JK Lakshmi Cement Limited
NSE: JKLAKSHMICement & Cement Products
Share price
₹470.00
-0.35% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
65
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹5,828 Cr
P/E ratio
15.2
P/B ratio
1.5
ROCE
12.0%
ROE
10.7%
Dividend yield
1.4%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 8.7% over the past year, and 12.4% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 16.3% to 13.6% over the last four years.
Whether it grew faster than its sector
It grew 12.4% a year against a sector median of 8.5% — 3.9 percentage points faster.
Room to re-rate, or risk of de-rating
At 15.2× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 35.7×, across 5 companies. It is against its own five-year median of 21.1×, the 13th percentile of its own range.
Whether growth justifies the valuation
Priced at 3.0 times its growth rate, on earnings growth of 5%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| JK Lakshmi Cement Limited — this one | 5%/yr | 15.2× | ₹3.0 |
| UltraTech Cement | 17%/yr | 35.7× | ₹2.1 |
| Grasim Industries Limited | -10%/yr | 33.9× | — |
| Ambuja Cements | 21%/yr | 17.9× | ₹0.85 |
| Shree Cement | 10%/yr | 47.7× | ₹4.8 |
| JK Cement | 33%/yr | 39.1× | ₹1.2 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Cement & Cement Products), it ranks 8 of 34 on returns, 10 of 31 on growth, 13 of 34 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 12% on capital, ahead of 76% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹4079 crore of cash from the business, spent ₹3431 crore on plant and equipment, and returned ₹327 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 269 arrived as cash — well above the profit; depreciation and interest are the reason, not a windfall. Its cash comes back more slowly than it used to: it went from being paid 66 days before it paid its own suppliers to paid 38 days before it paid its own suppliers.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Revenue rose 9.4% but profit fell 28% as imported fuel and packaging costs climbed faster than prices.
Announced 5 Aug 2026 · Consolidated · Unaudited
Revenue
₹1,905 Cr
Revenue vs last year
+9.4%
Revenue vs last quarter
+0.1%
Net profit
₹108 Cr
Profit vs last year
-28.0%
Profit vs last quarter
-13.5%
Net margin
5.7%
EPS
₹8.70
Earnings call transcript · 6 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹5,828 Cr
- Prev close
- ₹470.00
- 52w High
- ₹885
- 52w Low
- ₹461
- Enterprise value
- ₹7,184 Cr
- Beta
- 0.9
- Price CAGR 1y
- -44.0%
- Price CAGR 3y
- -11.0%
- Price CAGR 5y
- -6.0%
- Price CAGR 10y
- -1.0%
Ratios
- Return on assets
- 4.8%
- PEG ratio
- 3.0
- P/E ratio
- 15.2
- P/B ratio
- 1.5
- EV / EBITDA
- 7.6
- Industry P/E
- 27.4
- ROCE
- 12.0%
- ROCE 5y average
- 14.4%
- ROE
- 10.7%
- Debt / Equity
- 0.7
- Interest coverage
- 3.6
- Dividend yield
- 1.4%
- ROE 3y average
- 11.0%
- ROE last year
