# STAG Industrial share price today (STAG Industrial, Inc., STAG)

> STAG Industrial, Inc.'s results are improving, while its P/E is near the low end of its own history over 4.6 years, higher than only 20% of past readings. STAG · Real Estate · REIT - Industrial · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/stag

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## Key numbers

- Business trend: Mixed, from the last 12 quarters
- Price: $37.38 (−2.3% in a year)
- P/E: 26.6× (lower than 80% of the last 4.6 years)
- Revenue (Jun 2026): $224 M (+8.1% on a year ago)
- Profit (Jun 2026): $52.9 M (+5.8% on a year ago)
- Operating margin: 37.0% (−1.5 points on a year ago)
- ROE: 7%, FY25
- ROIC: 3.1%, against a 7.5% cost of capital: −4.4 points

The main question: yearly earnings per share moved +40.7% while the share price moved −2.3%. ## What is the STAG Industrial share price today? STAG Industrial, Inc.'s share price was $37.38 at the close on 3 November 2026. It has been moving sideways for 15 weeks. That is 1.3% below its average price over the last 200 trading days. In the last 52 weeks it traded between $36 and $42, and at that close it sat 26% 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 +56% 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 STAG Industrial pay? STAG Industrial, Inc. paid $1.52 per share over the last four reported quarters. The most recent declaration was $0.39 for Jun 2026. At today's price of $37.38 that is a yield of 4.07%, based on dividends already paid, not a forecast. ## Which stock lists is STAG Industrial on? STAG Industrial 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 STAG Industrial profitable? STAG Industrial, Inc. earned $52.9 M of net profit in the Jun 2026 quarter, +5.8% on the same quarter a year earlier. Full-year FY25 profit was $273 M. Over 4 years profit has grown 9.8% a year on average. That is 23.6% of the quarter's revenue. The same quarter a year earlier earned $50.0 M. For the full year, FY25 profit was $273 M (+44.6% on the year before). Why profit moved: revenue changed +8.1% on a year earlier and the margin moved −1.5 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +13.4% and revenue +9.7%. 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 STAG Industrial make, and is it growing? STAG Industrial, Inc. reported $224 M of revenue in the Jun 2026 quarter, +8.1% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 4 years it has grown 10.7% a year on average. The last full year, FY25, came in at $845 M. The last four reported quarters add to $881 M. FY25 revenue was $845 M, +10.1% on the year before. Recent pace: the last four quarters grew +9.7% on average, against 10.7% a year over the longer run, so this year is growing at about the same pace as its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +9.6%, against +9.1% a year over the last 8 quarters (stabilising); profit over the last 12 months grew +5.5%, against +14.6% a year (rolling over). ## How much of every $100 of sales does STAG Industrial keep? STAG Industrial, Inc.'s operating margin was 37.0% in the Jun 2026 quarter, 1.5 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 29.3% and 37.6%. The latest quarter is within that range. Across 5 years it has been between 29.3% and 37.6%, and FY25's 37.6% 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 STAG Industrial's profit turning into cash? Over the last 3 years, 201% of STAG Industrial, Inc.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $463 M of operating cash against $273 M of profit. 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: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does STAG Industrial's cash go? STAG Industrial, 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. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is STAG Industrial's P/E ratio, and how does it compare with its own history? STAG Industrial, Inc.'s P/E is 26.6×, near the low end of its own history: it has been lower only 20% of the time. Its usual P/E (the middle reading) is 31.5×, 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 +40.7% while the price moved −2.3%. 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 +1.9% a year; about +8.8% a year came from earnings growth and about −6.9 percentage points from the multiple (the market paying less). 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 low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the STAG Industrial business getting better or worse? STAG Industrial, Inc.'s business is giving mixed signals. There is no clear direction across the growth lines, with ROCE steady at 7.1%; each line tells part of the story. 