# National Fuel Gas share price today (National Fuel Gas Company, NFG)

> National Fuel Gas Company's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. NFG · Energy · Oil & Gas Integrated · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/nfg

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: $78.63 (−0.4% in a year)
- P/E: 10.9× (lower than 62% of the last 4.6 years)
- Revenue (Jun 2026): $537 M (+1.1% on a year ago)
- Profit (Jun 2026): $139 M (−7.5% on a year ago)
- Operating margin: 40.1% (−4.5 points on a year ago)
- ROE: 17%, FY25
- ROIC: 9.9%, against a 5.4% cost of capital: +4.5 points

The main question: yearly earnings per share moved +576.2% while the share price moved −0.4%. ## What is the National Fuel Gas share price today? National Fuel Gas Company's share price was $78.63 at the close on 3 November 2026. It has been falling for 6 weeks. That is 5.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between $76 and $96, and at that close it sat 13% 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 1 week in a row. Over the last 10 years the share price moved +41% while the S&P 500 moved +255%, so it is behind 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 National Fuel Gas pay? National Fuel Gas Company paid $2.16 per share over the last four reported quarters. The most recent declaration was $0.56 for Jun 2026. At today's price of $78.63 that is a yield of 2.75%, based on dividends already paid, not a forecast. ## Which stock lists is National Fuel Gas on? National Fuel Gas 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 National Fuel Gas profitable? National Fuel Gas Company earned $139 M of net profit in the Jun 2026 quarter, −7.5% on the same quarter a year earlier. Full-year FY25 profit was $519 M. Over 4 years profit has grown 9.3% a year on average. That is 25.8% of the quarter's revenue. The same quarter a year earlier earned $150 M. 2 of the last 12 reported quarters were loss-making. For the full year, FY25 profit was $519 M (+568.9% on the year before). Why profit moved: revenue changed +1.1% on a year earlier and the margin moved −4.5 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +103.6% and revenue +15.7%. 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 National Fuel Gas make, and is it growing? National Fuel Gas Company reported $537 M of revenue in the Jun 2026 quarter, +1.1% on the same quarter a year earlier. That is the 8th quarter in a row with growth on the year before. Over 4 years it has grown 6.9% a year on average. The last full year, FY25, came in at $2.3 B. The last four reported quarters add to $2.5 B. FY25 revenue was $2.3 B, +17.1% on the year before. Recent pace: the last four quarters grew +15.7% on average, against 6.9% 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 +15.1%, against +13.8% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +177.3%, against +45.5% a year (accelerating). ## How much of every $100 of sales does National Fuel Gas keep? National Fuel Gas Company's operating margin was 40.1% in the Jun 2026 quarter, 4.5 percentage points lower 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 35.4% and 43.4%. The latest quarter is within that range. Across 5 years it has been between 35.4% and 43.4%, and FY25's 43.4% is the highest of them. Why: the operating margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead. ## Is National Fuel Gas' profit turning into cash? Over the last 3 years, 317% of National Fuel Gas Company's reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $1.1 B of operating cash against $519 M of profit. After $913 M of spending on assets, $187 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 National Fuel Gas' cash go? National Fuel Gas Company 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 $3.0 B on assets over the last 3 years. Averaged over those years that is 43.6% 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: $3.0 B 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 National Fuel Gas' P/E ratio, and how does it compare with its own history? National Fuel Gas Company's P/E is 10.9×, in the middle of its own history: higher than 38% of past readings. Its usual P/E (the middle reading) is 11.5×, over 4.6 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks. Why the multiple is where it is: over the past year earnings per share moved +576.2% while the price moved −0.4%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 3 years the price moved +13.2% a year; about +11.6% a year came from earnings growth and about +1.6 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 about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the National Fuel Gas business getting better or worse? National Fuel Gas Company's business is turning around. Profit growth has swung from −91.5% at its low to +177.3%, rising from a low 5 