Altman Z″
Needs current assets and current liabilities.
A plain-language read of the business, how it actually earns, where the edge is, and the economics of every reported segment — taken from the annual report and investor presentation, not a one-line industry label.
Trading at 34.7x earnings against its own median of 26.9x: 0.5 standard deviations above its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 84% of trailing profit — a modest gap worth keeping an eye on.
Why this reading: Noted with caution: a mild gap that is commonly benign (working-capital timing) but worth tracking across years.
Operating cash ₹500 cr vs trailing profit ₹598 cr. Gaps in the 0.5–0.9 range are usually timing, occasionally a early tell.
Debt rose over 3 years, and most of it (96%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹235 cr largely matched by an asset build of ₹226 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Both revenue and profit grew over the last year (8.9% and 47.2%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹10,204 cr, trailing profit ₹602 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Free cash flow swings between positive and negative across the cycle.
Why this reading: Surfaced for context, not as a concern — it only becomes meaningful if it persists or pairs with other signals.
Latest ₹274 cr, negative in 3 of 12 years.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 1.5% of assets. Free cash flow negative in 3 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Revenue grew faster than the capital behind it, which is what operating leverage looks like: the existing asset base is working harder.
cumulative operating cash flow ÷ cumulative net profit
₹3,739 cr ÷ ₹1,583 cr, over 11 years
2.36×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹598 − ₹500) cr ÷ average assets
1.5%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
5.9% × 1.42 × 2.95
24.9%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹1,033 cr ÷ ₹215 cr
4.80×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹1,001 cr ÷ ₹2,399 cr
0.42×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +23% vs revenue +98%, FY2023 to FY2026
-74pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
The growth rate that makes today's market value equal the discounted cash flows, at a 11.5% discount rate and 4.0% terminal growth. Not a forecast — the arithmetic of what is already in the price. Compare it with what the business has actually delivered.
Reverse DCF — the growth already in the price — A standard inversion of discounted cash flow, used to avoid the forecasting problem entirely.
Instead of forecasting cash flows and deriving a value, it takes today's market value as given and solves for the growth rate that would justify it. The output is not a view — it is the arithmetic of what the market is currently assuming.
How to read itCompare it with what the business has actually delivered. A price implying 30% a year against a decade of 15% is a demanding assumption; the reverse is a modest one.
Where it failsUseless when free cash flow is negative or unusually depressed, which is common mid-capex. Highly sensitive to the discount rate — a point either way moves the answer materially.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Construction). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 67.46% to 67.46% across these quarters.
FII trimmed from 8.19% to 6.65% across these quarters.
MF rose from 1.02% to 3.93% across these quarters.
Other trimmed from 23.33% to 21.96% across these quarters.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 50 | 75 | 71 | 60 | 77 | 57 | 39 | 47 |
| Inventory days
How long stock sits before it sells | 75 | 99 | 144 | 118 | 119 | 86 | 73 | 82 |
| Payable days
How long the company takes to pay suppliers | 171 | 225 | 311 | 276 | 275 | 179 | 232 | 238 |
| Cash conversion cycle
