Tunwal E-MotorsShare price, financial results, shareholding and management
- Market cap
- ₹132 cr
- Stock P/E
- 10.3peers 15.1
- Book value
- ₹21.8
- Price to book
- 1.05
- EV / operating profit
- 7.6
- Market cap to sales
- 0.48
- ROCE · FY26
- 13.3%
- ROE · FY26
- 11.2%
- ROE, 3-year average
- 38.7%
- Operating margin · FY26
- 7.2%peers 10.3%
- Sales growth, 3 years
- 53.9%
- Profit growth, 3 years
- 47.5%
- Debt to equity
- 0.22peers 0.15
- Borrowings
- ₹27.1 cr
- Interest cover
- 9.0×
- Cash from business / op. profit
- 45%
- Debtor days
- 18
- Pledged
- 0.00%
- Promoter holding
- 63.90%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 5,843
- 52-week high / low
- ₹50 / ₹22
- Dividend yield
- Paid
- Face value
- ₹2
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Tunwal E-Motors share price chart
Close on 6 Nov 2026 · 0.00% on the day · Vol 64,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -10.9%
- 3 months
- -13.1%
- 6 months
- -33.6%
- 1 year
- -26.2%
- Since IPO
- -61.1%
- Traded a day, 20 days
- ₹0.12 cr
- Taken for delivery
- 64%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +55% | +9% |
| 3 years, a year | +54% | +48% |
| Latest half, H2 FY26 | +27% | -33% |
About Tunwal E-Motors: business, products and customers
Tunwal E-Motors puts together battery scooters and electric bikes at its plant in Rajasthan, mostly from imported kits, and sells them through dealers across India under the Tunwal name. Its shares trade on NSE Emerge.
Tunwal E-Motors makes electric two-wheelers under the Tunwal brand at a plant on a leased industrial plot at Palsana, Sikar, in Rajasthan, and is based in Pune. The offer document listed 23 models including 7 variants; more than three quarters of what it sold were low-speed bikes that need no registration, and the rest were registered high-speed models. It also sells spare parts, and its dealers provide the after-sales service.
The way it works shapes the numbers. The company imports kits of frames, motors, batteries and electronics, checks them and assembles them, and Crisil says nearly 80% of its parts come from China; so revenue moves with the number of units sold, while the margin is the gap between the rupee cost of those parts and the dealer price, and a weaker rupee squeezes it. It keeps a large stock of parts and gives dealers credit, so much of the cash it earns stays tied up in working capital rather than coming back quickly.
Read more about the business
It sells only through distributors and dealers, never directly to riders: the ten largest distributors gave 74.15% of revenue in FY24. Crisil counted more than 370 dealers in over 20 states in May 2026, against about 256 dealers in 19 states at the offer document, and now rates the company together with its subsidiary Palsana EV Industries India Private Limited, which is in the same business.
The offer document compared Tunwal with Wardwizard Innovations & Mobility, a listed maker of electric two-wheelers, and with TVS Motor Company, and its industry section named Ola, TVS and Hero Electric as the largest sellers of electric two-wheelers. The promoter earlier ran the same business through a proprietorship and the group company Tunwal E-Vehicle India Private Limited, which still sells similar products and assigned the Tunwal trademark to the company.
From the July 2024 offer document and the Crisil Ratings note of 26 May 2026. No full annual report was available to read.
Read the deeper study ↓In its favour
- Sales have grown very fast: 54% a year over three years.
- It has little debt for its size: debt to equity 0.22.
- The promoters own a large part of the company: 63.90%.
- It paid a dividend in the past year.
To watch
- The group company Tunwal E-Vehicle India's writ in the Bombay High Court against the customs order of May 2023, which also carries the promoter's personal penalty (offer document, p.252 and p.255).
- The resignation of the statutory auditor filed with the exchange on 27 August 2026, and the change in auditors and directors filed on 29 September 2026.
