Sahana SystemShare price, financial results, shareholding and management
- Market cap
- ₹1,043 cr
- Stock P/E
- 15.4peers 23.6
- Book value
- ₹238
- Price to book
- 4.13
- EV / operating profit
- 10.3
- Market cap to sales
- 3.15
- ROCE · FY26
- 43.5%
- ROE · FY26
- 31.7%
- ROE, 3-year average
- 38.7%
- Operating margin · FY26
- 30.1%peers 14.0%
- Sales growth, 3 years
- 139.8%
- Profit growth, 3 years
- 124.5%
- Debt to equity
- 0.07peers 0.11
- Borrowings
- ₹17.9 cr
- Interest cover
- 61.2×
- Cash from business / op. profit
- 41%
- Debtor days
- 106
- Pledged
- 0.00%
- Promoter holding
- 57.31%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 3,468
- 52-week high / low
- ₹1,016 / ₹571
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Sahana System share price chart
Close on 6 Nov 2026 · +3.66% on the day · Vol 38,250
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
- +7.4%
- 3 months
- +21.1%
- 6 months
- +43.9%
- 1 year
- +4.1%
- Traded a day, 20 days
- ₹3.42 cr
- Taken for delivery
- 71%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +98% | +91% |
| 3 years, a year | +140% | +125% |
| Latest half, H2 FY26 | +89% | +73% |
About Sahana System: business, products and customers
Sahana System builds software, artificial intelligence and surveillance projects for government bodies, defence units and companies, and supplies the computers and equipment that go with them. Its shares trade on NSE Emerge.
Sahana System, based in Ahmedabad, writes software for clients: websites and apps, artificial intelligence and video analytics, payment systems, smart classrooms and media monitoring tools. Much of its work is won as a subcontractor to larger government contractors such as RailTel and Central Electronics, and a project often bundles servers, cameras and computers with the software and several years of maintenance.
The company reports two segments, IT services and hardware trading. Hardware it purchases and passes on to the client lifted reported sales sharply in FY26 but earns far less than software work, so the mix of the two moves margins from year to year. Government clients pay on project milestones, and the Group CEO said on the November 2025 call that new government orders tend to arrive late in the financial year.
Read more about the business
The group has grown through subsidiaries. Sahana Defence, formerly Softvan, handles drone detection, radio frequency testing and electronic warfare work; Sourceved and Applie, in each of which the company bought a majority stake in FY25, do enterprise web and content work. Newer subsidiaries for marine projects, health technology, a United States arm and a planned semiconductor company were set up in 2025 and 2026.
The company's documents do not name competitors, and the annual report describes rivals only as established players and new entrants in IT services and defence technology.
From the offer document, the annual reports for FY25 and FY26, the November 2025 earnings call and the company's announcements of 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 140% a year over three years.
- It earns a high return on the money it uses: ROCE 44% in FY26.
- It has little debt for its size: debt to equity 0.07.
- It paid a dividend in the past year.
To watch
- Whether RailTel issues the formal purchase order for the Kandla port gate automation project (Press release, 31 July 2026, p.2).
- Shareholder approval and allotment of the ₹92.9 cr warrant issue (Announcement, 18 August 2026, p.1 to 2).
- Revenue in FY27 against the Group CEO's figure of ₹350 cr (Transcript, November 2025, p.9).
- Setting up of the electronic warfare facility under the ten year Central Electronics contract (Announcement, 15 June 2026, p.2).
- Customers take longer to pay than before: 106 days in FY26, against 38 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.
Sahana System revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
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.