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 STAG Industrial earn on its capital? STAG Industrial, Inc. earned a ROE of 7% in FY25. That is up from a low of 5% in FY22. Its return on capital used (ROIC) is 4.4 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 32.3% net margin and 0.12× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 32.3% net margin × 0.12× asset turnover × 1.96× leverage (assets divided by equity) ≈ 7.6% 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: 3.1% − 7.5% = −4.4 percentage points. The 7.5% 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 STAG Industrial have too much debt? STAG Industrial, Inc. has total debt of $3.5 B against shareholder equity of $3.7 B as of Jun 2026, so its debt is 0.94× its equity. Year by year, that ratio went from 0.67 in FY21 to 0.90 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the STAG Industrial shareholding pattern? 4.2% of STAG Industrial, 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 4.8 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 STAG Industrial from balance-sheet trouble? For STAG Industrial, Inc., 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 STAG Industrial rank in its industry? 45.4 out of 100, rank 10 of 17 in REIT - Industrial, with 76% of the evidence available. STAG Industrial, Inc. scores 45.4 out of 100 against the 17 companies it is compared with in REIT - Industrial, ranking 10. 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: 17.5 + 13.9 + 6.7 + 7.3 = 45.4. 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 STAG Industrial compared with? STAG Industrial ranks 10 of 17 REIT - Industrial companies on the 4-Factor Sector Score, with 45.4 out of 100. 1. [Public Storage](https://www.sectoralpha.in/us/stocks/psa) PSA · turning · Most evidence points up · 76% evidence 65.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.1/35 · Income 3.2% · Profit 14.4% · 71% evidence Capital efficiency 20.7/25 · ROA 7.1% · ROE 22.7% · GNPA n/a · 68% evidence Valuation 7.6/20 · P/BV 6.02× · P/BV÷ROE 0.27 · 70% evidence Relative strength 17.4/20 · Lead over its industry 6.7% · Lead over S&P 500 6.5% · 1 year 19.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.1 + 20.7 + 7.6 + 17.4 = 65.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [CubeSmart](https://www.sectoralpha.in/us/stocks/cube) CUBE · turning · Evidence leans up · 76% evidence 56.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.8/35 · Income 4% · Profit -10.7% · 71% evidence Capital efficiency 18.9/25 · ROA 4.3% · ROE 12.1% · GNPA n/a · 68% evidence Valuation 6.5/20 · P/BV 3.42× · P/BV÷ROE 0.28 · 70% evidence Relative strength 19.7/20 · Lead over its industry 7.6% · Lead over S&P 500 7.5% · 1 year 17.9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 11.8 + 18.9 + 6.5 + 19.7 = 56.9 · What this means: Relative strength against the index is 7.5%, and revenue and profit growth are weak. 3. [Terreno Realty Corporation](https://www.sectoralpha.in/us/stocks/trno) TRNO · quiet · Evidence leans up · 76% evidence 56.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.5/35 · Income 17.8% · Profit 52.6% · 71% evidence Capital efficiency 12.6/25 · ROA 2.3% · ROE 6.6% · GNPA n/a · 68% evidence Valuation 8.6/20 · P/BV 1.55× · P/BV÷ROE 0.23 · 70% evidence Relative strength 9.6/20 · Lead over its industry -2.1% · Lead over S&P 500 -2.1% · 1 year 9.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.5 + 12.6 + 8.6 + 9.6 = 56.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [EastGroup Properties, Inc.](https://www.sectoralpha.in/us/stocks/egp) EGP · turning · Evidence leans up · 80% evidence 54.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 24.5/35 · Income 10.3% · Profit 27.8% · 81% evidence Capital efficiency 16.8/25 · ROA 3.6% · ROE 8.4% · GNPA n/a · 68% evidence Valuation 3.7/20 · P/BV 2.97× · P/BV÷ROE 0.35 · 70% evidence Relative strength 9.4/20 · Lead over its industry -2.1% · Lead over S&P 500 -2.2% · 1 year 12.7% · 100% evidence · 0 of 12 weeks ahead Exact sum: 24.5 + 16.8 + 3.7 + 9.4 = 54.4 · 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. [National Storage Affiliates Trust](https://www.sectoralpha.in/us/stocks/nsa) NSA · Too little evidence to rank firmly · 56% evidence 53.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.6/43.75 · Income 1.5% · Profit 25% · 71% evidence Capital efficiency 19.4/31.25 · ROA 3.5% · ROE 7.4% · GNPA n/a · 68% evidence Valuation 6.0/25 · P/BV 2.42× · P/BV÷ROE 0.33 · 70% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 27.6 + 19.4 + 6 = 53 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [First Industrial Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/fr) FR · basing · Evidence leans up · 80% evidence 52.