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Where the numbers come from

The source hierarchy, what happens when sources disagree, and the rule that an unverifiable figure is withheld rather than estimated.

Every figure that reaches a report comes from somewhere, and where it came from changes how much weight it deserves. This page says where, and what happens when the sources disagree.

The hierarchy

  1. The company's own filing — the annual report, the quarterly filing lodged with the exchanges, the offer document. This is the primary source and it wins.
  2. Exchange and regulator records — NSE, BSE and SEBI filings for shareholding, pledging, corporate actions and disclosures.
  3. Independent data providers — used to cross-check and to build history, never as the sole basis for a material figure.

What happens when they disagree

The disagreement is printed. The report names which sources differ, by how much, and which one is being relied on and why. This is one of the three standing commitments, and it is deliberate: a single clean number, silently reconciled, hides exactly the information that should have made you cautious.

The withholding rule

Where a figure cannot be verified, it is withheld or marked "Not available". It is never replaced with an estimate, a proxy or a stale value carried forward.

This is enforced in the software that builds this site, not just promised in prose. A dataset that does not carry an explicit as-of date publishes nothing at all rather than appearing under today's date, and the market strip disappears entirely once its figures are more than five days old. A page that cannot say when its numbers were true does not go up.

Dating

Every figure on a public page carries the date it was true and the source it came from. Not the date the page was last edited — those are different things, and conflating them is how a stale number ends up wearing a current dateline.

What this does not cover

Figures a company has not published cannot be sourced, only estimated, and estimates are labelled as such and attributed to whoever made them. Where an estimate is our own, the assumptions behind it are stated so you can disagree with them specifically.

Where AI is involved

AI tools assist with reading filings, cross-checking figures and drafting. They do not decide a rating, and every material figure is checked against the company's own filing by a person. The full position, including where an AI error could carry through, is on the AI use disclosure, which the Investor Charter requires.