# Vox Royalty share price today (Vox Royalty Corp., VOXR) > Vox Royalty Corp.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. VOXR · Materials · Other Precious Metals & Mining · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/voxr 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: $4.58 (+7.3% in a year) - P/E: 6.4× (lower than 98% of the last 10 months) - Revenue (Jun 2026): $6.2 M (+122.6% on a year ago) - Profit (Jun 2026), incl. one-off: $17.0 M (one-off item, see below) - Operating margin: 182.3% (+188.7 points on a year ago) - ROE: 6%, FY25 - ROIC: 34.2%, against a 9.3% cost of capital: +24.9 points - Profit that came in as cash: 206%, last 2 years 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 Vox Royalty share price today? Vox Royalty Corp.'s share price was $4.58 at the close on 3 November 2026. That is 13.4% below its average price over the last 200 trading days. In the last 52 weeks it traded between $4 and $6, and at that close it sat 25% 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 +44% while the S&P 500 moved +21%, so it is ahead of 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 Vox Royalty pay? Vox Royalty Corp. paid $0.06 per share over the last four reported quarters. The most recent declaration was $0.01 for Jun 2026. At today's price of $4.58 that is a yield of 1.31%, based on dividends already paid, not a forecast. ## Which stock lists is Vox Royalty on? Vox Royalty 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 Vox Royalty profitable? Vox Royalty Corp. earned $17.0 M of net profit in the Jun 2026 quarter. That quarter includes a one-off gain bigger than its revenue, so the comparison with last year does not reflect normal business. Full-year FY25 profit was $5.9 M. That is 276.9% of the quarter's revenue. The same quarter a year earlier lost $388 K. 7 of the last 12 reported quarters were loss-making. Read this profit with care: at $17.0 M it is bigger than the quarter's whole revenue of $6.2 M. No business earns more than it takes in from sales, so this is a one-off item (for example a debt settlement, a tax write-back or an asset sale), not money the business earned. The underlying business is running at a 182.3% operating margin. The jump on last year, and any P/E built on this profit, come from the one-off, not from a real turn in earnings. ## How much revenue does Vox Royalty make, and is it growing? Vox Royalty Corp. reported $6.2 M of revenue in the Jun 2026 quarter, +122.6% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 4 years it has grown 46.1% a year on average. The last full year, FY25, came in at $16.6 M. The last four reported quarters add to $33.4 M. FY25 revenue was $16.6 M, +50.5% on the year before. Recent pace: the last four quarters grew +208.0% on average, against 46.1% 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 +209.8%, against +65.2% a year over the last 8 quarters (accelerating). ## How much of every $100 of sales does Vox Royalty keep? Vox Royalty Corp.'s operating margin was 182.3% in the Jun 2026 quarter, 188.7 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 −90.7% and 46.4%. The latest quarter is above every full year in that period. Across 5 years it has been between −90.7% and 46.4%, and FY25's 46.4% is the highest of them. Why the margin moved: operating margin changed +188.7 percentage points on the year while gross margin changed −6.9 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. 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 Vox Royalty's profit turning into cash? Over the last 2 years, 206% of Vox Royalty Corp.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY25 it brought in $10.7 M of operating cash against $5.9 M of profit. After $17.7 M of spending on assets, free cash was −$7.0 M: it spent more than its operations brought in. 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 Vox Royalty's cash go? Vox Royalty Corp. 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 $26.9 M on assets over the last 3 years. Averaged over those years that is 53.9% 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: $26.9 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is Vox Royalty's P/E ratio, and how does it compare with its own history? Vox Royalty Corp.'s P/E is 6.4×, about the lowest it has ever been. Its usual P/E (the middle reading) is 12.5×, over 10 months 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. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## Is the Vox Royalty business getting better or worse? Vox Royalty Corp.'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. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does Vox Royalty earn on its capital? Vox Royalty Corp. earned a ROE of 6% in FY25. That is up from a low of −20% in FY21. Its return on capital used (ROIC) is 24.9 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 35.4% net margin and 0.13× asset turnover (sales divided by assets). Why the return is what it is (FY25): a 35.4% net margin × 0.13× asset turnover × 1.15× leverage (assets divided by equity) ≈ 5.3% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 34.2% − 9.3% = +24.9 percentage points. The 9.3% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. A gap this wide means each dollar put back into the business creates more than a dollar of value. The 34.2% ROIC above is the latest reading, as reported. The yearly chart below shows FY25 at 9.2%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does Vox Royalty have too much debt? A history of Vox Royalty Corp.'s borrowings is not in our data. ## What is the Vox Royalty shareholding pattern? 3.1% of Vox Royalty Corp.'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 4.0 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 Vox Royalty from balance-sheet trouble? For Vox Royalty Corp., the Z-score is 19.30. 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 19.30 is well clear of the danger zone, so the balance sheet is not the risk here. ## How does Vox Royalty rank in its industry? 73.4 out of 100, rank 1 of 17 in Other Precious Metals & Mining, with 67% of the evidence available. Vox Royalty Corp. scores 73.4 out of 100 against the 17 companies it is compared with in Other Precious Metals & Mining, ranking 1. Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. The four parts add up to the total exactly: 26.2 + 19.4 + 10.8 + 17 = 73.4. 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 profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Vox Royalty compared with? Vox Royalty ranks 1 of 17 Other Precious Metals & Mining companies on the 4-Factor Sector Score, with 73.4 out of 100. 1. Vox Royalty Corp. this page VOXR · losing its lead · Most evidence points up · 67% evidence 73.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.2/35 · Revenue 100% · Profit n/a · Operating margin change 188.7 points · 71% evidence Capital efficiency 19.4/25 · ROCE 26.9% · Operating margin 182.3% · 76% evidence Valuation 10.8/20 · P/E 6.8× · PEG n/a · 15% evidence Relative strength 17.0/20 · Lead over its industry 21.7% · Lead over S&P 500 -16% · 1 year 15.9% · 100% evidence · 6 of 12 weeks ahead Exact sum: 26.2 + 19.4 + 10.8 + 17 = 73.4 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Compañía de Minas Buenaventura S.A.A.](https://www.sectoralpha.in/us/stocks/bvn) BVN · losing its lead · Most evidence points up · 85% evidence 70.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.9/35 · Revenue 68.8% · Profit 100% · Operating margin change 18.7 points · 95% evidence Capital efficiency 16.7/25 · ROCE 17.6% · Operating margin 41.9% · 76% evidence Valuation 15.3/20 · P/E 7× · PEG 0.69 · 65% evidence Relative strength 12.5/20 · Lead over its industry 14.3% · Lead over S&P 500 -21.4% · 1 year 19.6% · 100% evidence · 2 of 12 weeks ahead Exact sum: 25.9 + 16.7 + 15.3 + 12.5 = 70.4 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Hecla Mining Company](https://www.sectoralpha.in/us/stocks/hl) HL · quiet · Evidence leans up · 75% evidence 62.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.3/35 · Revenue 74.4% · Profit 100% · Operating margin change 17.1 points · 95% evidence Capital efficiency 18.6/25 · ROCE 24.7% · Operating margin 44.3% · 76% evidence Valuation 9.3/20 · P/E 31× · PEG n/a · 15% evidence Relative strength 8.3/20 · Lead over its industry 0.1% · Lead over S&P 500 -32.1% · 1 year -4.8% · 100% evidence · 6 of 12 weeks ahead Exact sum: 26.3 + 18.6 + 9.3 + 8.3 = 62.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Triple Flag Precious Metals Corp.](https://www.sectoralpha.in/us/stocks/tfpm) TFPM · quiet · Evidence leans up · 85% evidence 62.