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This document is prepared in accordance with the Securities and Exchange Board of India (Research
Analysts) Regulations, 2014.
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Investment Risks:
Investments in the securities market are subject to market risks. Please read all related documents
carefully before making any investment decisions. Registration with SEBI and certification from NISM
do not guarantee performance or assure returns.
Report Preparation:
This Research Report (hereinafter referred to as the "Report") has been prepared by Dhokiya’s
Research Analyst (OPC) Private Limited as research entities. The Research Analysts responsible for
this Report have received compensation based on various factors, including research quality and firm
revenues.
Accuracy and Liability:
While Dhokiya’s Research Analyst (OPC) Private Limited have taken reasonable steps to ensure the
accuracy of the information, neither entity guarantees completeness or reliability. Any reliance on
this Report for trading or investment purposes is at the reader's own risk. Dhokiya’s Research Analyst
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consequential damages arising from the use of this Report. Securities and derivatives markets may
experience rapid and unexpected price changes, and past performance is not indicative of future
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General Disclaimer:
This Report is intended solely for the recipient’s use and is not for circulation. It does not consider
specific investment objectives, financial situations, or needs of individual clients. Recommendations
made herein are expressions of opinion and should not be construed as investment advice or
solicitation. Readers should conduct their own research and seek independent professional advice
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Information Sources:
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This Report is not directed to or intended for distribution in jurisdictions where such distribution
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Dhokiya’s Research Analyst (OPC) Private Limited and its associates have no material conflicts of
interest with the companies covered in this Report.
Specifically:
1. No compensation has been received from the covered companies for investment banking
transactions in the past 12 months.
2. Dhokiya’s Research Analyst (OPC) Private Limited or its associates do not collectively hold
more than 1% of the companies covered in the Report.
3. Dhokiya’s Research Analyst (OPC) Private Limited or its associates have not managed or co-managed
any public or private offerings of securities for the covered companies in the last 12 months.
4. Dhokiya’s Research Analyst (OPC) Private Limited has not received compensation from the
covered companies for investment banking or financial services in the last 12 months.
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Distribution in Canada or to private customers in the United Kingdom is prohibited.
Analyst Certification:
The Research Analysts responsible for this Report certify that the views expressed are their personal
opinions and that no part of their compensation is tied to specific recommendations or views
expressed. They may have financial interests in the securities reviewed and Dhokiya’s Research
Analyst (OPC) Private Limited has procedures in place to manage conflicts of interest.
