Research Analyst Disclosures & Disclaimers

Prudent Corporate Advisory Services Limited is a leading Mutual Fund Distributor, SEBI Registered Stock Broker, Research Analyst, Investment Adviser, and Depository Participant. The company is also a member of BSE, NSE, and CDSL, and holds registrations as a PFRDA Point of Presence (POP) and an IRDAI Corporate Agent.

Please click on the link below to view detailed registration information.

https://www.fundzbazar.com/stock-broking/sebiregistration

Registered Address: Prudent House, Panjrapole Cross Road, Nr. Polytechnic, Ambawadi, Ahmedabad - 380015, Gujarat, India. Tel: 079-40209600.

Website: https://www.fundzbazar.com/ | https://www.prudentcorporate.com/

Compliance Officer: Nilesh Panchal
Email: [email protected] | Phone: 079-61600900

For complaints, please email: [email protected]

Analyst Certification: The views expressed in this research report ("Report") accurately reflect the personal views of the research analysts ("Analysts") employed by Prudent Corporate Advisory Services Limited (“PCAS”) about any and all of the subject issuer(s) or securities. This Report has been prepared based upon information available to the public and sources believed to be reliable.

Analysts as mentioned above include:

• Pradip Hotchandani (Research Head)
• Virendra Rathore (Sr. Research Analyst)
• Nihal Shah (Fundamental Research Analyst)

The Analysts certify that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this Report.

The Analysts engaged in the preparation of this Report, or his/her relative, or PCAS:

• Do not have any financial interests in the subject company mentioned in this Report;
• Do not own 1% or more of the equity securities of the subject company mentioned in this Report as of the last day of the month preceding the publication of this Report;
• Do not have any material conflict of interest at the time of publication of this Report.

The Analysts engaged in the preparation of this Report and PCAS:

• Have not received any compensation from the subject company in the past twelve months;
• Have not managed or co-managed a public offering of securities for the subject company in the past twelve months;
• Have not received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past twelve months;
• Have not received any compensation for products or services other than investment banking, merchant banking, or brokerage services from the subject company in the past twelve months;
• Have not received any compensation or other benefits from the subject company or any third party in connection with the Report;
• Have not served as an officer, director, or employee of the subject company;
• Are not engaged in market-making activity for the subject company.

PCAS may use Artificial Intelligence tools for the preparation of this Report. However, this Report may have been refined using such tools to enhance clarity and readability.

About PCAS Prudent Corporate Advisory Services Limited (PCAS) is a company engaged in diversified financial services businesses, including securities broking, DP services, distribution of mutual funds, and other financial products. PCAS is a member of stock exchanges and is also a Depository Participant registered with CDSL. PCAS is a large broking house catering to retail, HNI, and institutional clients. It operates through its branches and authorized persons across the country, and clients are provided online trading through the internet and offline trading through branches and call & trade facilities.

We hereby declare that our activities were neither suspended nor have we materially defaulted with any stock exchange authority with whom we are registered in the last five years. However, SEBI, exchanges, and depositories have conducted routine inspections and, based on their observations, have issued advisory letters or levied minor penalties for certain procedural lapses. We have not been debarred from doing business by any stock exchange, SEBI, or any other authority; nor has our certificate of registration been cancelled by SEBI at any point in time.

PCAS or its associates may:

• From time to time, have long or short positions in, and buy or sell, the securities of the company mentioned in the Report. The calls are taken by PCAS’s proprietary desk, which maintains an arm’s length distance from the research team. The proprietary desk operates independently, potentially leading to investment decisions that may deviate from research views.
• Be engaged in any transaction involving such securities and earn brokerage or other compensation, or act as a market maker in the financial instruments of the company discussed herein, or act as an advisor or lender/borrower to such company, or may have any other potential conflict of interest with respect to any recommendation or related information and opinions.
• Have financial interests in the subject company mentioned in this Report.
• Be engaged in market-making activity for the subject company.

PCAS does not have actual or beneficial ownership of one percent or more of the securities of the subject company at the end of the month immediately preceding the date of publication of the Report.

Compensation paid to Analysts of PCAS is not based on any specific merchant banking, investment banking, or brokerage service transaction.

PCAS or its associates did not receive any compensation or benefit from the subject company or any third party in connection with the preparation of this Report.

This Report is for the personal information of the authorized recipient(s) and is not for public distribution and should not be reproduced, transmitted, or redistributed to any other person or in any form without PCAS’s prior permission. The information provided in the Report is from publicly available data, which we believe is reliable. While reasonable efforts have been made to present reliable data in the Report, PCAS does not guarantee the accuracy or completeness of the data. Accordingly, PCAS or any of its associates, including directors and employees, shall not be responsible or liable for any loss or damage arising from any inadvertent error in the information, views, or opinions expressed in this Report or in connection with its use.

Please ensure that you have read the "Risk Disclosure Document for Capital Market and Derivatives Segments" as prescribed by the Securities and Exchange Board of India before investing in the Indian securities market.

The projections and forecasts described in this Report should be carefully evaluated as they:

• Are based upon a number of estimates and assumptions and are inherently subject to significant uncertainties and contingencies;
• May not materialize or may vary significantly from actual results, and such variances may increase over time;
• Are not prepared with a view toward compliance with published guidelines or generally accepted accounting principles. No independent accountants have expressed an opinion or any other form of assurance on these;
• Should not be regarded, by mere inclusion in this Report, as a representation or warranty by PCAS, the authors of this Report, or any other person, that these or their underlying assumptions will be achieved.

This Report is for informational purposes only, and PCAS or its associates accept no liability for any loss or damage arising from its use. Though disseminated simultaneously, not all recipients may receive this Report at the same time. PCAS will not treat recipients as clients solely by virtue of their receiving this Report.

This Report has been prepared and issued by PCAS/Analyst in their capacity as a research analyst. This Report is not intended to constitute personal investment advice or a solicitation to buy, sell, or hold any security and does not take into account the specific investment objectives, financial situation, or needs of any recipient. The securities discussed in this Report may not be suitable for all investors. PCAS does not provide legal, accounting, or tax advice, and investors are advised to seek professional consultation.

Certain transactions, including those involving futures, options, derivatives, and non-investment-grade securities, involve substantial risk and may not be suitable for all investors. Foreign currency-denominated securities are subject to exchange rate fluctuations.

The price, value, and income of investments referred to in this Report may fluctuate, and investors may incur losses. Past performance is not indicative of future results. PCAS does not guarantee the accuracy or completeness of the information and has no obligation to update it.

The opinions expressed are subject to change without notice. This Report may not be reviewed or approved by any regulatory authority in India and may not contain all material information.

The securities described may not be eligible for sale in all jurisdictions. Distribution of this document may be restricted by law, and recipients should comply with such restrictions.

“Investment in the securities market is subject to market risks. Read all related documents carefully before investing.”

“Registration granted by SEBI, enlistment with BSE, and certification from NISM do not guarantee the performance of the intermediary or assure returns to investors.”