Sudarshan Pharma IndustriesShare price, financial results, shareholding and management
- Market cap
- ₹796 cr
- Stock P/E
- 34.1peers 17.2
- Book value
- ₹6.2
- Price to book
- 5.15
- EV / operating profit
- -
- Market cap to sales
- 1.13
- ROCE · FY26
- 15.2%
- ROE · FY26
- 16.3%
- ROE, 3-year average
- 13.4%
- Operating margin · FY26
- 7.0%peers 4.8%
- Sales growth, 3 years
- 15.1%
- Profit growth, 3 years
- 49.2%
- Debt to equity
- 1.84peers 0.30
- Borrowings
- ₹285 cr
- Interest cover
- 2.2×
- Cash from business / op. profit
- -4%
- Debtor days
- 121
- Pledged
- 0.00%
- Promoter holding
- 58.93%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,217
- 52-week high / low
- ₹43 / ₹19
- Dividend yield
- 0.00%
- Face value
- ₹1
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Sudarshan Pharma Industries share price chart
Close on 6 Nov 2026 · +1.17% on the day · Vol 9,168
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
- -18.0%
- 3 months
- -6.2%
- 6 months
- +5.3%
- 1 year
- +13.2%
- Traded a day, 20 days
- ₹0.27 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +39% | +47% |
| 3 years, a year | +15% | +49% |
| Latest half, H2 FY26 | +40% | +56% |
About Sudarshan Pharma Industries: business, products and customers
Sudarshan Pharma Industries supplies chemicals, solvents and medicine ingredients to drug and chemical makers, mostly by sourcing and reselling them, and is building its own manufacturing of medicine ingredients. Its shares trade on BSE SME.
Sudarshan Pharma Industries sources specialty chemicals, solvents, drug intermediates and active pharmaceutical ingredients (APIs) and supplies them to pharmaceutical and chemical companies. Most of its sales are goods it sources from others and resells: purchases of traded goods were ₹652.1 cr against revenue of ₹703.1 cr in FY26.
It also has its own brands of medicines, such as a heart attack first aid kit and an Ayurvedic immunity kit, and a group of subsidiaries in India, Singapore, Dubai, the USA and Poland. Ratna Lifesciences, a subsidiary, makes cancer drug ingredients at a dedicated plant.
Read more about the business
What is new: the company acquired the land, building and machinery of a working plant at Medchal in Telangana, which it says will make APIs such as Ropivacaine, Bupivacaine, Sitagliptin and Apixaban, and which holds GMP and ISO 9001 certification. It has filed patent applications for making Vitamin B1 and B6, and in May 2026 allotted foreign currency convertible bonds of US$10 million.
From the offer document, the September 2025 Infomerics rating note, the annual report for 2025 to 26 and the August 2026 investor presentation.
Read the deeper study ↓In its favour
- Nothing stands out on these rules this year.
To watch
- Production of APIs such as Ropivacaine, Bupivacaine, Sitagliptin and Apixaban at the Medchal plant in Telangana (Annual report 2025 to 26, p.7).
- The export target of at least ₹100 cr for FY27 (Investor presentation, August 2026, p.13).
- The US$10 million of convertible bonds allotted in May 2026, convertible at ₹30.19 a share; the annual report records proceeds of US$900,000 and US$100,000 received in May and June 2026 (Annual report 2025 to 26, p.10).
- The plant first planned at Mahad, shifted to Gujarat and on hold, with ₹3.25 cr already spent (Credit rating note, Infomerics, September 2025, p.4).
- Customers take longer to pay than before: 121 days in FY26, against 92 in FY17.
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.
Sudarshan Pharma Industries revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. 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.