- The preferential issue filed with the exchange on 4 September 2026, which brings new shares.
- Crisil's markers: gross current assets below 170 days would be a positive, and net cash accrual below ₹10.0 cr a negative (Crisil Ratings note, 26 May 2026, p.1).
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.
Tunwal E-Motors 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.
Tunwal E-Motors half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 45 | 60 | 74 | 104.17 | 144.37 | 132.47 |
| Expenses | 37 | 49 | 67 | 99.69 | 132.35 | 124.48 |
| Operating profit | 8 | 10 | 8 | 4.48 | 12.02 | 7.99 |
| OPM | 17.0% | 17.0% | 11.0% | 4.3% | 8.3% | 6.0% |
| Interest | 1 | 1 | 1 | 1.22 | 0.89 | 1.23 |
| Depreciation | 0 | 0 | 1 | 0.48 | 0.57 | 1.68 |
| Profit before tax | 7 | 9 | 7 | 8.02 | 11.41 | 5.65 |
| Net profit | 5 | 7 | 5 | 6.40 | 8.56 | 4.27 |
Tunwal E-Motors profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 1 | 1 | 75 | 76 | 105 | 178.59 | 276.84 |
| Expenses | 1 | 1 | 71 | 70 | 87 | 166.23 | 256.83 |
| Operating profit | 0 | 0 | 4 | 7 | 18 | 12.37 | 20.01 |
| OPM | 13.0% | 34.0% | 6.0% | 9.0% | 17.0% | 6.9% | 7.2% |
| Other income | 0 | 0 | 0 | 0 | 1 | 6.27 | 1.42 |
| Interest | 0 | 0 | 1 | 1 | 2 | 2.27 | 2.12 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1.14 | 2.25 |
| Profit before tax | 0 | 0 | 3 | 5 | 16 | 15.24 | 17.06 |
| Tax rate | 20.0% | 30.0% | 33.3% | 20.0% | 25.0% | 22.6% | 24.7% |
| Net profit | 0 | 0 | 2 | 4 | 12 | 11.80 | 12.84 |
| EPS ₹ | 40 | 1.54 | 22.74 | 1.80 | 2.85 | 2.31 | 2.23 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 5.0% | 0.0% |
The years to FY24 come rounded to the nearest crore in the source.
Earnings per share before FY21 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Tunwal E-Motors 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
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 13.0% | 34.0% | 6.0% | 9.0% | 17.0% | 6.9% | 7.2% |
| Tax rate | 20.0% | 30.0% | 33.3% | 20.0% | 25.0% | 22.6% | 24.7% |
| ROCE | · | 0.0% | 37.2% | 26.7% | 52.9% | 19.9% | 13.3% |
| ROE | · | 0.0% | 88.5% | 66.7% | 85.7% | 19.3% | 11.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 5.0% | 0.0% |
Tunwal E-Motors 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 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.
