# Deluxe share price today (Deluxe Corporation, DLX)

> Deluxe Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. DLX · Industrials · Conglomerates · data as of 4 November 2026. Page: https://www.sectoralpha.in/us/stocks/dlx

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: $23.42 (+13.1% in a year)
- P/E: 13.6×, over 1 year
- Revenue (Jun 2026): $499 M (−4.2% on a year ago)
- Profit (Jun 2026): $19.1 M (−14.7% on a year ago)
- Operating margin: 12.2% (+0.1 points on a year ago)
- ROE: 12%, FY25
- ROIC: 7.1%, against a 6.3% cost of capital: +0.8 points

The main question: yearly earnings per share moved +52.9% while the share price moved +13.1%. ## What is the Deluxe share price today? Deluxe Corporation's share price was $23.42 at the close on 4 November 2026. That is 7.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between $20 and $32, and at that close it sat 31% of the way up from that low. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 9 weeks running. Over the last 1 year the share price moved +43% while the S&P 500 moved +23%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 4 September 2026. 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 Deluxe pay? Deluxe Corporation paid $1.20 per share over the last four reported quarters. The most recent declaration was $0.30 for Jun 2026. At today's price of $23.42 that is a yield of 5.12%, based on dividends already paid, not a forecast. ## Which stock lists is Deluxe on? Deluxe 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 Deluxe profitable? Deluxe Corporation earned $19.1 M of net profit in the Jun 2026 quarter, −14.7% on the same quarter a year earlier. Full-year FY25 profit was $82.1 M. Over 4 years profit has grown 7.0% a year on average. That is 3.8% of the quarter's revenue. The same quarter a year earlier earned $22.4 M. 1 of the last 12 reported quarters were loss-making. For the full year, FY25 profit was $82.1 M (+55.5% on the year before). Why profit moved: revenue changed −4.2% on a year earlier and the margin moved +0.1 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +103.4% and revenue +0.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra dollar of revenue adds more to profit. ## How much revenue does Deluxe make, and is it growing? Deluxe Corporation reported $499 M of revenue in the Jun 2026 quarter, −4.2% on the same quarter a year earlier. Over 4 years it has grown 1.3% a year on average. The last full year, FY25, came in at $2.1 B. The last four reported quarters add to $2.1 B. FY25 revenue was $2.1 B, +0.5% on the year before. Recent pace: the last four quarters grew +0.3% on average, against 1.3% 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 +0.3%, against −0.8% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +73.7%, against +62.2% a year (accelerating). ## How much of every $100 of sales does Deluxe keep? Deluxe Corporation's operating margin was 12.2% in the Jun 2026 quarter, 0.1 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 5 years it has been between 9.8% and 12.5%. The latest quarter is within that range. Across 5 years it has been between 9.8% and 12.5%, and FY25's 12.5% is the highest of them. Why the margin moved: operating margin changed +0.1 percentage points on the year while gross margin changed −1.6 points. So the gain came mostly from the gross margin, which means input costs and prices charged. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is Deluxe's profit turning into cash? Over the last 3 years, 412% of Deluxe Corporation's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $271 M of operating cash against $82.1 M of profit. After $95.3 M of spending on assets, $175 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 Deluxe's cash go? Deluxe Corporation 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 $290 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: $290 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 Deluxe's P/E ratio, and how does it compare with its own history? Deluxe Corporation's P/E is 13.6×, with too little history to compare. 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 +52.9% while the price moved +13.1%. Earnings did better than the price, which pulled the multiple down within its own range. In short: there is too little history to say whether the multiple is high or low for this company, so the earnings trend underneath matters more than the multiple. ## Is the Deluxe business getting better or worse? Deluxe Corporation's business is giving mixed signals. Growth has been steadily positive, but ROCE at 12.4% is below the 15% level needed to call it steady growth. This is based on 12 quarters of 4 measures. Why it matters: when the lines disagree, each line above matters more than any single label. ## How much does Deluxe earn on its capital? Deluxe Corporation earned a ROE of 12% in FY25. That is up from a low of 4% in FY23. Its return on capital used (ROIC) is 0.8 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 3.8% net margin and 0.74× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 3.8% net margin × 0.74× asset turnover × 4.21× leverage (assets divided by equity) ≈ 11.8% 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: 7.1% − 6.3% = +0.8 percentage points. The 6.3% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Positive but thin: it creates value with little room for error. The 7.