# Worthington Enterprises share price today (Worthington Enterprises, Inc., WOR) > Worthington Enterprises, Inc.'s earnings have grown faster than its share price. Earnings per share grew +63.5% in a year while the price moved +14.0%. WOR · Industrials · Metal Fabrication · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/wor 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: Mixed, from the last 12 quarters - Price: $63.92 (+14.0% in a year) - P/E: 19.3× (lower than 64% of the last 3.2 years) - Revenue (Aug 2026): $344 M (+13.2% on a year ago) - Profit (Aug 2026): $42.6 M (+22.3% on a year ago) - Operating margin: 4.0% (−0.6 points on a year ago) - ROE: 15%, FY26 - ROIC: 5.0%, against a 9.9% cost of capital: −4.9 points The main question: yearly earnings per share moved +63.5% while the share price moved +14.0%. ## What is the Worthington Enterprises share price today? Worthington Enterprises, Inc.'s share price was $63.92 at the close on 3 November 2026. It has been stalling near its high for 17 weeks. That is 13.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between $47 and $64, and at that close it sat 98% 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 7 weeks in a row. Over the last 10 years the share price moved +46% 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 Worthington Enterprises pay? Worthington Enterprises, Inc. paid $0.77 per share over the last four reported quarters. The most recent declaration was $0.20 for Aug 2026. At today's price of $63.92 that is a yield of 1.20%, based on dividends already paid, not a forecast. ## Which stock lists is Worthington Enterprises on? Worthington Enterprises 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 Worthington Enterprises profitable? Worthington Enterprises, Inc. earned $42.6 M of net profit in the Aug 2026 quarter, +22.3% on the same quarter a year earlier. That is the 3rd quarter in a row of profit growth. Full-year FY26 profit was $155 M. Over 4 years profit has grown −21.1% a year on average. That is 12.4% of the quarter's revenue. The same quarter a year earlier earned $34.8 M. 1 of the last 12 reported quarters were loss-making. For the full year, FY26 profit was $155 M (+63.2% on the year before). Why profit moved: revenue changed +13.2% on a year earlier and the margin moved −0.6 percentage points. Sales did the work, and the margin was about flat. On average over the last four quarters, profit changed +315.9% and revenue +18.5%. 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 Worthington Enterprises make, and is it growing? Worthington Enterprises, Inc. reported $344 M of revenue in the Aug 2026 quarter, +13.2% on the same quarter a year earlier. That is the 5th quarter in a row with growth on the year before. Over 4 years it has grown 1.3% a year on average. The last full year, FY26, came in at $1.4 B. The last four reported quarters add to $1.4 B. The quarterly figures for FY22 do not add up to the full-year total on file, so those quarters are left out of the charts and sums. FY26 revenue was $1.4 B, +19.7% on the year before. Recent pace: the last four quarters grew +18.5% on average, against 1.3% 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 +18.4%, against +9.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +53.9%, against +96.6% a year (rolling over). ## How much of every $100 of sales does Worthington Enterprises keep? Worthington Enterprises, Inc.'s operating margin was 4.0% in the Aug 2026 quarter, 0.6 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 0.1% and 6.4%. The latest quarter is within that range. Why the margin moved: operating margin changed −0.6 percentage points on the year while gross margin changed −1.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged. 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 Worthington Enterprises' profit turning into cash? Over the last 3 years, 197% of Worthington Enterprises, Inc.'s reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in $226 M of operating cash against $155 M of profit. After $55.9 M of spending on assets, $170 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 Worthington Enterprises' cash go? Worthington Enterprises, Inc. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $190 M on assets over the last 3 years. Averaged over those years that is 4.6% of FY26 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $190 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 Worthington Enterprises' P/E ratio, and how does it compare with its own history? Worthington Enterprises, Inc.'s P/E is 19.3×, in the middle of its own history: higher than 36% of past readings. Its usual P/E (the middle reading) is 24.5×, over 3.2 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 +63.5% while the price moved +14.0%. 