Unilex Colours and ChemicalsShare price, financial results, shareholding and management
- Market cap
- ₹44 cr
- Stock P/E
- 5.3peers 15.1
- Book value
- ₹58.2
- Price to book
- 0.55
- EV / operating profit
- 9.1
- Market cap to sales
- 0.30
- ROCE · FY26
- 11.8%
- ROE · FY26
- 10.9%
- ROE, 3-year average
- 13.4%
- Operating margin · FY26
- 2.6%peers 12.2%
- Sales growth, 3 years
- 1.4%
- Profit growth, 3 years
- 17.9%
- Debt to equity
- 0.31peers 0.40
- Borrowings
- ₹24.7 cr
- Interest cover
- 11.8×
- Cash from business / op. profit
- -21%
- Debtor days
- 150
- Pledged
- 0.00%
- Promoter holding
- 73.56%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 786
- 52-week high / low
- ₹41 / ₹20
- 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.
Unilex Colours and Chemicals share price chart
Close on 5 Nov 2026 · +4.40% on the day · Vol 9,600
Daily prices to 5 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 5 Nov 2026
- 1 month
- +5.3%
- 3 months
- +6.7%
- 6 months
- +14.3%
- 1 year
- -20.1%
- Since IPO
- -63.2%
- Traded a day, 20 days
- ₹0.02 cr
- Taken for delivery
- 88%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | -4% | +28% |
| 3 years, a year | +1% | +18% |
About Unilex Colours and Chemicals: business, products and customers
Unilex Colours and Chemicals makes blue pigments used in printing inks, paints, plastics and textiles, and also trades chemicals and food colours. Most of what it sells goes abroad, and its shares trade on NSE Emerge.
Unilex makes two grades of a blue pigment, Pigment Blue 15:3 and 15:4, at one plant at MIDC Tarapur in Palghar, Maharashtra, sold under the Unilex brand. It also buys chemicals and food colours from other makers and sells them on. Most sales are exports, to buyers in countries such as Vietnam, Brazil, Mexico, Russia, Turkey, China and the United Arab Emirates.
Because trading is a large part of the business, more of each year's material bill went on goods bought ready made than on raw material for its own plant. Trading and a standard pigment leave a thin spread, so operating profit in FY26 was small; most of the reported profit came from other income, chiefly exchange gains, export incentives and interest. A company that counts export incentives inside sales would show a higher operating margin for the same business, so margins are not directly comparable.
Read more about the business
In January 2026 Unilex bought 60% of Unisynth Overseas Limited, which now makes it a group with one subsidiary, and it lent money to that subsidiary and to another related company, Greenviro Environmental Systems. About a quarter of its purchases and a smaller part of its sales are with companies controlled by its directors, chiefly Vardhaman Dye-Stuff Industries, which makes and trades dyes and pigments.
The company names Kesar Petroproducts and Sudarshan Chemical Industries as listed companies in a business similar to its own, and says competition varies by market, region and product.
From the FY26 and FY25 annual reports.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 73.56%.
To watch
- Repayment of the ₹13.95 cr loan to Unisynth Overseas and the ₹5.55 cr loan to Greenviro Environmental Systems (Annual report FY26, p.103).
- Dealings with Vardhaman Dye-Stuff Industries under the approval sought for up to ₹50 cr until the FY27 annual meeting (Annual report FY26, p.25).
- The first full year of Unisynth Overseas in the group results for FY27 (Annual report FY26, p.31).
- How much of profit still comes from exchange gains and export incentives (Annual report FY26, p.104).
- Customers take longer to pay than before: 150 days in FY26, against 49 in FY15.
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.
