# Coca-Cola Consolidated share price today (Coca-Cola Consolidated, Inc., COKE) > Coca-Cola Consolidated, Inc.'s balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. COKE · Consumer Staples · Beverages - Non-Alcoholic · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/coke Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms ## Key numbers - Business trend: Mixed, from fewer quarters than usual - Price: $206.26 (+58.2% in a year) - P/E: 27.6× (higher than 94% of the last 5.3 years) - Revenue (Jul 2026): $2.1 B (+10.6% on a year ago) - Profit (Jul 2026): $159 M (−15.2% on a year ago) - Operating margin: 13.2% (−1.5 points on a year ago) - ROE: −77%, FY25 - ROIC: 23.1%, against a 6.8% cost of capital: +16.3 points The main question: the share price moved +58.2% in a year while yearly earnings per share moved −2.6%. The difference came from the market paying a higher multiple. ## What is the Coca-Cola Consolidated share price today? Coca-Cola Consolidated, Inc.'s share price was $206.26 at the close on 3 November 2026. It has been rising for 43 weeks. That is 10.0% above its average price over the last 200 trading days. In the last 52 weeks it traded between $138 and $217, and at that close it sat 87% of the way up from that low. Over the past 13 weeks it has done better than the S&P 500, and it has stayed ahead for 5 weeks in a row. Over the last 10 years the share price moved +1,320% while the S&P 500 moved +255%, 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. ## What dividend does Coca-Cola Consolidated pay? Coca-Cola Consolidated, Inc. paid $1.00 per share over the last four reported quarters. The most recent declaration was $0.25 for Jul 2026. At today's price of $206.26 that is a yield of 0.48%, based on dividends already paid, not a forecast. ## Which stock lists is Coca-Cola Consolidated on? Coca-Cola Consolidated is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is Coca-Cola Consolidated profitable? Coca-Cola Consolidated, Inc. earned $159 M of net profit in the Jul 2026 quarter, −15.2% on the same quarter a year earlier. Full-year FY25 profit was $571 M. Over 4 years profit has grown 31.7% a year on average. That is 7.7% of the quarter's revenue. The same quarter a year earlier earned $187 M. For the full year, FY25 profit was $571 M (−9.9% on the year before). Why profit moved: revenue changed +10.6% on a year earlier and the margin moved −1.5 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed −1.9% and revenue +10.8%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Coca-Cola Consolidated make, and is it growing? Coca-Cola Consolidated, Inc. reported $2.1 B of revenue in the Jul 2026 quarter, +10.6% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 4 years it has grown 6.8% a year on average. The last full year, FY25, came in at $7.2 B. The last four reported quarters add to $7.7 B. FY25 revenue was $7.2 B, +4.8% on the year before. Recent pace: the last four quarters grew +10.8% on average, against 6.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +10.7%, against +6.9% a year over the last 8 quarters (accelerating); profit over the last 12 months grew −6.1%, against +4.2% a year (rolling over). ## How much of every $100 of sales does Coca-Cola Consolidated keep? Coca-Cola Consolidated, Inc.'s operating margin was 13.2% in the Jul 2026 quarter, 1.5 percentage points lower than the same quarter a year ago. Across 5 years it has been between 7.9% and 13.3%. The latest quarter is within that range. Why the margin moved: operating margin changed −1.5 percentage points on the year while gross margin changed −2.1 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is Coca-Cola Consolidated's profit turning into cash? Over the last 3 years, 162% of Coca-Cola Consolidated, Inc.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $932 M of operating cash against $571 M of profit. After $312 M of spending on assets, $620 M was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does Coca-Cola Consolidated's cash go? Coca-Cola Consolidated, Inc. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $966 M on assets over the last 3 years. Averaged over those years that is 4.5% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $966 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Coca-Cola Consolidated's P/E ratio, and how does it compare with its own history? Coca-Cola Consolidated, Inc.'s P/E is 27.6×, near the high end of its own history: higher than 94% of past readings. Its usual P/E (the middle reading) is 19.5×, over 5.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Why the multiple is where it is: over the past year earnings per share moved −2.6% while the price moved +58.2%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +36.6% a year; about +26.1% a year came from earnings growth and about +10.5 percentage points from the multiple (the market paying more). 