Sudarshan Pharma Industries half-yearly results
SME companies report every six months · ₹ crore
| H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 265.84 | 231.80 | 231.74 | 227.79 | 277.26 | 314.13 | 388.93 |
| Expenses | 258.03 | 223.40 | 217.33 | 211.22 | 253.90 | 293.88 | 357.86 |
| Operating profit | 7.81 | 8.40 | 14.41 | 16.57 | 23.36 | 20.25 | 31.07 |
| OPM | 2.9% | 3.6% | 6.2% | 7.3% | 8.4% | 6.5% | 8.0% |
| Interest | 3.26 | 3.21 | 5.73 | 7.51 | 8.26 | 11.89 | 13.80 |
| Depreciation | 0.47 | 0.61 | 0.64 | 1.11 | 1.11 | 1.78 | 2 |
| Profit before tax | 4.79 | 6.52 | 8.71 | 8.03 | 13.60 | 9.64 | 20.90 |
| Net profit | 3.53 | 4.85 | 6.60 | 5.92 | 9.96 | 7.83 | 15.54 |
Sudarshan Pharma Industries profit and loss
Full years to March, FY17 to FY26 · ₹ crore, consolidated where reported
| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 55 | 88 | 139 | 148 | 193 | 357 | 461.33 | 463.54 | 505.05 | 703.06 |
| Expenses | 55 | 87 | 135 | 143 | 186 | 346 | 446.64 | 440.73 | 465.13 | 652.06 |
| Operating profit | 1 | 1 | 4 | 5 | 7 | 11 | 14.69 | 22.81 | 39.92 | 51 |
| OPM | 1.1% | 0.8% | 3.1% | 3.2% | 3.7% | 3.1% | 3.2% | 4.9% | 7.9% | 7.0% |
| Other income | 0 | 2 | 1 | 0 | 0 | 0 | 1.12 | 2.60 | 2.52 | 8.71 |
| Interest | 0 | 1 | 2 | 3 | 3 | 3 | 5.40 | 8.95 | 15.77 | 26 |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 0.91 | 1.24 | 2.22 | 4 |
| Exceptional and other items | -1 | -1 | · | · | 1 | · | · | · | -2.82 | · |
| Profit before tax | 0 | 1 | 3 | 2 | 4 | 7 | 9.50 | 15.23 | 21.63 | 30.54 |
| Tax rate | 40.0% | 0.0% | 33.3% | 50.0% | 25.0% | 28.6% | 25.9% | 24.8% | 26.6% | 23.5% |
| Net profit | 0 | 1 | 2 | 1 | 3 | 5 | 7.04 | 11.46 | 15.88 | 23.37 |
| EPS ₹ | 0.07 | 0.16 | 0.25 | 0.13 | 0.28 | 0.54 | 5.48 | 4.76 | 0.66 | 0.97 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.0% | 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.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Sudarshan Pharma Industries profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 1.1% | 0.8% | 3.1% | 3.2% | 3.7% | 3.1% | 3.2% | 4.9% | 7.9% | 7.0% |
| Tax rate | 40.0% | 0.0% | 33.3% | 50.0% | 25.0% | 28.6% | 25.9% | 24.8% | 26.6% | 23.5% |
| ROCE | · | 14.3% | 19.2% | 13.5% | 14.9% | 17.5% | 15.2% | 13.7% | 14.4% | 15.2% |
| ROE | · | 16.7% | 14.3% | 5.1% | 14.0% | 18.9% | 10.7% | 10.8% | 13.1% | 16.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.0% | 0.0% | 0.0% | 0.0% |
Sudarshan Pharma Industries debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. It borrowed much more last year. Its loans are now larger than its own money. Last year the business used more cash than it brought in. 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.