Unilex Colours and Chemicals revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Unilex Colours and Chemicals half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | |
|---|---|---|
| Sales | 79 | 72.80 |
| Expenses | 75 | 71.95 |
| Operating profit | 3 | 0.85 |
| OPM | 4.4% | 1.2% |
| Interest | 1 | 0.67 |
| Depreciation | 0 | 0.33 |
| Profit before tax | 6 | 3.01 |
| Net profit | 4 | 2.22 |
Unilex Colours and Chemicals profit and loss
Full years to March, FY15 to FY26 · ₹ crore, consolidated where reported
| FY15 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 48 | 74 | 81 | 90 | 145 | 139 | 144 | 151.44 | 144.78 |
| Expenses | 46 | 72 | 81 | 84 | 144 | 136 | 139 | 147.14 | 140.98 |
| Operating profit | 2 | 2 | 1 | 6 | 1 | 3 | 4 | 4.29 | 3.79 |
| OPM | 3.8% | 3.4% | 0.9% | 6.0% | 0.9% | 2.1% | 3.1% | 2.8% | 2.6% |
| Other income | 2 | 2 | 3 | 2 | 6 | 5 | 5 | 6.37 | 8.22 |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1.38 | 0.96 |
| Depreciation | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 0.65 | 0.73 |
| Exceptional and other items | -1 | · | -1 | -1 | 1 | 1 | 1 | · | · |
| Profit before tax | 3 | 3 | 3 | 7 | 6 | 7 | 8 | 8.64 | 10.33 |
| Tax rate | 33.3% | 0.0% | 33.3% | 28.6% | 16.7% | 28.6% | 25.0% | 25.8% | 20.7% |
| Net profit | 2 | 3 | 2 | 5 | 5 | 5 | 6 | 6.41 | 8.19 |
| EPS ₹ | 5.48 | 8.42 | 6.65 | 15.15 | 14.11 | 14.88 | 6.16 | 5.42 | 5.10 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 20.0% | 16.0% | 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.
Unilex Colours and Chemicals 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
| FY15 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 3.8% | 3.4% | 0.9% | 6.0% | 0.9% | 2.1% | 3.1% | 2.8% | 2.6% |
| Tax rate | 33.3% | 0.0% | 33.3% | 28.6% | 16.7% | 28.6% | 25.0% | 25.8% | 20.7% |
| ROCE | · | 16.2% | 12.5% | 25.5% | 20.0% | 19.3% | 17.5% | 13.7% | 11.8% |
| ROE | · | 24.0% | 11.1% | 23.3% | 19.2% | 16.7% | 17.4% | 11.8% | 10.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 20.0% | 16.0% | 0.0% | 0.0% |
Unilex Colours and Chemicals 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 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.
Bars below the line are cash going out.
Unilex Colours and Chemicals balance sheet
At each 31 March · ₹ crore
| FY15 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 | 10 | 13.62 | 13.62 |
| Reserves | 5 | 14 | 16 | 21 | 25 | 29 | 27 | 57.69 | 65.57 |
| Net worth | 8 | 17 | 19 | 24 | 28 | 32 | 37 | 71.31 | 79.19 |
| Borrowings | 5 | 7 | 5 | 7 | 11 | 12 | 22 | 15.50 | 24.65 |
| Other liabilities | 6 | 24 | 27 | 30 | 38 | 27 | 32 | 15.10 | 33.51 |
| Total liabilities | 19 | 48 | 51 | 61 | 77 | 71 | 91 | 101.91 | 137.35 |
| Fixed assets | 4 | 5 | 10 | 11 | 11 | 11 | 11 | 6.11 | 6.09 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.64 |
