Dhara Rail ProjectsShare price, financial results, shareholding and management
- Market cap
- ₹202 cr
- Stock P/E
- 13.1peers 11.8
- Book value
- ₹48.8
- Price to book
- 2.74
- EV / operating profit
- 8.8
- Market cap to sales
- 3.56
- ROCE · FY26
- 35.5%
- ROE · FY26
- 35.6%
- ROE, 3-year average
- 54.4%
- Operating margin · FY26
- 35.1%peers 16.6%
- Sales growth, 3 years
- 28.1%
- Profit growth, 3 years
- 149.0%
- Debt to equity
- 0.18peers 0.13
- Borrowings
- ₹13.2 cr
- Interest cover
- 23.3×
- Cash from business / op. profit
- -37%
- Debtor days
- 175
- Pledged
- 0.00%
- Promoter holding
- 74.56%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 684
- High / low since listing
- ₹173 / ₹90
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Dhara Rail Projects share price chart
Close on 6 Nov 2026 · +7.16% on the day · Vol 7,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -5.1%
- 3 months
- -2.9%
- 6 months
- -0.4%
- Since IPO
- +6.3%
- Traded a day, 20 days
- ₹0.09 cr
- Taken for delivery
- 90%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +29% | +157% |
| 3 years, a year | +28% | +149% |
| Latest half, H2 FY26 | +5% | +179% |
About Dhara Rail Projects: business, products and customers
Dhara Rail Projects sends its own trained crews to railway depots and workshops to maintain, repair and test the electrical and mechanical systems on Indian Railways coaches and maintenance vehicles, such as train lighting, air conditioning, power cars and tower wagons. Its shares trade on NSE Emerge.
Dhara Rail Projects runs annual maintenance contracts, repair work and supply, installation, testing and commissioning jobs for the electrical and mechanical systems of railway rolling stock: train lighting, Vande Bharat coach systems, overhead line maintenance vehicles called tower wagons, power car equipment, coach air conditioning and Cummins engines. Its customer is the Ministry of Railways, reached through contracts it wins directly in competitive tenders or through pre-bid arrangements with equipment makers. The company was set up in 2010 and took over the business of Dhara Industries, a proprietorship run by Jagruti Tejas Mehta.
This is a people business more than a factory business: the company had 1,390 permanent employees at March 2026, and staff cost was its largest expense in FY26. Work is billed three to four months after it is done and paid two to three months after that, according to the company's June 2026 investor meeting note, and railways hold back retention money until the defect period ends. So reported profit runs well ahead of cash: work not yet billed, money owed and retention money all rose in FY26, and operating cash flow was negative.
Read more about the business
Management told investors in June 2026 that margins rose because more work now comes directly from Indian Railways rather than through equipment makers, which removes the revenue shared with them, and because maintenance contracts earn the most. New orders announced in 2026 include a ₹10.1 cr job, including GST, to alter the electrical systems of 658 coaches at Eastern Railway's Liluah workshop over 36 months, and a ₹8.2 cr job to overhaul Cummins diesel engines for the Ghaziabad EMU shed over 36 months. The company's documents do not name competitors.
From the FY26 annual report, the FY26 results press release (May 2026), the June 2026 investor meeting note and the order announcements of July and August 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 28% a year over three years.
- It earns a high return on the money it uses: ROCE 36% in FY26.
- It has little debt for its size: debt to equity 0.18.
- The promoters own a large part of the company: 74.56%.
To watch
- Whether money owed by customers of ₹27.2 cr and retention money of ₹11.3 cr at March 2026 turn into cash (Annual report FY26, p.117 and p.142).
- Use of the ₹23.0 cr of IPO working capital money unspent at March 2026, due to be used by FY27 (Monitoring agency report, May 2026, p.10).
- NSE asked on 29 June 2026 for an auditor signed note on IPO money use and a working capital certificate; the company pointed to the monitoring agency report and offered to file more (Reply to NSE, 29 June 2026, p.1 to 2).
