Reported Earnings • Feb 13
Third quarter 2026 earnings released: EPS: ₹0.93 (vs ₹0.73 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.93 (up from ₹0.73 in 3Q 2025). Revenue: ₹699.4m (up 30% from 3Q 2025). Net income: ₹14.0m (up 28% from 3Q 2025). Profit margin: 2.0% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annonce • Feb 04
Airo Lam Limited to Report Q3, 2026 Results on Feb 11, 2026 Airo Lam Limited announced that they will report Q3, 2026 results on Feb 11, 2026 Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: ₹1.58 (vs ₹2.16 loss in 2Q 2025) Second quarter 2026 results: EPS: ₹1.58 (up from ₹2.16 loss in 2Q 2025). Revenue: ₹618.4m (up 19% from 2Q 2025). Net income: ₹24.6m (up ₹57.0m from 2Q 2025). Profit margin: 4.0% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Annonce • Sep 01
Airo Lam Limited, Annual General Meeting, Sep 25, 2025 Airo Lam Limited, Annual General Meeting, Sep 25, 2025, at 15:00 Indian Standard Time. Location: survey no. 355, nananpur rd., n.h. no. 8, village- dalpur, ta. prantij, gujarat- 383120., prantij India Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹0.82 (vs ₹1.38 in 1Q 2025) First quarter 2026 results: EPS: ₹0.82 (down from ₹1.38 in 1Q 2025). Revenue: ₹540.7m (up 3.4% from 1Q 2025). Net income: ₹12.3m (down 41% from 1Q 2025). Profit margin: 2.3% (down from 4.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. New Risk • Jun 28
New major risk - Revenue and earnings growth Earnings have declined by 0.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (₹1.73b market cap, or US$20.2m). New Risk • Jun 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (₹1.90b market cap, or US$22.2m). New Risk • Feb 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.7x net interest cover). Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (0.8% net profit margin). Market cap is less than US$100m (₹1.53b market cap, or US$17.6m). Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: ₹0.73 (vs ₹1.25 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.73 (down from ₹1.25 in 3Q 2024). Revenue: ₹542.1m (down 4.7% from 3Q 2024). Net income: ₹10.9m (down 42% from 3Q 2024). Profit margin: 2.0% (down from 3.3% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. New Risk • Dec 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (1.1% net profit margin). Market cap is less than US$100m (₹1.88b market cap, or US$22.1m). Reported Earnings • Oct 31
Second quarter 2025 earnings released: ₹2.16 loss per share (vs ₹1.17 profit in 2Q 2024) Second quarter 2025 results: ₹2.16 loss per share (down from ₹1.17 profit in 2Q 2024). Revenue: ₹517.2m (up 3.5% from 2Q 2024). Net loss: ₹32.4m (down 296% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Annonce • Aug 07
Airo Lam Limited, Annual General Meeting, Sep 03, 2024 Airo Lam Limited, Annual General Meeting, Sep 03, 2024, at 15:00 Indian Standard Time. Location: survey no. 355, nananpur rd., n.h. no. 8, village- dalpur, ta. prantij, gujarat- 383120., prantij India Reported Earnings • Aug 04
First quarter 2025 earnings released: EPS: ₹1.38 (vs ₹1.75 in 1Q 2024) First quarter 2025 results: EPS: ₹1.38 (down from ₹1.75 in 1Q 2024). Revenue: ₹538.6m (up 11% from 1Q 2024). Net income: ₹20.7m (down 21% from 1Q 2024). Profit margin: 3.9% (down from 5.4% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 29
Full year 2024 earnings released: EPS: ₹5.23 (vs ₹4.93 in FY 2023) Full year 2024 results: EPS: ₹5.23 (up from ₹4.93 in FY 2023). Revenue: ₹2.08b (up 4.2% from FY 2023). Net income: ₹78.4m (up 6.0% from FY 2023). Profit margin: 3.8% (up from 3.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (₹2.48b market cap, or US$29.8m). New Risk • Feb 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (₹2.86b market cap, or US$34.5m). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹162, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 20x in the Forestry industry in India. Total returns to shareholders of 431% over the past three years. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹1.25 (vs ₹1.12 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.25 (up from ₹1.12 in 3Q 2023). Revenue: ₹569.3m (up 19% from 3Q 2023). Net income: ₹18.8m (up 11% from 3Q 2023). Profit margin: 3.3% (down from 3.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹169, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 15x in the Forestry industry in India. Total returns to shareholders of 464% over the past three years. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: ₹1.17 (vs ₹0.70 in 2Q 2023) Second quarter 2024 results: EPS: ₹1.17 (up from ₹0.70 in 2Q 2023). Revenue: ₹505.4m (up 9.1% from 2Q 2023). Net income: ₹16.6m (up 59% from 2Q 2023). Profit margin: 3.3% (up from 2.2% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Oct 05
