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ROBUST HOTELS LIMITED (RHL)

Consumer Services · Hotels/Resorts/Cruise lines · 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.58 / 100
Profitability 59Growth 40Balance sheet 73

Passes these screensCash Rich

Compare withINDIAN HOTELS COITC HOTELSLEELA PALACES HOTELS & RESORTS

Share price

Closing priceAdjusted for splits and bonus issues.

₹168.05 latest close · −7.4% over the last 90 sessions

₹160₹170₹180Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹160₹170₹180Jul 3Sep 4Nov 9

₹168.05 month-end · −23.8% over 12 months

₹160₹180₹200₹220Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹160₹180₹200₹220Nov '25May '26Nov '26

₹168.05 month-end · +59.7% over 3 years

₹100₹200₹300Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹100₹200₹300Nov '23May '25Nov '26

₹168.05 month-end · +76.4% since Apr '23

₹100₹200₹300Apr '23Jan '24Sep '24Jun '25Feb '26Nov '26 ₹100₹200₹300Apr '23Feb '25Nov '26

52-week range ₹155.00 to ₹247.20 · 1-year volatility 40.4%

Was the rally earned?

-24%share price, 1 yearLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 30 points, but investors now pay less per rupee of profit (P/E 19.9x to 10.8x), which took 53 points back.
  • The share count barely moved.
Net profit growth: +30 pts. Points of the price return explained by net profit growing (or shrinking).+30 ptsNet profit growthP/E change: −53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−53 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: −24%−24%Share priceNet profit growth: +30 pts. Points of the price return explained by net profit growing (or shrinking).+30ProfitP/E change: −53 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−53P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: −24%−24%Share price
Net profit growth+30 ptsNet profit rose about 41%, which lifts the price.
P/E change-53 ptsThe P/E fell from 19.9x to 10.8x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
+60%share price, 3 yearsMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 3.3x to 10.8x); per-share earnings took off 92 points.
  • The share count barely moved.
Net profit growth: −91 pts. Points of the price return explained by net profit growing (or shrinking).−91 ptsNet profit growthP/E change: +152 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+152 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: +60%+60%Share priceNet profit growth: −91 pts. Points of the price return explained by net profit growing (or shrinking).−91ProfitP/E change: +152 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+152P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: +60%+60%Share price
Net profit growth-91 ptsNet profit fell about 51%, which lowers the price.
P/E change+152 ptsThe P/E rose from 3.3x to 10.8x, which lifts the price.
Share count change-1 ptsShare count was little changed. More shares would count against 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.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

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

Compare this with INDIAN HOTELS CO

How rough has the ride been?

Maximum drawdown-48.6%not yet recovered
1-year volatility40.4%annualised

Drawdown from peak

0%−20%−40%202420252026−47.1% 0%−20%−40%202420252026−47.1%
Largest drawdowns

-48.6% (2025-09 peak to 2026-11 low, not yet recovered)

-38.0% (2024-03 peak to 2024-04 low, recovered 2024-07)

-27.3% (2024-12 peak to 2025-03 low, recovered 2025-07)

Is it expensive against its own past and its peers?

10.8xP/E todayWithin its usual range
Against its own history38th percentile
CheapestMedian 12.8xDearest

Usual range 3.4x to 55.8x since 2023-04.

Against Consumer Services10.8x vs 22.4x
This company
10.8x
Sector median
22.4x

52% below the Consumer Services median.

3.1x29.0x55.0x81.0xApr '23Jan '24Oct '24Jul '25Apr '26Nov '263.1x29.0x55.0x81.0xApr '23Jul '24Oct '25Nov '26
P/E (this company)10th to 90th percentile of its own historyIts medianConsumer Services median

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P/B (this company)10th to 90th percentile of its own historyIts medianConsumer Services median

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

Shaded band: 10th to 90th percentile of the company's own P/E 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 Consumer Services is valued

Where does it rank among Consumer Services peers?

Each cell is the company's percentile rank among its Consumer Services peers (non-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

  • ROCE39th▲ 7 pts vs a year ago
  • Op. margin79thflat vs a year ago
  • Revenue growth48th▼ 9 pts vs a year ago
  • EPS growth84th▼ 10 pts vs a year ago
  • Debt/equity ↓54thflat vs a year ago
  • Cash cycle ↓97thflat vs a year ago
  • P/E ↓74th▲ 9 pts vs a year ago
  • 12M momentum46th▼ 35 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
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 Consumer Services sector page Watch it move against Consumer Services in the Observatory

What is the price implying?