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 8.5%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Deluxe have too much debt? Deluxe Corporation has total debt of $1.5 B against shareholder equity of $708 M as of Jun 2026, so its debt is 2.10× its equity. Year by year, that ratio went from 3.11 in FY21 to 2.22 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the Deluxe shareholding pattern? 9.0% of Deluxe Corporation'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 8.4 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 Deluxe from balance-sheet trouble? For Deluxe Corporation, the Z-score is 1.84. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the grey area between the two. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 1.84 is in the grey area, neither clearly safe nor clearly in trouble. ## How does Deluxe rank in its industry? 59.7 out of 100, rank 3 of 20 in Conglomerates, with 81% of the evidence available. Deluxe Corporation scores 59.7 out of 100 against the 20 companies it is compared with in Conglomerates, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 20.2 + 15.9 + 15.5 + 8.1 = 59.7. 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 Deluxe compared with? Deluxe ranks 3 of 20 Conglomerates companies on the 4-Factor Sector Score, with 59.7 out of 100. 1. [RCM Technologies, Inc.](https://www.sectoralpha.in/us/stocks/rcmt) RCMT · leader · Too little evidence to rank firmly · 58% evidence 72.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.5/35 · Revenue n/a · Profit n/a · Operating margin change 2.9 points · 45% evidence Capital efficiency 19.7/25 · ROCE 31.5% · Operating margin 8.5% · 76% evidence Valuation 10.2/20 · P/E 11.8× · PEG n/a · 15% evidence Relative strength 19.0/20 · Lead over its industry 25.5% · Lead over S&P 500 22.2% · 1 year 73.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.5 + 19.7 + 10.2 + 19 = 72.4 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 2. [Valmont Industries, Inc.](https://www.sectoralpha.in/us/stocks/vmi) VMI · basing · Evidence leans up · 85% evidence 63.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 4.6% · Profit 100% · Operating margin change 2.2 points · 95% evidence Capital efficiency 20.1/25 · ROCE 22.2% · Operating margin 15.7% · 76% evidence Valuation 13.2/20 · P/E 17.1× · PEG 0.58 · 65% evidence Relative strength 4.6/20 · Lead over its industry -12.6% · Lead over S&P 500 -14.9% · 1 year 3.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.7 + 20.1 + 13.2 + 4.6 = 63.6 · What this means: Earnings are strong; relative strength in its sector is -12.6% and the one-year return is 3.2%. 3. Deluxe Corporation this page DLX · quiet · Evidence leans up · 81% evidence 59.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.2/35 · Revenue 0.2% · Profit 74.1% · Operating margin change 0.1 points · 83% evidence Capital efficiency 15.9/25 · ROCE 12.2% · Operating margin 12.2% · 76% evidence Valuation 15.5/20 · P/E 10.9× · PEG 0.23 · 65% evidence Relative strength 8.1/20 · Lead over its industry -8.8% · Lead over S&P 500 -11.2% · 1 year 13.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.2 + 15.9 + 15.5 + 8.1 = 59.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Honeywell International Inc.](https://www.sectoralpha.in/us/stocks/hon) HON · quiet · Too little evidence to rank firmly · 56% evidence 59.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue n/a · Profit n/a · Operating margin change 6.7 points · 39% evidence Capital efficiency 16.6/25 · ROCE 11.2% · Operating margin 16.9% · 76% evidence Valuation 9.3/20 · P/E 37.6× · PEG n/a · 15% evidence Relative strength 10.6/20 · Lead over its industry -3.3% · Lead over S&P 500 -5.7% · 1 year 12.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.2 + 16.6 + 9.3 + 10.6 = 59.7 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Pampa Energía S.A.](https://www.sectoralpha.in/us/stocks/pam) PAM · quiet · Evidence leans up · 75% evidence 58.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 28.9% · Profit 29.2% · Operating margin change n/a · 67% evidence Capital efficiency 15.2/25 · ROCE 6.7% · Operating margin 45.1% · 76% evidence Valuation 14.9/20 · P/E 8.1× · PEG 0.27 · 65% evidence Relative strength 2.7/20 · Lead over its industry -25.1% · Lead over S&P 500 -26.8% · 1 year -25% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.7 + 15.2 + 14.9 + 2.7 = 58.5 · What this means: Earnings are strong; relative strength in its sector is -25.1% and the one-year return is -25%. 6. [3M Company](https://www.sectoralpha.in/us/stocks/mmm) MMM · turning · Evidence leans up · 85% evidence 56.