Chairman & MD recently bought ₹509k worth of stock On the 27th of September, Pravin Kumar Patel bought around 5k shares on-market at roughly ₹107 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹991k. Pravin Kumar has been a buyer over the last 12 months, purchasing a net total of ₹4.5m worth in shares. Recent Insider Transactions • Sep 28
Chairman & MD recently bought ₹980k worth of stock On the 25th of September, Pravin Kumar Patel bought around 9k shares on-market at roughly ₹106 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹991k. Pravin Kumar has been a buyer over the last 12 months, purchasing a net total of ₹3.9m worth in shares. Recent Insider Transactions • Sep 18
Chairman & MD recently bought ₹991k worth of stock On the 15th of September, Pravin Kumar Patel bought around 9k shares on-market at roughly ₹107 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth ₹1.7m. Pravin Kumar has been a buyer over the last 12 months, purchasing a net total of ₹3.0m worth in shares. Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: ₹1.75 (vs ₹1.09 in 1Q 2023) First quarter 2024 results: EPS: ₹1.75 (up from ₹1.09 in 1Q 2023). Revenue: ₹488.1m (down 2.6% from 1Q 2023). Net income: ₹26.2m (up 61% from 1Q 2023). Profit margin: 5.4% (up from 3.2% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₹123, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 9x in the Forestry industry in India. Total returns to shareholders of 455% over the past three years. New Risk • Aug 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (₹1.70b market cap, or US$20.6m). Recent Insider Transactions • Jun 29
Chairman & MD recently bought ₹245k worth of stock On the 26th of June, Pravin Kumar Patel bought around 3k shares on-market at roughly ₹81.61 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Pravin Kumar has been a buyer over the last 12 months, purchasing a net total of ₹322k worth in shares. Recent Insider Transactions • Mar 12
Whole-Time Director recently bought ₹58k worth of stock On the 9th of March, Sureshkumar Patel bought around 800 shares on-market at roughly ₹72.50 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹1.2m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: ₹1.12 (vs ₹1.22 in 3Q 2022) Third quarter 2023 results: EPS: ₹1.12 (down from ₹1.22 in 3Q 2022). Revenue: ₹479.5m (up 20% from 3Q 2022). Net income: ₹16.9m (down 8.0% from 3Q 2022). Profit margin: 3.5% (down from 4.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 24% share price decline to ₹80.05, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 13x in the Forestry industry in India. Total returns to shareholders of 223% over the past three years. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹0.70 (vs ₹0.95 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.70 (down from ₹0.95 in 2Q 2022). Revenue: ₹463.2m (up 11% from 2Q 2022). Net income: ₹10.4m (down 27% from 2Q 2022). Profit margin: 2.2% (down from 3.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Mehul Kumar Patel was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹101, the stock trades at a trailing P/E ratio of 23.2x. Average trailing P/E is 15x in the Forestry industry in India. Total returns to shareholders of 305% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improved over the past week After last week's 20% share price gain to ₹88.55, the stock trades at a trailing P/E ratio of 20.3x. Average trailing P/E is 15x in the Forestry industry in India. Total returns to shareholders of 230% over the past three years. Recent Insider Transactions • Sep 19
Chairman & MD recently bought ₹77k worth of stock On the 16th of September, Pravin Kumar Patel bought around 1k shares on-market at roughly ₹73.25 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth ₹218k. Pravin Kumar has been a buyer over the last 12 months, purchasing a net total of ₹203k worth in shares. Recent Insider Transactions • Jun 29
