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  1. Home
  2. Nifty Microcap 250 Stocks List

Nifty Microcap 250 Stocks List

Last Updated: 23 October, 2026 - 03:59 PM

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Nifty Microcap 250 Companies

Company LTP Market Cap (Cr.) PE Ratio EPS
ARVIND
Arvind Ltd
480.9 13086.51 48.11 10
BIRLACORPN
Birla Corporation Ltd
777.8 5990.22 24.41 31.87
BORORENEW
Borosil Renewables Ltd
384.5 5655.53 14.08 27.29
PGHL
Procter & Gamble Health Ltd
5000 8354.05 25.07 200.73
ELECTCAST
Electrosteel Castings Ltd
66.29 4100.42 45.74 1.45
EPL
EPL Ltd
221.81 7120.63 23.22 9.56
GRWRHITECH
Garware Hi Tech Films Ltd
7034 16350.73 38.92 180.81
KANSAINER
Kansai Nerolac Paints Ltd
181.2 14640.27 21.65 8.36
SAREGAMA
Saregama India Ltd
487.1 9421.64 40.32 12.12
GREAVESCOT
Greaves Cotton Ltd
183.52 4275.82 19.61 9.36
GRINDWELL
Grindwell Norton Ltd
1850 20458.84 47.17 39.17
GNFC
Gujarat Narmada Valley Fertilizers & Chemicals Ltd
498.3 7305.16 7.1 70.03
GUJALKALI
Gujarat Alkalies & Chemicals Ltd
541.1 3974.21 59.8 9.05
GSFC
Gujarat State Fertilizers & Chemicals Ltd
135.02 5375.46 7.99 16.88
HCC
Hindustan Construction Company Ltd
17.38 4555.25 23.82 0.73
IFBIND
IFB Industries Ltd
1049.5 4263.51 27.28 38.57
IONEXCHANG
Ion Exchange (India) Ltd
337.75 4958.8 43.74 7.73
KIRLPNU
Kirloskar Pneumatic Company Ltd
584.7 7591.61 27.79 21.02
PFIZER
Pfizer Ltd
3612.3 16516.53 21.48 168.11
SURYAROSNI
Surya Roshni Ltd
195.56 4260.22 13.68 14.31
RALLIS
Rallis India Ltd
194.57 3785.34 18.43 10.56
SUNDRMFAST
Sundram Fasteners Ltd
1037 21858.6 37.76 27.55
SMLMAH
SML Mahindra Ltd
4843.5 7013.75 47.69 101.63
THOMASCOOK
Thomas Cook (India) Ltd
88.37 4155.81 33.34 2.65
JUBLPHARMA
Jubilant Pharmova Ltd
936.9 14939.95 473.66 1.98
ALKYLAMINE
Alkyl Amines Chemicals Ltd
1634.8 8361.46 37.13 44.03
DYNAMATECH
Dynamatic Technologies Ltd
12296 8376.09 187.81 65.67
SAFARI
Safari Industries (India) Ltd
1227.5 5996.18 52.61 23.26
VIPIND
V I P Industries Ltd
262.55 3749.55 0 0
LUMAXIND
Lumax Industries Ltd
5304 4974.39 26.59 200.05
SUDARSCHEM
Sudarshan Chemical Industries Ltd
1019.6 8122.06 27.67 36.87
RAIN
Rain Industries Ltd
198.18 6673.18 472.38 0.42
BANCOINDIA
Banco Products (India) Ltd
558.4 7985.77 19.23 29.04
SUNFLAG
Sunflag Iron & Steel Company Ltd
375 6765.44 32.33 11.61
INDIAGLYCO
India Glycols Ltd
287.45 1926.68 6.28 45.76
SUBROS
Subros Ltd
590 3838.47 22.31 26.37
JAMNAAUTO
Jamna Auto Industries Ltd
123.16 4921.82 19.44 6.33
FINPIPE
Finolex Industries Ltd
142.4 8829.39 14.95 9.52
WESTLIFE
Westlife Foodworld Ltd
567.9 8864.19 0 0.39
ICIL
Indo Count Industries Ltd
393.8 7811.26 45.65 8.64
VIYASH
Viyash Scientific Ltd
204.18 8987.68 105.41 1.93
SANDUMA
