GP Eco Solutions IndiaShare price, financial results, shareholding and management
- Market cap
- ₹454 cr
- Stock P/E
- 11.3peers 32.6
- Book value
- ₹88.5
- Price to book
- 4.16
- EV / operating profit
- 9.2
- Market cap to sales
- 1.10
- ROCE · FY26
- 38.6%
- ROE · FY26
- 46.1%
- ROE, 3-year average
- 39.4%
- Operating margin · FY26
- 14.3%peers 14.5%
- Sales growth, 3 years
- 59.0%
- Profit growth, 3 years
- 137.4%
- Debt to equity
- 1.00peers 0.29
- Borrowings
- ₹109 cr
- Interest cover
- 8.6×
- Cash from business / op. profit
- 49%
- Debtor days
- 172
- Pledged
- 0.00%
- Promoter holding
- 59.42%
- Change in promoter holding
- -2.50 pts
- Shareholders
- 2,144
- 52-week high / low
- ₹543 / ₹264
- 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.
GP Eco Solutions India share price chart
Close on 6 Nov 2026 · -2.88% on the day · Vol 23,200
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
- -19.0%
- 3 months
- -8.5%
- 6 months
- +0.9%
- 1 year
- -25.8%
- Since IPO
- +291.6%
- Traded a day, 20 days
- ₹0.68 cr
- Taken for delivery
- 76%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +68% | +284% |
| 3 years, a year | +59% | +137% |
| Latest half, H2 FY26 | +80% | +434% |
About GP Eco Solutions India: business, products and customers
GP Eco Solutions India supplies solar inverters, solar panels and batteries to dealers and installers, makes battery storage systems and inverters under its own Invergy brand, and builds solar plants for others. Its shares trade on NSE Emerge.
GP Eco Solutions India, based in Noida, began as a distributor of solar inverters and panels, including Sungrow inverters, sold through dealers, installers and project contractors, mostly in northern India. Through its subsidiary Invergy India it now assembles battery energy storage systems, from small home units to container sized systems for power companies, and string inverters up to 350 kW, at a new factory at Dasna in Uttar Pradesh. Its project arm, GPES Green Projects, builds rooftop and ground mounted solar plants, including an 8 MW rooftop plant at Ludhiana.
The three lines earn very different margins. Distribution is trading on bought in products and carries thin margins, so a larger share of own made products and projects lifts the blended margin, as happened in FY26 when distribution fell to about half of revenue. The project subsidiaries are mostly 51% owned, so part of their profit belongs to partners, and the business ties up money because customers get 30 to 90 days of credit and stock has to be held.
Read more about the business
On competition, the Managing Director said most new battery storage companies in India import complete systems from China and pass them on, while Invergy designs, sources and assembles its own; the company says it plans to reach more than half local content in inverters by December 2026. It has dropped its plan to make solar panels for now. Its Chief Financial Officer and a non executive director resigned with effect from 31 July 2026.
From the offer document, the FY25 annual report, the November 2025 and June 2026 earnings calls, the April 2026 credit rating note and the company's August 2026 exchange announcements.
Read the deeper study ↓In its favour
- Sales have grown very fast: 59% a year over three years.
- It earns a high return on the money it uses: ROCE 39% in FY26.
To watch
- Full 3 GWh operation of the Dasna factory, due by 30 September 2026 (Earnings call, June 2026, p.7).
- Supply of the ₹18.24 cr E-KORS inverter order by 30 September 2026 (Exchange announcement, 3 August 2026, p.2).
- FY27 revenue growth of two to three times, as the Managing Director guided (Earnings call, June 2026, p.4).
- A shorter credit cycle as channel partners grow to 75 to 80 with channel finance (Earnings call, June 2026, p.6).
- Customers take longer to pay than before: 172 days in FY26, against 23 in FY20.
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.
GP Eco Solutions India revenue and profit growth
Half-yearly results · Profit and lossSales have grown very 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.