Chairman & MD recently bought ₹51k worth of stock On the 24th of June, Pravin Kumar Patel bought around 830 shares on-market at roughly ₹61.89 per share. In the last 3 months, there was an even bigger purchase from another insider worth ₹133k. Pravin Kumar has been a buyer over the last 12 months, purchasing a net total of ₹126k worth in shares. Recent Insider Transactions • Jun 21
Non Executive Director recently bought ₹133k worth of stock On the 17th of June, Hardik Kumar Patel bought around 2k shares on-market at roughly ₹63.38 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹221k more in shares than they have sold in the last 12 months. Reported Earnings • Jun 04
Full year 2022 earnings released: EPS: ₹4.37 (vs ₹3.64 in FY 2021) Full year 2022 results: EPS: ₹4.37 (up from ₹3.64 in FY 2021). Revenue: ₹1.70b (up 27% from FY 2021). Net income: ₹65.6m (up 20% from FY 2021). Profit margin: 3.9% (down from 4.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Mehul Kumar Patel was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 15% share price gain to ₹77.95, the stock trades at a trailing P/E ratio of 20x. Average trailing P/E is 11x in the Forestry industry in India. Total returns to shareholders of 144% over the past three years. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Mehul Kumar Patel was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Independent Director Mehul Kumar Patel was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 32% share price gain to ₹79.90, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 11x in the Forestry industry in India. Total returns to shareholders of 130% over the past three years. Reported Earnings • Nov 07
First half 2022 earnings released The company reported a mediocre first half result with flat earnings, revenues and profit margins. First half 2022 results: Revenue: (flat on 1H 2021). Net income: (flat on 1H 2021). Profit margin: (in line with 1H 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹70.65, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 15x in the Forestry industry in India. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improved over the past week After last week's 20% share price gain to ₹60.00, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 14x in the Forestry industry in India. Total returns to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 20% share price gain to ₹54.00, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 14x in the Forestry industry in India. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₹45.70, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 22x in the Forestry industry in India. Total returns to shareholders of 14% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improved over the past week After last week's 23% share price gain to ₹43.00, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 18x in the Forestry industry in India. Total returns to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improved over the past week After last week's 18% share price gain to ₹29.65, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 16x in the Forestry industry in India. Total loss to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹22.70, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 18x in the Forestry industry in India. Total loss to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 16% share price gain to ₹31.00, the stock is trading at a trailing P/E ratio of 9.7x, up from the previous P/E ratio of 8.4x. This compares to an average P/E of 11x in the Forestry industry in India. Total return to shareholders over the past three years is a loss of 39%. Is New 90 Day High Low • Nov 02
New 90-day high: ₹26.50 The company is up 21% from its price of ₹21.90 on 04 August 2020. The Indian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day high: ₹26.00 The company is up 24% from its price of ₹21.00 on 29 June 2020. The Indian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Forestry industry, which is up 3.0% over the same period. Annonce • Sep 01
Airo Lam Limited (NSEI:AIROLAM) agreed to acquire a 49% stake in Airolam Asia Pacific Co. Ltd. for THB 0.98 million. Airo Lam Limited (NSEI:AIROLAM) agreed to acquire a 49% stake in Airolam Asia Pacific Co. Ltd. for THB 0.98 million on August 29, 2020. Under the term, Airo Lam Limited will acquire 9,800 shares of Airolam Asia Pacific at THB 100 per share. The transaction was approved by the board of directors of Airo Lam Limited. No approval of any governmental regulatory is required for the acquisition.