Tunwal E-Motors balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.52 | 1 | 4 | 8 | 11.06 | 11.54 |
| Reserves | 0 | 0 | 3 | 4 | 12 | 91.46 | 114.24 |
| Net worth | 0.01 | 0.52 | 4 | 8 | 20 | 102.52 | 125.78 |
| Borrowings | 3 | 3 | 14 | 19 | 21 | 32.71 | 27.14 |
| Other liabilities | 0.99 | 1.48 | 32 | 30 | 35 | 58.76 | 64.65 |
| Total liabilities | 4 | 5 | 50 | 57 | 76 | 193.99 | 217.57 |
| Fixed assets | 3 | 4 | 10 | 11 | 11 | 25.63 | 29.09 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 4 | 12 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0.69 | 2.19 |
| Other assets | 1 | 1 | 40 | 46 | 65 | 163.67 | 174.29 |
| Receivables | · | · | · | · | · | 22.11 | 13.92 |
| Inventory | · | · | · | · | · | 98.07 | 108.20 |
| Cash | · | · | · | · | · | 10.72 | 7.11 |
| Trade payables | · | · | · | · | · | 47.63 | 48.37 |
Tunwal E-Motors cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | · | 2 | -3 | -2 | 0 | -52.93 | 9.05 |
| Cash from investing | · | -2 | -7 | -2 | -1 | -16.28 | -15.38 |
| Cash from financing | · | 1 | 11 | 5 | 0 | 77.27 | 2.73 |
| Net cash flow | · | 1 | 1 | 1 | -1 | 8.06 | -3.60 |
| Capital spending | · | · | · | · | · | 16.32 | 14.45 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 130 | 23 | 5 | 28 | 10 | 45 | 18 |
| Inventory days | 311 | 24 | 180 | 159 | 250 | 247 | 176 |
| Days payable | 269 | -185 | 151 | 99 | 82 | 120 | 79 |
| Cash conversion cycle | 172 | 231 | 34 | 88 | 178 | 172 | 116 |
| Working capital days | 211 | -1,004 | 11 | 18 | 55 | 145 | 117 |
Tunwal E-Motors peers and competitors
Listed SME companies in the same industryBy sales, Tunwal E-Motors is number 2 of the 8 listed SME companies in automobiles.
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 |
|---|---|---|---|---|---|---|
| Zelio E Mobility | 2,430 | 86.8 | 310 | 28 | 11.0% | 0.18 |
| Tunwal E-Motors | 132 | 10.3 | 277 | 12.8 | 7.2% | 0.22 |
| Amba Auto Sales and Services | 212 | 15.1 | 269 | 14 | 10.4% | 2.14 |
| Delta Autocorp | 58 | 8.4 | 79.6 | 6.9 | 7.7% | 0.02 |
| Supertech Ev | 40 | 10.2 | 78 | 3.9 | 8.6% | 0.15 |
| Bikewo Green Tech | 173 | 52.8 | 54.5 | 3.3 | 10.3% | 0.15 |
| Victory Electric Vehicles International | 33 | 15.2 | 32.1 | 2.2 | 12.0% | 0.00 |
| Resourceful Automobile | 15 | 10.1 | 26.2 | 1.5 | 9.9% | 0.69 |
| Median of the 7 others | 58 | 15.1 | 78 | 3.9 | 10.3% | 0.15 |
Tunwal E-Motors 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. Big foreign and Indian funds own very little. The number of shareholders has come down.
Tunwal E-Motors 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.
| Jul 24 | Sep 24 | Mar 25 | Apr 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 62.34% | 62.34% | 62.34% | 63.90% | 63.90% | 63.90% | 63.90% | 63.90% |
| Foreign investors (FIIs) | 0.51% | 0.02% | 0.00% | 0.00% | - | - | - | - |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.00% | 0.00% | 0.65% | - | 0.90% | 0.60% |
| HNIs (over ₹2 lakh each) | 0.65% | 0.85% | 1.64% | 2.00% | 1.79% | 4.72% | 5.04% | 3.09% |
| Small holders (up to ₹2 lakh) | 31.22% | 33.09% | 32.15% | 30.46% | 30.31% | 27.44% | 26.80% | 29.33% |
| Companies and others | 5.28% | 3.70% | 3.87% | 3.64% | 3.35% | 3.94% | 3.36% | 3.08% |
| Number of shareholders | 8,698 | 7,492 | 6,781 | 6,696 | 6,426 | 5,874 | 5,682 | 5,843 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Tunwal E-Motors study: the business from its own documents
Read from 3 of the company's own documentsTunwal E-Motors so far
From the company's own record
- December 2018Company formed
- 23 July 2024Listed on NSE Emerge at ₹59
- 30 June 2026Promoters at 63.90%
- 23 July 2024Highest close since listing, ₹60.80
Tunwal E-Motors key facts from the filings
Each figure with the document it comes from
- Units sold in FY26
- 69,737
- Up from 46,082 units in FY25, a rise of nearly half, Crisil reports.Crisil Ratings note, 26 May 2026, p.1
- Dealer network
- 370+ dealers
- In more than 20 states in May 2026, up from about 256 dealers in 19 states at the offer document.Crisil Ratings note, 26 May 2026, p.1; offer document, p.141
