Neochem Bio SolutionsShare price, financial results, shareholding and management

NSE Emerge · NEOCHEMTextile and specialty chemicalsListed 9 Dec 2025IPO ₹98Catch them young
neochem.in ↗Live price on NSE ↗ISIN INE21UM01018 · Lot 1,200 shares · ₹1.28 lakh
₹106.25
+0.10% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹182 cr
Stock P/E
14.7peers 16.7
Book value
₹46
Price to book
2.31
EV / operating profit
10.1
Market cap to sales
1.64
Returns and growth
ROCE · FY26
27.2%
ROE · FY26
25.0%
ROE, 3-year average
30.6%
Operating margin · FY26
17.9%peers 11.0%
Sales growth, 3 years
31.9%
Profit growth, 3 years
125.9%
Safety
Debt to equity
0.23peers 0.38
Borrowings
₹17.8 cr
Interest cover
5.9×
Cash from business / op. profit
-43%
Debtor days
161
Pledged
0.00%
Ownership and share
Promoter holding
66.72%
Change in promoter holding
+0.02 pts
Shareholders
406
High / low since listing
₹121 / ₹63
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.

Neochem Bio Solutions share price chart

₹106.25-4.96% since listing

Close on 6 Nov 2026 · +0.14% on the day · Vol 14,400

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
+1.5%
3 months
+16.8%
6 months
+22.7%
Since IPO
+8.4%
Traded a day, 20 days
₹0.34 cr
Taken for delivery
85%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+32%+59%
3 years, a year+32%+126%
Latest half, H2 FY26+38%+14%

About Neochem Bio Solutions: business, products and customers

Neochem Bio Solutions makes chemicals that textile mills use to clean, dye, wash and soften fabric, and ingredients for soaps, detergents and paints, at a plant in Ahmedabad. Its shares trade on NSE Emerge.

Neochem Bio Solutions makes more than 350 chemical formulations in four groups: polymers, surfactants, silicones, and esters and other bio-based products such as plant-based softeners. All of it is made at one plant at Moraiya, Ahmedabad, with an in-house research and application lab, and the plant is certified to GOTS 7.0 and ZDHC Level 3, standards that textile exporters look for.

Textile processing made 74.35% of FY26 revenue, down from 85.24% in FY25, as home and personal care rose to 13.57% and paints and coatings to 6.23%. The company sells in India through more than 50 distributors and a reselling agent, Neochem Specialties, which the offer document describes as a sole proprietorship owned and controlled by the Managing Director; it also sells directly to customers in 12 countries. The Managing Director said that until FY22 three quarters of sales were made for other brands, while in FY26 more than 80% was sold under Neochem's own brands.

Read more about the business

The business began in 1978 as a family partnership, Vinayak Dyes and Chemical Industries, took the name Neochem Technologies in 2006 and became a company in 2017. It listed on NSE Emerge in December 2025, raising ₹45.0 cr at ₹98 a share. Revenue from operations was ₹110.7 cr in FY26 against ₹84.2 cr in FY25, and profit after tax ₹12.0 cr.

From the red herring prospectus of November 2025, the FY26 annual report, and the May 2026 investor presentation and earnings call.

Read the deeper study ↓

In its favour

  • Sales have grown fast: 32% a year over three years.
  • It earns a high return on the money it uses: ROCE 27% in FY26.
  • It has little debt for its size: debt to equity 0.23.
  • The promoters own a large part of the company: 66.72%.

To watch

  • Receivables, which the Managing Director aims to bring to around 120 days by the end of FY27 (Earnings call, May 2026, p.9).
  • Plant use, which the Managing Director expects to reach about 65% by the end of FY27 (Earnings call, May 2026, p.12).
  • Sales to and money owed by Neochem Specialties, the Managing Director's own reselling firm: ₹19.0 cr owed at March 2026 (Annual report FY26, p.58).
  • The Lamoral territory, which the Managing Director said would extend to Southeast Asia once documented (Earnings call, May 2026, p.8).
  • Customers take longer to pay than before: 161 days in FY26, against 102 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.

Neochem Bio Solutions revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.

