Altman Z″
Needs withheld for this sector: Loss-making growth platforms sit in the distress zone by construction..
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.
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.
Over the last year profit declined 105% even as revenue grew 32.5% — margins are compressing, and any premium being paid rests on a year that moved backwards on the bottom line.
Why this reading: Flagged because the pattern is clear, material, and not explained by the visible numbers — the kind of thing worth understanding before anything else.
Trailing revenue ₹4,106 cr (up 32.5%) but trailing profit ₹15 cr (down 105%). Rising sales with falling profit points to cost inflation not passed through, mix shift to lower-margin lines, or one-off gains in the base year.
Operating cash is -3471% of trailing profit. On its own this can be working-capital timing in a growth year — worth watching whether it persists.
Why this reading: Kept at caution, not flagged: it is a single-year gap and the multi-year cash record does not (yet) show a repeated shortfall. One soft year is not a verdict.
Operating cash ₹833 cr vs trailing profit ₹-24 cr. A one-year gap below 0.5 is often growth working capital; it becomes a real concern only if it recurs.
Net margin has narrowed from 9.4% to 0.4% year-on-year — profitability per rupee of sales is shrinking.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Quarter net margin 0.4% vs 9.4% four quarters earlier. Sustained compression signals pricing pressure, cost inflation, or mix deterioration.
Other income is 299% of pre-tax profit — a large share of the profit comes from outside the core operating business.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Trailing other income ₹233 cr against pre-tax profit ₹78 cr. High other-income dependence means the headline profit is flattered by treasury, one-offs, or non-operating items rather than the core business.
Debt rose over 3 years, and most of it (77%) 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 ₹920 cr largely matched by an asset build of ₹712 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Free cash flow is positive and consistent — the business funds itself after capex.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Latest free cash flow ₹494 cr. Negative in only 0 of 5 years. A self-funding business needs less external capital and dilutes less.
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 withheld for this sector: Loss-making growth platforms sit in the distress zone by construction..
Needs withheld for this sector: Rewards current profitability the model has not reached yet..
Needs trade receivables, current assets, other expenses.
Accruals are -14.4% of assets. Free cash flow negative in 0 of 5 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
₹1,881 cr ÷ ₹-1,384 cr, over 5 years
-1.36×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹-24 − ₹833) cr ÷ average assets
-14.4%
Negative means cash exceeded profit — the healthier reading. Positive above ~10% is where accruals start to dominate earnings.net margin × asset turnover × leverage
-0.6% × 0.51 × 2.08
-0.6%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹112 cr ÷ ₹102 cr
1.10×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹1,876 cr ÷ ₹3,697 cr
0.51×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +63% vs revenue +424%, FY2023 to FY2026
-361pp 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 trimmed from 72.30% to 71.27% across these quarters.
FII held steady from 11.90% to 12.01% across these quarters.
MF rose from 5.24% to 5.64% across these quarters.
Other rose from 10.56% to 11.08% 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 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 0 | 6 | 7 | 5 | 8 |
| Inventory days
How long stock sits before it sells | — | 174 | — | — | — |
| Payable days
How long the company takes to pay suppliers | — | 398 | — | — | — |
| Cash conversion cycle
Debtor + inventory − payable days | 0 | -217 | 7 | 5 | 8 |
| Working capital days | -82 | -214 | -112 | -88 | 20 |
| ROCE %
Return on capital employed | — | -15.0% | -172.0% | -9.0% | 4.0% |
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| GOV or GMV (₹ cr) | 550 | — | 440.5 |
| Take rate | 4,280% | — | 3,918% |
| Contribution margin | 34.4% | 25.1% | 29.5% |
| Adjusted EBITDA (₹ cr) | 399 | 137 | 270 |
| ESOP cost (₹ cr) | 40 | 39 | 41 |
| Customers or MTU (lakh) | 3.86 | — | 3.62 |
| Cash and equivalents (₹ cr) | 5,268 | — | — |
| Quarterly cash burn (₹ cr) | 827.57 | — | 927.55 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Read using the New-age and platform framework (named in the filing read). Primary valuation lens: EV/Sales and contribution margin; no earnings measure.
