Registration granted by SEBI, enlistment with RAASB and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.

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

The following accompany every research report and apply to the analyst and the analyst's relatives/associates:

Analyst certification. The views expressed accurately reflect the analyst's personal views. No part of compensation was, is, or will be related to the specific recommendations.

Minimum mandatory terms per SEBI's guidelines, incorporating the standardised Most Important Terms and Conditions.

1. No execution. Research services only; the RA cannot execute trades on the client's behalf.
2. Fee ceiling. The maximum fee that may be charged is ₹1,51,000 per annum per family of client, applicable to individual and HUF clients, excluding statutory charges. This does not apply to non-individual clients or accredited investors.
3. Advance & refund. Advance fees only if agreed, for the period permitted by SEBI; proportionate refund for the unexpired period on premature termination.
4. Payment modes. Digital modes only — UPI, net banking, NEFT or IMPS. Cash is not permitted.
5. Conflict of interest. Disclosed and mitigated per SEBI/RAASB regulations; conflicts affecting services are notified promptly.
6. Prohibited schemes. Assured, guaranteed or fixed-return schemes are prohibited and not offered.
7. No guarantee. Returns, profits and accuracy cannot be guaranteed.
8. Market risk. Investments on recommendations are subject to market risk with no recourse to claim losses.
9. KYC. The client must furnish KYC details; records are collected, stored, uploaded and checked with a KYC Registration Agency (KRA) as specified by SEBI, for fee-paying clients.
10. Registration is not a guarantee. SEBI registration, RAASB enlistment and NISM certification do not guarantee performance or assure returns.
11. Grievances. Escalation to RAASB (BSE), SEBI SCORES and SMART ODR as set out in the grievance section.
12. Amendments. Any change in voluntary clauses is preceded by 15 days' notice and never contravenes SEBI/RAASB rules.

Rights: fair treatment; full disclosure of conflicts; the fee structure before payment; privacy; proportionate refund on termination; timely grievance redressal (acknowledged within 24 hours, resolved within 21 days).

Do's: deal only with a SEBI-registered, RAASB-enlisted analyst; verify the registration number; pay only through banking channels into the disclosed account; read the T&C and MITC.

Don'ts: never pay in cash; never trust promises of assured returns; never share trading credentials or OTPs; never permit an RA to trade on your behalf; never act on unsolicited tips.

Month ended 30 June 2026. Updated within 7 days of month-end.

Add the 12-month and 3-year trend tables here before publishing.

Definitions. Buy: expected return above 15% over the stated horizon. Hold: −10% to +15%. Sell: below −10%. Ratings are opinions and may be revised at any time.