- 11.0%
Annual P&L
- Annual revenue
- ₹6,763 Cr
- Annual profit
- ₹413 Cr
- Operating margin
- 15.0%
- Net profit margin
- 6.1%
- EBITDA margin
- 14.8%
- Sales growth 3y
- 1.6%
- Sales growth 5y
- 7.4%
- Profit growth 3y
- 5.0%
- Profit growth 5y
- 0.0%
- EPS
- ₹33.2
- Sales growth TTM
- 9.0%
- Profit growth TTM
- 4.0%
- Dividend payout
- 20.0%
Quarter P&L
- Sales latest quarter
- ₹1,905 Cr
- Profit latest quarter
- ₹108 Cr
- YoY quarterly sales growth
- 9.4%
- YoY quarterly profit growth
- -28.0%
- OPM latest quarter
- 13.6%
Balance Sheet
- Book Value
- ₹313
- Face Value
- ₹5.0
- Total debt
- ₹2,586 Cr
- Total cash
- ₹514 Cr
- Borrowings
- ₹2,586 Cr
- Reserves / Equity
- 61.7
Cash Flow
- Operating cash flow
- ₹1,082 Cr
- Free cash flow
- ₹407 Cr
- FCF yield
- 3.4%
- Net cash flow
- -₹3 Cr
Shareholding
- Promoter holding
- 45.1%
- FII holding
- 8.6%
- DII holding
- 26.6%
- Public holding
- 19.7%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| UltraTech Cem. | 10,658.00 | 36.4 | 3,14,069 | 2.25 | 2,603.7 | 15.8 | 24,648.2 | 15.8 | 12.7 |
| Grasim Inds | 2,921.10 | 34.6 | 1,98,791 | 0.34 | 3,846.3 | 50.0 | 48,716.2 | 21.4 | 8.0 |
| Ambuja Cements | 356.90 | 18.8 | 88,683 | 0.56 | 660.0 | -29.8 | 9,500.0 | -7.7 | 5.6 |
| Shree Cement | 21,780.00 | 48.2 | 78,584 | 0.69 | 531.1 | -17.7 | 6,233.1 | 18.0 | 10.3 |
| J K Cements | 5,047.00 | 39.9 | 38,997 | 0.40 | 274.6 | -14.5 | 4,031.7 | 20.3 | 15.1 |
| Dalmia BharatLtd | 1,640.10 | 28.0 | 30,763 | 0.55 | 192.0 | -15.3 | 3,890.0 | 7.0 | 7.6 |
| ACC | 1,165.50 | 11.5 | 21,887 | 0.64 | 147.0 | -56.3 | 5,808.0 | -4.6 | 11.3 |
| JK Lakshmi Cem. | 471.65 | 15.2 | 5,855 | 1.38 | 108.1 | -28.1 | 1,904.8 | 9.4 | 12.0 |
| Median | 159.13 | 27.9 | 2,780 | 0.33 | 40.6 | -22.7 | 742.7 | 9.5 | 7.0 |
Competes with: ACC Limited, Ambuja Cements, Dalmia Bharat, Grasim Industries Limited, JK Cement, Shree Cement, UltraTech Cement
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,730 | 1,575 | 1,703 | 1,781 | 1,564 | 1,234 | 1,497 | 1,898 | 1,741 | 1,532 | 1,588 | 1,902 | 1,905 |
| Expenses | 1,534 | 1,357 | 1,401 | 1,445 | 1,342 | 1,153 | 1,297 | 1,546 | 1,430 | 1,324 | 1,383 | 1,626 | 1,646 |
| Material Cost | 281 | 264 | 246 | 252 | 307 | 320 | |||||||
| Change in Inventories | 29 | 13 | -21 | 21 | 41 | 41 | |||||||
| Purchases of Stock-in-Trade | 39 | 29 | 42 | 39 | 43 | 39 | |||||||
| Employee Cost | 114 | 124 | 130 | 116 | 112 | 128 | |||||||
| Other Expenses | 1,084 | 999 | 926 | 955 | 1,114 | 1,119 | |||||||
| Operating Profit | 196 | 217 | 302 | 336 | 222 | 81 | 199 | 351 | 311 | 208 | 205 | 275 | 259 |
| OPM % | 11 | 14 | 18 | 19 | 14 | 6.56 | 13 | 19 | 18 | 14 | 13 | 14 | 14 |
| Other Income | 11 | 14 | 26 | 26 | -20 | 10 | 9 | 23 | 22 | 23 | 10 | 38 | 16 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | -19 | 0 | 0 | |||||||
| Interest | 33 | 34 | 39 | 45 | 48 | 45 | 45 | 44 | 52 | 51 | 55 | 53 | 51 |