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.2/35 · Income 8.7% · Profit 51.7% · 81% evidence Capital efficiency 18.1/25 · ROA 3.8% · ROE 11.1% · GNPA n/a · 68% evidence Valuation 8.7/20 · P/BV 2.75× · P/BV÷ROE 0.25 · 70% evidence Relative strength 0.3/20 · Lead over its industry -13.5% · Lead over S&P 500 -13.6% · 1 year -2.5% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.2 + 18.1 + 8.7 + 0.3 = 52.3 · What this means: Earnings are strong; relative strength in its sector is -13.5% and the one-year return is -2.5%. 7. [SmartStop Self Storage REIT, Inc.](https://www.sectoralpha.in/us/stocks/sma) SMA · turning · Evidence leans up · 67% evidence 51.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Income 16% · Profit n/a · 45% evidence Capital efficiency 9.4/25 · ROA 1.6% · ROE 3.2% · GNPA n/a · 68% evidence Valuation 3.8/20 · P/BV 1.43× · P/BV÷ROE 0.45 · 70% evidence Relative strength 19.3/20 · Lead over its industry 6.9% · Lead over S&P 500 6.9% · 1 year 7.3% · 100% evidence · 3 of 12 weeks ahead Exact sum: 19.3 + 9.4 + 3.8 + 19.3 = 51.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Prologis, Inc.](https://www.sectoralpha.in/us/stocks/pld) PLD · basing · Evidence leans up · 80% evidence 51.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.6/35 · Income 8.7% · Profit 32.9% · 81% evidence Capital efficiency 14.8/25 · ROA 2.8% · ROE 7.7% · GNPA n/a · 68% evidence Valuation 7.8/20 · P/BV 2.04× · P/BV÷ROE 0.27 · 70% evidence Relative strength 2.3/20 · Lead over its industry -9.4% · Lead over S&P 500 -9.5% · 1 year 2.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 26.6 + 14.8 + 7.8 + 2.3 = 51.5 · What this means: Earnings are strong; relative strength in its sector is -9.4% and the one-year return is 2.8%. 9. [Extra Space Storage Inc.](https://www.sectoralpha.in/us/stocks/exr) EXR · turning · Evidence leans up · 76% evidence 51.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.8/35 · Income 3.9% · Profit -1.8% · 71% evidence Capital efficiency 14.9/25 · ROA 3.3% · ROE 7.1% · GNPA n/a · 68% evidence Valuation 5.7/20 · P/BV 2.17× · P/BV÷ROE 0.3 · 70% evidence Relative strength 17.0/20 · Lead over its industry 5.4% · Lead over S&P 500 5.3% · 1 year 17.3% · 100% evidence · 1 of 12 weeks ahead Exact sum: 13.8 + 14.9 + 5.7 + 17 = 51.4 · What this means: Relative strength against the index is 5.3%, and revenue and profit growth are weak. 10. STAG Industrial, Inc. this page STAG · turning · Evidence leans down · 76% evidence 45.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.5/35 · Income 9.4% · Profit 5.6% · 71% evidence Capital efficiency 13.9/25 · ROA 2.9% · ROE 6.9% · GNPA n/a · 68% evidence Valuation 6.7/20 · P/BV 1.96× · P/BV÷ROE 0.28 · 70% evidence Relative strength 7.3/20 · Lead over its industry -6.2% · Lead over S&P 500 -6.2% · 1 year -4.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 17.5 + 13.9 + 6.7 + 7.3 = 45.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Americold Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/cold) COLD · quiet · Too little evidence to rank firmly · 55% evidence 41.8 out of 100 Growth Capital Valuation Relative
12. [Innovative Industrial Properties, Inc.](https://www.sectoralpha.in/us/stocks/iipr) IIPR · basing · Evidence leans down · 76% evidence 38.8 out of 100 Growth Capital Valuation Relative
13. [Rexford Industrial Realty, Inc.](https://www.sectoralpha.in/us/stocks/rexr) REXR · turning · Evidence leans down · 68% evidence 37.7 out of 100 Growth Capital Valuation Relative
14. [Industrial Logistics Properties Trust](https://www.sectoralpha.in/us/stocks/ilpt) ILPT · quiet · Too little evidence to rank firmly · 55% evidence 36.7 out of 100 Growth Capital Valuation Relative
15. [Lineage, Inc.](https://www.sectoralpha.in/us/stocks/line) LINE · basing · Too little evidence to rank firmly · 55% evidence 33.2 out of 100 Growth Capital Valuation Relative
16. [Modiv Industrial, Inc.](https://www.sectoralpha.in/us/stocks/mdv) MDV · Too little evidence to rank firmly · 35% evidence 44.3 out of 100 Growth Capital Valuation Relative
17. [LXP Industrial Trust](https://www.sectoralpha.in/us/stocks/lxp) LXP · Too little evidence to rank firmly · 44% evidence 34.7 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. 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: [REIT - Industrial](https://www.sectoralpha.in/us/sectors/reit-industrial), all 17 compared on one page. ## Which companies are close to STAG Industrial in size? STAG Industrial is the 10th largest of 17 REIT - Industrial companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Rexford Industrial Realty, Inc., First Industrial Realty Trust, Inc. and Terreno Realty Corporation. Just below it: National Storage Affiliates Trust, Americold Realty Trust, Inc. and LXP Industrial Trust. ### REIT - Industrial companies close in size

