Disclosure and Disclaimer

General Disclaimers

• (a) The recommendations provided in this report are based on publicly available information we believe to be reliable and accurate at the time of publication.
• (b) Unless otherwise stated, our recommendations are intended for a 12-month investment horizon.
• (c) Ratings provided are based on absolute returns (positive or negative) and should be interpreted accordingly.
• (d) Security prices may fluctuate due to market volatility or company-specific events, and returns may vary dramatically over time.
• (e) We reserve the right to revise or withdraw ratings due to reassessment of valuation, market events, or lack of clarity.
• (f) Opinions expressed are subject to change without notice, and we are under no obligation to inform clients of such changes.
• (g) Clients are advised to carefully assess market risks, including the possibility of partial or permanent capital loss.
• (h) SHIVAJI PHADKE adheres strictly to SEBI (Research Analyst) Regulations, 2014, and does not offer investment advisory or PMS (Portfolio Management Services).

Analyst Certification

I, SHIVAJI PHADKE, as a SEBI-registered Research Analyst, certify that:

• (a) The views expressed represent honest and independent opinions.
• (b) The report is based on publicly available reliable sources.
• (c) Compensation is not influenced by recommendations.

Conflict of Interest & Ownership Disclosure

• (a) No financial interest in the subject company.
• (b) Do not own 1% or more equity.
• (c) No material conflict of interest.
• (d) No compensation received in last 12 months.
• (e) No investment banking/brokerage services provided.
• (f) No managerial or directorial role.
• (g) No market-making involvement.
• (h) Not a client in last 12 months.

Compensation & Conflicts of Interest

• No compensation received from subject company.
• No public issue management.
• No investment banking/brokerage compensation.
• No compensation for other services.
• No benefits or incentives received.

Employment & Operational Involvement

• Not employed by subject company.
• Not engaged in market-making.

Client Relationship & Service Status

The subject company has not been a client during the past 12 months.

Disciplinary History

No prior disciplinary action, regulatory penalties, or adverse rulings.

Key Disclosures and Risk Factors

• Reports are for informational purposes only.
• No liability for losses due to errors or omissions.
• Investments are subject to market risk.
• Not tailored to individual needs.
• Independent judgment required before investing.

Risk Warnings

• Market risks may cause capital loss.
• Past performance is not indicative of future results.
• Securities are provided only for illustration.
• SEBI registration does not guarantee returns.