Sahana System half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 7 | 17 | 24 | 45 | 53 | 115 | 114.16 | 216.99 |
| Expenses | 5 | 9 | 18 | 28 | 33 | 78 | 76.31 | 155.09 |
| Operating profit | 2 | 8 | 6 | 17 | 20 | 36 | 37.85 | 61.90 |
| OPM | 30.0% | 44.0% | 26.0% | 38.0% | 38.0% | 32.0% | 33.1% | 28.5% |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 0.59 | 1.04 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1 | 3.09 | 3.60 |
| Profit before tax | 2 | 7 | 6 | 17 | 19 | 37 | 37.58 | 60.57 |
| Net profit | 2 | 4 | 5 | 14 | 14 | 25 | 27.67 | 43.13 |
Sahana System profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 6 | 3 | 12 | 24 | 69 | 167.45 | 331.15 |
| Expenses | 6 | 2 | 9 | 14 | 46 | 111.22 | 231.40 |
| Operating profit | 1 | 1 | 3 | 10 | 23 | 56.23 | 99.75 |
| OPM | 12.0% | 25.0% | 23.0% | 40.0% | 34.0% | 33.6% | 30.1% |
| Other income | 0 | 0 | 0 | 0 | 0 | 2.45 | 6.73 |
| Interest | 1 | 1 | 1 | 1 | 0 | 1.54 | 1.63 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 1.27 | 6.69 |
| Profit before tax | 0 | 0 | 2 | 9 | 23 | 55.88 | 98.15 |
| Tax rate | 33.0% | 32.0% | 50.0% | 33.3% | 21.7% | 36.5% | 30.9% |
| Net profit | 0 | 0 | 1 | 6 | 18 | 35.47 | 67.87 |
| EPS ₹ | · | · | 3.13 | 8.75 | 17.85 | 46.72 | 84.60 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% |
The years to FY24 come rounded to the nearest crore in the source.
Sahana System profitability
Margins and returns on capitalLast year the company kept less 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 | 12.0% | 25.0% | 23.0% | 40.0% | 34.0% | 33.6% | 30.1% |
| Tax rate | 33.0% | 32.0% | 50.0% | 33.3% | 21.7% | 36.5% | 30.9% |
| ROCE | · | 14.3% | 37.5% | 80.0% | 54.1% | 44.7% | 43.5% |
| ROE | · | 0.0% | 49.9% | 80.0% | 53.7% | 30.6% | 31.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% |
Sahana System debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. 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 about as long to pay as they did in FY24.
Bars below the line are cash going out.
Sahana System balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 3 | 6 | 8 | 8.84 | 8.84 |
| Reserves | 0 | 0 | 1 | 5 | 48 | 167.20 | 243.37 |
| Net worth | 0.01 | 0.01 | 4 | 11 | 56 | 176.04 | 252.21 |
| Borrowings | 7 | 7 | 5 | 5 | 13 | 12.16 | 17.93 |
| Other liabilities | 0.99 | 0.99 | 5 | 8 | 27 | 59.88 | 116.02 |
| Total liabilities | 8 | 8 | 14 | 24 | 96 | 248.08 | 386.16 |
| Fixed assets | 0 | 0 | 0 | 0 | 13 | 36.92 | 58.24 |
| Capital work in progress | 1 | 1 | 1 | 1 | 14 | 17.16 | 36 |
| Investments | 0 | 0 | 0 | 0 | 8 | 20.70 | 19.13 |
| Other assets | 7 | 7 | 13 | 23 | 61 | 173.30 | 272.79 |
| Receivables | · | · | · | · | · | 88.55 | 96.59 |
| Inventory | · | · | · | · | · | 6.33 | 8.31 |
| Cash | · | · | · | · | · | 28.92 | 29.64 |
| Trade payables | · | · | · | · | · | 26.41 | 25.83 |
Sahana System cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | -5 | 0 | -2 | 1 | 34 | -47.68 | 41.21 |
| Cash from investing | 4 | 0 | 0 | 0 | -22 | -35.04 | -71.02 |
| Cash from financing | 1 | 0 | 2 | -3 | 13 | 78.43 | 24.69 |
| Net cash flow | 0 | 0 | 0 | -2 | 25 | -4.29 | -5.12 |
| Capital spending | · | · | · | · | · | 12.82 | 46.86 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 38 | 17 | 144 | 109 | 106 | 193 | 106 |
| Inventory days | 517 | 14,836 | 941 | · | · | · | · |
| Days payable | 127 | 129 | 365 | · | · | · | · |
| Cash conversion cycle | 428 | 14,724 | 720 | 109 | 106 | 193 | 106 |
| Working capital days | -42 | -56 | 103 | 144 | -27 | 181 | 149 |
Sahana System peers and competitors
Listed SME companies in the same industryBy sales, Sahana System is number 2 of the 33 listed SME companies in it - services.