GP Eco Solutions India half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 44 | 83 | 163.13 | 121.47 | 292.91 |
| Expenses | 42 | 76 | 154.43 | 106.40 | 248.72 |
| Operating profit | 2 | 7 | 8.70 | 15.07 | 44.20 |
| OPM | 5.0% | 9.0% | 5.3% | 12.4% | 15.1% |
| Interest | 1 | 1 | 1.26 | 2.05 | 5.05 |
| Depreciation | 0 | 0 | 0.45 | 0.76 | 0.76 |
| Profit before tax | 1 | 7 | 7.46 | 12.72 | 41.24 |
| Net profit | 1 | 5 | 5.57 | 10.40 | 29.72 |
GP Eco Solutions India profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 18 | 46 | 83 | 103 | 138 | 246.43 | 414.38 |
| Expenses | 17 | 44 | 79 | 100 | 126 | 230.55 | 355.12 |
| Operating profit | 1 | 2 | 5 | 3 | 12 | 15.88 | 59.26 |
| OPM | 2.9% | 3.8% | 6.0% | 2.5% | 9.0% | 6.4% | 14.3% |
| Other income | 0 | 0 | 0 | 3 | 0 | 1 | 3.32 |
| Interest | 0 | 0 | 1 | 1 | 2 | 2.09 | 7.11 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0.73 | 1.52 |
| Exceptional and other items | -1 | -1 | · | -1 | · | · | · |
| Profit before tax | 0 | 1 | 4 | 4 | 10 | 14.06 | 53.96 |
| Tax rate | 29.0% | 0.0% | 25.0% | 25.0% | 30.0% | 25.6% | 25.6% |
| Net profit | 0 | 1 | 3 | 3 | 7 | 10.46 | 40.12 |
| EPS ₹ | 125 | 48.50 | 138.50 | 144 | 8.69 | 8.85 | 33.91 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY24 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.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
GP Eco Solutions India 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
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 2.9% | 3.8% | 6.0% | 2.5% | 9.0% | 6.4% | 14.3% |
| Tax rate | 29.0% | 0.0% | 25.0% | 25.0% | 30.0% | 25.6% | 25.6% |
| ROCE | · | 24.3% | 64.9% | 34.0% | 42.7% | 24.1% | 38.6% |
| ROE | · | 62.1% | 93.8% | 52.6% | 47.9% | 24.1% | 46.1% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
GP Eco Solutions India debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. 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.
GP Eco Solutions India balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.02 | 0.20 | 0.20 | 0.20 | 8 | 11.71 | 11.83 |
| Reserves | 1 | 2 | 4 | 7 | 14 | 53.17 | 97.32 |
| Net worth | 1.02 | 2.20 | 4.20 | 7.20 | 22 | 64.88 | 109.15 |
| Borrowings | 1 | 4 | 5 | 13 | 14 | 33.09 | 108.97 |
| Other liabilities | 1.98 | 7.80 | 9.80 | 28.80 | 28 | 64.31 | 223.22 |
| Total liabilities | 4 | 14 | 19 | 49 | 64 | 162.28 | 441.34 |
| Fixed assets | 0 | 2 | 2 | 2 | 5 | 27.96 | 83.24 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 8 |
| Investments | 0 | 0 | 0 | 0 | 1 | 6 | 3.21 |
| Other assets | 4 | 12 | 17 | 47 | 58 | 128.32 | 346.89 |
| Receivables | · | · | · | · | · | 64.30 | 195.11 |
| Inventory | · | · | · | · | · | 18.74 | 56.64 |
| Cash | · | · | · | · | · | 12.12 | 19.70 |
| Trade payables | · | · | · | · | · | 49.94 | 140.41 |
GP Eco Solutions India cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | 4 | -6 | 2 | -6 | 22.33 | 29.33 |
| Cash from investing | 0 | -6 | 4 | -2 | -1 | -36.28 | -57.51 |
| Cash from financing | 0 | 3 | 2 | 0 | 8 | 25.68 | 45.91 |
| Net cash flow | 0 | 1 | 0 | 0 | 1 | 11.73 | 17.73 |
| Capital spending | · | · | · | · | · | 18.68 | 43.44 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 23 | 30 | 43 | 52 | 61 | 95 | 172 |
| Inventory days | · | · | · | · | · | · | 63 |
| Days payable | · | · | · | · | · | · | 157 |
| Cash conversion cycle | 23 | 30 | 43 | 52 | 61 | 95 | 78 |
| Working capital days | 5 | -36 | 12 | 10 | 48 | 10 | 15 |
GP Eco Solutions India peers and competitors
Listed SME companies in the same industryBy sales, GP Eco Solutions India is number 8 of the 34 listed SME companies in electrical equipment.
