Last reviewed 9 October 2026. This page describes how data is recorded across the site.
Four principles
- Every figure has a source and a date. If we cannot say where a number came from and when it applies, it does not go on the page.
- Ratios are calculated, never typed in. Market cap, P/E, margins and returns are worked out from the underlying figures each time, so they cannot drift out of step with them.
- A blank is better than a guess. Missing data shows as missing, with the reason.
- History is kept. Prices and corrections are added as new dated records. Old ones are not overwritten.
Indicative prices
Unlisted shares have no exchange price. The price on each company page is an indicative price: our estimate of where the share could change hands, recorded from dealer quotes and completed transactions seen by our desk.
- Each price carries the date it refers to and its source.
- Price history is a series of recorded points. Where there is a gap of weeks between quotes, the chart shows the gap rather than inventing the days in between.
- Percentage changes over one week, one month and one year are measured between recorded prices. Where the history does not reach back far enough, the change is left blank.
An indicative price is not an offer to buy or sell. The price you can actually transact at is confirmed separately, before any money moves; see how buying works.
Financials
Financial statements are read from public documents, in this order of preference:
| Source | What it gives us |
|---|---|
| Offer documents (DRHP / RHP) | Restated, audited figures for several years, the most detailed disclosure a company makes. |
| Annual reports | Audited standalone and consolidated statements, with notes. |
| Filings with the Registrar of Companies | Financial statements filed each year, available for companies without a published annual report. |
| Company announcements | Provisional figures, used only until audited ones are filed, and marked provisional. |
Each financial year is one record, marked audited or provisional. Profit before tax is taken as filed rather than recomputed, because exceptional items and prior-period adjustments mean it rarely reconciles to the line items exactly.
Ratios we calculate
Every ratio on the site is calculated from the recorded price and financial-year figures at the moment the page is shown. None is stored or entered by hand.
| Ratio | Calculated as |
|---|---|
| Market cap | Indicative price × shares in issue |
| P/E | Market cap ÷ profit after tax (latest year) |
| P/B | Market cap ÷ net worth |
| EV / EBITDA | (Market cap + debt − cash) ÷ EBITDA |
| ROE | Profit after tax ÷ net worth |
| ROCE | EBITDA ÷ (net worth + debt), as depreciation is not recorded for every company |
| Margins | EBITDA or profit after tax ÷ revenue |
Because market cap uses the indicative price, every valuation multiple inherits that price's uncertainty. Treat them as a way to compare companies, not as precise figures.
When we leave a figure blank
- P/E is blank when the company made a loss in the latest year.
- EV/EBITDA is blank when EBITDA is missing or not positive.
- Any ratio is blank when its denominator is zero, negative or unknown. We never show a negative ratio.
- A section with no data, such as shareholding or corporate actions, is left out of the page rather than shown empty.
A dash on this site always means “not known or not meaningful”. It never means zero.
Corrections
When a figure is wrong, the correction is recorded as a new entry with its own date and source, and the page shows the corrected value. The original record is kept, so we can always show what was published and when. To report an error, contact the desk with the company, the figure and your source.
How enquiries are handled
An enquiry is not an order. Raising one reserves nothing and commits you to nothing. Every enquiry moves through recorded stages (new, contacted, verification, availability confirmed, price confirmed, payment, transfer and completed or cancelled) and each change is logged with the time and the person who made it. You can follow yours from your account.
Personal and bank details are stored encrypted and masked on screen. Full values are shown only on an explicit request, and every such request is logged.
What Unlisted Key is not
Unlisted Key publishes research and indicative pricing and helps buyers and sellers of unlisted shares find each other. To be plain about what that excludes, Unlisted Key is not:
- a stock exchange, or a substitute for one;
- a stock broker;
- an investment adviser or research analyst, and nothing here is a recommendation to buy, sell or hold;
- a portfolio manager;
- a depository participant. Your shares are held in your own demat account, with your own DP.
Read the disclaimer and the risk disclosure for the full terms.
Frequently asked questions
Is the price on a company page the price I will pay?
Not necessarily. It is an indicative price, our estimate from recent quotes and transactions. The price you can transact at is confirmed by the desk before you pay, and can differ, especially for thinly traded companies or large quantities.
How often are prices updated?
When there is a new quote or transaction to record, which for active names can be weekly and for thinly traded ones much less often. Every price shows the date it refers to, so you can judge its freshness yourself.
Where do the financial statements come from?
From the company's annual reports, its filings with the Registrar of Companies, and its offer documents where it has filed a DRHP or RHP. Each year is marked audited or provisional.
Why does a company show N/A for P/E?
Because the ratio is not meaningful. P/E is not shown when the company made a loss, and any ratio is left blank when one of its inputs is missing or not positive. We never show a negative or zero ratio in place of a missing one.
How do I report an error?
Use the contact page and name the company, the figure and the source you believe is correct. Verified corrections are recorded as a new dated entry; the original record is kept, not overwritten.