Methodology: how Inve's research is made

This page sets out where the figures and quotes on inve.money come from, how call summaries are prepared, how the Guidance Tracker reaches a verdict, how periods and currencies are labelled, and what is not covered. It describes the system as it runs today.

Where the data comes from

India

• Earnings calls. The transcript PDF the company published. Pages for analysed Indian calls link it as “Source transcript” when the transcript's address is on record.
• Financial statements and shareholding. Quarterly results, profit and loss, balance sheet, cash flow and the shareholding pattern are collected from a third-party financial-data website, not read directly from exchange filings. Before a company's figures are saved, the page they came from must match the company's NSE or BSE listing, by symbol or by BSE code.
• Prices. Daily closing prices, not live quotes.

United States

• Earnings calls. Transcripts come from a transcript provider whose links a reader cannot open, so US earnings-call pages name the source (“Source: earnings call transcript”) without linking it.
• Financial statements. From the company's SEC filings (10-Q, 10-K, 20-F, 40-F and 6-K), read from the SEC's EDGAR data.
• Prices. Daily end-of-day prices, not live quotes.

How call summaries are written

Call summaries are prepared from the transcript PDF in India and from the transcript text in the US. A summary sets out positives and concerns, the guidance given, the analysts' questions and a longer narrative; Indian summaries also list highlights. The instructions for preparing a summary say to copy management's quotes and numbers exactly, with one exception in the US: when a figure was plainly transcribed at the wrong scale (millions for billions, say) and the context makes the right figure certain, the figure is corrected and an explanation is recorded with it, while the quotation stays as transcribed.

Management's words are set apart as quotations, with the speaker where the summary records one. Everything else is the analysis's own words, and where a company page cites it, the source line says so: “the analysis's own words, not the transcript”. The transcript itself is not reproduced.

Software refuses to save a summary whose title names a different company, or one identical to a summary saved for another company in the previous two days. For US calls it also refuses a summary whose reported quarter ends more than three weeks after the call and, when the call's fiscal quarter and the company's year-end month are on record, one whose reported quarter is more than three weeks from that fiscal quarter's end. These checks concern which company and quarter a summary belongs to; they do not establish that its figures or quotations are correct.

How the Guidance Tracker works

• A target is recorded from the call where management gave it: what is being measured, the figure, the period and management's own words.
• Each later call that is analysed is compared with the open targets. For each target the tracker records what became of it, with a verdict such as achieved, on track, delayed, revised, missed, at risk or gone quiet. Direction counts: for debt or costs, lower is better.
• Verdicts rest on what management said on later calls, not on the filed financial statements.
• A target's original wording and what the latest analysed call said are shown in separate columns, “Original wording” and “Latest call”.
• “Delayed” records that a later call moved the date. It is not an outcome.
• Silence is not withdrawal. A target the calls stop mentioning stands as last stated. In the US, a call that is silent about a target not yet due does not mark it as gone quiet; once the target is due, whether silence marks it as gone quiet (the badge reads “Ghosted”) depends on whether an earlier call addressed it and on which transcripts are available. For Indian targets, the instructions for comparing calls reserve “gone quiet” for a target whose deadline is near or past.

The record is on the Guidance Tracker for Indian stocks and the US earnings guidance tracker.

Ambition Index

The Ambition Index, part of Pro, reads companies' revenue guidance with two further rules:

• Only guidance for a period ending within about two years counts; longer-range targets are left out.
• On the US board, when management restates a revenue target for the same period, the newest statement is used. Where an earlier statement for the same revenue line and period can be compared with it on the same basis, the row may also show it as the “Previous guide”. For a year still under way, the row compares the revenue already filed with that newest guide.

How periods and currencies are labelled

• India. Quarters follow India's April–March financial year, so Q1 FY27 is April–June 2026. Call pages print the months beside the fiscal label.
• US. Companies' fiscal years end in different months, so a call is named by the month its quarter ended and then the company's own fiscal label, for example “Jun 2026 (Q3 FY26)”.
• Ratios on Indian company pages and the screener. FY uses the latest reported financial year; TTM uses the latest twelve months. Valuations use the current market cap with the chosen earnings period.
• Currency on Indian call pages. The headline figures and segment tables take a figure's currency from what the call's data states, in this order: the unit (“USD million”), the figure's currency field, then a label that names dollars or rupees but not both. A stated currency wins even when the unit is crore or lakh. Only when none is stated is a crore or lakh amount shown in rupees; a million, billion or trillion amount with no stated currency is marked “currency not stated”. Segment totals and shading are drawn only when every row shares a unit and one known currency, and nothing is converted between currencies.

What is not covered

• Only the calls that have been analysed. A verdict reflects those calls; a company may have said more elsewhere, such as in a press release or annual report.
• A dash marks a figure not shown; where the table has a note, the note explains why, for example inputs that are missing or too old, a ratio that does not apply, or a figure not stated that quarter.
• The Indian stock screener covers Indian companies only and leaves out companies whose latest figures are more than 18 months old.
• Prices are daily closes, not live.
• US call transcripts cannot be opened from the page.
• Summaries can contain errors. Before relying on a figure or quotation that matters, check it against the source.

Report an error

If a figure, date or quote looks wrong, report the factual error with the link to the page and what you think is wrong.