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 |
|---|---|---|---|---|---|---|
| Danish Power | 2,095 | 30.4 | 521 | 69 | 18.0% | 0.00 |
| Sahaj Solar | 197 | 6.6 | 419 | 29.6 | 12.4% | 1.27 |
| GP Eco Solutions India | 454 | 11.3 | 414 | 40.1 | 14.3% | 1.00 |
| Raksan Transformers | 578 | 17.0 | 363 | 34 | 13.0% | 0.27 |
| INDO SMC | 1,183 | 37.0 | 310 | 32 | 15.0% | 0.31 |
| Sugs Lloyd | 569 | 19.6 | 301 | 29 | 14.0% | 0.50 |
| Smarten Power Systems | 111 | 12.6 | 243 | 8.8 | 4.9% | 0.07 |
| Yash Highvoltage | 3,671 | 99.2 | 235 | 37 | 24.0% | 0.21 |
| Vivid Electromech | 1,510 | 47.2 | 200 | 32 | 23.0% | 0.45 |
| Parth Electricals & Engineering | 802 | 56.4 | 198 | 14.2 | 10.5% | 0.15 |
| Supreme Power Equipment | 732 | 34.9 | 182 | 21 | 18.0% | 0.42 |
| Median of the 10 others | 767 | 32.7 | 272 | 30.8 | 14.5% | 0.29 |
GP Eco Solutions India shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
GP Eco Solutions India 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.
| Jun 24 | Sep 24 | Mar 25 | Jun 25 | Sep 25 | Mar 26 | Jul 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 62.23% | 62.23% | 62.23% | 61.68% | 61.67% | 61.92% | 59.42% |
| Foreign investors (FIIs) | 3.91% | 0.40% | 1.41% | 0.60% | 0.23% | - | 0.12% |
| Indian institutions (DIIs) | 7.95% | 2.57% | 0.82% | 0.25% | 0.00% | 0.05% | 1.38% |
| HNIs (over ₹2 lakh each) | 5.59% | 7.65% | 9.30% | 12.20% | 11.24% | 10.24% | 11.16% |
| Small holders (up to ₹2 lakh) | 13.93% | 22.21% | 22.16% | 21.08% | 20.68% | 20.24% | 20.13% |
| Companies and others | 6.39% | 4.94% | 4.08% | 4.19% | 6.18% | 7.55% | 7.79% |
| Number of shareholders | 1,407 | 1,527 | 1,580 | 1,485 | 1,606 | 1,900 | 2,144 |
The named holders are at 18 July 2026, beside 31 March 2026, each under the group the pattern files them in.