~16%annual earnings growth implied by the price

At a P/E of 22.0x, the price would imply about 16.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

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

What prices imply across Consumer Services The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹168.05
P/E
10.8x
ROCE
6.0%
Market Cap
₹292 cr
Revenue (TTM)
₹149 cr
P/S
2.0x
P/B
0.4x
ROE
3.6%
Operating Margin
32.2%
Debt / Equity
0.2x
Promoter Holding
65.6%
12M Momentum
-23.8%

52-week range

₹155.00₹247.20
14% of the way from its 52-week low to its high

Price risk

1Y volatility
40.4%
Beta vs sector
1-year daily
0.68

Balance sheet & cash

Interest cover
operating profit ÷ interest
3.4x
Cash from profit, 3Y
operating cash flow ÷ net profit
2.80x
Share count, 1Y
unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold
Other income reliance49%Beyond threshold

Other income as a share of pre-tax profit (trailing twelve months): 49.0%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.3%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion2.80xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 2.80x (cash from operations ₹129 cr, net profit ₹46 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-11 daysWithin range

Debtor days are below the median of the previous three fiscal years by 11 days (13 vs 24). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-30 days / 2 yrsWithin range

Days payable changed by -30 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

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, institutional and promoter holdings were broadly unchanged.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters65.6%65.6%0.0 pts
FIIs0.2%0.0%-0.2 pts
DIIs0.2%0.2%0.0 pts
Public and others34.0%34.1%+0.2 pts

Number of shareholders

8,124shareholders-3% since Sep '23
8k8k8k9k Sep '23Mar '24Dec '24Jun '25Mar '26Jun '26
Sep '23: 8,380
Dec '23: 8,603
Mar '24: 8,294
Jun '24: 8,211
Dec '24: 8,208
Mar '25: 8,003
Jun '25: 7,935
Sep '25: 7,891
Mar '26: 8,072
Jun '26: 8,124
 8k8k8k9k Sep '23Jun '24Jun '25Jun '26
Sep '23: 8,380
Dec '23: 8,603
Mar '24: 8,294
Jun '24: 8,211
Dec '24: 8,208
Mar '25: 8,003
Jun '25: 7,935
Sep '25: 7,891
Mar '26: 8,072
Jun '26: 8,124

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

+9.7%typical 12-month return vs the marketAbove the base rate
  • We found 50 past situations where a non-financial company looked like ROBUST HOTELS LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −14% to +38% vs the market, against 0% for all non-financial companies in the same months.
  • The analogs' median sat above that base rate (gap +9.8%, 80% range +0.2% to +11.8%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
BHANDARI · Mar 2025: −49.4% vs market
RUCHINFRA · Nov 2024: −47.8% vs market
ORIENTHOT · Jan 2020: −38.9% vs market
RAJTV · Oct 2020: −37.0% vs market
SCHAND · Feb 2024: −35.4% vs market
JAGRAN · Mar 2024: −35.2% vs market
MURUDCERA · Sep 2025: −29.8% vs market
NATHBIOGEN · Aug 2023: −29.5% vs market
XCHANGING · Apr 2025: −28.5% vs market
DVL · Sep 2025: −22.9% vs market
THEINVEST · Mar 2025: −22.3% vs market
RAMANEWS · Feb 2020: −22.2% vs market
KAKATCEM · Jul 2022: −15.7% vs market
RAMCOIND · Jul 2023: −9.4% vs market
ALPA · May 2023: −8.5% vs market
KCPSUGIND · Feb 2020: −7.7% vs market
MONTECARLO · Mar 2025: −5.8% vs market
SMARTLINK · Jan 2023: −2.3% vs market
ORIENTCER · Mar 2020: +1.0% vs market
SURANAT&P · Jan 2020: +1.0% vs market
LOKESHMACH · Jan 2020: +1.6% vs market
BLISSGVS · Sep 2023: +1.7% vs market
SHK · Aug 2022: +2.9% vs market
GOCLCORP · Sep 2021: +4.4% vs market
BBL · May 2021: +9.2% vs market
ORICONENT · May 2020: +10.2% vs market
DTIL · Apr 2020: +11.4% vs market
GUJAPOLLO · Nov 2023: +11.4% vs market
AIRAN · Mar 2023: +12.3% vs market
BODALCHEM · Jan 2021: +12.3% vs market
PALASHSECU · Jan 2020: +13.6% vs market
CLEDUCATE · Mar 2023: +16.5% vs market
HMVL · Nov 2022: +19.6% vs market
BANARBEADS · Jul 2024: +23.4% vs market
INDNIPPON · May 2023: +28.9% vs market
JKIL · May 2020: +30.6% vs market
SWELECTES · Aug 2021: +34.6% vs market
PRECAM · Mar 2023: +39.7% vs market
SARLAPOLY · May 2020: +50.7% vs market
NCLIND · Aug 2020: +53.2% vs market
DBCORP · Jun 2022: +57.3% vs market
OMINFRAL · Apr 2021: +58.8% vs market
ALMONDZ · Oct 2023: +61.9% vs market
NAVKARCORP · Aug 2023: +74.1% vs market
JINDRILL · Mar 2023: +78.8% vs market
TREJHARA · Feb 2023: +81.8% vs market
ASHIMASYN · Jul 2023: +124.1% vs market
URJA · Apr 2020: +142.3% vs market
CCHHL · Jul 2023: +157.1% vs market
APOLLO · Jun 2022: +286.0% vs market
Similar setups +9.7%All companies −0.1%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 4 beyond the range shown, drawn at the edge

