# Pinnacle Financial Partners share price today (Pinnacle Financial Partners, Inc., PNFP) > Pinnacle Financial Partners, Inc.'s earnings have grown faster than its share price. Earnings per share grew +35.4% in a year while the price moved +20.4%. PNFP · Financials · Banks - Regional · data as of 4 November 2026. Page: https://www.sectoralpha.in/us/stocks/pnfp 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: Getting better, from the last 12 quarters - Price: $104.26 (+20.4% in a year) - P/BV: 1.1× (lower than 51% of the last 5.8 years) - Revenue (Sep 2026): $1.2 B (+139.0% on a year ago) - Profit (Sep 2026): $364 M (+115.0% on a year ago) - Net margin: 29.7% (−3.3 points on a year ago) - ROE: 10%, FY25 - ROA: 1.10%, latest Biggest thing to watch: the price has already been rising for 2 weeks, so timing is the risk more than the business. ## What is the Pinnacle Financial Partners share price today? Pinnacle Financial Partners, Inc.'s share price was $104.26 at the close on 4 November 2026. It has been rising for 2 weeks. That is 7.7% above its average price over the last 200 trading days. In the last 52 weeks it traded between $83 and $108, and at that close it sat 85% 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 +110% while the S&P 500 moved +261%, 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 Pinnacle Financial Partners pay? Pinnacle Financial Partners, Inc. paid $1.74 per share over the last four reported quarters. The most recent declaration was $0.50 for Sep 2026. At today's price of $104.26 that is a yield of 1.67%, based on dividends already paid, not a forecast. ## Which stock lists is Pinnacle Financial Partners on? Pinnacle Financial Partners 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 Pinnacle Financial Partners profitable? Pinnacle Financial Partners, Inc. earned $364 M of net profit in the Sep 2026 quarter, +115.0% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY25 profit was $627 M. Over 5 years profit has grown 14.9% a year on average. That is 29.7% of the quarter's revenue. The same quarter a year earlier earned $169 M. For the full year, FY25 profit was $627 M (+36.3% on the year before). Why profit moved: revenue changed +139.0% on a year earlier and the margin moved −3.3 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +57.2% and revenue +111.6%. Profit is growing slower than sales: rising costs are taking part of the growth. ## How much revenue does Pinnacle Financial Partners make, and is it growing? Pinnacle Financial Partners, Inc. reported $1.2 B of income in the Sep 2026 quarter, +139.0% on the same quarter a year earlier. That is the 9th quarter in a row with growth on the year before. Over 5 years it has grown 15.8% a year on average. The last full year, FY25, came in at $1.9 B. The last four reported quarters add to $4.0 B. FY25 revenue was $1.9 B, +20.5% on the year before. Recent pace: the last four quarters grew +111.6% on average, against 15.8% 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 +113.1%, against +60.9% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +60.9%, against +55.7% a year (accelerating). ## How much does Pinnacle Financial Partners keep from what it earns? Pinnacle Financial Partners, Inc.'s net margin was 29.7% in the Sep 2026 quarter, 3.3 percentage points lower than the same quarter a year ago. Across 6 years it has been between 28.5% and 39.0%. The latest quarter is within that range. Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason. ## How many of Pinnacle Financial Partners' loans have gone bad? Pinnacle Financial Partners, Inc. does not report loan-quality figures this page can read, so this section says so rather than guess. No bad-loan figures are filed in a form this page can read, and none are guessed from the profit line. The income, margin and return sections carry what this business does report. Why: loan quality drives a lender, but its details (new bad loans, recoveries, money set aside) are not in our data for this company. The sections around this one carry what we can back up. ## How fast is Pinnacle Financial Partners' loan book growing? Pinnacle Financial Partners, Inc.'s revenue was $1.9 B in FY25, +20.5% on the year before, so the loan book is growing. The latest quarter was +139.0% on a year earlier. The net margin on that income is 29.7%, −3.3 percentage points on a year ago. Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year. In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Quarterly loan-quality figures are missing here, so revenue growth and margin are the two we watch. ## What is Pinnacle Financial Partners' P/BV ratio, and how does it compare with its own history? Pinnacle Financial Partners, Inc.'s P/BV is 1.1×, in the middle of its own history: higher than 49% of past readings. Its usual P/BV (the middle reading) is 1.1×, over 5.8 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 low: this lender earns about 10% a year on its equity. A lender that earns less on its net worth is valued lower for each dollar of it, and that gap usually closes only if returns improve. Why the multiple is where it is: over the past year book value grew while the price moved +20.4%. Price and book value moved together, so the multiple stayed in its range. Where the price move came from: over 5 years the price moved +1.0% a year; about +6.1% a year came from book-value growth and about −5.1 percentage points from the multiple (the market paying less). The split is approximate (price return minus book-value 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 book value trend underneath matters more than the multiple. ## Is the Pinnacle Financial Partners business getting better or worse? Pinnacle Financial Partners, Inc.'s business is getting better. Profit growth hit its low 8 quarters ago at −31.6% and has recovered to +60.9%, with ROE steady at 6.7%. This is based on 12 quarters of 4 measures. Why it matters: a lasting rise from a low is what this page is built to show. ## How much does Pinnacle Financial Partners earn on its equity and assets? Pinnacle Financial Partners, Inc. earned a return on equity of 9% in FY25. Its lowest yearly reading on file was 6% in FY20. On its assets, every $100 earned about $1.10, before the effect of borrowing. For a lender the balance sheet is the business, so the return on equity and on assets have to be read together. That return is below the level a bank needs to grow its net worth quickly, which helps explain why its multiple is where it is. Why ROE moved: profit grew 14.9% a year over 5 years while net worth grew more slowly. When earnings recover faster than net worth builds up, ROE climbs off its low. ## Does Pinnacle Financial Partners have too much debt? For a bank, borrowing is the raw material of the business, not a warning sign: it borrows money in order to lend it out. Its safety is read through its returns and its loans. Its safety is read from the bad-loan figures and the return on equity instead. For a manufacturer, debt is a claim on its profits. For a lender it is the stock it trades in, so the usual debt-to-equity test would mislead and is not used here. ## What is the Pinnacle Financial Partners shareholding pattern? 3.8% of Pinnacle Financial Partners, 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 5.5 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 Pinnacle Financial Partners from balance-sheet trouble? For Pinnacle Financial Partners, Inc., the Z-score is not used, because it was built for manufacturers, not lenders. For a lender, safety is read from its capital and bad-loan figures instead. ## How does Pinnacle Financial Partners rank in its industry? 60.8 out of 100, rank 2 of 20 in Banks - Regional, with 80% of the evidence available. Pinnacle Financial Partners, Inc. scores 60.8 out of 100 against the 20 companies it is compared with in Banks - Regional, ranking 2. 