GP Eco Solutions India study: the business from its own documents
Read from 10 of the company's own documentsGP Eco Solutions India so far
From the company's own record
- 24 June 2024Listed on NSE Emerge at ₹94
- 29 Aug 2026Order worth ₹122 cr
- 31 July 2026Promoters at 59.42%
- 2 Sept 2025Highest close since listing, ₹588.97
GP Eco Solutions India key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹414 cr
- FY26 revenue as stated by the Managing Director, against ₹246.4 cr in FY25.Earnings call, June 2026, p.9; Credit rating note, April 2026, p.5
- Distribution share
- 53%
- Share of FY26 revenue from trading, down from 76%; own manufacturing rose to 31% and projects to about 16%.Earnings call, June 2026, p.4
- Battery storage orders
- 58 MW
- More than 12 project orders won in FY26, including one utility scale battery storage project.Earnings call, June 2026, p.3
- Dasna factory
- 3 GWh
- Planned battery storage capacity; the first phase was commissioned in June 2026 and the second was due by 30 September 2026.Earnings call, June 2026, p.2 and p.7
- Factory spend
- About ₹200 cr
- What the Managing Director said will be invested in the Dasna factory; capital spending for FY27 was put at more than ₹150 cr.Earnings call, June 2026, p.5 and p.10
Show 5 more facts
- Deferred revenue
- ₹150 to 200 cr
- Projects due in FY26 that customers pushed into FY27 after material costs rose, by the Managing Director's estimate.Earnings call, June 2026, p.7 and p.9
- Bihar inverter order
- ₹18.24 cr
- 24,319 small inverters for E-KORS, for a South Bihar power distribution tender, to be supplied by 30 September 2026.Exchange announcement, 3 August 2026, p.1 and p.2
- Top five customers
- About 39%
- Share of FY25 sales, which the rating agency calls moderate concentration.Credit rating note, April 2026, p.3
- Channel partners
- About 40
- Partners in June 2026, with a plan for 75 to 80 by September and channel finance to cut the credit the company carries.Earnings call, June 2026, p.6
- Credit rating
- IVR BB+ / Stable
- Assigned by Infomerics in April 2026 on ₹87 cr of bank facilities; short term facilities rated IVR A4+.Credit rating note, April 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the June 2026 call, the Managing Director said the company expects FY27 revenue to grow about two to three times and profit before tax by about the same, with own manufacturing rising to about 53% of revenue, projects to about 33% and distribution falling to about 13%. The company said the first half of FY27 would be one of its lowest, that its own solar power projects would start from about September 2026, and that it would give an update on orders and targets on 30 September 2026. It plans to take the factory to 5 GWh by FY28 depending on orders.
| What management said | When | What happened |
|---|---|---|
| Revenue to grow about three times in FY26 | Nov 2025 call | ₹414 cr, up about 68% |
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.
GP Eco Solutions India earns most of its money trading solar inverters and panels, and is moving towards making its own battery systems and inverters and building solar projects, which earn more.
Its weak spots are a crowded market with thin trading margins, money tied up in customer credit and stock, and a large new factory that needs orders to fill it.
WatchCan it set its own prices?In distribution it competes in a crowded market and cannot always pass on cost rises; battery system prices move with cell costs and the rupee.
AverageHow strong is it against rivals?Few small Indian firms offer both battery systems and inverters from one brand, but the product is assembled from imported cells and many rivals offer imported systems.
AverageWho are its customers?It supplies many dealers, installers and project developers, and no single one dominates, though large project orders will make the mix lumpier.
WatchDoes it need a lot of money?The new factory and the credit given to customers both need money, and borrowings have risen with them.
AverageCan it keep finding new work?Government targets for solar and storage are drawing demand, but in June 2026 the company would not give a confirmed order book and said orders were still in discussion.
WatchDo good and bad years swing a lot?Project timing has already moved large amounts of revenue between years, and sales lean heavily on the second half.
Who runs GP Eco Solutions India?
Promoters, directors and officers; tap a name for the background
DPDeepak PandeyPromoter, Founder and Managing Director · holds 26.23%
Holds a degree in Computer Science from Uttar Pradesh Technical University (2005) and had over 13 years in the solar industry at the time of the offer; founded the company and its subsidiary Invergy India and is in overall charge of the business.