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 high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Coca-Cola Consolidated business getting better or worse? Coca-Cola Consolidated, Inc.'s business is giving mixed signals. There is no clear direction across the growth lines; each line tells part of the story. This is based on 12 quarters of 3 measures, with some gaps. Why it matters: when the lines disagree, each line above matters more than any single label. The return-on-capital line is not shown: net worth is negative, so a return on capital means nothing. The balance sheet is in distress, and this reading uses the growth lines alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## How much does Coca-Cola Consolidated earn on its capital? Coca-Cola Consolidated, Inc. earned a ROE of −77% in FY25. Its return on capital used (ROIC) is 16.3 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 7.9% net margin and 1.68× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 7.9% net margin × 1.68× asset turnover × −5.82× leverage (assets divided by equity) ≈ −77.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 23.1% − 6.8% = +16.3 percentage points. The 6.8% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. A gap this wide means each dollar put back into the business creates more than a dollar of value. The 23.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 27.6%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Coca-Cola Consolidated have too much debt? Coca-Cola Consolidated, Inc.'s net worth is negative: it owes more than it owns, so a debt-to-equity ratio means nothing here. Year by year, that ratio went from 1.32 in FY21 to −3.93 in FY25. So the returns on this page come from the business, not from borrowed money. ## What is the Coca-Cola Consolidated shareholding pattern? 4.8% of Coca-Cola Consolidated, Inc.'s tradable shares are in short positions, which are bets that the price will fall, so some traders are betting against it. At normal trading volumes, closing those positions would take about 5.1 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is Coca-Cola Consolidated from balance-sheet trouble? For Coca-Cola Consolidated, Inc., the Z-score is 3.83. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is well clear of danger. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 3.83 is well clear of the danger zone, so the balance sheet is not the risk here. ## How does Coca-Cola Consolidated rank in its industry? 63.7 out of 100, rank 2 of 13 in Beverages - Non-Alcoholic, with 56% of the evidence available. Coca-Cola Consolidated, Inc. scores 63.7 out of 100 against the 13 companies it is compared with in Beverages - Non-Alcoholic, ranking 2. Some evidence is missing, so the score is pulled toward the middle on purpose. The four parts add up to the total exactly: 21.5 + 18.8 + 10.6 + 12.8 = 63.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Coca-Cola Consolidated compared with? Coca-Cola Consolidated ranks 2 of 13 Beverages - Non-Alcoholic companies on the 4-Factor Sector Score, with 63.7 out of 100. 1. [The Coca-Cola Company](https://www.sectoralpha.in/us/stocks/ko) KO · breaking out · Too little evidence to rank firmly · 58% evidence 65.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.3/35 · Revenue n/a · Profit n/a · Operating margin change 8.8 points · 45% evidence Capital efficiency 17.7/25 · ROCE 19.6% · Operating margin 33.4% · 76% evidence Valuation 10.3/20 · P/E 25.2× · PEG n/a · 15% evidence Relative strength 16.4/20 · Lead over its industry 11.9% · Lead over S&P 500 12.5% · 1 year 34.4% · 100% evidence · 8 of 12 weeks ahead Exact sum: 21.3 + 17.7 + 10.3 + 16.4 = 65.7 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 2. Coca-Cola Consolidated, Inc. this page COKE · breaking out · Too little evidence to rank firmly · 56% evidence 63.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.5/35 · Revenue n/a · Profit n/a · Operating margin change 0.1 points · 39% evidence Capital efficiency 18.8/25 · ROCE 31.3% · Operating margin 13.2% · 76% evidence Valuation 10.6/20 · P/E 23.7× · PEG n/a · 15% evidence Relative strength 12.8/20 · Lead over its industry 7.2% · Lead over S&P 500 7.6% · 1 year 49.7% · 100% evidence · 7 of 12 weeks ahead Exact sum: 21.5 + 18.8 + 10.6 + 12.8 = 63.7 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 3. [The Vita Coco Company, Inc.](https://www.sectoralpha.in/us/stocks/coco) COCO · quiet · Evidence leans up · 81% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.7/35 · Revenue 26.1% · Profit 73.9% · Operating margin change 4.6 points · 83% evidence Capital efficiency 18.9/25 · ROCE 29.9% · Operating margin 19.9% · 76% evidence Valuation 12.9/20 · P/E 28.1× · PEG 0.89 · 65% evidence Relative strength 2.1/20 · Lead over its industry -5% · Lead over S&P 500 -4.6% · 1 year 41.