Sales and net profit, every year, ₹ crore
SalesNet profit
050100150Sales, FY22: 49 ₹ cr49Net profit, FY22: 1 ₹ cr1FY22Sales, FY23: 48.2 ₹ cr48.2Net profit, FY23: 1.1 ₹ cr1.1FY23Sales, FY24: 61.2 ₹ cr61.2Net profit, FY24: 1.8 ₹ cr1.8FY24Sales, FY25: 84.2 ₹ cr84.2Net profit, FY25: 7.8 ₹ cr7.8FY25Sales, FY26: 111 ₹ cr111Net profit, FY26: 12.3 ₹ cr12.3FY26
The latest halves, ₹ crore
SalesNet profit
020406080Sales, H2FY25: 47 ₹ cr47Net profit, H2FY25: 6 ₹ cr6H2FY25Sales, H2FY26: 64.9 ₹ cr64.9Net profit, H2FY26: 6.9 ₹ cr6.9H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.

Neochem Bio Solutions half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H2FY25H2FY26
Sales4764.87
Expenses3953.61
Operating profit811.26
OPM17.0%17.4%
Interest21.52
Depreciation10.61
Profit before tax79.85
Net profit66.86

Neochem Bio Solutions profit and loss

Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY22FY23FY24FY25FY26
Sales4948.1961.1584.17110.70
Expenses4543.9555.1671.0590.85
Operating profit44.245.9913.1219.85
OPM7.0%8.8%9.8%15.6%17.9%
Other income00.600.861.982.70
Interest12.102.963.513.51
Depreciation11.221.221.331.24
Exceptional and other items-1···-0.62
Profit before tax11.522.6710.2617.18
Tax rate0.0%29.6%32.6%24.5%28.2%
Net profit11.071.807.7512.34
EPS ₹3.231.972.7011.618.71
Dividend payout0.0%0.0%0.0%0.0%0.0%

The years to FY22 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.

Neochem Bio Solutions profitability

Margins and returns on capital

Last 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

0%5%10%15%20%FY22: 7.0%7.0%FY22FY23: 8.8%8.8%FY23FY24: 9.8%9.8%FY24FY25: 15.6%15.6%FY25FY26: 17.9%17.9%FY26
Per cent
FY22FY23FY24FY25FY26
Operating margin7.0%8.8%9.8%15.6%17.9%
Tax rate0.0%29.6%32.6%24.5%28.2%
ROCE·11.8%14.1%27.3%27.2%
ROE·17.7%17.9%48.8%25.0%
Dividend payout0.0%0.0%0.0%0.0%0.0%

Neochem Bio Solutions debt and cash flow

Balance sheet · Cash flow · Working capital

The 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.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
020406080Net worth, FY22: 4 ₹ cr4Borrowings, FY22: 23 ₹ cr23FY22Net worth, FY23: 8.1 ₹ cr8.1Borrowings, FY23: 26.2 ₹ cr26.2FY23Net worth, FY24: 12 ₹ cr12Borrowings, FY24: 33.3 ₹ cr33.3FY24Net worth, FY25: 19.8 ₹ cr19.8Borrowings, FY25: 35.6 ₹ cr35.6FY25Net worth, FY26: 78.8 ₹ cr78.8Borrowings, FY26: 17.8 ₹ cr17.8FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-1001020Cash from the business, FY22: -1 ₹ cr-1Net profit, FY22: 1 ₹ cr1FY22Cash from the business, FY23: -0.7 ₹ cr-0.7Net profit, FY23: 1.1 ₹ cr1.1FY23Cash from the business, FY24: 2 ₹ cr2Net profit, FY24: 1.8 ₹ cr1.8FY24Cash from the business, FY25: 2.6 ₹ cr2.6Net profit, FY25: 7.8 ₹ cr7.8FY25Cash from the business, FY26: -8.6 ₹ cr-8.6Net profit, FY26: 12.3 ₹ cr12.3FY26

Bars below the line are cash going out.

Neochem Bio Solutions balance sheet

At each 31 March · ₹ crore

₹ crore
FY22FY23FY24FY25FY26
Equity capital35.436.686.6817.12
Reserves12.635.3313.0861.72
Net worth48.0612.0119.7678.84
Borrowings2326.2433.3235.6317.79
Other liabilities1916.3118.7323.5020.49
Total liabilities4650.6164.0678.89117.12
Fixed assets1214.6718.8118.6719.93
Capital work in progress00.040.030.060
Investments00006.25
Other assets3435.9045.2260.1690.94
Receivables····48.72
Inventory····29.25
Cash····0.18
Trade payables····11.54

Neochem Bio Solutions cash flow

₹ crore

₹ crore
FY22FY23FY24FY25FY26
Cash from operations-1-0.741.962.59-8.56
Cash from investing-3-3.35-7.86-1.695.96
Cash from financing43.766.20-1.2065.53
Net cash flow0-0.330.30-0.3062.93
Capital spending····0

Working capital

Days

Days
FY22FY23FY24FY25FY26
Debtor days102109103110161
Inventory days141175172157143
Days payable18615713310856
Cash conversion cycle58127142159247
Working capital days17213239164

Neochem Bio Solutions peers and competitors

Listed SME companies in the same industry

By sales, Neochem Bio Solutions is number 20 of the 44 listed SME companies in chemicals & petrochemicals.

