# Honest share price today (The Honest Company, Inc., HNST) > The Honest Company, Inc.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. HNST · Consumer Staples · Household & Personal Products · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/hnst 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 - Price: $4.35 (+27.6% in a year) - Revenue (Jun 2026): $83.3 M (−10.9% on a year ago) - Profit (Jun 2026): $10.7 M (+176.1% on a year ago) - Operating margin: 4.9% (+0.7 points on a year ago) - ROE: −9%, FY25 - ROIC: 6.3%, against a 16.6% cost of capital: −10.3 points Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the Honest share price today? The Honest Company, Inc.'s share price was $4.35 at the close on 3 November 2026. That is 14.5% above its average price over the last 200 trading days. In the last 52 weeks it traded between $2 and $6, and at that close it sat 58% 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 1 week running. Over the last 1 year the share price moved −6% while the S&P 500 moved +21%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 30 October 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 Honest pay? The Honest Company, Inc. pays no dividend. In the last 12 reported quarters it declared no dividend per share, so there is no payout history to chart and no yield to show. Companies like this usually keep their earnings in the business, so the cash-flow sections show where that cash goes. ## Which stock lists is Honest on? Honest 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 Honest profitable? The Honest Company, Inc. earned $10.7 M of net profit in the Jun 2026 quarter, +176.1% on the same quarter a year earlier. The full FY25 year was a loss of $15.7 M. That is 12.8% of the quarter's revenue. The same quarter a year earlier earned $3.9 M. 6 of the last 12 reported quarters were loss-making. Why profit moved: revenue changed −10.9% on a year earlier and the margin moved +0.7 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +144.7% and revenue −12.3%. 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 Honest make, and is it growing? The Honest Company, Inc. reported $83.3 M of revenue in the Jun 2026 quarter, −10.9% on the same quarter a year earlier. Over 4 years it has grown 3.9% a year on average. The last full year, FY25, came in at $371 M. The last four reported quarters add to $342 M. FY25 revenue was $371 M, −1.9% on the year before. Recent pace: the last four quarters grew −12.3% on average, against 3.9% 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 −12.3%, against −1.9% a year over the last 8 quarters (rolling over). ## How much of every $100 of sales does Honest keep? The Honest Company, Inc.'s operating margin was 4.9% in the Jun 2026 quarter, 0.7 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 −15.9% and 1.8%. The latest quarter is above every full year in that period. Across 5 years it has been between −15.9% and 1.8%, and FY25's 1.8% is the highest of them. Why the margin moved: operating margin changed +0.7 percentage points on the year while gross margin changed +1.8 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 Honest's profit turning into cash? The Honest Company, Inc.'s cash-flow history is too short to judge how much of its profit turns into cash. In FY25 it brought in $15.1 M of operating cash against −$15.7 M of profit. After $1.5 M of spending on assets, $13.6 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. 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 Honest's cash go? The Honest Company, 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 $3.9 M on assets over the last 3 years. Averaged over those years that is 0.3% 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: $3.9 M over the last 3 years. In short: most of the cash goes on covering the loss, not on new assets; spending on assets is small next to it. ## What is Honest's P/E ratio, and how does it compare with its own history? The Honest Company, Inc. has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values The Honest Company, Inc. at 1.3× its FY25 revenue of $371 M. The P/E comes back here once profit turns positive. ## Is the Honest business getting better or worse? The Honest Company, Inc.'s business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. The latest quarter’s profit includes a one-off item bigger than the normal business, so the profit line is shown but does not count in this reading. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does Honest earn on its capital? The Honest Company, Inc. earned a ROE of −9% in FY25. That is up from a low of −34% in FY22. Its return on capital used (ROIC) is 10.3 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −4.2% net margin and 1.65× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −4.2% net margin × 1.65× asset turnover × 1.33× leverage (assets divided by equity) ≈ −9.2% 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: 6.3% − 16.6% = −10.3 percentage points. The 16.6% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does Honest have too much debt? The Honest Company, Inc. has total debt of $9.5 M against shareholder equity of $167 M as of Jun 2026, so its debt is 0.06× its equity, which is very little. Year by year, that ratio went from 0.21 in FY21 to 0.08 in FY25. So the returns on this page come from the business, not from borrowed money. ## What is the Honest shareholding pattern? 9.8% of The Honest Company, 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 6.0 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 Honest from balance-sheet trouble? For The Honest Company, Inc., the Z-score is 3.50. 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 3.50 is well clear of the danger zone, so the balance sheet is not the risk here. ## How does Honest rank in its industry? 35.0 out of 100, rank 17 of 20 in Household & Personal Products, with 71% of the evidence available. The Honest Company, Inc. scores 35.0 out of 100 against the 20 companies it is compared with in Household & Personal Products, ranking 17. 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: 8.3 + 3.9 + 11.3 + 11.5 = 35. 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 Honest compared with? Honest ranks 17 of 20 Household & Personal Products companies on the 4-Factor Sector Score, with 35.0 out of 100. 1. [Kenvue Inc.](https://www.sectoralpha.in/us/stocks/kvue) KVUE · Evidence leans up · 61% evidence 63.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.7/43.75 · Revenue 1.8% · Profit 16.9% · Operating margin change -0.4 points · 83% evidence Capital efficiency 21.1/31.25 · ROCE 14.4% · Operating margin 19.4% · 76% evidence Valuation 15.1/25 · P/E 22.2× · PEG 1.37 · 65% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 27.7 + 21.1 + 15.1 = 63.9 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: There is no relative-strength reading for this week, so the score is built from earnings, capital efficiency and valuation alone. 2. [Church & Dwight Co., Inc.](https://www.sectoralpha.in/us/stocks/chd) CHD · turning · Evidence leans up · 81% evidence 61.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.6/35 · Revenue 2.7% · Profit 41.9% · Operating margin change -2.7 points · 83% evidence Capital efficiency 15.8/25 · ROCE 14.6% · Operating margin 18.1% · 76% evidence Valuation 14.3/20 · P/E 30.8× · PEG 0.66 · 65% evidence Relative strength 13.1/20 · Lead over its industry 1.3% · Lead over S&P 500 8.7% · 1 year 25.7% · 100% evidence · 2 of 12 weeks ahead Exact sum: 18.6 + 15.8 + 14.3 + 13.1 = 61.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [The Estée Lauder Companies Inc.](https://www.sectoralpha.in/us/stocks/el) EL · leader · Evidence leans up · 64% evidence 59.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.7/35 · Revenue 5% · Profit n/a · Operating margin change 2.7 points · 62% evidence Capital efficiency 11.0/25 · ROCE 12.3% · Operating margin 7% · 76% evidence Valuation 11.5/20 · P/E -104.7× · PEG n/a · 15% evidence Relative strength 13.2/20 · Lead over its industry 0% · Lead over S&P 500 6.7% · 1 year 20.1% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.7 + 11 + 11.5 + 13.2 = 59.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [The Procter & Gamble Company](https://www.sectoralpha.in/us/stocks/pg) PG · turning · Evidence leans up · 85% evidence 58.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.7/35 · Revenue 3.5% · Profit -4.4% · Operating margin change 0.3 points · 95% evidence Capital efficiency 21.2/25 · ROCE 24.6% · Operating margin 27.1% · 76% evidence Valuation 6.7/20 · P/E 21.4× · PEG 2.4 · 65% evidence Relative strength 10.5/20 · Lead over its industry -3.3% · Lead over S&P 500 3.7% · 1 year 10.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 19.7 + 21.2 + 6.7 + 10.5 = 58.1 · What this means: A strong business with a high valuation: it would need rising earnings, or a lower multiple, to score better on value. 5. [Colgate-Palmolive Company](https://www.sectoralpha.in/us/stocks/cl) CL · turning · Evidence leans up · 81% evidence 56.