Offer document, p.147APAnju PandeyPromoter and Director · holds 29.20%
Holds a Bachelor of Arts in Psychology and Political Science from Kanpur University and had 13 years in the renewable energy sector at the time of the offer. The offer document states that Anju Pandey is the mother of Deepak Pandey.
Offer document, p.147 and p.148AMAstik Mani TripathiPromoter and Director · holds 3.00%
A Fellow Member of the Institute of Company Secretaries of India with a degree in law and over 15 years as a corporate consultant and financial adviser at the time of the offer; co-founder and director of Invergy India.
Offer document, p.147PKPradeep Kumar PandeyChairman
Has more than 35 years in the renewable energy sector and formerly worked as Deputy General Manager, Technical Services, at the Indian Renewable Energy Development Agency.
Annual report FY25, p.7RRRajeev RanjanIndependent Director
A retired IAS officer of the 1985 batch who retired as Chief Secretary of Tamil Nadu and served as Secretary, DPIIT; holds a PhD in intellectual property rights from Anna University.
Annual report FY25, p.7SBSunil BhatnagarIndependent Director
Holds an MBA in financial management from BIT Mesra and has more than 28 years in the battery industry, including lithium, lead acid and nickel cadmium batteries, and earlier director roles at battery companies.
Offer document, p.148; Annual report FY25, p.7GP Eco Solutions India 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 ₹293 cr (+80%), net profit ₹29.7 cr (+434%) on H2 FY25.
- Shareholding, 31 July 2026: promoters 61.92% to 59.42%.
- 29 Aug 2026: order worth ₹122 cr announced.
GP Eco Solutions India announcements
124 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Credit RatingCredit RatingPDF ↗
- Shareholders meetingvoting results of Annual General Meeting held on September 21, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 21, 2026PDF ↗
- Change in Managementchange in ManagementPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 21, 2026PDF ↗
- Outcome of Board MeetingOutcome of resolution by circulation for the Allotment of 1,20,000 Equity Shares upon conversion of Fully Convertible Warrants allotted on preferential basisPDF ↗
- ESOP/ESOS/ESPSAllotment of 600 SharesPDF ↗
- Updates'Announcement in continuation of the latter dated August 29, 2026'PDF ↗
- Updates'Amendment in the work Order dated July 10, 2025'PDF ↗
GP Eco Solutions India 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
- 30 Nov 2025 ↗read
- 31 May 2025 ↗read
- Credit ratings ↗read
GP Eco Solutions India 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 GP Eco Solutions India's 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 (1,23,29,800 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 changes basis between FY23 (₹144.00) and FY24 (₹8.69) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about GP Eco Solutions India
What does GP Eco Solutions India do?
GP Eco Solutions India supplies solar inverters, solar panels and batteries to dealers and installers, makes battery storage systems and inverters under its own Invergy brand, and builds solar plants for others. Its shares trade on NSE Emerge.
What is the share price of GP Eco Solutions India?
₹368 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of GP Eco Solutions India?
₹454 cr at the close on 6 Nov 2026, on 1,23,29,800 shares.
What is the P/E of GP Eco Solutions India?
11.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are GP Eco Solutions India's revenue and profit?
Revenue ₹414 cr and profit after tax ₹40 cr in FY26.
Who are the promoters of GP Eco Solutions India?
Deepak Pandey, Anju Pandey, Astik Mani Tripathi; promoters held 59.42% at 31 July 2026.
What was the IPO price of GP Eco Solutions India?
₹94 a share; it listed on 24 June 2024.
What is GP Eco Solutions India's website?
www.gpecosolutions.com
More SME companies like GP Eco Solutions India
Other listed SME companies in electrical equipment, the closest in size first, each read from its own documents.
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Every listed SME company in Electrical Equipment → · SME companies listed in 2024 →
Built from 3 earnings call transcripts, 2 investor presentations, 2 annual reports, 1 offer document, 1 result filing, 1 credit rating note, 124 exchange announcements, 7 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.