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.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Ushanti Colour Chem278-139-50.2%1.08
Patel Chem Specialities38529.71371312.0%0.15
Ducol Organics And Colours21930.21367.310.4%0.43
Rajputana Biodiesel14213.512210.512.3%0.56
Neochem Bio Solutions18214.711112.317.9%0.23
Silkflex Polymers (India)28423.61101220.0%1.29
Paragon Fine and Speciality Chemical10411.51109.111.6%0.01
Mahickra Chemicals28055.910657.0%0.24
Arunaya Organics246.51033.76.1%0.44
Yasons Chemex Care1616.796.80.9-0.6%0.32
Renol Polychem8910.7908.313.1%0.17
Median of the 10 others18116.71107.811.0%0.38

Neochem Bio Solutions shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.

Promoters
66.72%
+0.02 pts since Dec 25
Foreign investors (FIIs)
0.18%
-1.81 pts since Dec 25
Indian institutions (DIIs)
15.82%
+2.63 pts since Dec 25
HNIs (over ₹2 lakh each)
5.70%
+2.39 pts since Dec 25
Small holders (up to ₹2 lakh)
5.22%
-7.31 pts since Dec 25
Companies and others
6.36%
+4.08 pts since Dec 25
Number of shareholders
406
861 in Dec 25

Neochem Bio Solutions 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 25Mar 26
Promoters66.70%66.72%
Foreign investors (FIIs)1.99%0.18%
Indian institutions (DIIs)13.19%15.82%
HNIs (over ₹2 lakh each)3.31%5.70%
Small holders (up to ₹2 lakh)12.53%5.22%
Companies and others2.28%6.36%
Number of shareholders861406

The named holders are at 31 March 2026, beside 8 Dec 2025, each under the group the pattern files them in.

Neochem Bio Solutions study: the business from its own documents

Read from 7 of the company's own documents

Neochem Bio Solutions so far

From the company's own record

  1. 9 Dec 2025Listed on NSE Emerge at ₹98
  2. 31 March 2026Promoters at 66.72%
  3. 25 May 2026Highest close since listing, ₹115.80

Neochem Bio Solutions key facts from the filings

Each figure with the document it comes from

Plant use
52.7%
Of the 22,000 tonne a year Moraiya plant in FY26, up from 35.0% in FY24; the company says it needs no major plant spending for about two years.Investor presentation, May 2026, p.6; Earnings call, May 2026, p.4 and p.16
Own brands
Over 80% of sales
In FY26, against about a quarter in FY22 when most products were made for other brands, the Managing Director said.Earnings call, May 2026, p.9
Textile share of revenue
74.35%
In FY26, down from 85.24% in FY25; home and personal care rose to 13.57% from 10.30%.Earnings call, May 2026, p.4
Volume growth
26%
Tonnes sold in FY26 against FY25, while revenue grew 32%, the Managing Director said.Earnings call, May 2026, p.10
Money owed by customers
₹48.7 cr
Trade receivables at March 2026, up from ₹25.3 cr; cash from operations was an outflow of ₹19.1 cr in FY26.Investor presentation, May 2026, p.23 and p.24
Show 5 more facts
Sales to the Managing Director's firm
₹15.8 cr
Sales including GST to Neochem Specialties, the reselling agent owned by the Managing Director, in FY26 (₹36.1 cr in FY25); it owed the company ₹19.0 cr at March 2026.Annual report FY26, p.57 and p.58; Offer document, p.183
Long-term borrowings
₹14.3 cr → ₹0.7 cr
FY25 to FY26, after part of the IPO money repaid loans; short-term working capital loans were ₹17.1 cr.Investor presentation, May 2026, p.24; Earnings call, May 2026, p.7
Largest customer
24.3% of revenue
In the six months to September 2025, up from 14.0% in FY25; the top ten made 55.1%. These figures count the customers of the reselling agent.Offer document, p.182
Lamoral partnership
Exclusive for South Asia
Distributor for a Dutch maker of fluorine-free water and stain repellents for textiles and construction, commercialised in FY26.Earnings call, May 2026, p.5 and p.8
Customers and distributors
225+ and 50+
Domestic customers served through more than 50 authorised distributors across India.Investor presentation, May 2026, p.5