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.7 + 18.9 + 12.9 + 2.1 = 61.6 · What this means: Earnings are strong; relative strength in its sector is -5% and the one-year return is 41.7%. 4. [Monster Beverage Corporation](https://www.sectoralpha.in/us/stocks/mnst) MNST · turning · Evidence leans up · 66% evidence 57.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.6/35 · Revenue 20.3% · Profit 35.1% · Operating margin change -0.7 points · 53% evidence Capital efficiency 17.7/25 · ROCE 29.1% · Operating margin 29.2% · 57% evidence Valuation 10.3/20 · P/E 44.2× · PEG 1.26 · 65% evidence Relative strength 11.3/20 · Lead over its industry 6.2% · Lead over S&P 500 6.7% · 1 year 35.3% · 100% evidence · 2 of 12 weeks ahead Exact sum: 18.6 + 17.7 + 10.3 + 11.3 = 57.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [PepsiCo, Inc.](https://www.sectoralpha.in/us/stocks/pep) PEP · turning · Evidence leans up · 81% evidence 56.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.1/35 · Revenue 6.4% · Profit 50.9% · Operating margin change 0 points · 83% evidence Capital efficiency 17.3/25 · ROCE 20.4% · Operating margin 16.9% · 76% evidence Valuation 16.2/20 · P/E 17.2× · PEG 0.34 · 65% evidence Relative strength 3.9/20 · Lead over its industry -10.7% · Lead over S&P 500 -10.7% · 1 year -4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19.1 + 17.3 + 16.2 + 3.9 = 56.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [National Beverage Corp.](https://www.sectoralpha.in/us/stocks/fizz) FIZZ · turning · Evidence leans up · 81% evidence 56.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.5/35 · Revenue -1.8% · Profit -7% · Operating margin change -3.7 points · 83% evidence Capital efficiency 20.4/25 · ROCE 48.9% · Operating margin 17.7% · 76% evidence Valuation 8.8/20 · P/E 16.9× · PEG 2.27 · 65% evidence Relative strength 12.8/20 · Lead over its industry 1.5% · Lead over S&P 500 1.6% · 1 year 9.7% · 100% evidence · 4 of 12 weeks ahead Exact sum: 14.5 + 20.4 + 8.8 + 12.8 = 56.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Keurig Dr Pepper Inc.](https://www.sectoralpha.in/us/stocks/kdp) KDP · turning · Evidence leans up · 66% evidence 54.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.2/35 · Revenue 27.5% · Profit -12.4% · Operating margin change -8.7 points · 53% evidence Capital efficiency 8.7/25 · ROCE 5.5% · Operating margin 12.9% · 57% evidence Valuation 13.5/20 · P/E 33.1× · PEG 0.86 · 65% evidence Relative strength 18.1/20 · Lead over its industry 10.6% · Lead over S&P 500 11.1% · 1 year 33.8% · 100% evidence · 6 of 12 weeks ahead Exact sum: 14.2 + 8.7 + 13.5 + 18.1 = 54.5 · What this means: Relative strength against the index is 11.1%, and revenue and profit growth are weak. 8. [Celsius Holdings, Inc.](https://www.sectoralpha.in/us/stocks/celh) CELH · turning · Evidence leans down · 66% evidence 39.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.2/35 · Revenue 83% · Profit -37.9% · Operating margin change -3.2 points · 53% evidence Capital efficiency 12.6/25 · ROCE 14.4% · Operating margin 19.1% · 57% evidence Valuation 3.5/20 · P/E 124.8× · PEG 3.06 · 65% evidence Relative strength 6.0/20 · Lead over its industry -22% · Lead over S&P 500 -22.4% · 1 year -27.8% · 100% evidence · 2 of 12 weeks ahead Exact sum: 17.2 + 12.6 + 3.5 + 6 = 39.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Coca-Cola Europacific Partners PLC](https://www.sectoralpha.in/us/stocks/ccep) CCEP · turning · Too little evidence to rank firmly · 49% evidence 55.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.1/35 · Revenue n/a · Profit n/a · Operating margin change 0 points · 19% evidence Capital efficiency 12.6/25 · ROCE 12.5% · Operating margin 13.4% · 76% evidence Valuation 10.9/20 · P/E 20.8× · PEG n/a · 15% evidence Relative strength 12.7/20 · Lead over its industry 6.9% · Lead over S&P 500 7.4% · 1 year 22% · 100% evidence · 4 of 12 weeks ahead Exact sum: 19.1 + 12.6 + 10.9 + 12.7 = 55.3 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 10. [Suja Life, Inc.](https://www.sectoralpha.in/us/stocks/suja) SUJA · turning · Too little evidence to rank firmly · 21% evidence 43.