DISCLAIMER

This report (including the views and opinions expressed therein, and the information comprised therein) has been prepared by InCred Capital Wealth Portfolio Managers Private Limited (hereinafter referred to as “ICWPMPL”). ICWPMPL is registered with SEBI as a Research Analyst vide Registration No. INH000023922. Pursuant to a trademark agreement, ICWPMPL has adopted “Incred Equities” as its trademark for use in this report.

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Unless otherwise specified, this report is based upon reasonable sources. Such sources will, unless otherwise specified, for market data, be market data and prices available from the main stock exchange or market where the relevant security is listed, or, where appropriate, any other market. Information on the accounts and business of company(ies) will generally be based on published statements of the company(ies), information disseminated by regulatory information services, other publicly available information and information resulting from our research. While every effort is made to ensure that statements of facts made in this report are accurate, all estimates, projections, forecasts, expressions of opinion and other subjective judgments contained in this report are based on assumptions considered to be reasonable as of the date of the document in which they are contained and must not be construed as a representation that the matters referred to therein will occur. Past performance is not a reliable indicator of future performance. The value of investments may go down as well as up and those investing may, depending on the investments in question, lose more than the initial investment. No report shall constitute an offer or an invitation by or on behalf of ICWPMPL and its affiliates/group companies to any person to buy or sell any investments.

The opinions expressed are based on information which is believed to be accurate and complete and obtained through reliable public or other non-confidential sources at the time made (information barriers and other arrangements may be established, where necessary, to prevent conflicts of interests arising. However, the analyst(s) may receive compensation that is based on his/their coverage of company(ies) in the performance of his/their duties or the performance of his/their recommendations. In reviewing this report, an investor should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additional information is, subject to the duties of confidentiality, available on request.

The report is not a “prospectus” as defined under Indian Law, including the Companies Act, 2013, and is not, and shall not be, approved by, or filed or registered with, any Indian regulator, including any Registrar of Companies in India, SEBI, any Indian stock exchange, or the Reserve Bank of India. No offer, or invitation to offer, or solicitation of subscription with respect to any such securities listed or proposed to be listed in India is being made, or intended to be made, to the public, or to any member or section of the public in India, through or pursuant to this report.

The research analysts, strategists or economists principally responsible for the preparation of this research report are segregated from the other activities of ICWPMPL. Information barriers and other arrangements have been established, as required, to prevent any conflicts of interests.

ICWPMPL may have issued other reports (based on technical analysis, event specific, short-term views, etc.) that are inconsistent with and reach a different conclusion from the information presented in this report.

Holding of Analysts/Relatives of Analysts, ICWPMPL and Associates of ICWPMPL in the covered securities, as on the date of publishing of this report

• Research Analyst or his/her relative(s) or InCred Capital Wealth Portfolio Managers Private Limited or our associate may have any financial interest in the subject company.
• Research Analyst or his/her relatives or InCred Capital Wealth Portfolio Managers Private Limited or our associates may have actual or beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of the Research Report.
• Research Analyst or his/her relative or InCred Capital Wealth Portfolio Managers Private Limited or our associate entities may have any other material conflict of interest at the time of publication of the Research Report.
• Research Analyst are using Artificial Intelligence tools for analysis and preparation of the Research report.

Use of Artificial Intelligence Tools

• The Research Analyst may use Artificial Intelligence (“AI”) tools and technology-assisted applications as supporting tools in the process of research, analysis, data processing, information gathering, drafting and preparation of this Research Report. Such tools may assist in processing and analysing information; however, they do not independently determine the research views, recommendations, target prices or investment opinions contained in this report.
• The Research Analyst exercises independent professional judgment and is responsible for reviewing, validating and assessing the information and analysis generated or assisted by such AI tools before incorporating the same into this Research Report. Reasonable care is taken to verify the accuracy and relevance of information.
• The use of AI tools does not diminish or transfer the responsibility of the Research Analyst for the contents, analysis, opinions, recommendations or disclosures contained in this Research Report. Investors are advised to independently evaluate the information and exercise their own judgment before making any investment decision.

In the past 12 months, ICWPMPL or any of its associates may have:

1. Received any compensation/other benefits from the subject company,
2. Managed or co-managed public offering of securities for the subject company,
3. Received compensation for investment banking or merchant banking or brokerage services from the subject company,
4. Received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company.

We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.

Research Analyst may have served as director, officer, or employee in the subject company.

We or our research analyst may engage in market-making activity of the subject company.

Analyst declaration

• The analyst responsible for the production of this report hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the issuers or securities analysed in this report and were prepared independently and autonomously in an unbiased manner.
• No part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations(s) or view(s) in this report or based on any specific investment banking transaction.
• The analyst(s) has(have) not had any serious disciplinary action taken against him/her(them).
• The analyst, strategist, or economist does not have any material conflict of interest at the time of publication of this report.
• The analyst(s) has(have) received compensation based upon various factors, including quality, accuracy and value of research, overall firm performance, client feedback and competitive factors.

ICWPMPL and/or its affiliates and/or its Directors/employees may own or have positions in securities of the company(ies) covered in this report or any securities related thereto and may from time to time add to or dispose of, or may be materially interested in, any such securities.

ICWPMPL and/or its affiliates and/or its Directors/employees may do and seek to do business with the company(ies) covered in this research report and may from time to time (a) buy/sell the securities covered in this report, from time to time and/or (b) act as market maker or have assumed an underwriting commitment in securities of such company(ies), and/or (c) may sell them to or buy them from customers on a principal basis and/or (d) may also perform or seek to perform significant investment banking, advisory, underwriting or placement services for or relating to such company(ies) and/or (e) solicit such investment, advisory or other services from any entity mentioned in this report and/or (f) act as a lender/borrower to such company and may earn brokerage or other compensation. However, Analysts are forbidden to acquire, on their own account or hold securities (physical or uncertificated, including derivatives) of companies in respect of which they are compiling and producing financial recommendations or in the result of which they play a key part.

Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Recommendation Framework

Stock Ratings Definition:

Rating	Definition
Add	The stock’s total return is expected to exceed 10% over the next 12 months.
Hold	The stock’s total return is expected to be between 0% and positive 10% over the next 12 months.
Reduce	The stock’s total return is expected to fall below 0% or more over the next 12 months.

The total expected return of a stock is defined as the sum of the: (i) percentage difference between the target price and the current price and (ii) the forward net dividend yields of the stock. Stock price targets have an investment horizon of 12 months.

Sector Ratings Definition:

Rating	Definition
Overweight	An Overweight rating means stocks in the sector have, on a market cap-weighted basis, a positive absolute recommendation.
Neutral	A Neutral rating means stocks in the sector have, on a market cap-weighted basis, a neutral absolute recommendation.
Underweight	An Underweight rating means stocks in the sector have, on a market cap-weighted basis, a negative absolute recommendation.

Country Ratings Definition:

Rating	Definition
Overweight	An Overweight rating means investors should be positioned with an above-market weight in this country relative to benchmark.
Neutral	A Neutral rating means investors should be positioned with a neutral weight in this country relative to benchmark.
Underweight	An Underweight rating means investors should be positioned with a below-market weight in this country relative to benchmark.