Sandur Manganese & Iron Ores Ltd
156.58 7614.83 12.91 12.13
MSTCLTD
MSTC Ltd
573.2 4021.6 17.08 33.45
RCF
Rashtriya Chemicals & Fertilizers Ltd
94.39 5213.47 12.43 7.6
PRECWIRE
Precision Wires India Ltd
402 7323.29 41.95 9.55
GAEL
Gujarat Ambuja Exports Ltd
153.83 7047.47 16.79 9.15
MASTEK
Mastek Ltd
1761.6 5468.91 25.86 68.19
ASHAPURMIN
Ashapura Minechem Ltd
420.5 4011.62 26.58 15.8
RATNAMANI
Ratnamani Metals & Tubes Ltd
2296 16262.4 46.38 50.02
TIMEX
Timex Group India Ltd
590.95 6003.5 67.27 8.84
VESUVIUS
Vesuvius India Ltd
394 7960.12 31.08 12.62
DIACABS
Diamond Power Infrastructure Ltd
315.05 19030.62 102.65 3.1
MARKSANS
Marksans Pharma Ltd
286.9 12994.47 40.39 7.1
TI
Tilaknagar Industries Ltd
491.15 12164.35 53.45 9.18
PRAJIND
Praj Industries Ltd
251.2 4619.22 32.68 7.69
SPLPETRO
Supreme Petrochem Ltd
712.6 13422.39 27.38 26.07
TTKPRESTIG
TTK Prestige Ltd
520.3 7118.83 30.94 16.8
WEBELSOLAR
Websol Energy System Ltd
60.47 2626.69 8.37 7.23
HERITGFOOD
Heritage Foods Ltd
349.3 3237.19 29.79 11.71
ASTRAMICRO
Astra Microwave Products Ltd
1485 14107.4 80.75 18.4
CENTUM
Centum Electronics Ltd
3826.7 5652.74 69.1 55.42
JAYNECOIND
Jayaswal Neco Industries Ltd
88.69 8607.9 12.36 7.17
GOLDIAM
Goldiam International Ltd
290.35 4376.7 94.38 3.08
KITEX
Kitex Garments Ltd
111.71 2237.39 78.43 1.43
STYLAMIND
Stylam Industries Ltd
3109.9 5255.17 31.03 99.93
SUVEN
Suven Life Sciences Ltd
261.35 7397.49 0 0
PICCADIL
Piccadily Agro Industries Ltd
542 5336.7 37.47 14.45
GENUSPOWER
Genus Power Infrastructures Ltd
259.2 7899.66 12.36 21.01
SHILPAMED
Shilpa Medicare Ltd
875.9 16874.8 107.72 8.01
RELAXO
Relaxo Footwears Ltd
279.1 6945.39 37.5 7.44
BALAMINES
Balaji Amines Ltd
1827.9 5923.39 29.94 61.07
CSBBANK
CSB Bank Ltd
317 5430.11 7.9 39.6
JKPAPER
JK Paper Ltd
357 6466.73 23.67 15.07
IMFA
Indian Metals & Ferro Alloys Ltd
1099.7 5931.98 11.31 97.19
KTKBANK
Karnataka Bank Ltd
300.55 11357.29 7.9 37.98
BALUFORGE
Balu Forge Industries Ltd
422.05 5116.67 32.6 12.93
KRBL
KRBL Ltd
349.35 7989.4 10.54 33.11
SHILCTECH
Shilchar Technologies Ltd
3532.4 4043.54 29.4 120.22
SOUTHBANK
South Indian Bank Ltd
52.57 13770.73 8.69 6.05
SHAKTIPUMP
Shakti Pumps (India) Ltd
386.6 4774.27 24.82 15.59
SHAILY
Shaily Engineering Plastics Ltd
2937.2 13483.51 75.83 38.66
SGMART
SG Mart Ltd
796.8 10010.94 109.83 7.23
SUNTECK
Sunteck Realty Ltd
270.6 3973.55 233.28 1.16
RESPONIND
Responsive Industries Ltd
140.16 3784.51 337.98 0.42
PAISALO
Paisalo Digital Ltd
76.16 7020.67 26.67 2.88
LLOYDSENT
Lloyds Enterprises Ltd
62.42 9564.17 195.5 0.32
TIPSMUSIC
Tips Music Ltd
717.05 9107.17 40.1 17.86
SIGMAADV
Sigma Advanced System Ltd
781.3 14853.39 204.19 3.83
AURIONPRO
Aurionpro Solutions Ltd
550 3032.21 27.71 19.8
