What this page covers
Every Cityfort stock page follows the same process. This page explains where our numbers come from, how we check them, and how we fix mistakes.
Research and drafting use AI tools. Every number is then checked against the company's own filings before a page goes live.
Where our numbers come from
We sort sources into tiers. Only tier 1 and tier 2 sources can supply a number on a stock page.
Tier 1: filed by the company or the stock exchange. Annual reports, quarterly results, investor presentations, earnings-call transcripts, shareholding patterns and exchange announcements on BSE and NSE. Also offer documents (DRHP and RHP) and sustainability reports (BRSR).
Tier 2: independent and official. Credit rating reports from agencies such as CRISIL, ICRA and CARE. Records from the Ministry of Corporate Affairs, orders from SEBI and the exchanges, and official industry data.
Tier 3: context only. Company websites and reputable business news help us find events and understand a business. We then confirm what we can in a tier 1 filing.
Data websites that collect numbers from many companies (aggregators) are never our source. We use one only as a cross-check. If its figure differs from ours by more than 2%, we go back to the filing and find out why.
We never use social media, tip channels, forums or video commentary.
Every number on a stock page links to the document it came from, with that document's date.
How a page is checked before it goes live
A page must pass two checks. Only then is it offered to the owner of Cityfort for approval.
- Validator. A script checks the page's structure. It confirms that every number cites a source and that price data is old enough, and it scans the wording for terms our rules ban.
- Fact-check. A separate review, which did not write the page, traces every number and claim back to its source. Figures we calculated, like margins, are recalculated. The same review checks every sentence against our education-only rules (see "What we never do" below).
Any mismatch is fixed and checked again. A page that still fails is held back, with the reason recorded.
The owner then reviews the pages that passed and approves them. Nothing goes live without that approval.
Data depth: rich, standard and limited
Large companies publish a lot. Small companies often publish only what the law requires. Each stock page shows a badge so you know how much material we had.
- Rich: five or more annual reports, investor presentations, call transcripts, segment data and ratings. The page has every section.
- Standard: annual reports, quarterly results and usually a credit rating report. The page covers the core plus how money flows through the business, competition, growth, management and history.
- Limited: only the filings the law requires. The page covers what the company sells, who pays it, three or more years of numbers, ownership, risks and what to watch.
We never fill a gap with an estimate. If a company does not disclose something, the page says so.
Consolidated or standalone
Many companies own other companies, called subsidiaries. "Consolidated" results add the parent and its subsidiaries together. "Standalone" results show only the parent company.
We use consolidated numbers by default. We use standalone only when the company has no subsidiaries that matter. One page never mixes the two, and each page says which it uses.
How pages are updated
Pages are updated when companies publish new results or an annual report, or after a major event such as a merger, split or rating change. Each page shows the date of its last update and the latest results it covers.
Updates add to a page. They do not erase it. Each page's history is append-only. Past quarters, past "what changed" notes, sources and resolved risks all stay.
If a company officially restates an old number, we show the new figure and mark it as restated.
A page's web address never changes. Links you saved or shared will keep working.
Corrections
We will get things wrong sometimes. When we do, we say so on the page.
How to report an error: write to us through the contact page. Tell us the page, the number or sentence, and where you saw the correct figure. A link to the filing helps most.
What happens next: we check the claim against the original filing. If we were wrong, we aim to fix it within 48 hours.
How corrections are shown: the fix appears in the page's "What changed" section with its date. It reads like this: "Correction (date): FY25 revenue was previously shown as ₹X cr." We do not quietly change numbers.
How we show prices
Any share price, market value or price-based ratio on Cityfort shows the date it is from, right next to the number. Pages are rebuilt about once a week, so a price can be days or weeks old by the time you read it. NSE and BSE publish prices as they change.
A price is shown as a fact, never as a judgement: we never call a share cheap or expensive, and we never give a target. It also matches our purpose. Cityfort explains businesses. A share's price does not tell you how a company earns money.
For IPOs we show the offer terms from the offer document (price band, lot size, issue size) and, once published by NSE or BSE, subscription figures, each with its date. Where we show a grey market premium, it is labelled as unofficial: it is not an exchange price, and grey market deals are unregulated.
What we never do
Cityfort is not registered with SEBI as an investment adviser or research analyst. We publish education only. So we never:
- tell you to buy, sell or hold a share, in any wording
- give price targets, "fair values" or expected returns
- say whether a share's price is too high or too low
- predict where a share price will go
- rate or rank shares as investments
- claim our readers made money
When a company's managers talk about the future, we report it as their statement, with the date and source. It is not our forecast.
Standard and rich pages have a "both sides" section. It lists facts that supporters point to and facts that critics point to. It never picks a side.
Moat bars rate a business trait, not the share
Some pages show bars from 1 to 5 next to things like brand or cost advantage. A "moat" is what protects a business from competitors.
These bars rate one feature of the business, with a written reason from the filings. They are not a score for the share and say nothing about whether to invest.
Read the full disclaimer.