- The FY26 secretarial audit report names a different company, Shelter Pharma Limited, in its opening paragraph, and lists several forms filed with the registrar after the due date (Annual report FY26, p.47 and p.50 to 52).
- Customers take longer to pay than before: 175 days in FY26, against 94 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Dhara Rail Projects revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Dhara Rail Projects half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 27 | 28 | 28.37 |
| Expenses | 24 | 19 | 18.03 |
| Operating profit | 3 | 10 | 10.34 |
| OPM | 10.0% | 34.0% | 36.4% |
| Interest | 0 | 1 | 0.39 |
| Depreciation | 0 | 0 | 0.02 |
| Profit before tax | 4 | 10 | 11.06 |
| Net profit | 3 | 7 | 8.38 |
Dhara Rail Projects profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 18 | 27 | 31 | 44 | 56.74 |
| Expenses | 20 | 26 | 30 | 39 | 36.80 |
| Operating profit | -2 | 1 | 1 | 5 | 19.93 |
| OPM | -11.0% | 2.8% | 4.2% | 11.0% | 35.1% |
| Other income | 3 | 1 | 3 | 4 | 1.59 |
| Interest | 0 | 0 | 0 | 0 | 0.92 |
| Depreciation | 0 | 0 | 0 | 0 | 0.04 |
| Exceptional and other items | · | -1 | · | -1 | · |
| Profit before tax | 1 | 1 | 4 | 8 | 20.56 |
| Tax rate | 100.0% | 0.0% | 25.0% | 25.0% | 24.9% |
| Net profit | 0 | 1 | 3 | 6 | 15.44 |
| EPS ₹ | 0.41 | 0.95 | 2.68 | 5.72 | 12.75 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY22) comes from tax charged on a small or negative profit, as reported.
Dhara Rail Projects profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | -11.0% | 2.8% | 4.2% | 11.0% | 35.1% |
| Tax rate | 100.0% | 0.0% | 25.0% | 25.0% | 24.9% |
| ROCE | · | 4.5% | 13.3% | 23.5% | 35.5% |
| ROE | · | 38.5% | 65.2% | 62.5% | 35.6% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Dhara Rail Projects debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Dhara Rail Projects balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.10 | 0.10 | 0.10 | 0.10 | 15.08 |
| Reserves | 2 | 3 | 6 | 13 | 58.56 |
| Net worth | 2.10 | 3.10 | 6.10 | 13.10 | 73.65 |
| Borrowings | 16 | 23 | 28 | 21 | 13.15 |
| Other liabilities | 7.90 | 7.90 | 12.90 | 11.90 | 12.39 |
| Total liabilities | 26 | 34 | 47 | 46 | 99.19 |
| Fixed assets | 0 | 0 | 0 | 0 | 0.10 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 9 | 14 | 14 | 0 | 0.31 |
| Other assets | 17 | 20 | 33 | 46 | 98.78 |
| Receivables | · | · | · | · | 27.18 |
| Inventory | · | · | · | · | 8.96 |
| Cash | · | · | · | · | 39.30 |
| Trade payables | · | · | · | · | 6.80 |
Dhara Rail Projects cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -6 | -2 | -2 | -5 | -7.35 |
| Cash from investing | -4 | -2 | -6 | 17 | 5.17 |
| Cash from financing | 8 | 6 | 5 | -7 | 36.22 |
| Net cash flow | -2 | 2 | -3 | 5 | 34.04 |
| Capital spending | · | · | · | · | 0.04 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 94 | 65 | 68 | 172 | 175 |
| Inventory days | 4 | 25 | 208 | 37 | 303 |
| Days payable | 173 | 153 | 232 | 142 | 230 |
| Cash conversion cycle | -75 | -63 | 44 | 67 | 248 |
| Working capital days | 56 | -247 | -244 | -48 | 159 |
Dhara Rail Projects peers and competitors
Listed SME companies in the same industryBy sales, Dhara Rail Projects is number 45 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Propshop Events and Exhibitions | 102 | 12.8 | 70.3 | 8 | 15.8% | 0.01 |
| Marc Technocrats | 268 | 24.4 | 70 | 11 | 19.0% | 0.00 |
| HRH Next Services | 30 | 6.1 | 68.2 | 4.9 | 18.4% | 0.43 |
| Encompass Design India | 349 | 26.8 | 68.1 | 13 | 30.5% | 0.16 |
| Icon Facilitators | 49 | 11.1 | 64.2 | 4.4 | 10.0% | 0.02 |