NFL
National Fertilizer Ltd
57.12 2802.19 10.27 5.56
GPPL
Gujarat Pipavav Port Ltd
156.6 7590.01 14.27 11
TMB
Tamilnad Mercantile Bank Ltd
800.65 12681.58 8.78 91.2
SONATSOFTW
Sonata Software Ltd
232.15 6518.47 20.25 11.48
GOKEX
Gokaldas Exports Ltd
670.5 4945.14 22.02 30.65
CRAMC
Canara Robeco Asset Management Company Ltd
204.7 4074.1 17.8 11.48
NEWGEN
Newgen Software Technologies Ltd
454.2 6463.54 19.84 22.86
MOIL
MOIL Ltd
215.52 4386.12 14.45 14.92
MIDHANI
Mishra Dhatu Nigam Ltd
361.65 6777.02 50.45 7.17
DCBBANK
DCB Bank Ltd
202.43 6435.73 8.17 24.44
JYOTHYLAB
Jyothy Labs Ltd
175.36 6435.8 22.67 7.73
GODREJAGRO
Godrej Agrovet Ltd
605.95 11693.8 20.16 30.14
VAIBHAVGBL
Vaibhav Global Ltd
186 3147.36 15.34 12.23
STAR
Strides Pharma Science Ltd
1014.8 9329.26 51.8 19.54
FEDFINA
Fedbank Financial Services Ltd
149.71 5602.13 12.93 11.55
VGUARD
V-Guard Industries Ltd
270.95 11770.49 36.26 7.43
ADVENZYMES
Advanced Enzyme Technologies Ltd
248.35 2779.25 33.54 7.4
PTC
PTC India Ltd
133.37 3951.71 10.84 12.31
DATAMATICS
Datamatics Global Services Ltd
710.95 4206.31 38.41 18.53
AXISCADES
AXISCADES Technologies Ltd
1934.4 8145.38 0 0
WELENT
Welspun Enterprises Ltd
633 8766.44 29.85 21.22
CERA
Cera Sanitaryware Ltd
4530 5854.9 28.37 159.99
POWERICA
Powerica Ltd
494.5 6260.52 28.46 17.38
ELLEN
Ellenbarrie Industrial Gases Ltd
303.15 4279.51 35.47 8.56
LUMAXTECH
Lumax Auto Technologies Ltd
1807.7 12271.11 58.13 30.97
LXCHEM
Laxmi Organic Industries Ltd
150.46 4185.4 35.02 4.3
RENUKA
Shree Renuka Sugars Ltd
18.7 3976.02 0 0
TANLA
Tanla Platforms Ltd
557.15 7389.04 44.28 12.58
JAIBALAJI
Jai Balaji Industries Ltd
63.45 5814.94 39.84 1.6
HAPPYFORGE
Happy Forgings Ltd
1770 16631.59 50.8 34.68
FIEMIND
Fiem Industries Ltd
1765 4629.23 17.6 99.93
PURVA
Puravankara Ltd
183.5 4396.76 28.13 6.59
ASHOKA
Ashoka Buildcon Ltd
98.49 2776.35 14.57 6.79
CHALET
Chalet Hotels Ltd
783.1 17290.68 31.17 25.33
SKIPPER
Skipper Ltd
473.9 5800.19 25.58 18.56
IIFLCAPS
IIFL Capital Services Ltd
342 10796.08 19.23 17.8
SFL
Sheela Foam Ltd
566.95 6192.92 40.42 14.03
VOLTAMP
Voltamp Transformers Ltd
9627 9715.98 30.64 313.39
TEXRAIL
Texmaco Rail & Engineering Ltd
98.5 4015.75 18.87 5.23
PGIL
Pearl Global Industries Ltd
1224 11283.89 195.12 6.26
SPARC
Sun Pharma Advanced Research Company Ltd
172.5 5573.66 3.49 49.17
V2RETAIL
V2 Retail Ltd
162.81 5947.24 36.33 4.49
NETWORK18
Network 18 Media & Investments Ltd
23.5 3629.87 0 0
TIMETECHNO
Time Technoplast Ltd
157 7757.48 33.8 4.65
REFEX
Refex Industries Ltd
228.85 3114.4 10.82 20.97
EMBDL
Embassy Developments Ltd
48.44 6745.96 0 0
KSCL
Kaveri Seed Company Ltd
730.05 3763.8 15.81 46.28
RELIGARE
Religare Enterprises Ltd
209.5 7238.15 0 0