Debtor + inventory − payable days | -45 | -51 | -96 | -99 | -78 | -36 | -120 | -110 |
| Working capital days | 32 | -21 | 2 | -19 | -35 | -26 | -8 | 6 |
| ROCE %
Return on capital employed | 20.0% | 15.0% | 10.0% | 14.0% | 19.0% | 27.0% | 28.0% | 33.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 3,485 | — | — |
| Order book (₹ cr) | 32,715 | — | — |
| Book to bill (×) | 2.99 | — | — |
| Execution rate | 2,749% | 2,721% | 2,195% |
| Government share of book | 36% | — | — |
| Working capital days (days) | 3.1 | — | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 2,728 | 3,809 | 5,091 | 7,718 | 9,246 | 10,061 |
| Other income | 45 | 45 | 63 | 64 | 78 | 183 |
| Depreciation | 100 | 103 | 114 | 208 | 194 | 166 |
| Finance cost | 138 | 142 | 165 | 218 | 236 | 215 |
| Profit before tax | 20 | 94 | 184 | 383 | 508 | 818 |
| Net profit (owners) | 16 | 69 | 125 | 274 | 373 | 598 |
| EPS (₹) | 0.92 | 4.01 | 7.23 | 15.93 | 21.70 | 34.79 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Mar 2019 15m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,017 | 2,258 | 2,381 | 1,991 | 2,270 | 2,532 | 2,576 | 2,195 | 2,315 | 2,973 | 2,721 | 3,170 |
| Other Income | 15 | 22 | 16 | 23 | 10 | 16 | 20 | 41 | 23 | 92 | 10 | 14 |
| Expenses | 1,812 | 2,037 | 2,160 | 1,809 | 2,063 | 2,277 | 2,336 | 1,993 | 2,094 | 2,616 | 2,446 | 2,843 |
| Depreciation | 56 | 54 | 49 | 47 | 45 | 51 | 41 | 43 | 43 | 39 | 43 | 82 |
| Finance cost | 58 | 57 | 53 | 57 | 59 | 62 | 50 | 53 | 50 | 61 | 50 | 124 |
| Profit before tax | 106 | 130 | 135 | 100 | 113 | 157 | 169 | 146 | 152 | 350 | 192 | 134 |
| Net Profit | 79 | 90 | 100 | 72 | 87 | 113 | 137 | 108 | 111 | 242 | 141 | 83 |
| EPS | 4.56 | 5.21 | 5.83 | 4.19 | 5.07 | 6.60 | 7.99 | 6.27 | 6.46 | 14.10 | 8.20 | 4.77 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 1,049 | 1,114 | 1,220 | 1,477 | 1,816 | 2,382 |
| Borrowings | 458 | 560 | 766 | 889 | 993 | 1,001 |
| Net block | 601 | 655 | 847 | 1,081 | 1,077 | 1,168 |
| CWIP | 53 | 2 | 117 | 10 | 21 | 22 |
| Investments | 194 | 113 | 45 | 5 | 0 | 0 |
| Total Assets | 3,192 | 3,616 | 5,017 | 5,917 | 5,852 | 7,086 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 191 | 339 | 471 | 704 | 184 | 500 |
| Cash from investing | -51 | -25 | -438 | -419 | -233 | -147 |
| Cash from financing | -250 | -56 | 28 | -123 | -218 | -243 |
| Free cash flow | 80 | 244 | 69 | 369 | 12 | 274 |
| Net change in cash | -110 | 258 | 61 | 162 | -267 | 110 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads: the auditor's opinion, the contingent liabilities buried in the notes, the covenants, and the claims in the deck placed beside the figures that test them.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Cemindia Projects Ltd. reported revenue of ₹2,749 cr for July to September 2026, +25.2% on the year and +1.0% on the quarter. That is faster than this quarter has grown in recent years (+17.0% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹10,758 cr, +12.4% on the four before.
Operating profit (EBITDA) was ₹268 cr, a margin of 9.7%, +32 bps on the year and −36 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.1% to 12.0%, averaging 9.9%. Operating costs grew +24.8% against revenue growth of +25.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹131 cr, +21.3% on the year and −7.3% on the quarter, with earnings per share of ₹7.60. Profit before other income, one-offs and tax grew faster, at +52.3%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹624 cr, +40.4% on the four before.
Of the 34 companies in Capital goods and EPC that have reported Q2 FY27 so far, Cemindia Projects Ltd. ranks 13th on revenue growth; the sector median is +17.0%. Its margin moved +32 bps on the year against a sector median of +6 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does.
On earnings per share of ₹36.36 over the last four quarters, the stock at ₹1,307.50 trades at 36.0 times trailing earnings.
