY22 to 0.43 in FY26. Keep that borrowing in mind when reading the returns on this page.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Domestic institutions raised their stake in Venus Pipes & Tubes Ltd by 3.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 17.2% of the company. Foreign institutions moved −1.4 points over the same period, to 3.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Why this happened. The Operating Leverage Catapult applies conditionally. The latest call identifies utilization of existing welded assets as a margin lever, while domestic power and engineering orders provide demand. Existing capacity can spread fixed costs over more output; raw material and power costs remain variable, so revenue growth alone does not establish incremental profit. Integrated fittings and spooling orders may use the same pipes, and that benefit is counted here only as capacity absorption. The first earnings proof is rising operating margin alongside volume, followed by profit after financing and depreciation.

Over the last two years: Domestic institutions: +3.0 points over 8 quarters, to 17.2%; Foreign institutions: −1.4 points over 8 quarters, to 3.9%; Promoters: +0.5 points over 8 quarters, to 48.4%.

Why the owners changed: domestic institutions drove it (+3.0 points), with the other side taken by foreign institutions (−1.4 points). They raised their stake step by step.