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: 21.6 + 8.3 + 12.8 + 18.1 = 60.8. 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 ROA turns down or gross NPA rises while the share price lags its sector. ## Which companies is Pinnacle Financial Partners compared with? Pinnacle Financial Partners ranks 2 of 20 Banks - Regional companies on the 4-Factor Sector Score, with 60.8 out of 100. 1. [East West Bancorp, Inc.](https://www.sectoralpha.in/us/stocks/ewbc) EWBC · turning · Most evidence points up · 80% evidence 66.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Income 13.4% · Profit 15.8% · 81% evidence Capital efficiency 18.4/25 · ROA 1.7% · ROE 15.9% · GNPA n/a · 68% evidence Valuation 10.5/20 · P/BV 1.88× · P/BV÷ROE 0.12 · 70% evidence Relative strength 18.9/20 · Lead over its industry 8.2% · Lead over S&P 500 4.1% · 1 year 29.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 19 + 18.4 + 10.5 + 18.9 = 66.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. Pinnacle Financial Partners, Inc. this page PNFP · turning · Evidence leans up · 80% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Income 100% · Profit 61.1% · 81% evidence Capital efficiency 8.3/25 · ROA 1% · ROE 8.9% · GNPA n/a · 68% evidence Valuation 12.8/20 · P/BV 0.96× · P/BV÷ROE 0.11 · 70% evidence Relative strength 18.1/20 · Lead over its industry 5.1% · Lead over S&P 500 1% · 1 year 20.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.6 + 8.3 + 12.8 + 18.1 = 60.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [First Citizens BancShares, Inc.](https://www.sectoralpha.in/us/stocks/fcnca) FCNCA · turning · Evidence leans up · 80% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.8/35 · Income 6.6% · Profit 1% · 81% evidence Capital efficiency 12.4/25 · ROA 1.1% · ROE 12.2% · GNPA n/a · 68% evidence Valuation 15.6/20 · P/BV 1.06× · P/BV÷ROE 0.09 · 70% evidence Relative strength 20.0/20 · Lead over its industry 10.3% · Lead over S&P 500 6% · 1 year 28.2% · 100% evidence · 5 of 12 weeks ahead Exact sum: 12.8 + 12.4 + 15.6 + 20 = 60.8 · What this means: Relative strength against the index is 6%, and revenue and profit growth are weak. 4. [Credicorp Ltd.](https://www.sectoralpha.in/us/stocks/bap) BAP · quiet · Evidence leans up · 76% evidence 60.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Income 12.9% · Profit 17.9% · 71% evidence Capital efficiency 19.8/25 · ROA 3.1% · ROE 21.2% · GNPA n/a · 68% evidence Valuation 9.1/20 · P/BV 2.72× · P/BV÷ROE 0.13 · 70% evidence Relative strength 10.1/20 · Lead over its industry 2.3% · Lead over S&P 500 -1.8% · 1 year 38.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 21.6 + 19.8 + 9.1 + 10.1 = 60.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [The PNC Financial Services Group, Inc.](https://www.sectoralpha.in/us/stocks/pnc) PNC · quiet · Evidence leans up · 80% evidence 59.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.9/35 · Income 14.4% · Profit 22.5% · 81% evidence Capital efficiency 14.8/25 · ROA 1.3% · ROE 12.9% · GNPA n/a · 68% evidence Valuation 11.3/20 · P/BV 1.42× · P/BV÷ROE 0.11 · 70% evidence Relative strength 10.3/20 · Lead over its industry 1.7% · Lead over S&P 500 -2.4% · 1 year 26.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 22.9 + 14.8 + 11.3 + 10.3 = 59.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [U.S. Bancorp](https://www.sectoralpha.in/us/stocks/usb) USB · quiet · Evidence leans up · 80% evidence 59.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.5/35 · Income 7.2% · Profit 17.5% · 81% evidence Capital efficiency 14.3/25 · ROA 1.2% · ROE 13% · GNPA n/a · 68% evidence Valuation 12.8/20 · P/BV 1.34× · P/BV÷ROE 0.1 · 70% evidence Relative strength 14.4/20 · Lead over its industry 4.7% · Lead over S&P 500 0.5% · 1 year 29% · 100% evidence · 3 of 12 weeks ahead Exact sum: 17.5 + 14.3 + 12.8 + 14.4 = 59 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [KeyCorp](https://www.sectoralpha.in/us/stocks/key) KEY · quiet · Evidence leans up · 80% evidence 57.