| Other assets | 15 | 43 | 41 | 50 | 66 | 60 | 80 | 95.80 | 126.62 |
| Receivables | · | · | · | · | · | · | · | 37.21 | 59.37 |
| Inventory | · | · | · | · | · | · | · | 16.25 | 17.64 |
| Cash | · | · | · | · | · | · | · | 30.47 | 33.79 |
| Trade payables | · | · | · | · | · | · | · | 11.88 | 22 |
Unilex Colours and Chemicals cash flow
₹ crore
| FY15 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | · | 0 | 0 | 1 | -6 | 2 | -4 | -0.80 | -0.80 |
| Cash from investing | · | -2 | 0 | -1 | -1 | -1 | 0 | 6.12 | 8.96 |
| Cash from financing | · | 1 | 0 | 2 | 3 | -1 | 8 | 20.78 | -4.65 |
| Net cash flow | · | -1 | 0 | 2 | -4 | 0 | 4 | 26.10 | 3.51 |
| Capital spending | · | · | · | · | · | · | · | 1.27 | 0.66 |
Working capital
Days
| FY15 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 49 | 110 | 106 | 111 | 84 | 89 | 113 | 90 | 150 |
| Inventory days | 32 | 66 | 53 | 62 | 54 | 43 | 50 | 46 | 52 |
| Days payable | 49 | 130 | 137 | 139 | 93 | 72 | 80 | 34 | 65 |
| Cash conversion cycle | 33 | 46 | 22 | 34 | 44 | 60 | 83 | 102 | 137 |
| Working capital days | 63 | 78 | 55 | 41 | 41 | 52 | 53 | 85 | 101 |
Unilex Colours and Chemicals peers and competitors
Listed SME companies in the same industryBy sales, Unilex Colours and Chemicals is number 15 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 Emulsifiers | 72 | 4.4 | 160 | 16.3 | 16.2% | 0.37 |
| Bhatia Colour Chem | 34 | 8.4 | 155 | 4 | 5.0% | 0.02 |
| Sacheerome | 1,030 | 36.8 | 152 | 28 | 24.0% | 0.00 |
| Aureate Tradde | 62 | 12.4 | 150 | 5 | 6.0% | 1.89 |
| Unilex Colours and Chemicals | 44 | 5.3 | 145 | 8.2 | 2.6% | 0.31 |
| Ushanti Colour Chem | 278 | - | 139 | -5 | 0.2% | 1.08 |
| Patel Chem Specialities | 385 | 29.7 | 137 | 13 | 12.0% | 0.15 |
| Ducol Organics And Colours | 219 | 30.2 | 136 | 7.3 | 10.4% | 0.43 |
| Rajputana Biodiesel | 142 | 13.5 | 122 | 10.5 | 12.3% | 0.56 |
| Neochem Bio Solutions | 186 | 15.1 | 111 | 12.3 | 17.9% | 0.23 |
| Silkflex Polymers (India) | 284 | 23.6 | 110 | 12 | 20.0% | 1.29 |
| Median of the 10 others | 203 | 15.1 | 138 | 11.3 | 12.2% | 0.40 |
Unilex Colours and Chemicals shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Unilex Colours and Chemicals 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 | Sep 25 | Mar 26 | |
|---|---|---|---|---|
| Promoters | 73.56% | 73.56% | 73.56% | 73.56% |
| Foreign investors (FIIs) | 3.90% | 1.65% | - | - |
| Indian institutions (DIIs) | 8.60% | 4.28% | 3.40% | 1.07% |
| HNIs (over ₹2 lakh each) | 0.41% | 2.78% | 4.86% | 6.52% |
| Small holders (up to ₹2 lakh) | 11.80% | 11.08% | 13.55% | 13.88% |
| Companies and others | 1.73% | 6.65% | 4.63% | 4.97% |
| Number of shareholders | 1,021 | 718 | 846 | 786 |
The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.