EDELWEISS
Edelweiss Financial Services Ltd
119.53 11320.63 25.02 4.78
KNRCON
KNR Constructions Ltd
97.98 2760.32 24.66 3.98
TVSSCS
TVS Supply Chain Solutions Ltd
108.75 4802.72 141.36 0.77
PNCINFRA
PNC Infratech Ltd
134.05 3462 6.52 20.69
CMRGREEN
CMR Green Technologies Ltd
195.93 4293.49 34.27 5.72
NAZARA
Nazara Technologies Ltd
402.15 16402.35 0 0
PCJEWELLER
PC Jeweller Ltd
18.04 17722.62 23.47 0.77
SENCO
Senco Gold Ltd
309.3 5062.9 8.56 36.1
VMART
V-Mart Retail Ltd
777.2 6250.25 45.06 17.43
AEROFLEX
Aeroflex Industries Ltd
451.3 5978.04 89.63 5.04
AKUMS
Akums Drugs & Pharmaceuticals Ltd
668.5 10515.49 90.28 7.4
MEDPLUS
Medplus Health Services Ltd
595.15 7133.14 107.56 5.52
AEQUS
Aequs Ltd
235.55 15804.24 480.92 0.49
POWERMECH
Power Mech Projects Ltd
2124.7 6720.36 19.52 108.88
RTNPOWER
RattanIndia Power Ltd
6.28 3372.43 31.4 0.2
SHARDACROP
Sharda Cropchem Ltd
641 5793.06 8.23 78.06
ATLANTAELE
Atlanta Electricals Ltd
1619.5 12467.25 51.98 31.19
DBREALTY
Valor Estate Ltd
78.07 4229.15 58.62 1.33
WABAG
Va Tech Wabag Ltd
1710.4 10692.85 30.01 57
PNGJL
P N Gadgil Jewellers Ltd
570 8419.25 19.21 29.77
DBL
Dilip Buildcon Ltd
363 5830.96 28.76 12.48
BAJAJCON
Bajaj Consumer Care Ltd
396.95 5182.28 20.5 19.35
NIVABUPA
Niva Bupa Health Insurance Company Ltd
72 13260.85 76.29 0.94
LATENTVIEW
Latent View Analytics Ltd
221.86 4590 35.18 6.3
OSWALPUMPS
Oswal Pumps Ltd
219.35 2501.84 10.88 20.17
JSFB
Jana Small Finance Bank Ltd
396 4054.57 10.68 35.88
ABFRL
Aditya Birla Fashion & Retail Ltd
39.77 4855.19 0 0
MBAPL
Madhya Bharat Agro Products Ltd
158.5 7331.17 47.27 3.38
JUSTDIAL
Just Dial Ltd
705.95 6025.72 11.84 59.85
NORTHARC
Northern Arc Capital Ltd
247.45 4003.2 8.95 27.65
BECTORFOOD
Mrs Bectors Food Specialities Ltd
189.5 5829.75 45.11 4.21
THYROCARE
Thyrocare Technologies Ltd
466.65 7357.42 44.02 10.5
HCG
Healthcare Global Enterprises Ltd
550 8213.86 121.45 4.53
WAAREERTL
Waaree Renewable Technologies Ltd
678.25 7083.17 15.35 44.22
INDIGOPNTS
Indigo Paints Ltd
1013.9 4826.49 29.15 34.69
PDSL
PDS Ltd
345 4787.73 162.72 2.08
INDGN
Indegene Ltd
571.9 13768.85 60.73 9.41
EQUITASBNK
Equitas Small Finance Bank Ltd
65.78 7553.56 14.8 4.46
QUESS
Quess Corp Ltd
312.7 4621.25 18.81 16.45
CMSINFO
CMS Info Systems Ltd
202 3248.49 10.1 20.1
QPOWER
Quality Power Electrical Equipments Ltd
1305.4 10108.39 147.49 8.85
METROPOLIS
Metropolis Healthcare Ltd
520 10849.3 60.74 8.61
ERIS
ERIS Lifesciences Ltd
1095.5 15228.64 73.87 14.86
LLOYDSENGG
Lloyds Engineering Works Ltd
84.61 13131.1 91.03 0.93
TRANSRAILL
Transrail Lighting Ltd
428.8 5759.25 13.54 31.63
PRICOLLTD
Pricol Ltd
630.05 7677.32 35.29 17.85
GOKULAGRO
Gokul Agro Resources Ltd
196.17 5779.27 16.24 12.06
VIKRAMSOLR