Similar setups' median
+9.7%
All companies' median
−0.1%
Beat the market
64% vs 50%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NATHBIOGEN
Process Industries		 Aug 2023 12x7% +12%−10% −30%
ALMONDZ
Finance		 Oct 2023 14x10% +3%−15% +62%
THEINVEST
Finance		 Mar 2025 16x7% −10%−47% −22%
SMARTLINK
Electronic Technology		 Jan 2023 13x4% −19%−23% −2%
SWELECTES
Producer Manufacturing		 Aug 2021 13x4% +59%−21% +35%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
OMINFRAL
Industrial Services		 Apr 2021 13x5% +57%−20% +59%
ORIENTCER
Non-Energy Minerals		 Mar 2020 3x— −57%−59% +1%
ORIENTHOT
Consumer Services		 Jan 2020 6x4% −20%−32% −39%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and revenue growth. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

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 ROBUST HOTELS LIMITED. 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.

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 changed?

11 events since Jun '23

  1. NovPriceFell 49% from the Sep 2025 peak to the Nov 2026 low.
  2. JulPriceRegained the 2024-12 peak, 4 months after the low.
  3. JunResultsYear-on-year EPS growth turned positive.
  4. JunPeer rankMoved into the top quartile of Consumer Services on operating margin (from the 2nd quartile).
  5. MarPriceFell 27% from the Dec 2024 peak to the Mar 2025 low.
  6. SepPeer rankSlipped to the 2nd quartile of Consumer Services on operating margin (from the top quartile).
  7. JulPriceRegained the 2024-03 peak, 3 months after the low.
  8. JunResultsRevenue (TTM) reached a new high of ₹122 cr.
Show 3 earlier events
  1. AprPriceFell 38% from the Mar 2024 peak to the Apr 2024 low.
  2. AprDebtDebt / equity halved over 12 months to 0.16x.
  3. JunPeer rankMoved into the 3rd quartile of Consumer Services on ROCE (from the bottom quartile).

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 history44 months · 2023-04 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1110.8x₹149 cr3.6%6.0%0.2x
2026-1010.5x₹149 cr3.6%6.0%0.2x
2026-0910.7x₹149 cr3.6%6.0%0.2x
2026-0811.6x₹148 cr3.3%6.0%0.2x
2026-0711.8x₹148 cr3.3%6.0%0.2x
2026-0612.3x₹148 cr3.3%6.0%0.2x
2026-0511.7x₹148 cr3.8%5.0%0.2x
2026-0411.7x₹148 cr3.8%5.0%0.2x
2026-0310.4x₹148 cr3.8%5.0%0.2x
2026-0214.8x₹142 cr3.2%5.0%0.2x
2026-0113.4x₹142 cr3.2%5.0%0.2x
2025-1213.5x₹142 cr3.2%5.0%0.2x
2025-1119.9x₹140 cr2.7%5.0%0.2x
2025-1022.1x₹140 cr2.7%5.0%0.2x
2025-0922.7x₹140 cr2.7%5.0%0.2x
2025-0830.3x₹136 cr2.3%5.0%0.2x
2025-0728.9x₹136 cr2.3%5.0%0.2x
2025-0627.7x₹136 cr2.3%5.0%0.2x
2025-0548.7x₹135 cr1.2%3.0%0.2x
2025-0447.3x₹135 cr1.2%3.0%0.2x
2025-0349.9x₹135 cr1.2%3.0%0.2x
2025-0243.8x₹133 cr1.2%3.0%0.2x
2025-0146.3x₹133 cr1.2%3.0%0.2x
2024-1255.9x₹133 cr1.2%3.0%0.2x
2024-1158.4x₹127 cr0.9%3.0%0.2x
2024-1053.9x₹127 cr0.9%3.0%0.2x
2024-0954.9x₹127 cr0.9%3.0%0.2x
2024-0871.8x₹122 cr0.7%3.0%0.2x
2024-0781.0x₹122 cr0.7%3.0%0.2x
2024-0668.1x₹122 cr0.7%3.0%0.2x
2024-055.4x₹106 cr7.9%2.0%0.2x
2024-045.2x₹106 cr7.9%2.0%0.2x
2024-036.0x₹106 cr7.9%2.0%0.2x
2024-026.4x₹106 cr7.9%2.0%0.2x
2024-015.0x₹106 cr7.9%2.0%0.2x
2023-124.4x₹106 cr7.9%2.0%0.2x
2023-113.3x₹106 cr7.9%2.0%0.2x
2023-103.4x₹106 cr7.9%2.0%0.2x
2023-093.3x₹106 cr7.9%2.0%0.2x
2023-083.6x₹106 cr7.9%2.0%0.2x
2023-073.1x₹106 cr7.9%2.0%0.2x
2023-063.1x₹106 cr7.9%2.0%0.2x
2023-05—₹41 cr-11.5%-4.0%0.6x
2023-04—₹41 cr-11.5%-4.0%0.6x

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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