- Parts from China
- Nearly 80%
- Share of parts imported from China, which leaves the margin open to the rupee and to trade risk.Crisil Ratings note, 26 May 2026, p.1
- Top ten distributors
- 74.15%
- Share of FY24 revenue, up from 52.75% in FY22; all sales go through distributors and dealers.Offer document, p.135
- Low-speed bikes
- Over 75%
- Share of products sold that need no registration; high-speed models were about a quarter of sales.Offer document, p.138
Show 3 more facts
- Inventory holding
- 135 days
- Crisil's estimate at March 2026, as large stocks of parts are kept; gross current assets were about 200 days.Crisil Ratings note, 26 May 2026, p.1
- Credit rating
- Crisil BBB-
- Stable outlook, assigned in May 2026 on ₹60.0 cr of bank facilities; gearing was low at about 0.2 times.Crisil Ratings note, 26 May 2026, p.1
- Customs order on group company
- ₹81.3 cr
- Duty, interest and penalties ordered on Tunwal E-Vehicle India over imports from 2017 to 2019; challenged in the Bombay High Court.Offer document, p.254 and p.255
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.
Tunwal earns a thin gap between the cost of imported parts and the price dealers pay, so it makes money by selling many low-priced scooters through a wide dealer network.
Its weak spots are dependence on parts from China, heavy stocks of parts, and a large customs dispute in the promoter's older group company.
WatchCan it set its own prices?Not much. The company itself warns of pressure from dealers to cut prices, and Crisil says passing on cost rises is critical.
AverageHow strong is it against rivals?It has a wide range and a growing dealer network, but it assembles imported kits in a crowded market with much larger brands.
WatchWho are its customers?Distributors and dealers rather than riders, and a few large distributors carry most of the sales.
WatchDoes it need a lot of money?The plant itself is light, but stocks of parts and credit to dealers tie up a lot of cash.
AverageCan it keep finding new work?Volumes and the dealer network have grown fast, but there is no order book and dealers order as they go.
WatchDo good and bad years swing a lot?Yes. Demand follows consumer mood and the margin moves with the rupee and part prices.
Who runs Tunwal E-Motors?
Promoters, directors and officers; tap a name for the background
JPJhumarmal Pannaram TunwalPromoter, Chairman and Managing Director · holds 61.43%
Higher secondary education and certifications; a director since the company was founded in 2018, with over twelve years in the electronic component industry and more than ten years in electric vehicles, and earlier ran the same business through the proprietorship Tunwal Electronics. The offer document records a ₹6.05 cr personal penalty imposed by the Commissioner of Customs, Ahmedabad in May 2023 in the capacity of a director of the group company Tunwal E-Vehicle India, challenged through the group company's writ in the Bombay High Court; it also records personal guarantees and mortgaged personal property for the company's loans. The offer document also records FY24 sales of ₹4.3 cr to Tunwal E-Bike, a proprietorship of Parwat Saini, whom it lists as a brother of the promoter, and an unsecured loan of ₹2.9 cr from Jhumarmal Pannaram Tunwal to the company at March 2024.
Offer document, p.133, p.168, p.182, p.183, p.187, p.221, p.222 and p.252; shareholding pattern, June 2026JPJhumarmal Pannaram Tunwal HUFPromoter (Hindu undivided family) · holds 2.12%
Jhumarmal Pannaram Tunwal is its karta; the other members named are Sangita Tunwal, Bhupesh Tunwal and Spreta Tunwal.
Offer document, p.183; shareholding pattern, June 2026APAmitkumar Pannaram MaliPromoter and Whole Time Director
Bachelor of Engineering from Savitribai Phule Pune University, with over eight years in electric vehicles and allied services; runs day-to-day sales and marketing. The offer document states Jhumarmal Pannaram Tunwal and Amitkumar Pannaram Mali are brothers.