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.2/35 · Revenue 5.2% · Profit -29.2% · Operating margin change 0.1 points · 83% evidence Capital efficiency 21.1/25 · ROCE 40.8% · Operating margin 21% · 76% evidence Valuation 7.7/20 · P/E 36× · PEG 2.18 · 65% evidence Relative strength 8.1/20 · Lead over its industry -3.6% · Lead over S&P 500 3.4% · 1 year 21.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19.2 + 21.1 + 7.7 + 8.1 = 56.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Acme United Corporation](https://www.sectoralpha.in/us/stocks/acu) ACU · leader · Evidence leans up · 81% evidence 53.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.8/35 · Revenue 9.3% · Profit -9.1% · Operating margin change -0.9 points · 83% evidence Capital efficiency 10.9/25 · ROCE 8.7% · Operating margin 10.9% · 76% evidence Valuation 6.7/20 · P/E 18.5× · PEG 2.5 · 65% evidence Relative strength 19.1/20 · Lead over its industry 28% · Lead over S&P 500 36.8% · 1 year 88.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 16.8 + 10.9 + 6.7 + 19.1 = 53.5 · What this means: Relative strength against the index is 36.8%, and revenue and profit growth are weak. 7. [Interparfums, Inc.](https://www.sectoralpha.in/us/stocks/ipar) IPAR · quiet · Evidence leans up · 81% evidence 52.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.9/35 · Revenue 2.9% · Profit 4.4% · Operating margin change -5.4 points · 83% evidence Capital efficiency 17.9/25 · ROCE 21% · Operating margin 12.3% · 76% evidence Valuation 9.7/20 · P/E 21.4× · PEG 1.99 · 65% evidence Relative strength 10.9/20 · Lead over its industry 3% · Lead over S&P 500 10.3% · 1 year 34% · 100% evidence · 5 of 12 weeks ahead Exact sum: 13.9 + 17.9 + 9.7 + 10.9 = 52.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Kimberly-Clark Corporation](https://www.sectoralpha.in/us/stocks/kmb) KMB · basing · Evidence leans up · 81% evidence 50.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.1/35 · Revenue 0.7% · Profit -18.9% · Operating margin change 2.8 points · 83% evidence Capital efficiency 20.6/25 · ROCE 24.6% · Operating margin 19% · 76% evidence Valuation 7.6/20 · P/E 18.6× · PEG 2.38 · 65% evidence Relative strength 5.2/20 · Lead over its industry -10% · Lead over S&P 500 -3.6% · 1 year 0.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 17.1 + 20.6 + 7.6 + 5.2 = 50.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Newell Brands Inc.](https://www.sectoralpha.in/us/stocks/nwl) NWL · losing its lead · Evidence leans up · 64% evidence 50.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue -2% · Profit n/a · Operating margin change 5.2 points · 62% evidence Capital efficiency 8.6/25 · ROCE 7.3% · Operating margin 14.7% · 76% evidence Valuation 11.0/20 · P/E -11.8× · PEG n/a · 15% evidence Relative strength 11.4/20 · Lead over its industry 8.6% · Lead over S&P 500 16% · 1 year 77.6% · 100% evidence · 7 of 12 weeks ahead Exact sum: 19.3 + 8.6 + 11 + 11.4 = 50.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Helen of Troy Limited](https://www.sectoralpha.in/us/stocks/hele) HELE · turning · Evidence leans down · 67% evidence 49.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.8/35 · Revenue 0.3% · Profit n/a · Operating margin change -2.6 points · 71% evidence Capital efficiency 9.4/25 · ROCE 9.8% · Operating margin 0.5% · 76% evidence Valuation 10.7/20 · P/E -7.1× · PEG n/a · 15% evidence Relative strength 14.3/20 · Lead over its industry 13.8% · Lead over S&P 500 22.2% · 1 year 52.3% · 100% evidence · 2 of 12 weeks ahead Exact sum: 14.8 + 9.4 + 10.7 + 14.3 = 49.2 · What this means: Relative strength against the index is 22.2%, and revenue and profit growth are weak. 11. [e.l.f. Beauty, Inc.](https://www.sectoralpha.in/us/stocks/elf) ELF · leader · Evidence leans down · 81% evidence 48.7 out of 100 Growth Capital Valuation Relative 12. [Spectrum Brands Holdings, Inc.](https://www.sectoralpha.in/us/stocks/spb) SPB · quiet · Evidence leans down · 81% evidence 45.1 out of 100 Growth Capital Valuation Relative 13. [Coty Inc.](https://www.sectoralpha.in/us/stocks/coty) COTY · breaking out · Evidence leans down · 64% evidence 44.3 out of 100 Growth Capital Valuation Relative 14. [Edgewell Personal Care Company](https://www.sectoralpha.in/us/stocks/epc) EPC · turning · Evidence leans down · 71% evidence 41.6 out of 100 Growth Capital Valuation Relative 15. [Magnera Corporation](https://www.sectoralpha.in/us/stocks/magn) MAGN · quiet · Evidence leans down · 64% evidence 39.4 out of 100 Growth Capital Valuation Relative 16. [The Clorox Company](https://www.sectoralpha.in/us/stocks/clx) CLX · basing · Evidence leans down · 81% evidence 38.4 out of 100 Growth Capital Valuation Relative 17. The Honest Company, Inc. this page HNST · losing its lead · Evidence leans down · 71% evidence 35.