Profit with no operating cash behind it. Where did the cash go?
Source: Cash flow statement
Core profit grew faster than reported profit: one-offs held the headline down.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,444 cr | ₹1,295 cr | ▲ 11.5% |
| Inventory | ₹838 cr | ₹751 cr | ▲ 11.6% |
| Cash | ₹240 cr | ₹475 cr | ▼ 49.4% |
| Bank balances | ₹324 cr | ₹474 cr | ▼ 31.6% |
| Long-term borrowings | ₹93.1 cr | ₹92.6 cr | ▲ 0.6% |
| Short-term borrowings | ₹792 cr | ₹774 cr | ▲ 2.3% |
| Trade payables | ₹2,189 cr | ₹2,190 cr | ▼ 0.0% |
| Net block | ₹1,217 cr | ₹1,162 cr | ▲ 4.7% |
| Capital work in progress | ₹42.6 cr | ₹21.6 cr | ▲ 96.9% |
| Equity | ₹2,619 cr | ₹2,400 cr | ▲ 9.2% |
| Total assets | ₹7,563 cr | ₹7,086 cr | ▲ 6.7% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | −₹77.7 cr | ₹328 cr |
| Capital expenditure | −₹203 cr | −₹138 cr |
| Investing cash flow | −₹22.2 cr | −₹126 cr |
| Financing cash flow | −₹134 cr | −₹113 cr |
| Dividends paid | −₹51.5 cr | −₹34.3 cr |
Operating cash flow was -0.29× profit. Receivables at 48 days of sales (+1 days against the last year end). Inventory at 28 days of sales (+1 days).
Other matter 1: “”The consolidated unaudited financial results include the Group's share of net loss after tax of Rs. 0.26 crore and total comprehensive loss of Rs. 0.26 crore for the quarter ended September 30, 2026 and for the period from April 01,… Read in full
The consolidated unaudited financial results include the Group's share of net loss after tax of Rs. 0.26 crore and total comprehensive loss of Rs. 0.26 crore for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026, as considered in the consolidated unaudited financial results, in respect of one associate based on its interim financial information, which have not been reviewed by its auditors. According to the information and explanations given to us by the Management, this financial information is not material to the Group. Our conclusion on the Statement is not modified in respect of this matter.
Other matter 2: “”The consolidated financial results of the Group for the quarter ended September 30, 2025 and the year to date results for the period April 01, 2025 to September 30, 2025, were reviewed by another firm of chartered accountants who issued… Read in full
The consolidated financial results of the Group for the quarter ended September 30, 2025 and the year to date results for the period April 01, 2025 to September 30, 2025, were reviewed by another firm of chartered accountants who issued their unmodified conclusion, vide their report dated October 30, 2025. Our conclusion on the Statement is not modified in respect of this matter.
Filing p. consolidated limited review report p.1-2
₹1,400 cr still unused. “Approved and allotted 1,26,35,379 equity shares at ₹1,108 per share aggregating to ₹1,400.00 crore through QIP on October 19, 2026. Paid-up share capital increased from ₹17.18 crore to ₹18.44 crore. Proceeds to be utilised for capex, debt repayment, working capital and general corporate purposes.”
Name of the Company changed from ITD Cementation India Limited to Cemindia Projects Limited following acquisition by Renew Exim DMCC (Adani Group entity). (p. outcome letter p.1, presentation slide 2)
Tax: Consolidated tax expense of ₹49.30 crore (current tax ₹52.56 crore, deferred tax credit ₹3.26 crore) on Profit before tax of ₹179.89 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Order inflow (₹ cr) | 3,485 | — | — |
| Order book (₹ cr) | 32,715 | — | — |
| Book to bill (×) | 2.99 | — | — |
| Execution rate | 2,749% | 2,721% | 2,195% |
| Government share of book | 36% | — | — |
| Working capital days (days) | 3.1 | — | — |
Worked out from filed numbers. Book-to-Bill Ratio: Order Book (₹32,715 crore) / Annualised H1 FY27 Revenue (₹5,469.57 crore * 2) = 2.99x · Government and PSU Order Share: Government clients 11% + PSU clients 25% = 36% (Private sector share 64%) · Working Capital Days: Receivable days (48.17) + Inventory days (27.95) - Payable days (73.02) = 3.10 days calculated on annualised H1 FY27 revenue
Unbilled contract assets grew 20.95% to ₹2,737.78 crore as of September 30, 2026 (vs ₹2,263.49 crore as of March 31, 2026), compared to billed trade receivables which grew 11.51% to ₹1,443.60 crore (vs ₹1,294.56 crore).