Offer document, p.168, p.170 and p.182KKKaran Kumar SainiWhole Time Director
BSc; worked as an entrepreneur from 2014 to 2019 and joined the company in February 2020; runs the Palsana plant. The offer document describes Karan Kumar Saini as the sister's husband of the two promoters.
Offer document, p.168 and p.170RDRiya Dhiraj LunkadChief Financial Officer (at the offer document)
B.Com and an MBA in finance from NMIMS distance learning; joined in November 2022 as accounts manager after roles at Yogesh Agencies, Gurukool and 3D Prototype, and became CFO from 1 March 2024.
Offer document, p.179NNNagraj Naveenchandra MujumdarIndependent Director (at the offer document)
Chartered accountant since 2012 with more than ten years in audit and taxation; chaired the audit committee at the offer document.
Offer document, p.168, p.169 and p.175VKVijay Kumar GargIndependent Director
Appointed as a non-executive independent director with effect from 13 May 2026, as filed with the exchange on 29 September 2026; the documents read give no background.
Exchange filing, 29 September 2026KDKiran DeoraIndependent Director
Appointed as a non-executive independent director with effect from 13 May 2026, as filed with the exchange on 29 September 2026; the documents read give no background.
Exchange filing, 29 September 2026Tunwal E-Motors 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 ₹132 cr (+27%), net profit ₹4.3 cr (-33%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 63.90%.
Tunwal E-Motors announcements
47 on record, latest first; each opens the filing on the exchange
- Structural Digital DatabaseCompliance Certificate for the period April 01 2026 to October 11 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Shareholders meetingvoting results of Annual General Meeting held on September 29, 2026PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 29, 2026PDF ↗
- Change in Director(s)Of the companyPDF ↗
- Change in AuditorsOf the companyPDF ↗
- AppointmentOf Mr Vijay Kumar Garg as Non- Executive Independent Director of the company w.e.f. May 13, 2026PDF ↗
- AppointmentOf Mrs Kiran Deora as Non- Executive Independent Director of the company w.e.f. May 13, 2026PDF ↗
- AppointmentOf Ms H L Saini & Co., as Other of the company w.e.f. April 01, 2026PDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 29, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Copy of Newspaper Publication8th Annual General Notice in Newspaper PublicationPDF ↗
Tunwal E-Motors annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Tunwal E-Motors share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RE 0.10 PER SHAREex-date 22 Sept 2026
- DividendDIVIDEND - RE 0.10 PER SHAREex-date 12 Sept 2025
Checks we ran on Tunwal E-Motors' 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 (5,76,92,384 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 FY22 (₹22.74) and FY23 (₹1.80) 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 Tunwal E-Motors
What does Tunwal E-Motors do?
Tunwal E-Motors puts together battery scooters and electric bikes at its plant in Rajasthan, mostly from imported kits, and sells them through dealers across India under the Tunwal name. Its shares trade on NSE Emerge.
What is the share price of Tunwal E-Motors?
₹23 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Tunwal E-Motors?
₹132 cr at the close on 6 Nov 2026, on 5,76,92,384 shares.
What is the P/E of Tunwal E-Motors?
10.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Tunwal E-Motors' revenue and profit?
Revenue ₹277 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Tunwal E-Motors?
Jhumarmal Pannaram Tunwal, Jhumarmal Pannaram Tunwal HUF, Amitkumar Pannaram Mali; promoters held 63.90% at 30 June 2026.
What was the IPO price of Tunwal E-Motors?
₹59 a share; it listed on 23 July 2024.
What is Tunwal E-Motors' website?
www.tunwal.com
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Every listed SME company in Automobiles → · SME companies listed in 2024 →
Built from 1 offer document, 1 annual report, 1 credit rating note, 47 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.