quarters ago, with ROCE steady at 11.9%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## How much does National Fuel Gas earn on its capital? National Fuel Gas Company earned a ROE of 17% in FY25. That is up from a low of 3% in FY24. Its return on capital used (ROIC) is 4.5 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 22.8% net margin and 0.26× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 22.8% net margin × 0.26× asset turnover × 2.82× leverage (assets divided by equity) ≈ 16.7% on equity. The margin does most of the work; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 9.9% − 5.4% = +4.5 percentage points. The 5.4% 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. ## Does National Fuel Gas have too much debt? National Fuel Gas Company has total debt of $3.6 B against shareholder equity of $3.9 B as of Jun 2026, so its debt is 0.91× its equity. Year by year, that ratio went from 1.57 in FY21 to 0.93 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the National Fuel Gas shareholding pattern? 5.6% of National Fuel Gas Company'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 4.9 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 National Fuel Gas from balance-sheet trouble? For National Fuel Gas Company, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does National Fuel Gas rank in its industry? 42.7 out of 100, rank 12 of 13 in Oil & Gas Integrated, with 75% of the evidence available. National Fuel Gas Company scores 42.7 out of 100 against the 13 companies it is compared with in Oil & Gas Integrated, ranking 12. 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: 17.1 + 10.5 + 11.3 + 3.8 = 42.7. 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 National Fuel Gas compared with? National Fuel Gas ranks 12 of 13 Oil & Gas Integrated companies on the 4-Factor Sector Score, with 42.7 out of 100. 1. [Shell plc](https://www.sectoralpha.in/us/stocks/shel) SHEL · leader · Most evidence points up · 85% evidence 77.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 28.1/35 · Revenue 21.1% · Profit 100% · Operating margin change 8.8 points · 95% evidence Capital efficiency 17.0/25 · ROCE 16.4% · Operating margin 20.1% · 76% evidence Valuation 14.8/20 · P/E 8.3× · PEG 0.29 · 65% evidence Relative strength 17.8/20 · Lead over its industry 6.7% · Lead over S&P 500 15.7% · 1 year 37.8% · 100% evidence · 11 of 12 weeks ahead Exact sum: 28.1 + 17 + 14.8 + 17.8 = 77.7 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Petróleo Brasileiro S.A. - Petrobras](https://www.sectoralpha.in/us/stocks/pbr) PBR · breaking out · Most evidence points up · 81% evidence 67.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.0/35 · Revenue 11.2% · Profit 71.9% · Operating margin change 15 points · 83% evidence Capital efficiency 17.8/25 · ROCE 17.8% · Operating margin 44.7% · 76% evidence Valuation 15.9/20 · P/E 3.9× · PEG 0.09 · 65% evidence Relative strength 13.7/20 · Lead over its industry 4.9% · Lead over S&P 500 12.6% · 1 year 63.9% · 100% evidence · 10 of 12 weeks ahead Exact sum: 20 + 17.8 + 15.9 + 13.7 = 67.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Equinor ASA](https://www.sectoralpha.in/us/stocks/eqnr) EQNR · breaking out · Most evidence points up · 81% evidence 66.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.3/35 · Revenue 6.8% · Profit 10.2% · Operating margin change 9.6 points · 83% evidence Capital efficiency 19.8/25 · ROCE 31.8% · Operating margin 36.1% · 76% evidence Valuation 13.5/20 · P/E 8.7× · PEG 0.39 · 65% evidence Relative strength 17.8/20 · Lead over its industry 15.7% · Lead over S&P 500 24.1% · 1 year 87.5% · 100% evidence · 12 of 12 weeks ahead Exact sum: 15.3 + 19.8 + 13.5 + 17.8 = 66.4 · What this means: Relative strength against the index is 24.1%, and revenue and profit growth are weak. 4. [Cenovus Energy Inc.](https://www.sectoralpha.in/us/stocks/cve) CVE · breaking out · Evidence leans up · 81% evidence 62.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.4/35 · Revenue 3.1% · Profit 100% · Operating margin change 17.9 points · 83% evidence Capital efficiency 14.4/25 · ROCE 15.5% · Operating margin 23.8% · 76% evidence Valuation 13.4/20 · P/E 9.9× · PEG 0.37 · 65% evidence Relative strength 11.5/20 · Lead over its industry 6.5% · Lead over S&P 500 14.6% · 1 year 76.3% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.4 + 14.4 + 13.4 + 11.5 = 62.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Chevron Corporation](https://www.sectoralpha.in/us/stocks/cvx) CVX · breaking out · Evidence leans up · 85% evidence 62.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.2/35 · Revenue 21.1% · Profit 100% · Operating margin change 10.6 points · 95% evidence Capital efficiency 9.7/25 · ROCE 9.4% · Operating margin 20.5% · 76% evidence Valuation 11.5/20 · P/E 14.8× · PEG 0.46 · 65% evidence Relative strength 17.2/20 · Lead over its industry 6.1% · Lead over S&P 500 15% · 1 year 45.3% · 100% evidence · 11 of 12 weeks ahead Exact sum: 24.2 + 9.7 + 11.5 + 17.2 = 62.