Read more closely in this sector: ESOP cost against adjusted EBITDA · Cash runway at the current burn · Related-party revenue · Contribution margin trend.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Revenue from operations | 233 | 744 | 1,940 | 2,887 | 3,900 |
| Other income | 2 | 28 | 146 | 120 | 179 |
| Depreciation | 4 | 75 | 298 | 366 | 437 |
| Finance cost | 0 | 21 | 65 | 85 | 102 |
| Profit before tax | 132 | -89 | -1,193 | -259 | 10 |
| Net profit (owners) | 98 | -84 | -1,131 | -243 | -24 |
| EPS (₹) | 16.37 | -13.57 | -173.43 | -0.99 | -0.08 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 832 | 810 | 610 | 847 | 1,051 | 1,082 | 919 | 1,054 |
| Other Income | 31 | 40 | 25 | 55 | 47 | 41 | 36 | 109 |
| Expenses | 698 | 626 | 838 | 923 | 870 | 846 | 890 | 1,111 |
| Depreciation | 89 | 93 | 98 | 98 | 105 | 113 | 122 | 111 |
| Finance cost | 13 | 19 | 28 | 33 | 25 | 21 | 23 | 26 |
| Profit before tax | 62 | 111 | -330 | -152 | 99 | 144 | -81 | -84 |
| Net Profit | 41 | 77 | -289 | -127 | 70 | 102 | -69 | -88 |
| EPS | 7.42 | 15.11 | -1.34 | -0.55 | 0.33 | 0.35 | -0.26 | -0.27 |
| Item | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 218 | 286 |
| Reserves | 100 | -189 | -1,253 | 472 | 3,411 |
| Borrowings | 0 | 956 | 1,687 | 1,831 | 1,876 |
| Net block | 27 | 1,121 | 1,464 | 1,586 | 1,830 |
| CWIP | 6 | 5 | 0 | 9 | 8 |
| Investments | 24 | 205 | 173 | 1,401 | 2,426 |
| Total Assets | 173 | 2,080 | 2,481 | 4,168 | 7,697 |
| Line | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Cash from operations | 59 | 270 | 212 | 507 | 833 |
| Cash from investing | -58 | -1,076 | -43 | -1,513 | -3,282 |
| Cash from financing | 0 | 848 | -165 | 1,007 | 2,755 |
| Free cash flow | 37 | 124 | 1 | 340 | 494 |
| Net change in cash | 1 | 42 | 4 | 1 | 306 |
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.
Physicswallah Ltd. reported revenue of ₹1,242 cr for July to September 2026, +18.2% on the year and +18.3% on the quarter. It is the highest quarterly revenue in the last 9 quarters on record. Over the last four quarters revenue comes to ₹4,294 cr, +29.4% on the four before.
Operating profit (EBITDA) was ₹276 cr, a margin of 22.2%, +498 bps on the year and +2,751 bps on the quarter. Over the last 8 quarters the margin has ranged from −37.5% to 22.7%, averaging 4.4%. Operating costs grew +11.1% against revenue growth of +18.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹144 cr, +106.0% on the year and — on the quarter, with earnings per share of ₹0.49. Profit before other income, one-offs and tax grew faster, at +164.8%; other income, one-offs or tax held the headline back. The tax rate of 32% is in line with its recent average.
Of the 3 companies in New-age and platform that have reported Q2 FY27 so far, Physicswallah Ltd. ranks 3rd on revenue growth; the sector median is +31.9%. Its margin moved +498 bps on the year against a sector median of +203 bps.
For platform businesses the line that matters is how fast losses narrow as revenue scales; contribution margin and customer metrics carry the story the statements only hint at.