| Continental Seeds and Chemicals | 15 | 14.9 | 61.5 | 1 | 4.9% | 0.09 |
| Falcon Technoprojects India | 6 | 2.1 | 57.3 | 3 | 8.5% | 1.33 |
| Dhara Rail Projects | 202 | 13.1 | 56.7 | 15.4 | 35.1% | 0.18 |
| Moving Media Entertainment | 43 | 3.4 | 51.3 | 12.6 | 71.7% | 0.27 |
| Armour Security (India) | 44 | 8.4 | 47.1 | 5.3 | 17.4% | 0.02 |
| Vrundavan Plantation | 22 | 12.6 | 42 | 1.8 | 8.2% | 0.39 |
| Median of the 10 others | 44 | 11.9 | 62.9 | 5.1 | 16.6% | 0.13 |
Dhara Rail Projects shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little more than in the first filing shown. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Dhara Rail Projects shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | Sep 26 | |
|---|---|---|---|
| Promoters | 72.36% | 74.56% | 74.56% |
| Foreign investors (FIIs) | 2.48% | 1.13% | 0.60% |
| Indian institutions (DIIs) | 8.84% | 8.43% | 8.48% |
| HNIs (over ₹2 lakh each) | 0.77% | 4.48% | 4.21% |
| Small holders (up to ₹2 lakh) | 11.41% | 8.13% | 9.45% |
| Companies and others | 4.14% | 3.27% | 2.70% |
| Number of shareholders | 927 | 634 | 684 |
The named holders are at 30 Sept 2026, beside 31 March 2026, each under the group the pattern files them in.
Dhara Rail Projects study: the business from its own documents
Read from 6 of the company's own documentsDhara Rail Projects so far
From the company's own record
- 31 Dec 2025Listed on NSE Emerge at ₹126
- 29 Aug 2026An order announced
- 9 Sept 2026An order announced
- 16 Sept 2026An order announced
- 30 Sept 2026Promoters at 74.56%
- 9 June 2026Highest close since listing, ₹162.19
Dhara Rail Projects key facts from the filings
Each figure with the document it comes from
- Order book
- ₹184 cr
- Orders in hand including GST across 17 railway zones, as stated with the FY26 results; FY26 revenue was ₹56.7 cr.FY26 results press release, May 2026, p.2
- Direct railway orders
- About 95%
- Share of the order book in contracts awarded directly by Indian Railways; about 5% comes through equipment makers.Investor meeting note, June 2026, p.5
- FY26 results
- ₹56.7 cr sales
- Consolidated revenue rose 27.5% from ₹44.5 cr, while profit after tax rose to ₹15.4 cr from ₹6.4 cr.Annual report FY26, p.19
- Workforce
- 1,390
- Permanent employees at March 2026, deployed at railway depots and workshops across the country.Annual report FY26, p.43 and p.63
- Operating cash flow
- Minus ₹7.3 cr
- Consolidated cash from operations in FY26, negative for a second year, as money owed by customers rose to ₹27.2 cr.Annual report FY26, p.117 and p.119
Show 5 more facts
- Retention money
- ₹11.3 cr
- Amounts held back by customers at March 2026, up from ₹2.3 cr a year earlier.Annual report FY26, p.142
- Loans from directors
- ₹8.9 cr
- Unsecured short term loans from Tejas Lalit Mehta and Jagruti Tejas Mehta at March 2026, up from ₹5.9 cr, while bank loans fell to ₹1.4 cr.Annual report FY26, p.91 and p.102 to 103
- IPO money unspent
- ₹23.0 cr
- Of the ₹30.5 cr raised for working capital, unspent at 31 March 2026 and held in deposits; the IPO raised ₹50.2 cr at ₹126 a share.Annual report FY26, p.21 and p.23
- Auditor change
- July 2025
- Mundra & Co. filled a casual vacancy after A. D. Parikh & Associates resigned as statutory auditor; the resignation notice to the registrar was filed late.Annual report FY26, p.34, p.50 and p.73
- Unpaid staff dues
- PF and ESIC
- The auditor lists provident fund and ESIC dues from FY22 to FY26 unpaid over six months; the company cites Aadhaar authentication of some employees. TDS defaults of ₹0.26 cr are a contingent liability.Annual report FY26, p.71 and p.105
