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 33.6x earnings against its own median of 75.5x: 0.5 standard deviations below 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 165% of trailing profit — the earnings are converting to real cash, not just accruals.
Why this reading: A positive signal: cash conversion at or above ~0.9 means reported profit is showing up as actual cash.
Operating cash ₹1,067 cr against trailing net profit ₹645 cr. Consistent conversion near or above 1.0 is a hallmark of genuine earnings.
Both revenue and profit grew over the last year (6% and 85.3%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹2,387 cr, trailing profit ₹528 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Borrowings have fallen 21% over two years — the balance sheet is getting lighter.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Borrowings down to ₹2,368 cr from ₹3,005 cr. Falling debt reduces finance cost and financial risk.
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 ₹729 cr, negative in 2 of 11 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 -5.9% of assets. Free cash flow negative in 2 of 11 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
₹4,452 cr ÷ ₹1,042 cr, over 11 years
4.27×
Above 1.0 means cash exceeds reported profit — the healthier reading.(net profit − operating cash flow) ÷ average total assets
(₹645 − ₹1,067) cr ÷ average assets
-5.9%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
23.3% × 0.38 × 1.97
17.4%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹999 cr ÷ ₹180 cr
5.55×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹2,368 cr ÷ ₹3,698 cr
0.64×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +47% vs revenue +146%, FY2023 to FY2026
-98pp 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.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
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 (Consumer Services). 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 67.34% to 67.29% across these quarters.
FII trimmed from 5.73% to 4.26% across these quarters.
MF rose from 21.79% to 23.78% across these quarters.
Other trimmed from 5.14% to 4.67% 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 | 18 | 16 | 39 | 31 | 19 | 14 | 17 | 9 |
| Inventory days
How long stock sits before it sells | 1,305 | 1,871 | 6,659 | 3,030 | 1,605 | 1,973 | 2,064 | 199 |
| Payable days
How long the company takes to pay suppliers | 401 | 455 | 1,267 | 602 | 549 | 716 | 535 | 122 |
| Cash conversion cycle
Debtor + inventory − payable days | 921 | 1,432 | 5,431 | 2,460 | 1,075 | 1,271 | 1,545 | 86 |
| Working capital days | -77 | -58 | -270 | -184 | -152 | -292 | -275 | -93 |
| ROCE %
Return on capital employed | 8.0% | 8.0% | -3.0% | 0.0% | 9.0% | 10.0% | 11.0% | 17.0% |
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Keys | 3,389 | 3,193 |
| Occupancy | 64.2% | 66.7% |
| ADR (₹) | 13,546 | 12,170 |
| RevPAR (₹) | 8,702 | 8,115 |
| Signed pipeline (keys) | 2,036 | — |
| Managed keys share | 44.5% | — |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the Hotels and hospitality framework (named in the filing read). Primary valuation lens: EV/EBITDA, owned and managed separately.
Read more closely in this sector: ADR against occupancy in RevPAR growth.
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 | 286 | 508 | 1,128 | 1,417 | 1,718 | 2,770 |
| Other income | 14 | 11 | 92 | 20 | 36 | 41 |
| Depreciation | 117 | 118 | 117 | 138 | 179 | 230 |
| Finance cost | 152 | 144 | 154 | 197 | 159 | 180 |
| Profit before tax | -248 | -153 | 273 | 269 | 434 | 819 |
| Net profit (owners) | -139 | -81 | 183 | 278 | 142 | 645 |
| EPS (₹) | -6.78 | -3.98 | 8.94 | 13.54 | 6.53 | 29.46 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 315 | 374 | 418 | 361 | 377 | 458 | 522 | 895 | 735 | 582 | 558 | 512 |
| Other Income | 4 | 6 | 6 | 8 | 6 | 7 | 15 | 14 | 9 | 7 | 13 | -1 |
| Expenses | 189 | 208 | 235 | 221 | 228 | 253 | 281 | 537 | 436 | 317 | 292 | 278 |
| Depreciation | 35 | 35 | 37 | 39 | 42 | 48 | 50 | 54 | 57 | 58 | 60 | 61 |
| Finance cost | 50 | 48 | 53 | 32 | 34 | 45 | 48 | 49 | 45 | 46 | 41 | 39 |
| Profit before tax | 44 | 89 | 99 | 78 | 79 | 118 | 159 | 269 | 205 | 167 | 178 | 133 |
| Net Profit | 36 | 71 | 82 | 61 | -139 | 97 | 124 | 203 | 155 | 124 | 163 | 86 |
| EPS | 1.77 | 3.44 | 4.01 | 2.78 | -6.35 | 4.42 | 5.67 | 9.30 | 7.08 | 5.67 | 7.44 | 3.93 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 205 | 205 | 205 | 205 | 218 | 219 |
| Reserves | 1,211 | 1,136 | 1,337 | 1,646 | 2,828 | 3,479 |
| Borrowings | 2,058 | 2,597 | 2,853 | 3,005 | 2,604 | 2,368 |
| Net block | 3,080 | 3,413 | 3,854 | 4,406 | 5,210 | 5,693 |
| CWIP | 36 | 32 | 98 | 37 | 183 | 132 |
| Investments | 4 | 6 | 7 | 10 | 108 | 29 |
| Total Assets | 4,019 | 4,465 | 4,957 | 5,778 | 7,077 | 7,287 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 60 | 62 | 477 | 689 | 950 | 1,067 |
| Cash from investing | -50 | -396 | -591 | -620 | -1,355 | -575 |
| Cash from financing | -34 | 411 | 126 | -108 | 496 | -466 |
| Free cash flow | 13 | 23 | 305 | 262 | -14 | 729 |
| Net change in cash | -24 | 77 | 12 | -38 | 91 | 25 |
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.