Sudarshan Pharma Industries balance sheet
At each 31 March · ₹ crore
| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 5 | 10 | 10 | 10 | 10 | 24 | 24 | 24 | 24 |
| Reserves | 1 | 4 | 9 | 10 | 13 | 20 | 77 | 88 | 107 | 131 |
| Net worth | 3 | 9 | 19 | 20 | 23 | 30 | 101 | 112 | 131 | 155 |
| Borrowings | 6 | 10 | 14 | 21 | 30 | 31 | 34 | 105 | 171 | 285 |
| Other liabilities | 11 | 12 | 17 | 17 | 46 | 77 | 97 | 66 | 100 | 202 |
| Total liabilities | 20 | 31 | 50 | 58 | 99 | 138 | 232 | 283 | 402 | 642 |
| Fixed assets | 0 | 0 | 2 | 6 | 6 | 6 | 20 | 26 | 24 | 104 |
| Capital work in progress | 0 | 0 | 2 | 0 | 0 | 1 | 0 | 2 | 6 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 14 | 30 | 0 |
| Other assets | 20 | 31 | 46 | 52 | 93 | 131 | 200 | 241 | 342 | 535 |
Sudarshan Pharma Industries cash flow
₹ crore
| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | -2 | 0 | -1 | 1 | 3 | -4 | -29 | 6 | 35 | -2 |
| Cash from investing | 0 | 0 | -4 | -3 | -1 | -1 | -26 | -5 | -20 | -78 |
| Cash from financing | 2 | -1 | 8 | 0 | -1 | 4 | 66 | -12 | -14 | 79 |
| Net cash flow | 0 | -1 | 3 | -2 | 1 | -1 | 11 | -11 | 1 | -1 |
Working capital
Days
| FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 92 | 71 | 68 | 66 | 114 | 75 | 64 | 96 | 116 | 121 |
| Inventory days | 23 | 28 | 29 | 46 | 49 | 51 | 63 | 74 | 117 | 129 |
| Days payable | 75 | 49 | 45 | 40 | 91 | 80 | 78 | 49 | 76 | 111 |
| Cash conversion cycle | 40 | 51 | 52 | 72 | 72 | 46 | 50 | 122 | 156 | 139 |
| Working capital days | 42 | 52 | 27 | 35 | 29 | 27 | 54 | 62 | 53 | 17 |
Sudarshan Pharma Industries peers and competitors
Listed SME companies in the same industryBy sales, Sudarshan Pharma Industries is number 4 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.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Indian Phosphate | 189 | 8.6 | 1,072 | 21.9 | 4.1% | 0.37 |
| Neptune Petrochemicals | 401 | 13.2 | 1,052 | 30.3 | 3.0% | 0.11 |
| Sudarshan Pharma Industries | 796 | 34.1 | 703 | 23.4 | 7.0% | 1.84 |
| Bhavik Enterprises | 296 | 21.2 | 628 | 14 | 2.7% | 0.00 |
| SK Minerals & Additives | 524 | 29.1 | 318 | 18 | 10.0% | 1.25 |
| Nexxus Petro Industries | 45 | 7.5 | 262 | 6 | 4.6% | 0.54 |
| AMBANI ORGOCHEM | 137 | 102.9 | 241 | 1.3 | 5.6% | 1.35 |
| Dhariwalcorp | 240 | 27.9 | 236 | 8.6 | 2.6% | 0.12 |
| Beezaasan Explotech | 1,117 | 85.9 | 212 | 13 | 10.0% | 0.24 |
| Indian Emulsifiers | 72 | 4.4 | 160 | 16.3 | 16.2% | 0.37 |
| Bhatia Colour Chem | 34 | 8.4 | 155 | 4 | 5.0% | 0.02 |
| Median of the 10 others | 215 | 17.2 | 251 | 13.5 | 4.8% | 0.30 |
Sudarshan Pharma Industries 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 grown a lot.
Sudarshan Pharma Industries 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.