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 May 2026 call the Managing Director said the company aims for about 65% plant use by the end of FY27, believes an EBITDA margin of 18% to 20% and a PAT margin of 10% to 12% can be held with the current product mix, and aims to bring receivables to around 120 days by the end of FY27. The Managing Director also said the company wants esters and silicones to reach 55% to 60% of revenue within two years, textiles to fall below half of revenue within three years, and exports to reach 30% to 35% of revenue within three years.

52.7%Plant useFY26
About 65%Plant use aimed forEnd of FY27, Managing Director
About 120 daysReceivables aimed forBy end of FY27, Managing Director

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.

Neochem Bio Solutions earns its money by blending its own chemical recipes for textile mills and, more and more, for soap, detergent and paint makers, and it has moved from making for other brands to selling its own.

Its weak spots are that most sales still depend on the textile industry, much of the selling goes through a firm owned by the Managing Director, and customers have been taking longer to pay.

AverageCan it set its own prices?It passed on raw material price rises in early 2026 along with the rest of the industry. Most of its products are low priced per kilo, so mix matters more than price.
The evidence. The Managing Director said price increases after the West Asia crisis were passed to customers as an industry practice, that about 30% of raw materials are linked to crude, and that average products are priced below ₹100 a kilo against more than ₹1,500 for Lamoral products.Earnings call, May 2026, p.10 and p.13
AverageHow strong is it against rivals?Its certifications, bio-based products and own formulations set it apart from simple blenders. It is still a small player that sells mainly through distributors.
The evidence. GOTS 7.0 and ZDHC Level 3 certified; more than 350 formulations and 40 registered trademarks; new FabBrite products that replace several pre-treatment chemicals; gross margin of about 33% to 35%, the Managing Director said.Investor presentation, May 2026, p.5 and p.6; Earnings call, May 2026, p.10 and p.18
WatchWho are its customers?Many textile mills and newer home care and paint makers, reached through distributors. A large part of sales and of money owed runs through a firm owned by the Managing Director.
The evidence. Largest customer 24.28% of revenue in the six months to September 2025, counting the reselling agent's customers; FY26 sales including GST to Neochem Specialties ₹15.8 cr, with ₹19.0 cr owed by it at March 2026.Offer document, p.182 and p.183; Annual report FY26, p.57 and p.58
WatchDoes it need a lot of money?The plant needs little new spending for now, but stock and unpaid bills tie up a lot of cash. Cash from the business went out in the latest year.
The evidence. Trade receivables ₹48.7 cr and inventory ₹29.3 cr at March 2026 against revenue of ₹110.7 cr; cash from operations an outflow of ₹19.1 cr in FY26; the Managing Director put receivables at a weighted average of about 160 days.Investor presentation, May 2026, p.23 and p.24; Earnings call, May 2026, p.14
StrongCan it keep finding new work?It has grown into home care and paints quickly, and has new products and a new partnership. Half its plant is still free to make more.
The evidence. Home and personal care rose from about 2% of revenue in FY24 to 13.57% in FY26; FabBrite, Ampinol LDT and Avakote launched; exclusive Lamoral distributor for South Asia; plant used at 52.7%.Earnings call, May 2026, p.4, p.5 and p.18; Investor presentation, May 2026, p.6
AverageDo good and bad years swing a lot?These are everyday process chemicals bought again and again, but buying follows the textile cycle and raw material prices. Customers stocked up in March 2026 and then waited.
The evidence. About 55% of annual revenue usually comes in the second half and over 30% in the fourth quarter; the Managing Director said customers held stocks after March 2026 price rises and then moved to wait and watch.Earnings call, May 2026, p.6 and p.11

Who runs Neochem Bio Solutions?