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 +0.2% a year; about −21.2% a year came from earnings growth and about +21.4 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 Worthington Enterprises business getting better or worse? Worthington Enterprises, Inc.'s business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +149.7% at its peak to +53.9%, but the business is still expanding, with ROCE steady at 5.8%. 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 Worthington Enterprises earn on its capital? Worthington Enterprises, Inc. earned a ROE of 15% in FY26. That is up from a low of 10% in FY25. Its return on capital used (ROIC) is 4.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 11.2% net margin and 0.75× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 11.2% net margin × 0.75× asset turnover × 1.80× leverage (assets divided by equity) ≈ 15.1% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 5.0% − 9.9% = −4.9 percentage points. The 9.9% 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 Worthington Enterprises have too much debt? Worthington Enterprises, Inc. has total debt of $348 M against shareholder equity of $1.0 B as of Aug 2026, so its debt is 0.33× its equity. Year by year, that ratio went from 0.52 in FY22 to 0.35 in FY26. Keep that borrowing in mind when reading the returns on this page. ## What is the Worthington Enterprises shareholding pattern? 3.8% of Worthington Enterprises, 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 2.6 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 Worthington Enterprises from balance-sheet trouble? For Worthington Enterprises, Inc., the Z-score is 3.77. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is well clear of danger. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of 3.77 is well clear of the danger zone, so the balance sheet is not the risk here. ## How does Worthington Enterprises rank in its industry? 62.4 out of 100, rank 1 of 14 in Metal Fabrication, with 81% of the evidence available. Worthington Enterprises, Inc. scores 62.4 out of 100 against the 14 companies it is compared with in Metal Fabrication, ranking 1. 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: 20.7 + 8 + 14.9 + 18.8 = 62.4. 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 Worthington Enterprises compared with? Worthington Enterprises ranks 1 of 14 Metal Fabrication companies on the 4-Factor Sector Score, with 62.4 out of 100. 1. Worthington Enterprises, Inc. this page WOR · breaking out · Evidence leans up · 81% evidence 62.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.7/35 · Revenue 18.3% · Profit 53.8% · Operating margin change -0.6 points · 83% evidence Capital efficiency 8.0/25 · ROCE 5.6% · Operating margin 4% · 76% evidence Valuation 14.9/20 · P/E 17.2× · PEG 0.31 · 65% evidence Relative strength 18.8/20 · Lead over its industry 16.7% · Lead over S&P 500 8.3% · 1 year 16.6% · 100% evidence · 6 of 12 weeks ahead Exact sum: 20.7 + 8 + 14.9 + 18.8 = 62.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Ryerson Holding Corporation](https://www.sectoralpha.in/us/stocks/ryz) RYZ · turning · Too little evidence to rank firmly · 51% evidence 57.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.8/35 · Revenue 31.6% · Profit n/a · Operating margin change 0.8 points · 40% evidence Capital efficiency 6.3/25 · ROCE 1.1% · Operating margin 1.9% · 57% evidence Valuation 11.5/20 · P/E -39.1× · PEG n/a · 15% evidence Relative strength 20.0/20 · Lead over its industry 25.7% · Lead over S&P 500 16.2% · 1 year 56.2% · 100% evidence · 2 of 12 weeks ahead Exact sum: 19.8 + 6.3 + 11.5 + 20 = 57.6 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 3. [Commercial Metals Company](https://www.sectoralpha.in/us/stocks/cmc) CMC · quiet · Evidence leans up · 71% evidence 56.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.4/35 · Revenue 20.4% · Profit 100% · Operating margin change -1.3 points · 83% evidence Capital efficiency 12.3/25 · ROCE 10.1% · Operating margin 8.8% · 76% evidence Valuation 10.7/20 · P/E 11.4× · PEG n/a · 15% evidence Relative strength 11.0/20 · Lead over its industry -0.4% · Lead over S&P 500 -7.9% · 1 year 12.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22.4 + 12.3 + 10.7 + 11 = 56.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Carpenter Technology Corporation](https://www.sectoralpha.in/us/stocks/crs) CRS · quiet · Evidence leans up · 81% evidence 56.