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ADITYA BIRLA CAPITAL LIMITED (ABCAPITAL)

Finance · Multi-Line Insurance · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.35 / 100
Profitability 56Growth 14
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.70 / 100
Price 62Earnings 55FII/DII 92
Compare withHDFC LIFE INSURANCE COMTHE NEW INDIA ASSURANCE CORELIGARE ENTERPRISES

Share price

Closing priceAdjusted for splits and bonus issues.

₹401.65 latest close · +0.1% over the last 90 sessions

₹350₹375₹400₹425Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹350₹375₹400₹425Jul 3Sep 4Nov 9

₹401.65 month-end · +12.2% over 12 months

₹300₹350₹400Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹300₹350₹400Nov '25May '26Nov '26

₹401.65 month-end · +139.1% over 3 years

₹200₹300₹400Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹200₹300₹400Nov '23May '25Nov '26

₹401.65 month-end · +395.9% since Jan '19

₹200₹400Jan '19Aug '20Mar '22Sep '23Apr '25Nov '26 ₹200₹400Jan '19Dec '22Nov '26

52-week range ₹287.70 to ₹430.70 · 1-year volatility 32.3%

Was the rally earned?

+12%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 17 points, but investors now pay less per rupee of profit (P/E 27.4x to 26.2x), which took 5 points back.
  • The share count rose 3%.
Net profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20 ptsNet profit growthP/E change: −5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−5 ptsP/E changeShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3 ptsShare count changeShare price: +12%+12%Share priceNet profit growth: +20 pts. Points of the price return explained by net profit growing (or shrinking).+20ProfitP/E change: −5 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−5P/EShare count change: −3 pts. Points of the price return explained by the share count changing. More shares count against the price.−3SharesShare price: +12%+12%Share price
Net profit growth+20 ptsNet profit rose about 21%, which lifts the price.
P/E change-5 ptsThe P/E fell from 27.4x to 26.2x, which lowers the price.
Share count change-3 ptsShare count rose 3%, which lowers the price.
+139%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 8.5x to 26.2x); per-share earnings took off 41 points.
  • The share count rose 13%.
Net profit growth: −22 pts. Points of the price return explained by net profit growing (or shrinking).−22 ptsNet profit growthP/E change: +180 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+180 ptsP/E changeShare count change: −19 pts. Points of the price return explained by the share count changing. More shares count against the price.−19 ptsShare count changeShare price: +139%+139%Share priceNet profit growth: −22 pts. Points of the price return explained by net profit growing (or shrinking).−22ProfitP/E change: +180 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+180P/EShare count change: −19 pts. Points of the price return explained by the share count changing. More shares count against the price.−19SharesShare price: +139%+139%Share price
Net profit growth-22 ptsNet profit fell about 13%, which lowers the price.
P/E change+180 ptsThe P/E rose from 8.5x to 26.2x, which lifts the price.
Share count change-19 ptsShare count rose 13%, which lowers the price.
+268%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 245 points to the rise, while the multiple moved less (P/E 23.4x to 26.2x).
  • The share count rose 16%.
Net profit growth: +275 pts. Points of the price return explained by net profit growing (or shrinking).+275 ptsNet profit growthP/E change: +23 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+23 ptsP/E changeShare count change: −30 pts. Points of the price return explained by the share count changing. More shares count against the price.−30 ptsShare count changeShare price: +268%+268%Share priceNet profit growth: +275 pts. Points of the price return explained by net profit growing (or shrinking).+275ProfitP/E change: +23 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+23P/EShare count change: −30 pts. Points of the price return explained by the share count changing. More shares count against the price.−30SharesShare price: +268%+268%Share price
Net profit growth+275 ptsNet profit rose about 280%, which lifts the price.
P/E change+23 ptsThe P/E rose from 23.4x to 26.2x, which lifts the price.
Share count change-30 ptsShare count rose 16%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with HDFC LIFE INSURANCE COM

How rough has the ride been?