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 |
|---|---|---|---|---|---|---|
| Veefin Solutions | 578 | 18.1 | 345 | 32 | 22.0% | 0.17 |
| Sahana System | 1,043 | 15.4 | 331 | 67.9 | 30.1% | 0.07 |
| Unified Data Tech Solutions | 966 | 23.6 | 288 | 41 | 14.0% | 0.00 |
| Dove Soft | - | - | 274 | 23 | 12.0% | 0.10 |
| Meta Infotech | 138 | 12.5 | 270 | 11 | 7.0% | 0.11 |
| Rox Hi Tech | 175 | 10.3 | 203 | 16.9 | 13.0% | 0.53 |
| Exato Technologies | 685 | 42.8 | 168 | 16 | 15.0% | 0.24 |
| Enser Communications | 122 | 12.2 | 101 | 10 | 18.8% | 0.94 |
| Praruh Technologies | 212 | 23.6 | 101 | 9 | 14.0% | 0.00 |
| Optivalue Tek Consulting | 541 | 39.3 | 90.7 | 13.8 | 19.7% | 0.09 |
| Globtier Infotech | 26 | 28.2 | 75.4 | 0.9 | 9.2% | 0.03 |
| Median of the 10 others | 212 | 23.6 | 185 | 14.9 | 14.0% | 0.11 |
Sahana System 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 is about the same.
Sahana System 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 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Aug 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 58.00% | 57.15% | 57.19% | 57.30% | 57.31% | 57.31% | 57.31% | 57.31% |
| Foreign investors (FIIs) | 0.21% | 0.20% | 0.27% | 0.23% | 0.18% | 0.70% | 0.96% | 0.76% |
| Indian institutions (DIIs) | 0.89% | 0.56% | 0.53% | 0.57% | 0.60% | 0.59% | 0.60% | 0.82% |
| HNIs (over ₹2 lakh each) | 11.72% | 12.25% | 11.75% | 11.97% | 12.65% | 6.86% | 6.83% | 12.98% |
| Small holders (up to ₹2 lakh) | 25.23% | 25.60% | 23.72% | 23.79% | 23.51% | 21.84% | 22.27% | 20.94% |
| Companies and others | 3.95% | 4.24% | 6.54% | 6.14% | 5.75% | 12.70% | 12.03% | 7.19% |
| Number of shareholders | 2,857 | 3,209 | 3,116 | 3,280 | 3,381 | 3,154 | 3,382 | 3,468 |
The named holders are at 3 Aug 2026, beside 30 June 2026, each under the group the pattern files them in.