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it had an order book of ₹184 cr including GST across 17 railway zones when it reported FY26 results in May 2026, and it has announced more orders since, several running two to three years. In the June 2026 investor meeting, management said it would expand cautiously, entering new service areas only once it has enough trained technical staff, and that it has won its first Vande Bharat maintenance jobs. The annual report says the company plans to extend its tower wagon maintenance work to more railway zones. Of the IPO money, ₹23.0 cr for working capital and ₹4.7 cr for general purposes were unspent at March 2026, to be used by FY27.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Dhara Rail Projects earns by sending its own trained crews to keep railway coach and maintenance vehicle systems running under tendered contracts, and it now wins most of that work directly from the railways.
Its weak spot is cash: the railways pay months after the work is done and hold part of each bill back, so profit has not yet turned into cash.
WatchCan it set its own prices?Prices are fixed when it wins a tender, and many contracts carry no clause to pass on higher costs.
AverageHow strong is it against rivals?Railway qualification rules and a record across many zones keep new entrants out, but every contract is won again in open tenders.
WatchWho are its customers?Almost all work comes from one customer system, Indian Railways, though spread over many divisions, zones and workshops.
WatchDoes it need a lot of money?It needs few machines but a lot of working capital, because bills are paid late and part of each bill is held back.
StrongCan it keep finding new work?It has a large order book for its size and keeps announcing new multi-year railway orders.
AverageDo good and bad years swing a lot?Maintenance work repeats year after year, but profit margin jumped in one year as the work mix changed, and it has not yet been tested over more years.
Who runs Dhara Rail Projects?
Promoters, directors and officers; tap a name for the background
TLTejas Lalit MehtaPromoter, Chairman and Managing Director · holds 36.79%
A director since the company was incorporated in April 2010, appointed Chairman and Managing Director for three years from September 2025; the June 2026 investor meeting note says the promoters have over 20 years of railway industry experience. Remuneration was ₹0.30 cr in FY26 against ₹0.02 cr in FY25. Lent the company ₹9.9 cr and was repaid ₹7.2 cr during FY26, leaving ₹4.9 cr owed at March 2026.
Annual report FY26, p.26, p.53 and p.102; investor meeting note, June 2026, p.5JTJagruti Tejas MehtaPromoter and Whole-time Director · holds 28.20%
Passed the second year of a Bachelor of Commerce at the College of Arts and Commerce, Kandivili, Bombay in 1993, with over 25 years in the same line of business. Ran the proprietorship Dhara Industries from December 2000 to July 2010 and has been a director since April 2010; Whole-time Director for three years from September 2025. The annual report states Jagruti Tejas Mehta is the spouse of Tejas Lalit Mehta and the mother of Dhara Tejas Mehta. Was owed ₹4.0 cr by the company at March 2026.
Annual report FY26, p.18, p.26 and p.103DTDhara Tejas MehtaPromoter and Non-Executive Director · holds 3.68%
Appointed a non-executive director in September 2025 and named a promoter in the monitoring agency report; sits on the nomination and remuneration committee and the executive committee. Attended two of the fourteen board meetings held while in office in FY26.