Unilex Colours and Chemicals study: the business from its own documents
Read from 2 of the company's own documentsUnilex Colours and Chemicals so far
From the company's own record
- 3 Oct 2024Listed on NSE Emerge at ₹87
- 31 March 2026Promoters at 73.56%
- 3 Oct 2024Highest close since listing, ₹72.40
Unilex Colours and Chemicals key facts from the filings
Each figure with the document it comes from
- Sales
- ₹125.0 cr
- Standalone revenue from operations in FY26, down from ₹151.4 cr in FY25.Annual report FY26, p.83 and p.103
- Exports
- ₹101.7 cr
- Export sales in FY26, about four fifths of all sales.Annual report FY26, p.103; our arithmetic
- Plant capacity
- 1,878 tonnes a year
- Capacity for its blue pigments at the Tarapur plant; the company does not disclose how much of it is used.Annual report FY26, p.62
- Other income
- ₹8.0 cr
- Exchange gains of ₹3.4 cr, export incentives of ₹2.0 cr and interest, against a profit before tax of ₹8.6 cr in FY26.Annual report FY26, p.83 and p.104
- Goods bought to resell
- ₹65.7 cr
- Spent on traded goods in FY26, more than the ₹42.4 cr of raw material used in its own plant.Annual report FY26, p.104
Show 5 more facts
- Loans to related parties
- ₹19.9 cr
- At March 2026, up from ₹3.3 cr; includes ₹13.95 cr to its subsidiary at 8% and ₹5.55 cr to Greenviro at 8.4%.Annual report FY26, p.103
- New subsidiary
- 60%
- Stake in Unisynth Overseas bought on 7 January 2026 for ₹6.7 cr; the subsidiary reported turnover of ₹21.3 cr and profit of ₹1.7 cr.Annual report FY26, p.31, p.48 and p.100
- Trade with Vardhaman Dye-Stuff
- ₹26.9 cr
- Purchases of ₹16.2 cr and sales of ₹10.7 cr in FY26 with this director-controlled company; approval sought for up to ₹50 cr a year.Annual report FY26, p.25 and p.49; our arithmetic
- Cash and bank
- ₹15.2 cr
- At March 2026, down from ₹30.5 cr a year earlier, as deposits from the share issue were drawn down.Annual report FY26, p.82 and p.84
- Promoter holding
- 73.56%
- Held by the promoter group, unchanged since listing.Shareholding pattern, March 2026
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.
Unilex makes a standard blue pigment and trades chemicals, mostly for buyers abroad, and earns only a thin spread on what it sells.
Its weak spots are profit that comes mainly from other income, large dealings with companies its directors control, and loans made to related companies.
WatchCan it set its own prices?No. It sells a standard pigment and traded goods against many makers, and what is left after material and running costs is very small.
WatchHow strong is it against rivals?It is a small single plant maker; the company itself says rivals may have more money, technology and reach.
AverageWho are its customers?Ink, paint, plastic and textile makers spread over many countries, with no single customer named; part of the sales go to a company its directors control.
WatchDoes it need a lot of money?The plant needs little new spending, but money owed by buyers and stock tie up a lot, and the cash from its share issue has gone into loans to related companies and a new subsidiary.
AverageCan it keep finding new work?It sells in many export markets and exhibits at trade fairs, but sales fell in the latest year and there is no order book.
WatchDo good and bad years swing a lot?Sales and operating profit move with raw material prices, freight and world demand, and the profit line leans on exchange rates and export incentives.
Who runs Unilex Colours and Chemicals?
Promoters, directors and officers; tap a name for the background
PBPurushottam Brijlal SharmaPromoter, Chairman and Whole-time Director · holds 6.30%
Chartered Accountant, on the board since 23 March 2001, with over 37 years in dyes and pigments; oversees business development and finance. The notice records Purushottam Brijlal Sharma as the father of Aditya Sharma.
Annual report FY25, p.27; Annual report FY26, p.28 and p.63ASAditya SharmaPromoter and Managing Director · holds 16.55%
Master of Science in Organic Chemistry from the University of Mumbai (1996), with nearly 32 years in dyes and pigments; with the company since incorporation and in charge of carrying out its strategy.
Annual report FY26, p.28 and p.94NPNarendra Parameswarappa KotehallPromoter and Whole-time Director · holds 1.06%
B.E. in Chemical Engineering from Siddaganga Institute of Technology, Tumkur (1987), with 31 years in dyes and pigments; runs technical and manufacturing operations. With the company since incorporation.
Annual report FY26, p.28 and p.94MSManojkumar Shyamsunder SharmaPromoter and Executive Director · holds 16.52%
Bachelor of Commerce; the company says each of its senior promoters has more than 30 years in pigments and dyes.