Chalet Hotels Ltd. reported revenue of ₹502 cr for July to September 2026, −31.7% on the year and −2.0% on the quarter. That is slower than this quarter has grown in recent years (+57.4% on average). Over the last four quarters revenue comes to ₹2,154 cr, −17.5% on the four before.
Operating profit (EBITDA) was ₹218 cr, a margin of 43.3%, +264 bps on the year and −234 bps on the quarter. Over the last 8 quarters the margin has ranged from 39.9% to 47.7%, averaging 44.2%. Operating costs grew −34.8% against revenue growth of −31.7%, so more of each rupee of sales reached operating profit.
Net profit was ₹216 cr, +39.7% on the year and +151.1% on the quarter, with earnings per share of ₹9.88. Profit before other income, one-offs and tax fell 41.6%, so 81 points of the headline growth came from outside the core business. Profit over the last four quarters totals ₹589 cr, +1.8% on the four before.
Hotels are seasonal, with the second half of the financial year strongest, so a quarter is best read against the same quarter a year earlier.
On earnings per share of ₹26.92 over the last four quarters, the stock at ₹811.85 trades at 30.2 times trailing earnings.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Results filing
A tax credit added to profit this quarter. Deferred tax recognised, or a reversal?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: 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 | ₹85.4 cr | ₹68.7 cr | ▲ 24.2% |
| Inventory | ₹301 cr | ₹269 cr | ▲ 11.9% |
| Cash | ₹208 cr | ₹164 cr | ▲ 26.6% |
| Bank balances | ₹317 cr | ₹145 cr | ▲ 119.5% |
| Long-term borrowings | ₹2,045 cr | ₹1,884 cr | ▲ 8.6% |
| Short-term borrowings | ₹698 cr | ₹440 cr | ▲ 58.6% |
| Trade payables | ₹155 cr | ₹165 cr | ▼ 5.8% |
| Net block | ₹3,624 cr | ₹3,311 cr | ▲ 9.5% |
| Capital work in progress | ₹204 cr | ₹132 cr | ▲ 53.9% |
| Equity | ₹3,980 cr | ₹3,697 cr | ▲ 7.6% |
| Total assets | ₹8,077 cr | ₹7,309 cr | ▲ 10.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹484 cr | ₹428 cr |
| Capital expenditure | −₹459 cr | −₹222 cr |
| Investing cash flow | −₹738 cr | −₹242 cr |
| Financing cash flow | ₹303 cr | −₹271 cr |
Operating cash flow was 1.60× profit. Receivables at 15 days of sales (+6 days against the last year end). Inventory at 54 days of sales (+19 days).
Other matter: “”We did not review the interim financial results of three Subsidiaries included in the Statement, whose interim financial results reflect total assets (before consolidation adjustments) of Rs 4,888.93 million as at 30 September 2026 and total revenues (before consolidation adjustments)… Read in full
We did not review the interim financial results of three Subsidiaries included in the Statement, whose interim financial results reflect total assets (before consolidation adjustments) of Rs 4,888.93 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs 146.64 million and Rs 517.20 million, total net profit / (loss) after tax (before consolidation adjustments) of Rs (24.92) million and Rs 78.72 million and total comprehensive income/(loss) (before consolidation adjustments) of Rs (24.08) million and Rs 80.24 million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs 29.22 million for the period from 1 April 2026 to 30 September 2026 as considered in the Statement. These interim financial results has been reviewed by other auditor whose report has been furnished to us by the Parent's management and our conclusion on the Statement. in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above.
Filing p. limited review report p.1-2
₹0.0 cr still unused. “Security coverage ratio exceeds 1.75x of principal and interest on 8.35% NCDs as certified by Statutory Auditor; Commercial Papers of ₹100.00 crore issued on 29-Sep-26 at 6.60% p.a. were fully compliant with nil deviation.”