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.8/35 · Revenue 10.2% · Profit 37.4% · Operating margin change 4 points · 83% evidence Capital efficiency 19.8/25 · ROCE 22.6% · Operating margin 24.7% · 76% evidence Valuation 12.6/20 · P/E 33.8× · PEG 0.87 · 65% evidence Relative strength 0.0/20 · Lead over its industry -25.8% · Lead over S&P 500 -31.9% · 1 year -9.5% · 100% evidence · 1 of 12 weeks ahead Exact sum: 23.8 + 19.8 + 12.6 + 0 = 56.2 · What this means: Earnings are strong; relative strength in its sector is -25.8% and the one-year return is -9.5%. 5. [Mueller Industries, Inc.](https://www.sectoralpha.in/us/stocks/mli) MLI · quiet · Evidence leans up · 81% evidence 55.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 20.8% · Profit 15.3% · Operating margin change -4.7 points · 83% evidence Capital efficiency 21.5/25 · ROCE 28.3% · Operating margin 19.5% · 76% evidence Valuation 12.5/20 · P/E 15.5× · PEG 0.94 · 65% evidence Relative strength 6.0/20 · Lead over its industry -6.2% · Lead over S&P 500 -13.3% · 1 year 3.7% · 100% evidence · 1 of 12 weeks ahead Exact sum: 15.8 + 21.5 + 12.5 + 6 = 55.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Proto Labs, Inc.](https://www.sectoralpha.in/us/stocks/prlb) PRLB · losing its lead · Evidence leans up · 66% evidence 51.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.3/35 · Revenue 9.8% · Profit 100% · Operating margin change 5.1 points · 53% evidence Capital efficiency 9.9/25 · ROCE 5.7% · Operating margin 8.9% · 57% evidence Valuation 7.8/20 · P/E 63.6× · PEG 1.59 · 65% evidence Relative strength 11.0/20 · Lead over its industry 3.9% · Lead over S&P 500 -4% · 1 year 41% · 100% evidence · 8 of 12 weeks ahead Exact sum: 22.3 + 9.9 + 7.8 + 11 = 51 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Tredegar Corporation](https://www.sectoralpha.in/us/stocks/tg) TG · quiet · Too little evidence to rank firmly · 51% evidence 50.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 21.4% · Profit n/a · Operating margin change 1.4 points · 40% evidence Capital efficiency 11.6/25 · ROCE 14.1% · Operating margin 4% · 57% evidence Valuation 11.0/20 · P/E 8.2× · PEG n/a · 15% evidence Relative strength 6.7/20 · Lead over its industry -7.4% · Lead over S&P 500 -14.4% · 1 year 4.9% · 100% evidence · 0 of 12 weeks ahead Exact sum: 21.6 + 11.6 + 11 + 6.7 = 50.9 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [ATI Inc.](https://www.sectoralpha.in/us/stocks/ati) ATI · quiet · Evidence leans up · 66% evidence 50.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.5/35 · Revenue 4.6% · Profit 13.9% · Operating margin change 3.8 points · 53% evidence Capital efficiency 16.0/25 · ROCE 17.5% · Operating margin 18.2% · 57% evidence Valuation 3.8/20 · P/E 56.6× · PEG 3.15 · 65% evidence Relative strength 13.1/20 · Lead over its industry 16.4% · Lead over S&P 500 7.2% · 1 year 84.7% · 100% evidence · 3 of 12 weeks ahead Exact sum: 17.5 + 16 + 3.8 + 13.1 = 50.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Insteel Industries Inc.](https://www.sectoralpha.in/us/stocks/iiin) IIIN · quiet · Too little evidence to rank firmly · 58% evidence 44.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.2/35 · Revenue n/a · Profit n/a · Operating margin change -0.7 points · 45% evidence Capital efficiency 11.3/25 · ROCE 9.5% · Operating margin 5.1% · 76% evidence Valuation 9.6/20 · P/E 19.4× · PEG n/a · 15% evidence Relative strength 9.4/20 · Lead over its industry -5.6% · Lead over S&P 500 -12.6% · 1 year -8.8% · 100% evidence · 3 of 12 weeks ahead Exact sum: 14.2 + 11.3 + 9.6 + 9.4 = 44.5 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 10. Ampco-Pittsburgh Corporation AP · losing its lead · Too little evidence to rank firmly · 51% evidence 43.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.2/35 · Revenue 3.4% · Profit n/a · Operating margin change 3.2 points · 40% evidence Capital efficiency 7.2/25 · ROCE 4.3% · Operating margin 6.4% · 57% evidence Valuation 11.2/20 · P/E -3× · PEG n/a · 15% evidence Relative strength 8.4/20 · Lead over its industry 2% · Lead over S&P 500 -6.8% · 1 year 307.6% · 100% evidence · 3 of 12 weeks ahead Exact sum: 16.2 + 7.2 + 11.2 + 8.4 = 43 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 11. [ESAB Corporation](https://www.sectoralpha.in/us/stocks/esab) ESAB · basing · Too little evidence to rank firmly · 53% evidence 42.3 out of 100 Growth Capital Valuation Relative 12. [Mayville Engineering Company, Inc.](https://www.sectoralpha.in/us/stocks/mec) MEC · basing · Too little evidence to rank firmly · 51% evidence 32.8 out of 100 Growth Capital Valuation Relative 13. Xinxu Copper Industry Technology Limited XXC · Too little evidence to rank firmly · 11% evidence 54.3 out of 100 Growth Capital Valuation Relative 14. Nintech Mould Factory Inc. NTMJ · Too little evidence to rank firmly · 11% evidence 50.7 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. 