Annual report FY26, p.26 and p.28 to 30; monitoring agency report, May 2026, p.6MTMegha Tejas MehtaPromoter group shareholder · holds 3.68%
Listed in the annual report as a relative of the directors and a shareholder; lent the company ₹0.20 cr during FY26, which was repaid in full along with an earlier balance. Holds no board role.
Annual report FY26, p.46 and p.101MFMedha Family Office LLPPromoter group entity · holds 2.20%
An LLP in which the directors are interested, according to the annual report; charged the company ₹0.22 cr for consultancy services in FY26.
Annual report FY26, p.46 and p.104SMSachin Mahendra ShethIndependent Director
Joined the board in August 2025 and appointed an independent director for five years from September 2025; chairs the audit, nomination and remuneration, and stakeholders relationship committees. The annual report gives no education or work history.
Annual report FY26, p.26 and p.28 to 29CMCharmi Monil ShahIndependent Director
Appointed an independent director for five years from September 2025 and a member of the audit committee. The annual report gives no education or work history.
Annual report FY26, p.26 and p.28SAShivaraja Annappa DevadigaChief Financial Officer
Chief Financial Officer since 10 September 2025.
Annual report FY26, p.26SBSuraj BohraCompany Secretary and Compliance Officer
Company Secretary and Compliance Officer since 10 September 2025.
Annual report FY26, p.26Dhara Rail Projects latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹28.4 cr (+5%), net profit ₹8.4 cr (+179%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 74.56%.
- 16 Sept 2026: an order announced.
- 9 Sept 2026: an order announced.
Dhara Rail Projects announcements
63 on record, latest first; each opens the filing on the exchange
- Quarterly Compliance Report on Corporate governance - within 21 days from the enNon-applicability of Regulation 27(2) as per Regulation 15 of Chapter IV of SEBI (LODR) Regulations, 2015 for the Quarter ended 30th SeptemberPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Change in AuditorsOf the companyPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 28, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 28, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Awarding of order(s)/contract(s)Awarding of order(s)/contract(s)PDF ↗
- Awarding of order(s)/contract(s)DIntimation with regards to Dhara Rail Projects Limited secured order amounting to Rs. 3,65,78,570.01/- (Rupees Three Crore Sixty-Five Lakh Seventy-Eight ThouPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 28, 2026PDF ↗
- Copy of Newspaper PublicationNewspaper Publication titled Information to the member regarding 16th Annual General Meeting of Company to be held through Video Conferencing ( VC ) / Other AuPDF ↗
- General UpdatesIntimation for Cut off date for 16th AGM of the companyPDF ↗
Dhara Rail Projects annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 18 May 2026 ↗read
Dhara Rail Projects share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Dhara Rail Projects' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,50,84,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Dhara Rail Projects
What does Dhara Rail Projects do?
Dhara Rail Projects sends its own trained crews to railway depots and workshops to maintain, repair and test the electrical and mechanical systems on Indian Railways coaches and maintenance vehicles, such as train lighting, air conditioning, power cars and tower wagons. Its shares trade on NSE Emerge.
What is the share price of Dhara Rail Projects?
₹134 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Dhara Rail Projects?
₹202 cr at the close on 6 Nov 2026, on 1,50,84,000 shares.
What is the P/E of Dhara Rail Projects?
13.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Dhara Rail Projects' revenue and profit?
Revenue ₹57 cr and profit after tax ₹15 cr in FY26.
Who are the promoters of Dhara Rail Projects?
Tejas Lalit Mehta, Jagruti Tejas Mehta, Dhara Tejas Mehta, Megha Tejas Mehta, Medha Family Office LLP; promoters held 74.56% at 30 Sept 2026.
What was the IPO price of Dhara Rail Projects?
₹126 a share; it listed on 31 Dec 2025.
What is Dhara Rail Projects' website?
www.drppl.com
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Built from 1 offer document, 1 result filing, 1 investor presentation, 1 annual report, 1 credit rating note, 1 press release, 63 exchange announcements, 3 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.