Sahana System study: the business from its own documents
Read from 9 of the company's own documentsSahana System so far
From the company's own record
- 12 June 2023Listed on NSE Emerge
- 31 Aug 2026Promoters at 57.31%
- 17 Dec 2024Highest close since listing, ₹1,285.69
Sahana System key facts from the filings
Each figure with the document it comes from
- Hardware share of sales
- 42.8%
- Share of FY26 standalone revenue from hardware trading, up from 7.2% in FY25; the rest came from IT services.Annual report FY26, p.73
- Top ten customers
- 88%
- Share of FY26 revenue from ten customers, the same as in FY25 and up from 81% in FY24.Annual report FY26, p.76
- Government linked work
- About 60% to 65%
- The Group CEO's rough share of revenue from government, defence and government aided clients, given on two calls.Transcript, November 2024, p.13; Transcript, November 2025, p.10
- Standalone sales growth
- 2.18 times
- FY26 standalone revenue of ₹236.6 cr against ₹108.4 cr in FY25.Annual report FY26, p.77
- Assam schools project
- About ₹150 cr
- The company's estimated share of smart classroom work in about 1,500 Assam government schools, as a consortium member, over five years.Press release, 11 February 2026, p.2
Show 5 more facts
- Kandla port gate project
- ₹69.5 cr
- Provisional letter of intent from RailTel, including GST and five years of maintenance; subject to a formal purchase order.Press release, 31 July 2026, p.2
- Defence manufacturing contract
- 10 years
- Sahana Defence is to set up and run an electronic warfare equipment facility at Central Electronics' premises in Sahibabad, extendable by five years.Announcement, 15 June 2026, p.2
- Subsidiaries
- 9
- Subsidiaries at March 2026, two of them wholly owned; outside holders share the profit of the others.Results filing, 30 May 2026, p.10
- Warrant issue
- ₹92.9 cr
- Board approval in August 2026 for warrants at ₹880 each to four holders, including the promoter, subject to shareholder approval.Announcement, 18 August 2026, p.1 and p.3
- Bonus shares
- 1 for 5
- Bonus allotted in August 2026, taking the share count to 1,06,04,525.Announcement, 3 August 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 November 2025 call the Group CEO said revenue would cross ₹350 cr in FY27 and ₹500 cr in FY28, later saying those figures were for the standalone company, and confirmed about ₹1,000 cr of consolidated revenue in FY28. The company says it has confirmed orders for the next one to two years without giving a figure, and that large projects may need bank limits or fresh funds. Since then it has announced the Assam schools work, a ten year defence manufacturing contract and a provisional RailTel port project, and proposed a warrant issue.
| What management said | When | What happened |
|---|---|---|
| Revenue of around ₹210 cr in FY26, later described as the standalone figure | November 2025 call | ₹236.6 cr standalone; ₹331.2 cr consolidated |
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.
Sahana System earns most of its money building software and technology projects for government and defence buyers, often working under a larger contractor, and adds hardware to those projects.
Its weak spots are a few large customers, a growing share of low margin hardware, and cash tied up while government clients pay on milestones.
WatchCan it set its own prices?Much of its work comes through tenders and subcontracts from larger contractors, which leaves little room to set prices.
AverageHow strong is it against rivals?It holds quality and security certifications and some defence know-how, but faces both established firms and new entrants.
WatchWho are its customers?A small group of mostly government linked customers gives almost all of its sales.
WatchDoes it need a lot of money?It has few plants to fund, but customers take a long time to pay and large projects need working capital.
StrongCan it keep finding new work?It has kept announcing new government and defence work across railways, ports, schools and defence electronics.
AverageDo good and bad years swing a lot?Sales depend on the timing of government budgets and project milestones, so one half of the year can be much bigger than the other.
Who runs Sahana System?
Promoters, directors and officers; tap a name for the background
PRPratik Ramjibhai KakadiaPromoter, Chairman and Managing Director · holds 49.95%
A management graduate with a Bachelor in Business Administration (Marketing) from Mahatma Gandhi Kashi Vidyapith and a Bachelor in Business Administration and Management from Surat, described as having over two decades of experience. Chief Executive Officer at the time of the public issue, Managing Director since May 2024; FY26 remuneration ₹0.85 cr.
Annual report FY26, p.23 and p.44; Offer document, p.145HPHetal Pratikbhai KakadiyaPromoter group, former Non-Executive Director · holds 2.88%
Holds a Bachelor of Commerce from Saurashtra University and was a director of Shri Vinayak Sahakari Bank at the time of the offer document. A director from October 2021 until resigning on 28 February 2026.