Annual report FY25, p.27; Annual report FY26, p.63 and p.94KRKabir Radheyshyam SharmaPromoter and Executive Director · holds 16.52%
Nine years of experience, as stated by the company.
Annual report FY26, p.63 and p.94RKRohit Krishnakumar SharmaPromoter and Executive Director · holds 16.52%
Nine years of experience, as stated by the company.
Annual report FY26, p.63 and p.94KHKunal H VadhaniChief Financial Officer
Appointed on 28 March 2026, after Shankarlal Kedarmal Agarwal resigned on 27 March 2026.
Annual report FY26, p.5ANAlpa Nikhil DhamiIndependent Director
Chartered Accountant working in direct and indirect tax, accounting and business advice; appointed on 20 June 2025.
Annual report FY25, p.27; Annual report FY26, p.4Unilex Colours and Chemicals latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 73.56%.
Unilex Colours and Chemicals announcements
16 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 ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enUnilex Colours and Chemicals Limited has informed regarding Submission of the Compliance Report on Non-Applicability of Corporate Governance for the quarter endPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 23, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 23, 2026PDF ↗
- Copy of Newspaper PublicationOf Notice of 25th Annual General Meeting (AGM) and Remote E-Voting InformationPDF ↗
- General Updatesissued letters to those Shareholder s whose email addresses are not registered with the Company/RTA/Depository ParticipantsPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 23, 2026PDF ↗
- Copy of Newspaper PublicationInforming that 25th AGM of the Company scheduled to be held on Wednesday, September 23, 2026, at 12.30 P.M. (IST) through Video Conferencing/Other Audio Visual PDF ↗
- Quarterly Compliance Report on Corporate governance - within 21 days from the enUnilex Colours and Chemicals Limited has informed regarding Non-applicability of compliance related to Corporate Governance provisions for the quarter ended JunPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Updates'Appointment of Secretarial Auditor of the Company 'PDF ↗
Unilex Colours and Chemicals annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Unilex Colours and Chemicals 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 Unilex Colours and Chemicals' data · 10
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe halves of FY26 are shown standalone and the full year consolidated, as the company files them, so the two need not add up.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,36,17,000 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 ₹125.0 cr of sales against ₹144.8 cr for the full year, so the half-years of FY26 are held back.
- !Earnings per share changes basis between FY23 (₹14.88) and FY24 (₹6.16) 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, FY15 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Unilex Colours and Chemicals
What does Unilex Colours and Chemicals do?
Unilex Colours and Chemicals makes blue pigments used in printing inks, paints, plastics and textiles, and also trades chemicals and food colours. Most of what it sells goes abroad, and its shares trade on NSE Emerge.
What is the share price of Unilex Colours and Chemicals?
₹32 at the close on 5 Nov 2026, from the exchange's daily figures.
What is the market cap of Unilex Colours and Chemicals?
₹44 cr at the close on 5 Nov 2026, on 1,36,17,000 shares.
What is the P/E of Unilex Colours and Chemicals?
5.3 times FY26 profit at the close on 5 Nov 2026 (our arithmetic).
What are Unilex Colours and Chemicals' revenue and profit?
Revenue ₹145 cr and profit after tax ₹8 cr in FY26.
Who are the promoters of Unilex Colours and Chemicals?
Purushottam Brijlal Sharma, Aditya Sharma, Narendra Parameswarappa Kotehall, Manojkumar Shyamsunder Sharma, Kabir Radheyshyam Sharma, Rohit Krishnakumar Sharma; promoters held 73.56% at 31 March 2026.
What was the IPO price of Unilex Colours and Chemicals?
₹87 a share; it listed on 3 Oct 2024.
What is Unilex Colours and Chemicals' website?
www.unilexcolours.in
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Built from 2 annual reports, 16 exchange announcements, 4 shareholding patterns and 9 years of reported results. Every figure carries its source; where the documents are silent, the page says so.