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue 50.6% · Profit 100% · Operating margin change 10 points · 95% evidence Capital efficiency 16.3/25 · ROCE 11.9% · Operating margin 65.1% · 76% evidence Valuation 5.9/20 · P/E 15× · PEG 2.66 · 65% evidence Relative strength 16.6/20 · Lead over its industry 19.3% · Lead over S&P 500 -18% · 1 year -0.9% · 100% evidence · 7 of 12 weeks ahead Exact sum: 23.2 + 16.3 + 5.9 + 16.6 = 62 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 5. [Metalla Royalty & Streaming Ltd.](https://www.sectoralpha.in/us/stocks/mta) MTA · quiet · Evidence leans up · 67% evidence 58.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue 66.7% · Profit n/a · Operating margin change 36.1 points · 71% evidence Capital efficiency 10.7/25 · ROCE 1% · Operating margin 44.4% · 76% evidence Valuation 11.5/20 · P/E -1613.6× · PEG n/a · 15% evidence Relative strength 16.5/20 · Lead over its industry 23.8% · Lead over S&P 500 -13.9% · 1 year 10% · 100% evidence · 9 of 12 weeks ahead Exact sum: 19.3 + 10.7 + 11.5 + 16.5 = 58 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Gold Resource Corporation](https://www.sectoralpha.in/us/stocks/goro) GORO · turning · Evidence leans up · 67% evidence 57.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.0/35 · Revenue 100% · Profit n/a · Operating margin change 532.9 points · 71% evidence Capital efficiency 8.5/25 · ROCE -0.8% · Operating margin 20.3% · 76% evidence Valuation 11.0/20 · P/E -5.5× · PEG n/a · 15% evidence Relative strength 11.2/20 · Lead over its industry -0.9% · Lead over S&P 500 -32.5% · 1 year -23.7% · 100% evidence · 3 of 12 weeks ahead Exact sum: 27 + 8.5 + 11 + 11.2 = 57.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Versamet Royalties Corporation](https://www.sectoralpha.in/us/stocks/vmet) VMET · quiet · Evidence leans up · 61% evidence 56.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.0/35 · Revenue 100% · Profit n/a · Operating margin change -40.8 points · 71% evidence Capital efficiency 13.9/25 · ROCE 9% · Operating margin 58% · 76% evidence Valuation 9.0/20 · P/E 35.9× · PEG n/a · 15% evidence Relative strength 13.3/20 · Lead over its industry 16.4% · Lead over S&P 500 -19.7% · 1 year 23.8% · 70% evidence · 0 of 12 weeks ahead Exact sum: 20 + 13.9 + 9 + 13.3 = 56.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Avino Silver & Gold Mines Ltd.](https://www.sectoralpha.in/us/stocks/asm) ASM · quiet · Evidence leans down · 75% evidence 47.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Revenue 47.5% · Profit 100% · Operating margin change 3.6 points · 95% evidence Capital efficiency 16.6/25 · ROCE 17.1% · Operating margin 34% · 76% evidence Valuation 9.5/20 · P/E 24× · PEG n/a · 15% evidence Relative strength 2.3/20 · Lead over its industry -9.3% · Lead over S&P 500 -38.5% · 1 year -0.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 19 + 16.6 + 9.5 + 2.3 = 47.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Elemental Royalty Corporation](https://www.sectoralpha.in/us/stocks/ele) ELE · quiet · Evidence leans down · 67% evidence 47.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.2/35 · Revenue 100% · Profit -25% · Operating margin change 1 points · 71% evidence Capital efficiency 10.9/25 · ROCE 1.6% · Operating margin 30.3% · 76% evidence Valuation 8.5/20 · P/E 396.6× · PEG n/a · 15% evidence Relative strength 11.5/20 · Lead over its industry 8.2% · Lead over S&P 500 -25.8% · 1 year -3.3% · 100% evidence · 8 of 12 weeks ahead Exact sum: 16.2 + 10.9 + 8.5 + 11.5 = 47.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Integra Resources Corp.](https://www.sectoralpha.in/us/stocks/itrg) ITRG · quiet · Evidence leans down · 65% evidence 44.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue n/a · Profit -26.7% · Operating margin change -9.8 points · 67% evidence Capital efficiency 15.3/25 · ROCE 17.9% · Operating margin 19% · 76% evidence Valuation 8.7/20 · P/E 42× · PEG n/a · 15% evidence Relative strength 7.4/20 · Lead over its industry -6.9% · Lead over S&P 500 -37% · 1 year -27.5% · 100% evidence · 7 of 12 weeks ahead Exact sum: 12.9 + 15.3 + 8.7 + 7.4 = 44.