On earnings per share of ₹0.31 over the last four quarters, the stock at ₹135.97 trades at 438.6 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
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 | ₹74.4 cr | ₹81.8 cr | ▼ 9.1% |
| Inventory | ₹124 cr | ₹102 cr | ▲ 21.9% |
| Cash | ₹173 cr | ₹360 cr | ▼ 52.0% |
| Bank balances | ₹455 cr | ₹767 cr | ▼ 40.7% |
| Long-term borrowings | ₹2.9 cr | ₹0.2 cr | ▲ 1,360.0% |
| Short-term borrowings | ₹9.0 cr | ₹10.3 cr | ▼ 12.3% |
| Trade payables | ₹249 cr | ₹249 cr | ▲ 0.3% |
| Net block | ₹433 cr | ₹445 cr | ▼ 2.7% |
| Capital work in progress | ₹1.3 cr | ₹5.0 cr | ▼ 73.3% |
| Equity | ₹4,689 cr | ₹4,520 cr | ▲ 3.7% |
| Total assets | ₹8,327 cr | ₹7,677 cr | ▲ 8.5% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹828 cr | ₹928 cr |
| Capital expenditure | −₹157 cr | −₹108 cr |
| Investing cash flow | −₹872 cr | −₹794 cr |
| Financing cash flow | −₹142 cr | −₹127 cr |
Operating cash flow was 14.95× profit. Receivables at 6 days of sales (−2 days against the last year end). Inventory at 10 days of sales (+0 days).
Other matter 1: “”15 subsidiaries, whose unaudited interim financial results include total assets of Rs. 1,099.90 crores as at September 30, 2026, total revenues of Rs. 130.59 crores and Rs. 271.40 crores, total net loss after tax of Rs. 9.79 crores and Rs.… Read in full
15 subsidiaries, whose unaudited interim financial results include total assets of Rs. 1,099.90 crores as at September 30, 2026, total revenues of Rs. 130.59 crores and Rs. 271.40 crores, total net loss after tax of Rs. 9.79 crores and Rs. 48.41 crores, total comprehensive loss of Rs. 9.87 crores and Rs. 48.45 crores, for the quarter ended September 30, 2026 and the period ended on that date respectively, and net cash outflows of Rs. 22.65 crores for the period from April 01, 2026 to September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors.
Other matter 2: “”One associate whose unaudited interim financial results include Group's share of net profit of Rs. 0.05 crores and net loss of Rs. 0.06 crores and Group's share of total comprehensive income of Rs. 0.05 crores and total comprehensive losses of… Read in full
One associate whose unaudited interim financial results include Group's share of net profit of Rs. 0.05 crores and net loss of Rs. 0.06 crores and Group's share of total comprehensive income of Rs. 0.05 crores and total comprehensive losses of Rs. 0.06 crores for the quarter ended September 30, 2026 and for the period from April 01, 2026 to September 30, 2026 respectively, as considered in the Statement whose interim financial results, other financial information have been reviewed by its independent auditor.
Filing p. limited review report
₹1,765 cr still unused. “Out of ₹2,961.79 crore net IPO proceeds raised, ₹1,196.33 crore utilised up to September 30, 2026 towards stated objects, leaving ₹1,765.46 crore unutilised and temporarily invested in fixed deposits in the Monitoring Account with nil deviation.”