Regularised land at Vashi, Navi Mumbai following Supreme Court order dated May 26, 2026 upon payment of differential premium to CIDCO; CIDCO issued acknowledgment letter dated September 9, 2026. (p. standalone note 5)
Acquired 100% equity shares of Lakeview Mercantile Company Private Limited (LMCPL) on September 7, 2026 for a consideration of Rs. 992 million. (p. standalone note 5)
Composite Scheme of Arrangement and Amalgamation for merger of Sonmil Industries Private Limited and The Dukes Retreat Private Limited into the Company pending before NCLT. (p. standalone note 6)
Tax: The Holding Company exercised option under Section 206 of Income-tax Act, 2025 (erstwhile Section 115BAA of Income-tax Act, 1961) for concessional corporate tax rate of 25.17% (vs 34.94%), remeasuring opening deferred tax liabilities as of April 1, 2026 and recognizing a deferred tax credit of ₹112.50 crore (Rs. 1,125 million) in Q2 FY27.
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Keys | 3,389 | 3,193 |
| Occupancy | 64.2% | 66.7% |
| ADR (₹) | 13,546 | 12,170 |
| RevPAR (₹) | 8,702 | 8,115 |
| Signed pipeline (keys) | 2,036 | — |
| Managed keys share | 44.5% | — |
Worked out from filed numbers. Proprietary Brand Pipeline Share (ATHIVA®): ATHIVA® brand pipeline keys (906) / Total hospitality pipeline keys (2,036) * 100
RevPAR expanded 7.2% YoY to ₹8,702 in Q2 FY27, driven entirely by an 11.3% YoY increase in Average Daily Rate (ADR to ₹13,546), which comfortably offset a 244 bps YoY dip in occupancy (to 64.2%). Resorts RevPAR grew 33.7% YoY with strong contribution from both ADR (+6.1% to ₹15,083) and occupancy (+853 bps to 41.2%).
Strong ADR pricing power drove healthy overall RevPAR expansion despite transient market occupancy softness.
Read using the Hotels and hospitality framework (named in the filing read). Primary valuation lens: EV/EBITDA, owned and managed separately.
Read more closely in this sector: ADR against occupancy in RevPAR growth.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Koramangala Residential Project Phase II Handover | 168 | H2 FY27 | unchanged or first given |
| Commercial Real Estate Leased Run Rate | 30.00 | September 2026 onwards | unchanged or first given |
| GHG Emissions Net-Zero Target | 2040 | By 2040 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Hospitality (Hotels) | ₹411 cr | ▲ 8.2% | ₹124 cr | ▲ 14.6% |
| Real Estate | ₹0.5 cr | ▼ 99.8% | −₹0.5 cr | ▼ 100.5% |
| Rental / Annuity Business | ₹90.1 cr | ▲ 22.0% | ₹59.6 cr | ▲ 28.1% |
| 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 | ₹374 cr | ₹418 cr | ₹361 cr | ₹377 cr | ₹458 cr | ₹522 cr | ₹895 cr | ₹735 cr | ₹582 cr | ₹558 cr | ₹512 cr | ₹502 cr |
| YoY | — | — | +16% | +20% | +22% | +25% | +148% | +95% | +27% | +7% | −43% | −32% |
| EBITDA margin | 44.4% | 43.8% | 38.8% | 39.8% | 44.8% | 46.2% | 39.9% | 40.7% | 45.5% | 47.7% | 45.7% | 43.3% |
| Other income, % of PBT | 7% | 6% | 10% | 8% | 6% | 9% | 5% | 4% | 4% | 7% | 7% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | −₹9.9 cr | — |
| Tax rate | 20% | 17% | 22% | — | 18% | 22% | 24% | 24% | 26% | 8% | 35% | — |
| Net profit | ₹71.0 cr | ₹82.0 cr | ₹61.0 cr | −₹139 cr | ₹97.0 cr | ₹124 cr | ₹203 cr | ₹155 cr | ₹124 cr | ₹163 cr | ₹86.1 cr | ₹216 cr |
| YoY | — | — | −31% | −486% | +37% | +51% | +233% | — | +28% | +31% | −58% | +40% |
| Core profit YoY | — | — | +112% | +83% | +34% | +55% | +264% | +169% | +44% | +15% | −48% | −42% |
| EPS | ₹3.44 | ₹4.01 | ₹2.78 | −₹6.35 | ₹4.42 | ₹5.67 | ₹9.30 | ₹7.08 | ₹5.67 | ₹7.44 | ₹3.93 | ₹9.88 |
| Flags | · | · | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | ✓ | 2 |
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.