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.2/35 · Revenue 1.7% · Profit 4.8% · Operating margin change -0.7 points · 95% evidence Capital efficiency 18.9/25 · ROCE 18.3% · Operating margin 23.7% · 76% evidence Valuation 4.7/20 · P/E 23.9× · PEG 3.33 · 65% evidence Relative strength 17.5/20 · Lead over its industry 14.3% · Lead over S&P 500 11.9% · 1 year 17.7% · 100% evidence · 4 of 12 weeks ahead Exact sum: 15.2 + 18.9 + 4.7 + 17.5 = 56.3 · What this means: Relative strength against the index is 11.9%, and revenue and profit growth are weak. 7. Mammoth Energy Services, Inc. TUSK · quiet · Evidence leans down · 64% evidence 47.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.7/35 · Revenue 57.9% · Profit n/a · Operating margin change 45.2 points · 62% evidence Capital efficiency 4.0/25 · ROCE -8.1% · Operating margin -7.7% · 76% evidence Valuation 10.3/20 · P/E 11.5× · PEG n/a · 15% evidence Relative strength 15.4/20 · Lead over its industry 16.4% · Lead over S&P 500 12.9% · 1 year 59.9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 17.7 + 4 + 10.3 + 15.4 = 47.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Tejon Ranch Co.](https://www.sectoralpha.in/us/stocks/trc) TRC · basing · Evidence leans down · 74% evidence 47.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.3/35 · Revenue 26.7% · Profit n/a · Operating margin change 51.2 points · 62% evidence Capital efficiency 7.4/25 · ROCE -0.1% · Operating margin 2.4% · 76% evidence Valuation 8.2/20 · P/E 83.6× · PEG 1.63 · 65% evidence Relative strength 8.2/20 · Lead over its industry -10.2% · Lead over S&P 500 -12.6% · 1 year 1.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.3 + 7.4 + 8.2 + 8.2 = 47.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Compass Diversified](https://www.sectoralpha.in/us/stocks/codi) CODI · turning · Evidence leans down · 64% evidence 46.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.3/35 · Revenue -4.8% · Profit n/a · Operating margin change -3.1 points · 62% evidence Capital efficiency 8.2/25 · ROCE 3.6% · Operating margin 6.9% · 76% evidence Valuation 11.2/20 · P/E -5.4× · PEG n/a · 15% evidence Relative strength 19.1/20 · Lead over its industry 33.5% · Lead over S&P 500 29.1% · 1 year 106.9% · 100% evidence · 4 of 12 weeks ahead Exact sum: 8.3 + 8.2 + 11.2 + 19.1 = 46.8 · What this means: Relative strength against the index is 29.1%, and revenue and profit growth are weak. 10. [Boston Omaha Corporation](https://www.sectoralpha.in/us/stocks/boc) BOC · quiet · Evidence leans down · 64% evidence 46.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.0/35 · Revenue 4% · Profit -900% · Operating margin change -0.6 points · 62% evidence Capital efficiency 5.5/25 · ROCE -0.6% · Operating margin -3.3% · 76% evidence Valuation 11.5/20 · P/E -344.2× · PEG n/a · 15% evidence Relative strength 15.1/20 · Lead over its industry 4.2% · Lead over S&P 500 1.8% · 1 year 12.8% · 100% evidence · 2 of 12 weeks ahead Exact sum: 14 + 5.5 + 11.5 + 15.1 = 46.1 · What this means: Relative strength against the index is 1.8%, and revenue and profit growth are weak. 11. DMC Global Inc. BOOM · turning · Evidence leans down · 64% evidence 45.6 out of 100 Growth Capital Valuation Relative
12. [Otter Tail Corporation](https://www.sectoralpha.in/us/stocks/ottr) OTTR · quiet · Evidence leans down · 81% evidence 45.3 out of 100 Growth Capital Valuation Relative
13. [NN, Inc.](https://www.sectoralpha.in/us/stocks/nnbr) NNBR · losing its lead · Evidence leans down · 61% evidence 44.2 out of 100 Growth Capital Valuation Relative
14. [FTAI Infrastructure Inc.](https://www.sectoralpha.in/us/stocks/fip) FIP · basing · Evidence leans down · 64% evidence 41.5 out of 100 Growth Capital Valuation Relative
15. [Seaboard Corporation](https://www.sectoralpha.in/us/stocks/seb) SEB · quiet · Too little evidence to rank firmly · 58% evidence 41.1 out of 100 Growth Capital Valuation Relative
16. [Brookfield Business Corporation](https://www.sectoralpha.in/us/stocks/bbuc) BBUC · turning · Evidence leans down · 71% evidence 40.8 out of 100 Growth Capital Valuation Relative
17. [Falcon's Beyond Global, Inc.](https://www.sectoralpha.in/us/stocks/fbyd) FBYD · basing · Evidence leans down · 71% evidence 36.4 out of 100 Growth Capital Valuation Relative
18. [TETRA Technologies, Inc.](https://www.sectoralpha.in/us/stocks/tti) TTI · basing · Most evidence points down · 71% evidence 31.4 out of 100 Growth Capital Valuation Relative
19. [Matthews International Corporation](https://www.sectoralpha.in/us/stocks/matw) MATW · basing · Most evidence points down · 64% evidence 29.7 out of 100 Growth Capital Valuation Relative
20. [MaxsMaking Inc.](https://www.sectoralpha.in/us/stocks/mamk) MAMK · Too little evidence to rank firmly · 31% evidence 43.7 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 Sep 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: [Conglomerates](https://www.sectoralpha.in/us/sectors/conglomerates), all 20 compared on one page. ## Which companies are close to Deluxe in size? Deluxe is the 8th largest of 19 Conglomerates companies on Sector Alpha by market value (scores of 4 November 2026). Just above it: Pampa Energía S.A., Otter Tail Corporation and Seaboard Corporation. Just below it: Compass Diversified, TETRA Technologies, Inc. and Falcon's Beyond Global, Inc. ### Conglomerates companies close in size