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/43.75 · Revenue n/a · Profit n/a · Operating margin change 2.9 points · 19% evidence Capital efficiency 8.9/31.25 · ROCE 8% · Operating margin 5.4% · 57% evidence Valuation 12.5/25 · P/E n/a · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 21.7 + 8.9 + 12.5 = 43.1 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 11. Zevia PBC ZVIA · Too little evidence to rank firmly · 28% evidence 41.0 out of 100 Growth Capital Valuation Relative 12. [Primo Brands Corporation](https://www.sectoralpha.in/us/stocks/prmb) PRMB · quiet · Too little evidence to rank firmly · 47% evidence 39.0 out of 100 Growth Capital Valuation Relative 13. Buda Juice, Inc. BUDA · Too little evidence to rank firmly · 36% evidence 37.3 out of 100 Growth Capital Valuation Relative Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. 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 S&P 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 path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Dec 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Beverages - Non-Alcoholic](https://www.sectoralpha.in/us/sectors/beverages-non-alcoholic), all 13 compared on one page. ## Which companies are close to Coca-Cola Consolidated in size? Coca-Cola Consolidated is the 7th largest of 13 Beverages - Non-Alcoholic companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Coca-Cola Europacific Partners PLC, Keurig Dr Pepper Inc. and Coca-Cola FEMSA, S.A.B. de C.V. Just below it: Celsius Holdings, Inc., Primo Brands Corporation and Embotelladora Andina S.A. ### Beverages - Non-Alcoholic companies close in size 1. [Coca-Cola Europacific Partners PLC](https://www.sectoralpha.in/us/stocks/ccep) $49.6 billion 2. [Keurig Dr Pepper Inc.](https://www.sectoralpha.in/us/stocks/kdp) $47.3 billion 3. [Coca-Cola FEMSA, S.A.B. de C.V.](https://www.sectoralpha.in/us/stocks/kof) $24.5 billion 4. Coca-Cola Consolidated, Inc. $13.7 billion 5. [Celsius Holdings, Inc.](https://www.sectoralpha.in/us/stocks/celh) $7.6 billion 6. [Primo Brands Corporation](https://www.sectoralpha.in/us/stocks/prmb) $7.5 billion 7. [Embotelladora Andina S.A.](https://www.sectoralpha.in/us/stocks/ako-b) $4.2 billion [All 13 Beverages - Non-Alcoholic companies, largest first](https://www.sectoralpha.in/us/sectors/beverages-non-alcoholic#all-companies) ### Companies close in size in other industries 1. [Penske Automotive Group, Inc.](https://www.sectoralpha.in/us/stocks/pag) $14 billion · Auto & Truck Dealerships 2. [Somnigroup International Inc.](https://www.sectoralpha.in/us/stocks/sgi) $14 billion · Furnishings, Fixtures & Appliances 3. Coca-Cola Consolidated, Inc. $13.9 billion 4. [BrightSpring Health Services, Inc.](https://www.sectoralpha.in/us/stocks/btsg) $13.9 billion · Health Information Services 5. [Jazz Pharmaceuticals plc](https://www.sectoralpha.in/us/stocks/jazz) $13.9 billion · Biotechnology ## What else do people ask about Coca-Cola Consolidated? ### What were Coca-Cola Consolidated's latest quarterly results? Coca-Cola Consolidated, Inc. reported revenue of $2.1 B and net profit of $159 M for the Jul 2026 quarter. Revenue rose 10.6% and profit fell 15.2% compared with a year earlier. Earnings per share were $2.38. The operating margin was 13.2%, 1.5 percentage points lower than a year earlier (as of 3 November 2026). ### What is Coca-Cola Consolidated's market cap? Coca-Cola Consolidated, Inc.'s market capitalisation is $13.7 B at a stock price of $206.26. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Coca-Cola Consolidated performing? Coca-Cola Consolidated, Inc.'s share price has been rising for 43 weeks. In its latest quarter, revenue rose 10.6% and profit fell 15.2% compared with a year earlier. Over the past 13 weeks it has done better than the S&P 500, for 5 weeks running (as of 3 November 2026). ### Will Coca-Cola Consolidated's stock price go up? This page does not forecast Coca-Cola Consolidated, Inc.'s stock price. What it shows instead: the stock price is $206.26, and it has been rising for 43 weeks. Its P/E of 27.6× is higher than 94% of its own last 5 years (as of 3 November 2026). ### Where is Coca-Cola Consolidated in its business cycle? Coca-Cola Consolidated, Inc.'s FY25 operating margin was 13.1%, against a 5-year range of 7.9% to 13.3%: the middle of its own range, neither a peak nor a low. The latest quarter was 13.2%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Coca-Cola Consolidated story? The main question: the share price moved +58.2% in a year while yearly earnings per share moved −2.6%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Coca-Cola Consolidated a stock worth studying right now? What the numbers show: Coca-Cola Consolidated, Inc.'s balance sheet is under water: its net worth is negative, so it owes more than it owns. This is a high-risk situation: shareholders can be wiped out by new shares or a restructuring before the business recovers. The main open question: whether the business can earn its way back to positive net worth before new shares or a restructuring get there first. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.