Offer document, p.135; Annual report FY26, p.44; Announcement, 18 August 2026, p.5DKDipak Kanaiyalal PatelWhole-Time Director
Appointed Whole-Time Director on 28 February 2026 and confirmed by postal ballot in July 2026; earlier a director of the company from June 2020 to October 2021. Also a director of the subsidiaries. The documents read give no education or work history.
Annual report FY26, p.26, p.43 to 44; Offer document, p.138DHDhavalkumar Hareshbhai JoshiChief Executive Officer
Chief Executive Officer since February 2025 and Group CEO on the company's earnings calls. The documents read give no education or work history.
Annual report FY26, p.45; Transcript, November 2025, p.2JDJatinkumar Dhirajlal JoganiChief Financial Officer
Chief Financial Officer since October 2022.
Annual report FY26, p.44JDJinang Dineshkumar ShahIndependent Director
A practising Company Secretary and fellow of the Institute of Company Secretaries of India with a Master of Commerce and a law degree and ten years in compliance work. Independent Director since March 2025 and chairman of the audit committee.
Annual report FY25, p.29; Annual report FY26, p.46Sahana System 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 ₹217 cr (+89%), net profit ₹43.1 cr (+73%) on H2 FY25.
- Shareholding, 31 Aug 2026: promoters unchanged at 57.31%.
Sahana System announcements
124 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018For the quarter ended 30th September, 2026PDF ↗
- Updates'Disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Listing Regulation )'PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Shareholders meetingScrutinizers report of Annual General Meeting held on September 30, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- General Updatesexecution of Share Purchase Agreement by Subsidiary Company (Sahana Defence Limited) to acquire 60% equity stake in Siddhanta Machining Private LimitedPDF ↗
- Agreementsexecution of Share Purchase Agreement by Subsidiary Company (Sahana Defence Limited) to acquire 60% equity stake in Siddhanta Machining Private LimitedPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Updatesa letter providing the web link, including the exact path, for accessing the Annual Report for FY 2025-26, which has been sent to those Members whose e-mail addPDF ↗
- Copy of Newspaper PublicationOf notice of 6th Annual General Meeting (AGM) and e-voting InformationPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 30, 2026PDF ↗
- General UpdatesGeneral UpdatesPDF ↗
Sahana System annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 Nov 2025 ↗read
- 30 Nov 2024 ↗read
Sahana System share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RE 1 PER SHAREex-date 9 Oct 2026
- Bonus issueBONUS 1:5ex-date 31 July 2026
- DividendINTERIM DIVIDEND - RE 1 PER SHAREex-date 27 June 2025
- Rights issueRIGHTS 1:15 @ PREMIUM RS 880/-ex-date 25 Sept 2024
Checks we ran on Sahana System's data · 11
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !For H2FY25 the exchange filing's profit lines do not add up as read, so the figures shown are from the results page instead.
- iBonus issue with ex-date 31 July 2026: earlier prices on this page are adjusted to the new share basis.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,06,04,525 shares).
- !The FY26 results imply 88,40,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓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, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Sahana System
What does Sahana System do?
Sahana System builds software, artificial intelligence and surveillance projects for government bodies, defence units and companies, and supplies the computers and equipment that go with them. Its shares trade on NSE Emerge.
What is the share price of Sahana System?
₹983 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Sahana System?
₹1,043 cr at the close on 6 Nov 2026, on 1,06,04,525 shares.
What is the P/E of Sahana System?
15.4 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Sahana System's revenue and profit?
Revenue ₹331 cr and profit after tax ₹68 cr in FY26.
Who are the promoters of Sahana System?
Pratik Ramjibhai Kakadia, Hetal Pratikbhai Kakadiya; promoters held 57.31% at 31 Aug 2026.
What is Sahana System's website?
www.sahanasystem.com
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Built from 3 press releases, 2 earnings call transcripts, 2 annual reports, 1 offer document, 1 result filing, 124 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.