| Depreciation | 56 | 57 | 66 | 68 | 72 | 75 | 76 | 77 | 77 | 78 | 85 | 84 | 83 |
| Profit before tax | 119 | 141 | 223 | 250 | 83 | -29 | 87 | 253 | 204 | 103 | 75 | 177 | 141 |
| Tax % | 33 | 32 | 33 | 35 | 31 | 8 | 14 | 31 | 27 | 22 | 24 | 29 | 23 |
| Net Profit | 80 | 96 | 150 | 162 | 57 | -31 | 75 | 175 | 150 | 81 | 57 | 125 | 108 |
| EPS in Rs | 6.67 | 7.88 | 12 | 13 | 4.83 | -2.61 | 6.37 | 15 | 13 | 6.52 | 4.58 | 9.99 | 8.70 |
| Diluted EPS in Rs | 16 | 12 | 6.51 | 4.58 | 9.99 | 8.70 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,316 | 2,635 | 2,922 | 3,748 | 4,316 | 4,364 | 4,727 | 5,420 | 6,452 | 6,788 | 6,193 | 6,763 | 6,926 |
| Expenses | 1,963 | 2,362 | 2,552 | 3,317 | 3,863 | 3,566 | 3,789 | 4,469 | 5,613 | 5,737 | 5,329 | 5,762 | 5,979 |
| Material Cost | 944 | 1,069 | |||||||||||
| Change in Inventories | 70 | 55 | |||||||||||
| Purchases of Stock-in-Trade | 221 | 153 | |||||||||||
| Employee Cost | 439 | 482 | |||||||||||
| Other Expenses | 3,654 | 3,994 | |||||||||||
| Operating Profit | 353 | 273 | 370 | 432 | 454 | 798 | 939 | 951 | 839 | 1,052 | 864 | 1,000 | 947 |
| OPM % | 15 | 10 | 13 | 12 | 11 | 18 | 20 | 18 | 13 | 15 | 14 | 15 | 14 |
| Other Income | -34 | 64 | 129 | 72 | 59 | 16 | 35 | 41 | 58 | 77 | 11 | 93 | 88 |
| Exceptional items (within Other Income) | 0 | -19 | |||||||||||
| Interest | 94 | 222 | 244 | 264 | 253 | 225 | 192 | 142 | 133 | 150 | 181 | 211 | 210 |
| Depreciation | 115 | 166 | 175 | 207 | 211 | 220 | 225 | 223 | 228 | 246 | 299 | 324 | 329 |
| Profit before tax | 109 | -51 | 79 | 32 | 49 | 369 | 556 | 626 | 534 | 732 | 394 | 559 | 496 |
| Tax % | 4 | -108 | -10 | -33 | 17 | 31 | 24 | 24 | 31 | 33 | 30 | 26 | |
| Net Profit | 105 | 4 | 87 | 43 | 41 | 253 | 421 | 478 | 369 | 488 | 276 | 413 | 371 |
| EPS in Rs | 8.75 | 0.11 | 7.29 | 4.69 | 4.36 | 21 | 34 | 39 | 30 | 41 | 24 | 33 | 30 |
| Diluted EPS in Rs | 25 | 33 | |||||||||||
| Dividend Payout % | 23 | 220 | 10 | 16 | 17 | 12 | 11 | 13 | 12 | 16 | 28 | 20 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 10%
- 5 years
- 7%
- 3 years
- 2%
- TTM
- 9%
Compounded profit growth
- 10 years
- 50%
- 5 years
- 0%
- 3 years
- 5%
- TTM
- 4%
Stock price CAGR
- 10 years
- -1%
- 5 years
- -6%
- 3 years
- -11%
- 1 year
- -44%
Return on equity
- 10 years
- 12%
- 5 years
- 13%
- 3 years
- 11%
- Last year
- 11%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 59 | 62 |
| Reserves | 1,279 | 1,261 | 1,342 | 1,385 | 1,426 | 1,628 | 2,036 | 2,446 | 2,745 | 3,226 | 3,495 | 3,824 |
| Borrowings | 1,949 | 2,258 | 2,687 | 2,546 | 2,135 | 1,987 | 1,672 | 1,887 | 1,880 | 2,084 | 2,614 | 2,586 |
| Other Liabilities | 936 | 912 | 1,044 | 1,111 | 1,446 | 1,489 | 1,520 | 1,534 | 1,857 | 2,209 | 2,277 | 2,077 |
| Minority Interest | 184 | -2.50 | ||||||||||
| Total Liabilities | 4,223 | 4,491 | 5,132 | 5,101 | 5,066 | 5,163 | 5,286 | 5,926 | 6,541 | 7,578 | 8,445 | 8,548 |