| Sep 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | Aug 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 57.39% | 57.39% | 57.39% | 57.39% | 57.39% | 57.39% | 58.93% | 58.93% |
| Foreign investors (FIIs) | 13.07% | 18.45% | 19.49% | 20.79% | 19.78% | 19.95% | 19.38% | 19.88% |
| Number of shareholders | 787 | 1,212 | 1,327 | 1,383 | 1,407 | 1,346 | 1,231 | 1,217 |
Sudarshan Pharma Industries study: the business from its own documents
Read from 8 of the company's own documentsSudarshan Pharma Industries key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹703.1 cr
- Consolidated revenue from operations for the year to March 2026, up from ₹505.1 cr.Investor presentation, August 2026, p.41
- Traded goods
- ₹652.1 cr
- Goods bought in for resale in FY26, showing that most of the revenue still comes from trading rather than own manufacturing.Investor presentation, August 2026, p.41
- Latest quarter
- ₹174.4 cr
- Revenue from operations for April to June 2026, against ₹145.3 cr a year earlier.Investor presentation, August 2026, p.39
- Largest customer
- Below 10%
- No single customer made up more than a tenth of revenue in FY26.Annual report 2025 to 26, p.220
- Telangana plant
- ₹25.5 cr
- Cost of the plant assets taken over from Srigen Lifesciences at Medchal, to be used for making APIs and intermediates.Investor presentation, August 2026, p.6 and p.18; Annual report 2025 to 26, p.7
Show 4 more facts
- Ratna Lifesciences
- ₹35.3 cr
- FY26 revenue of the cancer drug ingredient subsidiary, up from ₹9.2 cr in FY25.Annual report 2025 to 26, p.34
- Convertible bonds
- US$10 million
- Foreign currency convertible bonds allotted in May 2026, paying 8% and due in 2029, convertible into shares at ₹30.19 each.Annual report 2025 to 26, p.10
- Debt to equity
- 1.98
- Ratio at March 2026, up from 1.42, as borrowings rose to fund more stock and working capital.Annual report 2025 to 26, p.39
- Working capital cycle
- 133 days
- Time money stayed tied up in stock and bills at the end of FY25, up from 85 days, as the company moved towards making APIs.Credit rating note, Infomerics, September 2025, p.4
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On 7 October 2026 the company filed an update with BSE, following its letters of 5 and 15 September 2026, on a proposal to acquire 9.50% of the equity shares of another company; only the announcement's subject line was available for this page, and it does not name the company or state the outcome. In its August 2026 presentation the company set an export target of at least ₹100 cr for FY27, aimed at regulated and semi regulated markets. The annual report says its main focus for at least the next two years will be APIs and intermediates, after which it plans to move gradually towards formulations and brands, and that it expects the cancer drug business to become a significant source of revenue over three to five years.
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.
Sudarshan Pharma Industries earns most of its money by buying chemicals and medicine ingredients and reselling them to drug and chemical makers, keeping a thin margin on each sale.
Its weak spots are thin margins, a lot of money tied up in stock and unpaid bills, rising borrowings, and a string of recent acquisitions to bring together.
WatchCan it set its own prices?As mostly a trader, the company keeps only a small part of what it charges, and rising raw material prices reach customers only after a delay.
AverageHow strong is it against rivals?Long ties with well known customers and suppliers help, but the trading side has little that a rival could not match; own manufacturing is still small.
StrongWho are its customers?Sales are spread across many drug and chemical companies, with no single customer making up a large share.
WatchDoes it need a lot of money?Yes. Stock and unpaid bills have grown faster than sales, and borrowings have risen with them.
AverageCan it keep finding new work?The company keeps adding products, plants and subsidiaries, but several plans have changed or are still to show results.
AverageDo good and bad years swing a lot?Sales have kept rising, but profit is a thin slice of sales, so small changes in costs or prices can move it a lot.
Who runs Sudarshan Pharma Industries?
Promoters, directors and officers; tap a name for the background
HVHemal Vasantrai MehtaFounder, Promoter, Chairman and Managing Director · holds 26.60%
Holds a diploma in chemical engineering from Pune University and has over 27 years in the chemical, pharmaceutical and manufacturing sectors. Leads marketing of branded and generic medicines and of specialty chemicals, intermediates and APIs.
Annual report 2025 to 26, p.11 and p.205; Offer document, p.154SVSachin Vasantrai MehtaFounder, Promoter and Joint Managing Director · holds 27.51%
Holds a diploma in export and import management from the Indian Merchants' Chamber, Mumbai, with over 19 years in chemicals and international trade. Has sourced specialty chemicals and solvents from Korea, Taiwan, China and Japan for the company since 2008 and leads procurement and international business. Also served as Chief Financial Officer until Sharad Kathawate took over in May 2026.