Maximum drawdown-64.3%recovered 2021-02
1-year volatility32.3%annualised
Beta vs sector index1.273-year daily, correlation 0.68
Volume spikes0last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−62.6% 0%−20%−40%−60%2020202220242026−62.6%
Largest drawdowns

-64.3% (2020-01 peak to 2020-03 low, recovered 2021-02)

-37.3% (2024-06 peak to 2025-02 low, recovered 2025-06)

-35.6% (2022-01 peak to 2022-06 low, recovered 2022-11)

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

3.2xP/B todayNear its historic high
Against its own history100th percentile
CheapestMedian 2.1xDearest

Usual range 1.5x to 3.0x since 2019-01.

Against Finance3.2x vs 1.5x
This company
3.2x
Sector median
1.5x

111% above the Finance median.

0.6x1.5x2.3x3.2xJan '19Aug '20Mar '22Oct '23May '25Nov '260.6x1.5x2.3x3.2xJan '19Sep '21May '24Nov '26
P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/S (this company)10th to 90th percentile of its own historyIts medianFinance median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/B history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (banks and financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROE (approx.)56th▲ 4 pts vs a year ago
  • EPS growth56th▲ 24 pts vs a year ago
  • P/B ↓21st▼ 9 pts vs a year ago
  • 12M momentum77th▼ 20 pts vs a year ago
  • FII + DII47th▲ 5 pts vs a year ago

Rank history

ROE (approx.)
EPS growth
P/B ↓
12M momentum
FII + DII
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~21%annual earnings growth implied by the price

At a P/E of 32.0x, the price would imply about 20.8%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

This model is not meaningful for insurers, asset managers and holding companies.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹401.65
P/E
26.2x
Market Cap
₹1.10L cr
Revenue (TTM)
₹48186 cr
P/S
2.3x
P/B
3.2x
ROE
12.0%
Debt / Equity
5.2x
Promoter Holding
68.8%
12M Momentum
12.2%

52-week range

₹287.70₹430.70
80% of the way from its 52-week low to its high

Price risk

1Y volatility
32.3%
Beta vs sector
1-year daily
1.33

Balance sheet & cash

Share count, 1Y
+0.5%

Are profits backed by cash?

1 of 1checks within rangeAll clear
Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Tap a check to see how it is measured

Cash conversion and receivable days are not meaningful for banks and NBFCs, so only the other-income and tax-rate checks are shown.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, DIIs added 5.1 pts; FIIs trimmed 2.5 pts.
  • The number of shareholders rose from 4.6 lakh to 5.1 lakh (+10%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters69.0%68.8%-0.2 pts
FIIs10.5%7.9%-2.5 pts
DIIs8.2%13.4%+5.1 pts
Public and others12.3%9.8%-2.6 pts

Number of shareholders

5.1 lakhshareholders+10% since Sep '23
4.6L5.0L5.4L5.8L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 4.6 lakh
Dec '23: 4.9 lakh
Mar '24: 5.0 lakh
Jun '24: 5.3 lakh
Sep '24: 5.3 lakh
Dec '24: 5.6 lakh
Mar '25: 5.8 lakh
Jun '25: 5.6 lakh
Sep '25: 5.6 lakh
Dec '25: 5.5 lakh
Mar '26: 5.2 lakh
Jun '26: 5.1 lakh
 4.6L5.0L5.4L5.8L Sep '23Sep '24Sep '25Jun '26
Sep '23: 4.6 lakh
Dec '23: 4.9 lakh
Mar '24: 5.0 lakh
Jun '24: 5.3 lakh
Sep '24: 5.3 lakh
Dec '24: 5.6 lakh
Mar '25: 5.8 lakh
Jun '25: 5.6 lakh
Sep '25: 5.6 lakh
Dec '25: 5.5 lakh
Mar '26: 5.2 lakh
Jun '26: 5.1 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

This comparison is not meaningful for insurers, asset managers and holding companies.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

RBL BANKRBLBANK
Finance
65%similar
EPS growthvolatility
SBI CARDS AND PAYMENT SERVSBICARD
Finance
62%similar
promoter holdingP/B
TATA CAPITALTATACAP
Finance
62%similar
ROEP/B