1. [Pampa Energía S.A.](https://www.sectoralpha.in/us/stocks/pam) $3.8 billion
2. [Otter Tail Corporation](https://www.sectoralpha.in/us/stocks/ottr) $3.5 billion
3. [Seaboard Corporation](https://www.sectoralpha.in/us/stocks/seb) $3.3 billion
4. Deluxe Corporation $1.1 billion
5. [Compass Diversified](https://www.sectoralpha.in/us/stocks/codi) $926 million
6. [TETRA Technologies, Inc.](https://www.sectoralpha.in/us/stocks/tti) $917 million
7. [Falcon's Beyond Global, Inc.](https://www.sectoralpha.in/us/stocks/fbyd) $743 million

[All 19 Conglomerates companies, largest first](https://www.sectoralpha.in/us/sectors/conglomerates#all-companies)

### Companies close in size in other industries

1. [Accel Entertainment, Inc.](https://www.sectoralpha.in/us/stocks/acel) $1.1 billion · Gambling
2. [Myers Industries, Inc.](https://www.sectoralpha.in/us/stocks/mye) $1.1 billion · Packaging & Containers
3. Deluxe Corporation $1.1 billion
4. [Karat Packaging Inc.](https://www.sectoralpha.in/us/stocks/krt) $1.1 billion · Packaging & Containers
5. [National Presto Industries, Inc.](https://www.sectoralpha.in/us/stocks/npk) $1.1 billion · Aerospace & Defense

## What else do people ask about Deluxe? ### What were Deluxe's latest quarterly results? Deluxe Corporation reported revenue of $499 M and net profit of $19.1 M for the Jun 2026 quarter. Revenue fell 4.2% and profit fell 14.7% compared with a year earlier. Earnings per share were $0.41. The operating margin was 12.2%, 0.1 percentage points higher than a year earlier (as of 4 November 2026). ### What is Deluxe's market cap? Deluxe Corporation's market capitalisation is $1.1 B at a stock price of $23.42. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Deluxe performing? Deluxe Corporation's latest readings are below. In its latest quarter, revenue fell 4.2% and profit fell 14.7% compared with a year earlier. Over the past 13 weeks it has done worse than the S&P 500, for 9 weeks running. This describes what the data did, not a rating (as of 4 November 2026). ### Will Deluxe's stock price go up? This page does not forecast Deluxe Corporation's stock price. What it shows instead: the stock price is $23.42. Nobody can reliably say which way a price will move, and this site does not try (as of 4 November 2026). ### Does Deluxe have too much debt? Yes, Deluxe Corporation has a lot of debt: its debt is 2.96× its equity. A year-by-year history of its borrowings is not in our data, so this uses the latest reading. Keep that borrowing in mind when reading the returns on this page (as of 4 November 2026). ### Is Deluxe's profit real cash? Yes, over the last 3 years, 412% of Deluxe Corporation's reported profit came in as cash from operations. The latest year was lower at 330%, so the trend is worth watching. In FY25, operating cash was $271 M against reported profit of $82.1 M. Most of that cash then goes into building new capacity. These are yearly figures (as of 4 November 2026). ### Where is Deluxe in its business cycle? Deluxe Corporation's FY25 operating margin was 12.5%, against a 5-year range of 9.8% to 12.5%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 12.2%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Deluxe story? The main question: yearly earnings per share moved +52.9% while the share price moved +13.1%. 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 4 November 2026). ### Is Deluxe a stock worth studying right now? What the numbers show: Deluxe Corporation's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). This is research, not advice. We’re not SEBI-registered.