Contract assets increased at a faster pace than trade receivables, reflecting ongoing project milestones nearing billing certification.
Order inflow for Q2 FY27 stood at ~₹3,485 crore (H1 FY27 inflow ~₹12,005 crore) against Q2 FY27 revenue execution of ₹2,748.65 crore (H1 FY27 execution ₹5,469.57 crore), representing a strong book-to-bill inflow ratio of 1.27x in Q2.
Order intake comfortably exceeds execution rate, building the order book to a record ₹32,715 crore.
not disclosed
Bank guarantee limit details and outstanding guarantees are omitted from quarterly earnings disclosures.
No liquidated damages, contract penalties, or project cost overruns were reported in the financial notes for Q2 FY27.
No provisions or write-offs regarding liquidated damages or execution penalties were disclosed.
Order book 32715 crore at quarter end, after inflows of 3485 crore in the quarter (2.99× trailing revenue).
Read using the Capital goods and EPC framework (named in the filing read). Primary valuation lens: P/E against order book quality.
Read more closely in this sector: Unbilled revenue growing faster than billed receivables · Order inflow against execution · Bank guarantees outstanding growing faster than the order book · Liquidated damages or cost overruns disclosed.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| QIP Proceeds Deployment Target | 1400.00 | Future quarters | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Engineering and Construction | ₹2,749 cr | ▲ 25.2% | ₹180 cr | ▲ 23.1% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,017 cr | ₹2,258 cr | ₹2,381 cr | ₹1,991 cr | ₹2,270 cr | ₹2,532 cr | ₹2,576 cr | ₹2,195 cr | ₹2,315 cr | ₹2,973 cr | ₹2,721 cr | ₹2,749 cr |
| YoY | — | — | +30% | +24% | +13% | +12% | +8% | +10% | +2% | +17% | +6% | +25% |
| EBITDA margin | 10.2% | 9.8% | 9.3% | 9.1% | 9.1% | 10.1% | 9.3% | 9.4% | 9.6% | 12.0% | 10.1% | 9.7% |
| Other income, % of PBT | 14% | 17% | 12% | 23% | 9% | 10% | 12% | 25% | 15% | 26% | 5% | 7% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 31% | 26% | 28% | 23% | 28% | 19% | 26% | 27% | 31% | 27% | 27% |
| Net profit | ₹79.0 cr | ₹90.0 cr | ₹100 cr | ₹72.0 cr | ₹87.0 cr | ₹113 cr | ₹137 cr | ₹108 cr | ₹111 cr | ₹242 cr | ₹141 cr | ₹131 cr |
| YoY | — | — | +92% | +33% | +10% | +26% | +37% | +50% | +28% | +114% | +3% | +21% |
| Core profit YoY | — | — | +80% | +43% | +13% | +31% | +25% | +43% | +25% | +83% | +22% | +52% |
| EPS | ₹4.56 | ₹5.21 | ₹5.83 | ₹4.19 | ₹5.07 | ₹6.60 | ₹7.99 | ₹6.27 | ₹6.46 | ₹14.10 | ₹8.20 | ₹7.60 |
| Flags | · | · | ✓ | 1 | 1 | ✓ | 1 | ✓ | ✓ | 2 | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.