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '22

  1. NovValuationP/B crossed above the 90th percentile of its own history to date (3.2x).
  2. JunResultsYear-on-year EPS growth turned positive.
  3. JunPeer rankMoved into the 2nd quartile of Finance on EPS growth (from the 3rd quartile).
  4. FebPriceVolume reached 22.1x its 50-day median on 2026-02-27; price -3.3% that day.
  5. OctPriceVolume reached 6.4x its 50-day median on 2025-10-30; price +5.1% that day.
  6. AugPriceVolume reached 8.2x its 50-day median on 2025-08-04; price +10.7% that day.
  7. JunPriceRegained the 2024-06 peak, 4 months after the low.
  8. JunValuationP/B crossed above the 90th percentile of its own history to date (2.4x).
Show 22 earlier events
  1. JunPeer rankMoved into the 3rd quartile of Finance on EPS growth (from the bottom quartile).
  2. MayPriceVolume reached 5.6x its 50-day median on 2025-05-14; price +6.6% that day.
  3. FebPriceFell 37% from the Jun 2024 peak to the Feb 2025 low.
  4. JanPriceVolume reached 5.5x its 50-day median on 2025-01-13; price +1.3% that day.
  5. OctPriceVolume reached 6.9x its 50-day median on 2024-10-30; price +5.3% that day.
  6. JunResultsYear-on-year EPS growth turned negative.
  7. JunPeer rankSlipped to the 2nd quartile of Finance on ROE (from the top quartile).
  8. JunSharesShare count is up 7.5% over 12 months.
  9. AprValuationP/B crossed above the 90th percentile of its own history to date (2.8x).
  10. AprPriceVolume reached 12.7x its 50-day median on 2024-04-02; price +10.6% that day.
  11. FebPriceVolume reached 6.9x its 50-day median on 2024-02-02; price +8.1% that day.
  12. DecPriceVolume reached 6.8x its 50-day median on 2023-12-07; price -3.7% that day.
  13. AugPriceVolume reached 5.3x its 50-day median on 2023-08-31; price -0.0% that day.
  14. JunResultsRevenue (TTM) reached a new high of ₹30,163 cr.
  15. JunPeer rankMoved into the top quartile of Finance on ROE (from the 2nd quartile).
  16. JunPriceVolume reached 9.3x its 50-day median on 2023-06-27; price +6.1% that day.
  17. MarValuationP/B crossed above the 90th percentile of its own history to date (2.3x).
  18. MarPriceVolume reached 5.0x its 50-day median on 2023-03-27; price +1.4% that day.
  19. NovPriceRegained the 2022-01 peak, 5 months after the low.
  20. NovPriceVolume reached 10.9x its 50-day median on 2022-11-29; price +5.1% that day.
  21. SepPriceVolume reached 5.8x its 50-day median on 2022-09-15; price +1.8% that day.
  22. JunResultsRevenue (TTM) reached a new high of ₹22,232 cr.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history95 months · 2019-01 to 2026-11
MonthP/ERevenue (TTM)ROEDebt / Equity
2026-1126.2x₹48186 cr12.0%5.2x
2026-1024.1x₹48186 cr12.0%5.2x
2026-0924.8x₹48186 cr12.0%5.2x
2026-0828.7x₹45509 cr12.0%5.2x
2026-0728.4x₹45509 cr12.0%5.2x