Vikram Solar Ltd
127.98 4632.7 12.97 9.86
SJS
S J S Enterprises Ltd
1873.5 6040.18 41.78 44.83
ACI
Archean Chemical Industries Ltd
478.45 5921.68 41.38 11.59
AVL
Aditya Vision Ltd
547.35 7166.52 51.15 10.85
MANORAMA
Manorama Industries Ltd
1765 11126.27 42.11 41.86
UJJIVANSFB
Ujjivan Small Finance Bank Ltd
58.1 11327.2 9.86 5.88
HAPPSTMNDS
Happiest Minds Technologies Ltd
301.15 4588.04 24.28 12.41
SUDEEPPHRM
Sudeep Pharma Ltd
966.2 10889.94 93.7 10.29
SHAREINDIA
Share India Securities Ltd
171.68 3761.61 11.76 14.62
APOLLO
Apollo Micro Systems Ltd
374.75 13894.11 107.75 3.47
HGINFRA
H.G. Infra Engineering Ltd
381 2484.32 10.94 34.83
SBFC
SBFC Finance Ltd
80.56 8900.86 18.53 4.32
MANYAVAR
Vedant Fashions Ltd
481.45 11690.91 30.3 15.88
ROUTE
Route Mobile Ltd
416 2622.19 21.76 19.13
ARVINDFASN
Arvind Fashions Ltd
374.95 4846.8 348.56 1.04
E2E
E2E Networks Ltd
566.05 11616.47 98.97 5.71
RBA
Restaurant Brands Asia Ltd
89.4 6290.31 0 0
SAPPHIRE
Sapphire Foods India Ltd
196 6310.35 0 0.13
SKYGOLD
Sky Gold & Diamonds Ltd
1046.85 16227.69 67.38 15.55
TARC
TARC Ltd
109.59 3238.68 0 0
NEOGEN
Neogen Chemicals Ltd
2173.7 6539.94 125.33 17.37
KPIGREEN
KPI Green Energy Ltd
287.3 5681.09 14.67 19.59
SWSOLAR
Sterling & Wilson Renewable Energy Ltd
142.13 3325.63 13.08 10.89
SAMHI
Samhi Hotels Ltd
152.85 3403.21 0 0.23
KMEW
Knowledge Marine & Engineering Works Ltd
3149.7 7983.55 60.65 51.9
BLACKBUCK
Blackbuck Ltd
543.45 9894.76 57.03 9.52
PARAS
Paras Defence and Space Technologies Ltd
1177.2 9484.32 106.41 11.06
GMRP&UI
GMR Power & Urban Infra Ltd
95.67 7466.53 0 0
SUPRIYA
Supriya Lifescience Ltd
818.55 6590.74 33.17 24.69
IXIGO
Le Travenues Technology Ltd
146.58 6462.24 51.21 2.86
RATEGAIN
Rategain Travel Technologies Ltd
764 9067.27 229 3.34
MAPMYINDIA
C.E. Info Systems Ltd
820.3 4499.97 31.47 26.09
AARTIPHARM
Aarti Pharmalabs Ltd
823 7445.27 35.42 23.18
EMIL
Electronics Mart India Ltd
153.6 5907.82 30.11 5.1
JSLL
Jeena Sikho Lifecare Ltd
341.55 4234.93 17.9 19.03
CAPILLARY
Capillary Technologies India Ltd
573 4545.31 288.43 1.98
CAMPUS
Campus Activewear Ltd
186.15 5800.27 37.65 5.04
AMAGI
Amagi Media Labs Ltd
550 11970.46 217.52 2.5
YATHARTH
Yatharth Hospital & Trauma Care Services Ltd
922.4 8978.78 93.09 10.01
UTLSOLAR
Fujiyama Power Systems Ltd
353.35 11110.91 26.58 13.6
WAKEFIT
Wakefit Innovations Ltd
132.43 4392.64 22.34 5.93
WEWORK
Wework India Management Ltd
633.6 8750.91 101.15 6.23
AVALON
Avalon Technologies Ltd
1856.6 12418.04 130.75 14.2
BLUESTONE
Bluestone Jewellery & Lifestyle Ltd
731.2 11175.82 92.54 7.9
BLUEJET
Blue Jet Healthcare Ltd
475.55 8996.27 38.3 12.41
EIEL
Enviro Infra Engineers Ltd
161.39 2833.93 16.8 9.61
THELEELA
Leela Palaces Hotels & Resorts Ltd