| Fixed Assets | 2,708 | 2,851 | 3,556 | 3,627 | 3,451 | 3,585 | 3,427 | 3,536 | 3,527 | 5,076 | 5,554 | 5,361 |
| CWIP | 455 | 633 | 307 | 228 | 417 | 166 | 274 | 251 | 890 | 383 | 278 | 277 |
| Investments | 273 | 271 | 531 | 473 | 377 | 458 | 476 | 652 | 527 | 407 | 633 | 746 |
| Other Assets | 788 | 736 | 738 | 773 | 821 | 954 | 1,109 | 1,487 | 1,597 | 1,712 | 1,979 | 2,164 |
| Total Assets | 4,223 | 4,491 | 5,132 | 5,101 | 5,066 | 5,163 | 5,286 | 5,926 | 6,541 | 7,578 | 8,445 | 8,548 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 330 | 267 | 396 | 493 | 760 | 650 | 1,032 | 680 | 634 | 899 | 784 | 1,082 |
| Cash from Investing Activity | -430 | -286 | -600 | -70 | -77 | -200 | -434 | -665 | -299 | -880 | -1,152 | -731 |
| Cash from Financing Activity | 30 | 33 | 181 | -421 | -676 | -450 | -553 | 11 | -266 | -36 | 318 | -354 |
| Net Cash Flow | -70 | 14 | -23 | 2 | 7 | 0 | 45 | 26 | 69 | -16 | -51 | -3 |
| Free Cash Flow | -210 | -130 | -82 | 319 | 551 | 551 | 866 | 314 | -98 | -107 | 132 | 407 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 9 | 13 | 11 | 10 | 9 | 8 | 4 | 2 | 4 | 2 | 6 | 6 |
| Inventory Days | 146 | 132 | 157 | 158 | 148 | 225 | 134 | 198 | 236 | 260 | 256 | 184 |
| Days Payable | 145 | 109 | 136 | 146 | 229 | 239 | 154 | 125 | 164 | 146 | 134 | 133 |
| Cash Conversion Cycle | 10 | 36 | 33 | 22 | -72 | -6 | -15 | 76 | 75 | 117 | 128 | 57 |
| Working Capital Days | -101 | -97 | -93 | -87 | -79 | -77 | -64 | -66 | -32 | -45 | -48 | -38 |
| ROCE % | 8 | 4 | 7 | 6 | 7 | 16 | 20 | 19 | 14 | 17 | 10 | 12 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
company capacity utilisation %
76.00pct
2026-06-30
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
1,356inr_cr
2026-03-31
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
3,79,28,379inr
2026-03-31
News
News and filings about JK Lakshmi Cement Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- HDPE cement bags / plastic packaging material
- alternative fuels and raw materials (industrial waste, mustard husk, recycled AFR)
- coal / bituminous coal
- fly ash
- gypsum
- limestone
- petroleum coke / green delayed petroleum coke
- pozzolana
- slag / LF slag
Depends on the price of
- coal
- fuel
Buys from
- Bengal & Assam Company Limited · sale of products / traded goods (intra-JK-group related-party transaction, ~INR 1,100.19 l…
- Orissa Bengal Carrier Limited · road transportation / bulk FTL, LTL, parcel and 3PL logistics services
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Construction Materials
- Industry
- Cement & Cement Products
- Classification
- Construction Materials › Cement & Cement Products
- ISIN
- INE786A01032
Plants
- Cuttack Grinding Unit · Radhashyampur, P.O. Khuntuni, District Cuttack, Odisha
- Durg Integrated Cement Plant · Malpuri Khurd, Ahiwara, District Durg, Chhattisgarh
