The Research is issued by Govardhan Research and Analytics Pvt Ltd., a SEBI-registered Research Analyst (Registration No: INH000020873). The disclosures mentioned below are in compliance with SEBI (Research Analysts) Regulations, 2014, to ensure transparency and integrity. Investors must perform their own due diligence before acting on any recommendations. There are no outstanding litigations or disciplinary actions against Govardhan Research and Analytics Pvt Ltd. as of the date of this report. Neither Govardhan Research and Analytics Pvt Ltd. nor its associates or relatives hold any financial interest in the subject companies discussed in this report unless explicitly mentioned. Govardhan Research and Analytics Pvt Ltd. or its associates do not own 1% or more of the securities of the subject companies as of the end of the month immediately preceding the publication of this report. Govardhan Research and Analytics Pvt Ltd., its associates, or relatives do not have any material conflicts of interest with the subject companies at the time of publication unless explicitly disclosed. Govardhan Research and Analytics Pvt Ltd. nor its associates have received compensation from the subject companies in the past 12 months for Investment banking, merchant banking, or brokerage services. Govardhan Research and Analytics Pvt Ltd. has not managed or co-managed public offerings of securities for any subject company in the past 12 months. Govardhan Research and Analytics Pvt Ltd. has not received any compensation or other benefits from any third party in connection with this research report unless specifically disclosed. The research analyst(s) involved in the preparation of this report have not served as an officer, director, or employee of the subject companies. Govardhan Research and Analytics Pvt Ltd. has not been engaged in any market-making activities for the subject companies. Investments in the securities market are subject to market risks. This research report is not an offer to sell or a solicitation to buy any securities. Past performance is not indicative of future results. Investors are encouraged to seek independent financial advice and read all relevant offer documents before making investment decisions.