576.5 19292.75 62.19 9.29
ZAGGLE
Zaggle Prepaid Ocean Services Ltd
150.98 2019.57 16.24 9.25
SHADOWFAX
Shadowfax Technologies Ltd
274.05 16129.19 93.79 2.93
KISSHT
Onemi Technology Solutions Ltd
309.15 5509.96 32.77 9.44
RAYMONDLSL
Raymond Lifestyle Ltd
510.85 3112.89 25.77 19.83
SEDEMAC
Sedemac Mechatronics Ltd
3035.2 13402.21 111.84 27.13
CEIGALL
Ceigall India Ltd
366.4 6317.54 19.38 18.71
EBGNG
GNG Electronics Ltd
682.5 7779.01 170.15 4.01
CELLO
Cello World Ltd
354 7985.18 101.74 3.48
ENTERO
Entero Healthcare Solutions Ltd
1470 6391.8 305.96 4.8
KRN
KRN Heat Exchanger and Refrigeration Ltd
1018.5 6664.98 89.71 11.35
ABLBL
Aditya Birla Lifestyle Brands Ltd
70.5 8608.34 47.34 1.49
SENORES
Senores Pharmaceuticals Ltd
1215.3 5590.45 300.47 4.04
UNIMECH
Unimech Aerospace and Manufacturing Ltd
1560.1 7951.15 0 3.06
TRIVENIPT
Triveni Power Transmission Ltd
489.95 5076.92 0 0
LOTUSDEV
Sri Lotus Developers & Realty Ltd
225.5 10959.63 177.98 1.26
KWIL
Kwality Walls India Ltd
34.52 8117.84 0 0
SHREEJISPG
Shreeji Shipping Global Ltd
776.6 12650.6 77.11 10.07
PARKHOSPS
Park Medi World Ltd
215.1 9308.11 283.55 0.76
OMNI
Omnitech Engineering Ltd
635.6 7863.92 0 0
NEPHROPLUS
Nephrocare Health Services Ltd
590.05 6006.39 0 0

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5paisa Capital Ltd. CIN: L67190MH2007PLC289249 | Stock Broker SEBI Regn.: INZ000010231 | SEBI Depository Regn.: IN DP CDSL: IN-DP-192-2016 | Research Analyst SEBI Regn. No.: INH000025188 | AMFI-registered Mutual Fund Distributor | AMFI REGN No.: ARN-104096 | Date of initial Registration: 30/07/2015 | Current validity of ARN : 30/07/2027 | NSE Member id: 14300 | BSE Member id: 6363 | MCX Member ID: 55945 | Registered Address - IIFL House, Sun Infotech Park, Road no. 16V, Plot no. B-23, MIDC, Thane Industrial Area, Waghle Estate, Thane, Maharashtra - 400604

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2. No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.
3. Message from Exchange(s): Prevent Unauthorised transactions in your account --> Update your mobile numbers/email IDs with your stock brokers. Receive information of your transactions directly from Exchange on your mobile/email at the end of the day. Issued in the interest of investors.
4. Message from Depositories: a) Prevent Unauthorized Transactions in your demat account --> Update your mobile number with your Depository Participant. Receive alerts on your registered mobile for all debit and other important transactions in your demat account directly from CDSL on the same day issued in the interest of investors. b) KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.

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