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Research Analyst: DIVYESH DILIPBHAI KOYANI (SEBI Registration No.: INH000015303)

• Research reports are issued only to registered clients and intended solely for their use and reference.
• Information contained in research reports is derived from publicly available sources believed to be reliable and trustworthy; however, absolute accuracy and completeness cannot be guaranteed.
• All research reports undergo internal review procedures to avoid misleading statements and to ensure compliance with applicable SEBI regulations.
• Research reports are provided for informational and educational purposes only and should not be construed as personalized investment advice.
• The contents of research reports do not constitute an offer, solicitation, or recommendation to buy, sell, or subscribe to any securities or financial instruments.
• Investors are advised to independently evaluate the suitability of any investment decision and consider their financial objectives, risk tolerance, and investment horizon.
• Past performance, forecasts, projections, and market opinions contained in research reports are not indicative of future performance or returns.
• Investment in securities markets is subject to market risks. Investors should read all related documents carefully before making any investment decision.

• No liability shall be assumed for any direct, indirect, incidental, or consequential losses arising from errors, omissions, delays, or inaccuracies in research reports, recommendations, or related communications.
• Investments in securities and financial products are subject to market risks. Under certain market conditions, investors may lose part or the entire amount of their invested capital.
• Research reports, market views, and recommendations do not take into account the individual financial circumstances, investment objectives, risk tolerance, or specific needs of any particular investor.
• Investors should carefully evaluate the suitability of any investment decision based on their own financial condition, investment goals, and risk appetite before acting on any recommendation.
• Market conditions, economic events, regulatory changes, geopolitical developments, and company-specific factors may significantly impact the value and performance of securities.
• Past performance of securities, sectors, indices, strategies, or recommendations is not indicative or a guarantee of future performance or returns.
• Forecasts, projections, target prices, and market expectations are based on assumptions and may differ materially from actual outcomes.
• Investors are advised to seek independent professional advice, where appropriate, and exercise due diligence before making any investment decision.

• The Research Analyst does not have any financial interest in the subject companies covered in research reports, unless specifically disclosed.
• There are no material conflicts of interest that may affect the objectivity, independence, or integrity of research recommendations.
• The Research Analyst does not hold ownership of 1% or more of the equity securities of any subject company covered under research reports, unless otherwise disclosed.

• Compensation from Subject Company (Last 12 Months): NO
• Investment Banking or Merchant Banking Services: NO
• Compensation for Other Products or Services: NO
• Receipt of Third-Party Benefits or Consideration: NO
• Market-Making Activity in Subject Company's Securities: NO

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