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [McEwen Inc.](https://www.sectoralpha.in/us/stocks/mux) MUX · quiet · Most evidence points down · 67% evidence 34.9 out of 100 Growth Capital Valuation Relative 12. Comstock Inc. LODE · quiet · Most evidence points down · 63% evidence 26.7 out of 100 Growth Capital Valuation Relative 13. Solaris Resources Inc. SLSR · basing · Too little evidence to rank firmly · 47% evidence 49.9 out of 100 Growth Capital Valuation Relative 14. Silver Bow Mining Corp. SBMT · quiet · Too little evidence to rank firmly · 27% evidence 45.1 out of 100 Growth Capital Valuation Relative 15. Guardian Metal Resources PLC GMTL · quiet · Too little evidence to rank firmly · 18% evidence 42.6 out of 100 Growth Capital Valuation Relative 16. Platinum Group Metals Ltd. PLG · quiet · Too little evidence to rank firmly · 50% evidence 40.0 out of 100 Growth Capital Valuation Relative 17. Perpetua Resources Corp. PPTA · quiet · Too little evidence to rank firmly · 47% evidence 29.0 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 Jun 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: [Other Precious Metals & Mining](https://www.sectoralpha.in/us/sectors/other-precious-metals-mining), all 17 compared on one page. ## Which companies are close to Vox Royalty in size? Vox Royalty is the 12th largest of 13 Other Precious Metals & Mining companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: McEwen Inc., Avino Silver & Gold Mines, Metalla Royalty & Streaming, Gold Resource Corporation and Integra Resources Corp. Just below it: Comstock Inc. ### Other Precious Metals & Mining companies close in size 1. [McEwen Inc.](https://www.sectoralpha.in/us/stocks/mux) $837 million 2. [Avino Silver & Gold Mines Ltd.](https://www.sectoralpha.in/us/stocks/asm) $724 million 3. [Metalla Royalty & Streaming Ltd.](https://www.sectoralpha.in/us/stocks/mta) $668 million 4. [Gold Resource Corporation](https://www.sectoralpha.in/us/stocks/goro) $476 million 5. [Integra Resources Corp.](https://www.sectoralpha.in/us/stocks/itrg) $407 million 6. Vox Royalty Corp. $318 million 7. [Comstock Inc.](https://www.sectoralpha.in/us/stocks/lode) $106 million [All 13 Other Precious Metals & Mining companies, largest first](https://www.sectoralpha.in/us/sectors/other-precious-metals-mining#all-companies) ### Companies close in size in other industries 1. [Montauk Renewables, Inc.](https://www.sectoralpha.in/us/stocks/mntk) $317 million · Specialty Chemicals 2. [Orion S.A.](https://www.sectoralpha.in/us/stocks/oec) $317 million · Specialty Chemicals 3. Vox Royalty Corp. $316 million 4. [Platinum Analytics Cayman Limited](https://www.sectoralpha.in/us/stocks/plts) $316 million · Software - Application 5. [Holley Inc.](https://www.sectoralpha.in/us/stocks/hlly) $316 million · Auto Parts ## What else do people ask about Vox Royalty? ### What were Vox Royalty's latest quarterly results? Vox Royalty Corp. reported revenue of $6.2 M and net profit of $17.0 M for the Jun 2026 quarter. Earnings per share were $0.24. The operating margin was 182.3%, 188.7 percentage points higher than a year earlier (as of 3 November 2026). ### What is Vox Royalty's market cap? Vox Royalty Corp.'s market capitalisation is $318 M at a stock price of $4.58. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### What is Vox Royalty's P/E ratio? Vox Royalty Corp.'s P/E is 6.4×, higher than 2% of its own last 1 years. Its usual level (the middle reading) is 12.5×. This compares the price with the company's own past; it is not a view on what the shares are worth (as of 3 November 2026). ### How is Vox Royalty valued against its own history? Against its own history, Vox Royalty Corp.'s valuation is low: its P/E of 6.4× has been lower only 2% of the time in 1 years (usual level 12.5×). This compares the price with the company's own past; it is not a view on what the shares are worth or where the price goes next. One thing to keep in mind: margins are the best this company has ever reported, and a multiple can look low when profit is at a record (as of 3 November 2026). ### How is Vox Royalty performing? Vox Royalty Corp.'s latest readings are below. 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 Vox Royalty's stock price go up? This page does not forecast Vox Royalty Corp.'s stock price. What it shows instead: the stock price is $4.58. Its P/E of 6.4× is higher than 2% of its own last 1 years. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Where is Vox Royalty in its business cycle? Vox Royalty Corp.'s FY25 operating margin was 46.4%, against a 5-year range of −90.7% to 46.4%: 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 182.3%. 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 Vox Royalty 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 Vox Royalty a stock worth studying right now? What the numbers show: Vox Royalty Corp.'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.