Annual report 2025 to 26, p.5, p.12 and p.205; Offer document, p.154JAJaya Ankur SinghaniaIndependent Director
A Fellow Company Secretary with a law degree from Government Law College, Mumbai, and founder of the legal advisory firm J Singhania & Company. On the board since December 2022.
Annual report 2025 to 26, p.13; Offer document, p.154ULUmesh LuthraIndependent Director
Holds a Master of Science in microbiology and a doctorate. On the board since March 2022.
Offer document, p.154; Annual report 2025 to 26, p.5AGAnil GhogareNon-Executive Director
Holds a doctorate in pharmaceutical chemistry from Mumbai University, an M.Tech from IIT Delhi and an MBA, with over 38 years in fermentation technology and work on more than 250 APIs from development to approval. Promoter of the consultancy Pharma-In-Future Technology.
Annual report 2025 to 26, p.15SKSharad KathawateChief Financial Officer
Holds M.Com, LLB, MBA (Finance) and CS (Final) qualifications, with over 25 years in finance and operations in manufacturing and infrastructure companies, including handling a listing. Chief Financial Officer since 1 May 2026.
Annual report 2025 to 26, p.5 and p.19; Investor presentation, August 2026, p.23Sudarshan Pharma Industries 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 ₹389 cr (+40%), net profit ₹15.5 cr (+56%) on H2 FY25.
- Shareholding, 31 Aug 2026: promoters unchanged at 58.93%.
Sudarshan Pharma Industries announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateIn continuation of the Company''s letters dated 05/Sep/2026 and 15/Sep/2026, this is to inform you that the proposal to acquire 9.50% equity shares of common stPDF ↗
- Company UpdatePlease find attached copy of certificates under Regulation 74(5) of SEBI ( Depository And Participants ) Regulations, 2018, received from Kfin Technologies LimiPDF ↗
- Company UpdatePursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and in conitinuation of the Company''s letter dated 13/AugPDF ↗
- AGM/EGMPlease find enclosed the Scrutinizer''s Report on the business transacted at the 18th Annual General Meeting of the company held on Tuesday 22/SEPT/2026 throughPDF ↗
- AGM/EGMPlease find enclosed the voting results on the business transacted at the 18th Annual General Meeting of the company held on Tuesday 22/SEPT/2026 at 3:00 p.m. tPDF ↗
- AGM/EGMPursuant to Regulation 30 of SEBI ( Listing Obligations and Disclosure Requirements ) Regulations, 2015 we enclose herewith the summary of proceedings of the AGPDF ↗
Sudarshan Pharma Industries annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Sudarshan Pharma Industries share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Share splitStock Split From Rs.10/- to Rs.1/-ex-date 22 Nov 2024
Checks we ran on Sudarshan Pharma Industries' 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 (24,96,58,870 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓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 FY22 (₹0.54) and FY23 (₹5.48) 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, FY17 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Sudarshan Pharma Industries
What does Sudarshan Pharma Industries do?
Sudarshan Pharma Industries supplies chemicals, solvents and medicine ingredients to drug and chemical makers, mostly by sourcing and reselling them, and is building its own manufacturing of medicine ingredients. Its shares trade on BSE SME.
What is the share price of Sudarshan Pharma Industries?
₹31.9 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Sudarshan Pharma Industries?
₹796 cr at the close on 6 Nov 2026, on 24,96,58,870 shares.
What is the P/E of Sudarshan Pharma Industries?
34.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Sudarshan Pharma Industries' revenue and profit?
Revenue ₹703 cr and profit after tax ₹23 cr in FY26.
Who are the promoters of Sudarshan Pharma Industries?
Hemal Vasantrai Mehta, Sachin Vasantrai Mehta; promoters held 58.93% at 31 Aug 2026.
What is Sudarshan Pharma Industries' website?
www.sudarshanpharma.com
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Built from 3 investor presentations, 2 annual reports, 2 credit rating notes, 1 offer document, 6 exchange announcements, 8 shareholding patterns and 10 years of reported results. Every figure carries its source; where the documents are silent, the page says so.