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [TotalEnergies SE](https://www.sectoralpha.in/us/stocks/tte) TTE · breaking out · Evidence leans up · 85% evidence 62.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.3/35 · Revenue 16.8% · Profit 58.1% · Operating margin change 8.9 points · 95% evidence Capital efficiency 15.9/25 · ROCE 15.6% · Operating margin 21.4% · 76% evidence Valuation 15.0/20 · P/E 8.5× · PEG 0.21 · 65% evidence Relative strength 7.3/20 · Lead over its industry -0.2% · Lead over S&P 500 8.1% · 1 year 48.4% · 100% evidence · 7 of 12 weeks ahead Exact sum: 24.3 + 15.9 + 15 + 7.3 = 62.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Suncor Energy Inc.](https://www.sectoralpha.in/us/stocks/su) SU · breaking out · Evidence leans up · 81% evidence 62.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.2/35 · Revenue 13.8% · Profit 57.7% · Operating margin change 18.7 points · 83% evidence Capital efficiency 13.9/25 · ROCE 15.1% · Operating margin 29.9% · 76% evidence Valuation 7.1/20 · P/E 10.1× · PEG 1.93 · 65% evidence Relative strength 18.9/20 · Lead over its industry 10.9% · Lead over S&P 500 19.6% · 1 year 77% · 100% evidence · 9 of 12 weeks ahead Exact sum: 22.2 + 13.9 + 7.1 + 18.9 = 62.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [ExxonMobil Holdings Corporation](https://www.sectoralpha.in/us/stocks/xom) XOM · breaking out · Evidence leans up · 85% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.2/35 · Revenue 20.3% · Profit 35.6% · Operating margin change 7.8 points · 95% evidence Capital efficiency 12.9/25 · ROCE 13.8% · Operating margin 18.9% · 76% evidence Valuation 11.6/20 · P/E 16.5× · PEG 0.4 · 65% evidence Relative strength 14.9/20 · Lead over its industry 5.3% · Lead over S&P 500 14% · 1 year 51.4% · 100% evidence · 10 of 12 weeks ahead Exact sum: 22.2 + 12.9 + 11.6 + 14.9 = 61.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [BP p.l.c.](https://www.sectoralpha.in/us/stocks/bp) BP · breaking out · Evidence leans up · 71% evidence 51.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.8/35 · Revenue 16.5% · Profit 100% · Operating margin change 4.2 points · 83% evidence Capital efficiency 8.3/25 · ROCE 11.7% · Operating margin 13.2% · 76% evidence Valuation 8.7/20 · P/E 17.6× · PEG n/a · 15% evidence Relative strength 11.5/20 · Lead over its industry 0.4% · Lead over S&P 500 8.8% · 1 year 30.1% · 100% evidence · 8 of 12 weeks ahead Exact sum: 22.8 + 8.3 + 8.7 + 11.5 = 51.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Diversified Energy Company](https://www.sectoralpha.in/us/stocks/dec) DEC · breaking out · Evidence leans down · 64% evidence 48.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.0/35 · Revenue 62.8% · Profit n/a · Operating margin change 28.8 points · 62% evidence Capital efficiency 8.8/25 · ROCE 9.6% · Operating margin 83.7% · 76% evidence Valuation 11.5/20 · P/E 2.2× · PEG n/a · 15% evidence Relative strength 2.2/20 · Lead over its industry -17.9% · Lead over S&P 500 -10.4% · 1 year -1.9% · 100% evidence · 4 of 12 weeks ahead Exact sum: 26 + 8.8 + 11.5 + 2.2 = 48.5 · What this means: Earnings are strong; relative strength in its sector is -17.9% and the one-year return is -1.9%. 11. [Eni S.p.A.](https://www.sectoralpha.in/us/stocks/e) E · breaking out · Evidence leans down · 68% evidence 47.7 out of 100 Growth Capital Valuation Relative
12. National Fuel Gas Company this page NFG · turning · Evidence leans down · 75% evidence 42.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.1/35 · Revenue 15.1% · Profit 100% · Operating margin change n/a · 67% evidence Capital efficiency 10.5/25 · ROCE 10.5% · Operating margin 38.1% · 76% evidence Valuation 11.3/20 · P/E 10.9× · PEG 0.64 · 65% evidence Relative strength 3.8/20 · Lead over its industry -17.6% · Lead over S&P 500 -10% · 1 year -0.9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 17.1 + 10.5 + 11.3 + 3.8 = 42.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 13. [Imperial Oil Limited](https://www.sectoralpha.in/us/stocks/imo) IMO · turning · Evidence leans down · 81% evidence 41.3 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 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: [Oil & Gas Integrated](https://www.sectoralpha.in/us/sectors/oil-gas-integrated), all 13 compared on one page. ## Which companies are close to National Fuel Gas in size? National Fuel Gas is the 14th largest of 16 Oil & Gas Integrated companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Imperial Oil, Cenovus Energy Inc., Ecopetrol S.A. and YPF Sociedad Anónima. Just below it: Transportadora de Gas del Sur S.A. and Diversified Energy Company. ### Oil & Gas Integrated companies close in size