Promoters, directors and officers; tap a name for the background

SRSwapnil Rameshbhai MakatiPromoter and Managing Director · holds 54.59%

Director since incorporation and earlier a partner in the firm that became the company; Managing Director for five years from June 2025. Post Graduate Diploma in Chemical Engineering from Nirma Institute of Diploma Studies (2002) and a Diploma in Planning and Management from IIPM (2002 to 2004); over 20 years in making and trading performance chemicals, with charge of production, management and finance. Changed name from Swapnil Rameshbhai Dathia in 2025. Owns Neochem Specialties, the company's reselling agent.

Offer document, p.183, p.224 and p.225
HSHemangini Swapnil DathiaPromoter and Whole-Time Director · holds 6.31%

Director since incorporation and earlier a partner in the firm. Diploma in Chemical Engineering from Nirma Institute of Diploma Studies (2002) and an MBA from the National Institute of Management (2008); over 16 years with the business, handling human resources. The offer document states that Swapnil Rameshbhai Makati and Hemangini Swapnil Dathia are husband and wife.

Offer document, p.225 and p.226
DCDinesh ChopraChairman and Non-Executive Director

On the board since July 2021. B.Sc. (Honours) from the University of Delhi, B.Sc. (Technology) from UDCT, University of Bombay, and a Post Graduate Diploma in Business Management from IMS, New Delhi; around 25 years in sales, business and marketing roles at BASF India and Honeywell India.

Offer document, p.224 and p.225
RGRajasekaran GuhaNon-Executive Director

B.Com from the University of Madras; Fellow of ICAI, ICMAI and ICSI. Over 30 years in corporate affairs and finance; partner at CVRK & Associates and earlier General Manager, Corporate Affairs and Company Secretary at Akzo Nobel India.

Offer document, p.225
SJShail Jayesh ShahNon-Executive Independent Director

On the board since 2025. B.Com from H.L. Institute of Commerce and Chartered Accountant since 2011, with the Information Systems Audit qualification; around 14 years in finance. Whole-Time Director and CFO of GSP Crop Science Limited.

Offer document, p.226
FPFalgunbhai PrajapatiNon-Executive Independent Director

On the board since 2025. B.Sc. and Master of Labour Welfare from Gujarat University; over 25 years in human resources, with senior roles at Dr. Reddy's Laboratories, Cadila Pharmaceuticals, Torrent Pharmaceuticals and Gopal Snacks.

Offer document, p.226
PRPradip Ramniklal SolankiChief Financial Officer

With the company since 2018 and Chief Financial Officer from June 2025. B.Com from Gujarat University (1982); over 25 years in accounts and finance, earlier Accounts Head at Gaggar Enterprises and Executive Consultant at Safal Corporate Services.

Offer document, p.235 and p.237

Neochem Bio Solutions latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹64.9 cr (+38%), net profit ₹6.9 cr (+14%) on H2 FY25.
  • Shareholding, 31 March 2026: promoters 66.70% to 66.72%; Aarth AIF Growth Fund new at 1.37%.

Neochem Bio Solutions announcements

59 on record, latest first; each opens the filing on the exchange

Neochem Bio Solutions annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Offer document
Earnings calls
Annual reports

Neochem Bio Solutions 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 Neochem Bio Solutions' data · 8

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 (1,71,20,753 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.
  • ✓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 Neochem Bio Solutions

What does Neochem Bio Solutions do?

Neochem Bio Solutions makes chemicals that textile mills use to clean, dye, wash and soften fabric, and ingredients for soaps, detergents and paints, at a plant in Ahmedabad. Its shares trade on NSE Emerge.

What is the share price of Neochem Bio Solutions?

₹106 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Neochem Bio Solutions?

₹182 cr at the close on 6 Nov 2026, on 1,71,20,753 shares.

What is the P/E of Neochem Bio Solutions?

14.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Neochem Bio Solutions' revenue and profit?

Revenue ₹111 cr and profit after tax ₹12 cr in FY26.

Who are the promoters of Neochem Bio Solutions?

Swapnil Rameshbhai Makati, Hemangini Swapnil Dathia; promoters held 66.72% at 31 March 2026.

What was the IPO price of Neochem Bio Solutions?

₹98 a share; it listed on 9 Dec 2025.

What is Neochem Bio Solutions' website?

www.neochem.in

More SME companies like Neochem Bio Solutions

Other listed SME companies in chemicals & petrochemicals, the closest in size first, each read from its own documents.

Every listed SME company in Chemicals & Petrochemicals → · SME companies listed in 2025 →

Built from 2 investor presentations, 2 annual reports, 1 offer document, 1 result filing, 1 earnings call transcript, 59 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.