2026-0627.5x₹45509 cr12.0%5.2x
2026-0526.5x₹44264 cr12.0%4.6x
2026-0425.2x₹44264 cr12.0%4.6x
2026-0321.3x₹44264 cr12.0%4.6x
2026-0226.9x₹41693 cr12.0%4.6x
2026-0126.5x₹41693 cr12.0%4.6x
2025-1227.9x₹41693 cr12.0%4.6x
2025-1127.4x₹41420 cr12.0%4.6x
2025-1024.8x₹41420 cr12.0%4.6x
2025-0922.3x₹41420 cr12.0%4.6x
2025-0821.7x₹40590 cr12.0%4.6x
2025-0720.1x₹40590 cr12.0%4.6x
2025-0621.6x₹40590 cr12.0%4.6x
2025-0515.6x₹39156 cr14.0%4.1x
2025-0413.8x₹39156 cr14.0%4.1x
2025-0313.0x₹39156 cr14.0%4.1x
2025-0210.9x₹38575 cr14.0%4.1x
2025-0112.5x₹38575 cr14.0%4.1x
2024-1212.4x₹38575 cr14.0%4.1x
2024-1114.7x₹35860 cr14.0%4.1x
2024-1015.3x₹35860 cr14.0%4.1x
2024-0917.9x₹35860 cr14.0%4.1x
2024-0817.2x₹33958 cr14.0%4.1x
2024-0717.7x₹33958 cr14.0%4.1x
2024-0618.6x₹33958 cr14.0%4.1x
2024-0511.3x₹30163 cr27.0%4.2x
2024-0411.7x₹30163 cr27.0%4.2x
2024-038.8x₹30163 cr27.0%4.2x
2024-029.3x₹30163 cr27.0%4.2x
2024-018.6x₹30163 cr27.0%4.2x
2023-128.4x₹30163 cr27.0%4.2x
2023-118.5x₹30163 cr27.0%4.2x
2023-108.7x₹30163 cr27.0%4.2x
2023-099.1x₹30163 cr27.0%4.2x
2023-089.1x₹30163 cr27.0%4.2x
2023-079.9x₹30163 cr27.0%4.2x
2023-069.9x₹30163 cr27.0%4.2x
2023-0524.1x₹22232 cr12.0%3.8x
2023-0423.7x₹22232 cr12.0%3.8x
2023-0321.7x₹22232 cr12.0%3.8x
2023-0220.7x₹22232 cr12.0%3.8x
2023-0120.0x₹22232 cr12.0%3.8x
2022-1221.3x₹22232 cr12.0%3.8x
2022-1120.6x₹22232 cr12.0%3.8x
2022-1016.6x₹22232 cr12.0%3.8x
2022-0915.8x₹22232 cr12.0%3.8x
2022-0816.2x₹22232 cr12.0%3.8x
2022-0715.1x₹22232 cr12.0%3.8x
2022-0612.7x₹22232 cr12.0%3.8x
2022-0521.7x₹19260 cr9.0%3.9x
2022-0425.9x₹19260 cr9.0%3.9x
2022-0323.1x₹19260 cr9.0%3.9x
2022-0222.7x₹19260 cr9.0%3.9x
2022-0125.2x₹19260 cr9.0%3.9x
2021-1226.6x₹19260 cr9.0%3.9x
2021-1123.4x₹19260 cr9.0%3.9x
2021-1020.8x₹19260 cr9.0%3.9x
2021-0924.2x₹19260 cr9.0%3.9x
2021-0823.1x₹19260 cr9.0%3.9x
2021-0724.8x₹19260 cr9.0%3.9x
2021-0625.2x₹19260 cr9.0%3.9x
2021-0531.8x₹16696 cr8.0%4.5x
2021-0430.1x₹16696 cr8.0%4.5x
2021-0331.3x₹16696 cr8.0%4.5x
2021-0232.5x₹16696 cr8.0%4.5x
2021-0121.2x₹16696 cr8.0%4.5x
2020-1222.3x₹16696 cr8.0%4.5x
2020-1123.2x₹16696 cr8.0%4.5x
2020-1017.0x₹16696 cr8.0%4.5x
2020-0916.3x₹16696 cr8.0%4.5x
2020-0816.1x₹16696 cr8.0%4.5x
2020-0714.2x₹16696 cr8.0%4.5x
2020-0616.6x₹16696 cr8.0%4.5x
2020-0511.6x₹15168 cr10.0%5.9x
2020-0412.6x₹15168 cr10.0%5.9x
2020-0310.6x₹15168 cr10.0%5.9x
2020-0219.6x₹15168 cr10.0%5.9x
2020-0125.1x₹15168 cr10.0%5.9x
2019-1225.9x₹15168 cr10.0%5.9x
2019-1127.6x₹15168 cr10.0%5.9x
2019-1020.7x₹15168 cr10.0%5.9x
2019-0921.4x₹15168 cr10.0%5.9x
2019-0822.6x₹15168 cr10.0%5.9x
2019-0720.7x₹15168 cr10.0%5.9x
2019-0623.2x₹15168 cr10.0%5.9x
2019-0531.5x₹11526 cr9.0%5.2x
2019-0431.0x₹11526 cr9.0%5.2x
2019-0330.9x₹11526 cr9.0%5.2x
2019-0229.2x₹11526 cr9.0%5.2x
2019-0125.7x₹11526 cr9.0%5.2x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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