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.3/35 · Revenue -12.1% · Profit -300% · Operating margin change 0.7 points · 83% evidence Capital efficiency 3.9/25 · ROCE 3.6% · Operating margin 4.9% · 76% evidence Valuation 11.3/20 · P/E -33.1× · PEG n/a · 15% evidence Relative strength 11.5/20 · Lead over its industry 8.9% · Lead over S&P 500 16.7% · 1 year 62.9% · 100% evidence · 11 of 12 weeks ahead Exact sum: 8.3 + 3.9 + 11.3 + 11.5 = 35 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 18. [Nu Skin Enterprises, Inc.](https://www.sectoralpha.in/us/stocks/nus) NUS · basing · Most evidence points down · 71% evidence 30.6 out of 100 Growth Capital Valuation Relative 19. [Oddity Tech Ltd.](https://www.sectoralpha.in/us/stocks/odd) ODD · breaking out · Most evidence points down · 81% evidence 24.7 out of 100 Growth Capital Valuation Relative 20. [Unilever PLC](https://www.sectoralpha.in/us/stocks/ul) UL · turning · Too little evidence to rank firmly · 47% evidence 50.1 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: [Household & Personal Products](https://www.sectoralpha.in/us/sectors/household-personal-products), all 20 compared on one page. ## Which companies are close to Honest in size? Honest is the 17th largest of 22 Household & Personal Products companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Edgewell Personal Care Company, Oddity Tech and Helen of Troy. Just below it: Magnera Corporation, Acme United Corporation and Pitanium. ### Household & Personal Products companies close in size 1. [Edgewell Personal Care Company](https://www.sectoralpha.in/us/stocks/epc) $1.3 billion 2. [Oddity Tech Ltd.](https://www.sectoralpha.in/us/stocks/odd) $925 million 3. [Helen of Troy Limited](https://www.sectoralpha.in/us/stocks/hele) $691 million 4. The Honest Company, Inc. $467 million 5. [Magnera Corporation](https://www.sectoralpha.in/us/stocks/magn) $425 million 6. [Acme United Corporation](https://www.sectoralpha.in/us/stocks/acu) $266 million 7. [Pitanium Limited](https://www.sectoralpha.in/us/stocks/ptnm) $239 million [All 22 Household & Personal Products companies, largest first](https://www.sectoralpha.in/us/sectors/household-personal-products#all-companies) ### Companies close in size in other industries 1. [Dine Brands Global, Inc.](https://www.sectoralpha.in/us/stocks/din) $450 million · Restaurants 2. [Ramaco Resources, Inc.](https://www.sectoralpha.in/us/stocks/metc) $449 million · Coking Coal 3. The Honest Company, Inc. $447 million 4. [Kamada Ltd.](https://www.sectoralpha.in/us/stocks/kmda) $447 million · Drug Manufacturers - Specialty & Generic 5. [Solid Power, Inc.](https://www.sectoralpha.in/us/stocks/sldp) $447 million · Auto Parts ## What else do people ask about Honest? ### What were Honest's latest quarterly results? The Honest Company, Inc. reported revenue of $83.3 M and net profit of $10.7 M for the Jun 2026 quarter. Revenue fell 10.9% and profit rose 176.1% compared with a year earlier. Earnings per share were $0.09. The operating margin was 4.9%, 0.7 percentage points higher than a year earlier (as of 3 November 2026). ### What is Honest's market cap? The Honest Company, Inc.'s market capitalisation is $467 M at a stock price of $4.35. 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 Honest performing? The Honest Company, Inc.'s latest readings are below. In its latest quarter, revenue fell 10.9% and profit rose 176.1% compared with a year earlier. Over the past 13 weeks it has done worse than the S&P 500, for 1 week running. This describes what the data did, not a rating (as of 3 November 2026). ### Will Honest's stock price go up? This page does not forecast The Honest Company, Inc.'s stock price. What it shows instead: the stock price is $4.35. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Where is Honest in its business cycle? The Honest Company, Inc.'s FY25 operating margin was 1.8%, against a 5-year range of −15.9% to 1.8%: 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 4.9%. 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 Honest story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. 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 Honest a stock worth studying right now? What the numbers show: The Honest Company, Inc.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. 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.