1. [Rexford Industrial Realty, Inc.](https://www.sectoralpha.in/us/stocks/rexr) $8.5 billion
2. [First Industrial Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/fr) $7.5 billion
3. [Terreno Realty Corporation](https://www.sectoralpha.in/us/stocks/trno) $7.3 billion
4. STAG Industrial, Inc. $7.3 billion
5. [National Storage Affiliates Trust](https://www.sectoralpha.in/us/stocks/nsa) $5.6 billion
6. [Americold Realty Trust, Inc.](https://www.sectoralpha.in/us/stocks/cold) $4.2 billion
7. [LXP Industrial Trust](https://www.sectoralpha.in/us/stocks/lxp) $3.6 billion

[All 17 REIT - Industrial companies, largest first](https://www.sectoralpha.in/us/sectors/reit-industrial#all-companies)

### Companies close in size in other industries

1. [Amneal Pharmaceuticals, Inc.](https://www.sectoralpha.in/us/stocks/amrx) $7.1 billion · Drug Manufacturers - Specialty & Generic
2. [Vornado Realty Trust](https://www.sectoralpha.in/us/stocks/vno) $7.1 billion · REIT - Office
3. STAG Industrial, Inc. $7.1 billion
4. [Avnet, Inc.](https://www.sectoralpha.in/us/stocks/avt) $7.1 billion · Electronics & Computer Distribution
5. [First Majestic Silver Corp.](https://www.sectoralpha.in/us/stocks/ag) $7.1 billion · Silver

## What else do people ask about STAG Industrial? ### What were STAG Industrial's latest quarterly results? STAG Industrial, Inc. reported revenue of $224 M and net profit of $52.9 M for the Jun 2026 quarter. Revenue rose 8.1% and profit rose 5.8% compared with a year earlier. Earnings per share were $0.28. The operating margin was 37.0%, 1.5 percentage points lower than a year earlier (as of 3 November 2026). ### What is STAG Industrial's market cap? STAG Industrial, Inc.'s market capitalisation is $7.3 B at a stock price of $37.38. 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 STAG Industrial performing? STAG Industrial, Inc.'s share price has been moving sideways for 15 weeks. In its latest quarter, revenue rose 8.1% and profit rose 5.8% 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 STAG Industrial's stock price go up? This page does not forecast STAG Industrial, Inc.'s stock price. What it shows instead: the stock price is $37.38, and it has been moving sideways for 15 weeks. Its P/E of 26.6× is higher than 20% of its own last 5 years (as of 3 November 2026). ### Does STAG Industrial have too much debt? STAG Industrial, Inc. has a moderate amount of debt: its debt is 0.93× 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 3 November 2026). ### Is STAG Industrial's profit real cash? Yes, over the last 3 years, 201% of STAG Industrial, Inc.'s reported profit came in as cash from operations. The latest year was lower at 170%, so the trend is worth watching. In FY25, operating cash was $463 M against reported profit of $273 M. Most of that cash then goes into a mix of the daily operating cycle and new capacity. These are yearly figures (as of 3 November 2026). ### Where is STAG Industrial in its business cycle? STAG Industrial, Inc.'s FY25 operating margin was 37.6%, against a 5-year range of 29.3% to 37.6%: 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 37.0%. 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 STAG Industrial story? The main question: yearly earnings per share moved +40.7% while the share price moved −2.3%. 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 STAG Industrial a stock worth studying right now? What the numbers show: STAG Industrial, Inc.'s results are improving, while its P/E is near the low end of its own history over 4.6 years, higher than only 20% of past readings. 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.