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.9/35 · Income 27.7% · Profit 100% · 81% evidence Capital efficiency 10.1/25 · ROA 1.1% · ROE 10.2% · GNPA n/a · 68% evidence Valuation 11.4/20 · P/BV 1.2× · P/BV÷ROE 0.12 · 70% evidence Relative strength 8.4/20 · Lead over its industry -0.9% · Lead over S&P 500 -4.8% · 1 year 19.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 27.9 + 10.1 + 11.4 + 8.4 = 57.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Nu Holdings Ltd.](https://www.sectoralpha.in/us/stocks/nu) NU · quiet · Evidence leans up · 76% evidence 56.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.5/35 · Income 44.3% · Profit 56.8% · 71% evidence Capital efficiency 19.4/25 · ROA 4.6% · ROE 29.2% · GNPA n/a · 68% evidence Valuation 7.0/20 · P/BV 4.9× · P/BV÷ROE 0.17 · 70% evidence Relative strength 3.0/20 · Lead over its industry -21% · Lead over S&P 500 -24.3% · 1 year -24.5% · 100% evidence · 6 of 12 weeks ahead Exact sum: 27.5 + 19.4 + 7 + 3 = 56.9 · What this means: Earnings are strong; relative strength in its sector is -21% and the one-year return is -24.5%. 9. [Citizens Financial Group, Inc.](https://www.sectoralpha.in/us/stocks/cfg) CFG · quiet · Evidence leans up · 80% evidence 53.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.3/35 · Income 12.8% · Profit 35.8% · 81% evidence Capital efficiency 8.6/25 · ROA 1% · ROE 9% · GNPA n/a · 68% evidence Valuation 11.2/20 · P/BV 1.07× · P/BV÷ROE 0.12 · 70% evidence Relative strength 8.1/20 · Lead over its industry 0.8% · Lead over S&P 500 -3.2% · 1 year 27.5% · 100% evidence · 3 of 12 weeks ahead Exact sum: 25.3 + 8.6 + 11.2 + 8.1 = 53.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Banco Bradesco S.A.](https://www.sectoralpha.in/us/stocks/bbd) BBD · quiet · Evidence leans up · 80% evidence 51.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Income 9% · Profit 22.6% · 81% evidence Capital efficiency 15.8/25 · ROA 1.2% · ROE 16% · GNPA n/a · 68% evidence Valuation 16.8/20 · P/BV 0.93× · P/BV÷ROE 0.06 · 70% evidence Relative strength 0.0/20 · Lead over its industry -30.1% · Lead over S&P 500 -32.9% · 1 year -27.4% · 100% evidence · 3 of 12 weeks ahead Exact sum: 19.3 + 15.8 + 16.8 + 0 = 51.9 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Webster Financial Corporation](https://www.sectoralpha.in/us/stocks/wbs) WBS · Too little evidence to rank firmly · 56% evidence 50.9 out of 100 Growth Capital Valuation Relative 12. [M&T Bank Corporation](https://www.sectoralpha.in/us/stocks/mtb) MTB · quiet · Evidence leans up · 80% evidence 50.0 out of 100 Growth Capital Valuation Relative 13. [Truist Financial Corporation](https://www.sectoralpha.in/us/stocks/tfc) TFC · quiet · Evidence leans down · 80% evidence 49.6 out of 100 Growth Capital Valuation Relative 14. [NatWest Group plc](https://www.sectoralpha.in/us/stocks/nwg) NWG · quiet · Evidence leans down · 76% evidence 49.6 out of 100 Growth Capital Valuation Relative 15. [Itaú Unibanco Holding S.A.](https://www.sectoralpha.in/us/stocks/itub) ITUB · quiet · Evidence leans down · 76% evidence 49.3 out of 100 Growth Capital Valuation Relative 16. [Deutsche Bank Aktiengesellschaft](https://www.sectoralpha.in/us/stocks/db) DB · basing · Evidence leans down · 76% evidence 48.4 out of 100 Growth Capital Valuation Relative 17. [Fifth Third Bancorp](https://www.sectoralpha.in/us/stocks/fitb) FITB · quiet · Evidence leans down · 80% evidence 47.7 out of 100 Growth Capital Valuation Relative 18. [Regions Financial Corporation](https://www.sectoralpha.in/us/stocks/rf) RF · quiet · Evidence leans down · 80% evidence 46.9 out of 100 Growth Capital Valuation Relative 19. [Lloyds Banking Group plc](https://www.sectoralpha.in/us/stocks/lyg) LYG · quiet · Evidence leans down · 80% evidence 46.1 out of 100 Growth Capital Valuation Relative 20. [Huntington Bancshares Incorporated](https://www.sectoralpha.in/us/stocks/hban) HBAN · basing · Evidence leans down · 80% evidence 44.9 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. Financial companies use P/BV÷ROE and asset quality; PEG, industrial OPM and ROCE are excluded. 