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 Dec 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: [Metal Fabrication](https://www.sectoralpha.in/us/sectors/metal-fabrication), all 14 compared on one page. ## Which companies are close to Worthington Enterprises in size? Worthington Enterprises is the 7th largest of 12 Metal Fabrication companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Commercial Metals Company, ESAB Corporation and GPGI, Inc. Just below it: Ryerson Holding Corporation, Proto Labs, Inc. and Insteel Industries Inc. ### Metal Fabrication companies close in size 1. [Commercial Metals Company](https://www.sectoralpha.in/us/stocks/cmc) $7.3 billion 2. [ESAB Corporation](https://www.sectoralpha.in/us/stocks/esab) $4.7 billion 3. [GPGI, Inc.](https://www.sectoralpha.in/us/stocks/gpgi) $3.4 billion 4. Worthington Enterprises, Inc. $3.1 billion 5. [Ryerson Holding Corporation](https://www.sectoralpha.in/us/stocks/ryz) $1.7 billion 6. [Proto Labs, Inc.](https://www.sectoralpha.in/us/stocks/prlb) $1.6 billion 7. [Insteel Industries Inc.](https://www.sectoralpha.in/us/stocks/iiin) $553 million [All 12 Metal Fabrication companies, largest first](https://www.sectoralpha.in/us/sectors/metal-fabrication#all-companies) ### Companies close in size in other industries 1. [Avista Corporation](https://www.sectoralpha.in/us/stocks/ava) $3.2 billion · Utilities - Diversified 2. [Atkore Inc.](https://www.sectoralpha.in/us/stocks/atkr) $3.2 billion · Electrical Equipment & Parts 3. Worthington Enterprises, Inc. $3.2 billion 4. [Group 1 Automotive, Inc.](https://www.sectoralpha.in/us/stocks/gpi) $3.2 billion · Auto & Truck Dealerships 5. [Lemonade, Inc.](https://www.sectoralpha.in/us/stocks/lmnd) $3.2 billion · Insurance - Property & Casualty ## What else do people ask about Worthington Enterprises? ### What were Worthington Enterprises's latest quarterly results? Worthington Enterprises, Inc. reported revenue of $344 M and net profit of $42.6 M for the Aug 2026 quarter. Revenue rose 13.2% and profit rose 22.3% compared with a year earlier. Earnings per share were $0.87. The operating margin was 4.0%, 0.6 percentage points lower than a year earlier (as of 3 November 2026). ### What is Worthington Enterprises's market cap? Worthington Enterprises, Inc.'s market capitalisation is $3.1 B at a stock price of $63.92. 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 Worthington Enterprises performing? Worthington Enterprises, Inc.'s share price has been stalling near its high for 17 weeks. In its latest quarter, revenue rose 13.2% and profit rose 22.3% compared with a year earlier. Over the past 13 weeks it has done better than the S&P 500, for 7 weeks running (as of 3 November 2026). ### Will Worthington Enterprises's stock price go up? This page does not forecast Worthington Enterprises, Inc.'s stock price. What it shows instead: the stock price is $63.92, and it has been stalling near its high for 17 weeks. Its P/E of 19.3× is higher than 36% of its own last 3 years (as of 3 November 2026). ### Is Worthington Enterprises's profit real cash? Yes, over the last 3 years, 197% of Worthington Enterprises, Inc.'s reported profit came in as cash from operations. The latest year was lower at 146%, so the trend is worth watching. In FY26, operating cash was $226 M against reported profit of $155 M. Most of that cash then goes into building new capacity. These are yearly figures (as of 3 November 2026). ### Where is Worthington Enterprises in its business cycle? Worthington Enterprises, Inc.'s FY26 operating margin was 6.4%, against a 5-year range of 0.1% to 6.4%: 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 4.0%. 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 Worthington Enterprises story? The main question: yearly earnings per share moved +63.5% while the share price moved +14.0%. 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 Worthington Enterprises a stock worth studying right now? What the numbers show: Worthington Enterprises, Inc.'s earnings have grown faster than its share price. Earnings per share grew +63.5% in a year while the price moved +14.0%. 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.