FinZ Finance Private Limited opted to discontinue its lending business and transferred its standard loan portfolio of ₹95.34 crore to Auxilo Finserve Private Limited on October 3, 2026 for a consideration of ₹95.79 crore. (p. consolidated note 7 p.60-62)
Regularised ₹71.74 crore under general corporate purpose utilized for acquiring additional stake in subsidiary outside prospectus objects by depositing back to Monitoring Account on October 30, 2026. (p. consolidated note 3 p.56)
Tax: Consolidated tax expense of ₹66.86 crore (current tax ₹65.88 crore, deferred tax ₹0.98 crore) on Profit before tax of ₹209.15 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| GOV or GMV (₹ cr) | 550 | — | 440.5 |
| Take rate | 4,280% | — | 3,918% |
| Contribution margin | 34.4% | 25.1% | 29.5% |
| Adjusted EBITDA (₹ cr) | 399 | 137 | 270 |
| ESOP cost (₹ cr) | 40 | 39 | 41 |
| Customers or MTU (lakh) | 3.86 | — | 3.62 |
| Cash and equivalents (₹ cr) | 5,268 | — | — |
| Quarterly cash burn (₹ cr) | 827.57 | — | 927.55 |
Share-based payment expense (ESOP) for Q2 was ₹40.00 crore against Adjusted EBITDA of ₹399.00 crore (10.03% of Adjusted EBITDA).
ESOP expense represents a moderate share of Adjusted EBITDA, fully covered by cash earnings.
Company generated positive operating cash flow of ₹827.57 crore in H1 FY27 and holds a total treasury of ₹5,268.00 crore.
Strong positive cash flow from operations and substantial treasury eliminate cash burn risk.
Inter-segment elimination is nil; revenue is directly generated from student enrolments across online and offline channels.
Revenue is fully organic D2C collections from students with no related party revenue dependence.
Online Pre-IndAS EBITDA margin expanded to 34.4% in Q2 FY27 from 29.5% in Q2 FY26 (+490 bps YoY); Offline loss margin narrowed to -10.5% in H1 FY27 from -13.0% in H1 FY26.
Operating leverage drove strong contribution and EBITDA margin expansion across both online and offline segments.
Read using the New-age and platform framework (named in the filing read). Primary valuation lens: EV/Sales and contribution margin; no earnings measure.
Read more closely in this sector: ESOP cost against adjusted EBITDA · Cash runway at the current burn · Related-party revenue · Contribution margin trend.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| New Offline Centre Openings Target | 25–30 centres per year | Next two years | unchanged or first given |
| Xylem Equity Ownership Target | 100.00 | By FY30 | unchanged or first given |
| Centre of Excellence Top 100 Ranks Share Target | 15.00 | By 2029 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Offline | ₹541 cr | ▲ 9.0% | ₹68.0 cr | ▲ 11.5% |
| Online | ₹694 cr | ▲ 26.4% | ₹250 cr | ▲ 46.6% |
| Others | ₹7.9 cr | ▲ 22.6% | ₹2.4 cr | ▼ 59.2% |
| Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹832 cr | ₹810 cr | ₹610 cr | ₹847 cr | ₹1,051 cr | ₹1,082 cr | ₹919 cr | ₹1,050 cr | ₹1,242 cr |
| YoY | — | — | — | — | +26% | +34% | +51% | +24% | +18% |
| EBITDA margin | 16.1% | 22.7% | −37.5% | −9.0% | 17.2% | 21.8% | 3.2% | −5.3% | 22.2% |
| Other income, % of PBT | 50% | 36% | — | — | 48% | 28% | — | — | 44% |
| Exceptional items | — | — | — | — | — | — | — | — | −₹20.1 cr |
| Tax rate | 34% | 31% | — | — | 29% | 29% | — | — | 32% |
| Net profit | ₹41.0 cr | ₹77.0 cr | −₹289 cr | −₹127 cr | ₹69.7 cr | ₹102 cr | −₹69.0 cr | −₹88.3 cr | ₹144 cr |
| YoY | — | — | — | — | +70% | +32% | — | — | +106% |
| Core profit YoY | — | — | — | — | +67% | +45% | — | — | +165% |
| EPS | ₹7.42 | ₹15.11 | −₹1.34 | −₹0.55 | ₹0.28 | ₹0.35 | −₹0.26 | −₹0.27 | ₹0.49 |
| Flags | 1 | 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.