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: [Banks - Regional](https://www.sectoralpha.in/us/sectors/banks-regional), all 20 compared on one page. ## Which companies are close to Pinnacle Financial Partners in size? Pinnacle Financial Partners is the 28th largest of 274 Banks - Regional companies on Sector Alpha by market value (scores of 4 November 2026). Just above it: East West Bancorp, Inc., Banco Santander (Brasil) S.A. and Woori Financial Group Inc. Just below it: Banco Santander-Chile, Webster Financial Corporation and First Horizon Corporation. ### Banks - Regional companies close in size 1. [East West Bancorp, Inc.](https://www.sectoralpha.in/us/stocks/ewbc) $18.4 billion 2. [Banco Santander (Brasil) S.A.](https://www.sectoralpha.in/us/stocks/bsbr) $17.6 billion 3. [Woori Financial Group Inc.](https://www.sectoralpha.in/us/stocks/wf) $16.6 billion 4. Pinnacle Financial Partners, Inc. $15.7 billion 5. [Banco Santander-Chile](https://www.sectoralpha.in/us/stocks/bsac) $15.6 billion 6. [Webster Financial Corporation](https://www.sectoralpha.in/us/stocks/wbs) $12.6 billion 7. [First Horizon Corporation](https://www.sectoralpha.in/us/stocks/fhn) $11.2 billion [All 274 Banks - Regional companies, largest first](https://www.sectoralpha.in/us/sectors/banks-regional#all-companies) ### Companies close in size in other industries 1. [CEMEX, S.A.B. de C.V.](https://www.sectoralpha.in/us/stocks/cx) $15.9 billion · Building Materials 2. [Emera Incorporated](https://www.sectoralpha.in/us/stocks/ema) $15.7 billion · Utilities - Regulated Electric 3. Pinnacle Financial Partners, Inc. $15.7 billion 4. [Weyerhaeuser Company](https://www.sectoralpha.in/us/stocks/wy) $15.7 billion · REIT - Specialty 5. [TransUnion](https://www.sectoralpha.in/us/stocks/tru) $15.7 billion · Financial Data & Stock Exchanges ## What else do people ask about Pinnacle Financial Partners? ### What were Pinnacle Financial Partners's latest quarterly results? Pinnacle Financial Partners, Inc. reported total income of $1.2 B and net profit of $364 M for the Sep 2026 quarter. Income rose 139.0% and profit rose 115.0% compared with a year earlier. Earnings per share were $2.40 (as of 4 November 2026). ### What is Pinnacle Financial Partners's market cap? Pinnacle Financial Partners, Inc.'s market capitalisation is $15.7 B at a stock price of $104.26. 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 Pinnacle Financial Partners performing? Pinnacle Financial Partners, Inc.'s share price has been rising for 2 weeks. In its latest quarter, income rose 139.0% and profit rose 115.0% 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 4 November 2026). ### Will Pinnacle Financial Partners's stock price go up? This page does not forecast Pinnacle Financial Partners, Inc.'s stock price. What it shows instead: the stock price is $104.26, and it has been rising for 2 weeks. Its P/BV of 1.1× is higher than 49% of its own last 6 years (as of 4 November 2026). ### Where is Pinnacle Financial Partners in its business cycle? Pinnacle Financial Partners, Inc.'s FY25 net margin was 32.2%, against a 6-year range of 28.5% to 39.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 29.7%. 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 Pinnacle Financial Partners story? Biggest thing to watch: the price has already been rising for 2 weeks, so timing is the risk more than the business. 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 Pinnacle Financial Partners a stock worth studying right now? What the numbers show: Pinnacle Financial Partners, Inc.'s earnings have grown faster than its share price. Earnings per share grew +35.4% in a year while the price moved +20.4%. 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 4 November 2026). This is research, not advice. We’re not SEBI-registered.