- Jaykaypuram / Sirohi Integrated Cement Plant · Basantgarh, Jaykaypuram, District Sirohi, Rajasthan
- Jhajjar / Jharli Grinding Unit · Village Bajitpur, P.O. Jhamri, District Jhajjar, Haryana
- Kalol Grinding Unit · Motibhoyan, Kalol, District Gandhinagar, Gujarat
- Surat Grinding Unit · Village Dastan, Taluka Palsana, District Surat, Gujarat
- Udaipur Cement Works Integrated Plant · Sripati Nagar, Dabok, Rajasthan
News impact
Big market events that reach JK Lakshmi Cement Limited, and how the effect spreads.
25 May, 04:25 IST · Market event · medium impact
Cement makers expect 7-8% FY27 growth despite West Asia headwinds; June price hikes signaled
Who it hits first
- Cement majors (ULTRACEMCO, ACC, AMBUJACEM, SHREECEM) — volume + price tailwind
- Mid-caps (DALBHARAT, RAMCOCEM, JKCEMENT) — operating leverage on price hike
- Smaller (INDIACEM, JKLAKSHMI) — mixed, INDIACEM dominated by UltraTech acquisition story
Who may gain
- Capital goods + construction (Larsen, KEC) — downstream demand for infra capex
- Logistics (CONCOR) — cement movement volume support
Along the supply chain
Downstream
Real estate developers + infra contractors absorb price hikes if execution is steady; rural/affordable housing partially price-sensitive.
Upstream
Limestone + coal/petcoke + power cost trajectory key; freight relief from crude softening (EVT1) is positive feedback.
Where demand moves
Business
Industry-wide volume growth + price hike combination supports EBITDA/tonne expansion. Consolidation (UltraTech-IndiaCem, Adani-ACC-Ambuja) supports pricing discipline.
Capital
Capital flows to cement majors with capacity ramp visibility (UltraTech, Adani); regional consolidation winners (Dalmia, Ramco).
How it spreads across sectors
Cement / Construction Materials
volume + price double-positive
Infrastructure / Construction
input cost up but project execution continues
When it plays out
Immediate
Cement stocks rally on price hike confirmation
Medium term
1-6 months: consolidation benefits visible; market-share shift
Short term
1-4 weeks: monthly dispatch data, June price moves
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 17 Jul 2026 | unspecified | ₹6.5 |
|---|---|---|
| 12 Jun 2025 | unspecified | ₹6.5 |
| 9 Aug 2024 | unspecified | ₹4.5 |
| 21 Feb 2024 | interim | ₹2 |
| 11 Aug 2023 | unspecified | ₹3.75 |
| 4 Aug 2022 | unspecified | ₹5 |
| 12 Aug 2021 | unspecified | ₹3.75 |
| 19 Mar 2020 | interim | ₹2.5 |
Splits, bonuses & buybacks
- daily-prices repair: 9 rows from NSE's archive (replace 1, delete 1, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 27 May 2026 | DWARKESH ENERGY LIMITED | SELL | 8,68,920 | ₹615.00 |
| 27 May 2026 | BENGAL & ASSAM COMPANY LIMITED | BUY | 8,68,920 | ₹615.00 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call6 Aug 2026
- Annual report · 2025-266 Jul 2026
- Earnings call21 May 2026
- Earnings call4 Feb 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.