1. [Imperial Oil Limited](https://www.sectoralpha.in/us/stocks/imo) $63.6 billion
2. [Cenovus Energy Inc.](https://www.sectoralpha.in/us/stocks/cve) $56.7 billion
3. [Ecopetrol S.A.](https://www.sectoralpha.in/us/stocks/ec) $34.8 billion
4. [YPF Sociedad Anónima](https://www.sectoralpha.in/us/stocks/ypf) $19.1 billion
5. National Fuel Gas Company $7.5 billion
6. [Transportadora de Gas del Sur S.A.](https://www.sectoralpha.in/us/stocks/tgs) $3.9 billion
7. [Diversified Energy Company](https://www.sectoralpha.in/us/stocks/dec) $965 million

[All 16 Oil & Gas Integrated companies, largest first](https://www.sectoralpha.in/us/sectors/oil-gas-integrated#all-companies)

### Companies close in size in other industries

1. [Celsius Holdings, Inc.](https://www.sectoralpha.in/us/stocks/celh) $7.6 billion · Beverages - Non-Alcoholic
2. [Wynn Resorts, Limited](https://www.sectoralpha.in/us/stocks/wynn) $7.6 billion · Resorts & Casinos
3. National Fuel Gas Company $7.6 billion
4. [Kratos Defense & Security Solutions, Inc.](https://www.sectoralpha.in/us/stocks/ktos) $7.6 billion · Aerospace & Defense
5. [Alkermes plc](https://www.sectoralpha.in/us/stocks/alks) $7.5 billion · Drug Manufacturers - Specialty & Generic

## What else do people ask about National Fuel Gas? ### What were National Fuel Gas's latest quarterly results? National Fuel Gas Company reported revenue of $537 M and net profit of $139 M for the Jun 2026 quarter. Revenue rose 1.1% and profit fell 7.5% compared with a year earlier. Earnings per share were $1.45. The operating margin was 40.1%, 4.5 percentage points lower than a year earlier (as of 3 November 2026). ### What is National Fuel Gas's market cap? National Fuel Gas Company's market capitalisation is $7.5 B at a stock price of $78.63. 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 National Fuel Gas performing? National Fuel Gas Company's share price has been falling for 6 weeks. In its latest quarter, revenue rose 1.1% and profit fell 7.5% compared with a year earlier. Over the past 13 weeks it has done better than the S&P 500, for 1 week running (as of 3 November 2026). ### Will National Fuel Gas's stock price go up? This page does not forecast National Fuel Gas Company's stock price. What it shows instead: the stock price is $78.63, and it has been falling for 6 weeks. Its P/E of 10.9× is higher than 38% of its own last 5 years (as of 3 November 2026). ### Is National Fuel Gas's profit real cash? Yes, over the last 3 years, 317% of National Fuel Gas Company's reported profit came in as cash from operations. The latest year was lower at 212%, so the trend is worth watching. In FY25, operating cash was $1.1 B against reported profit of $519 M. Most of that cash then goes into building new capacity. These are yearly figures (as of 3 November 2026). ### Where is National Fuel Gas in its business cycle? National Fuel Gas Company's FY25 operating margin was 43.4%, against a 5-year range of 35.4% to 43.4%: 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 40.1%. 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 National Fuel Gas story? The main question: yearly earnings per share moved +576.2% while the share price moved −0.4%. 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 National Fuel Gas a stock worth studying right now? What the numbers show: National Fuel Gas Company'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 3 November 2026). This is research, not advice. We’re not SEBI-registered.