Disclaimer And Disclosure

PHD Capital Private Limited is a SEBI-registered corporate Research Analyst, with SEBI Registration Number: INH000016126, and License Validity May 08, 2024 – Perpetual. We are also AMFI registered as a corporate Mutual Fund Distributor with License Number: ARN-301724, valid until July 16, 2027. We are also APMI registered as a corporate PMS Distributor with License Number: APRN00865, valid from 04/09/2024 till 03/09/2027. Our CIN Number is U67190WB2020PTC237908, and GST Number is 19AALCP2303H1ZH.

PHD Capital Private Limited, as a Mutual Fund Distributor, operates a segregated department for distributing mutual fund products. This department maintains an arm’s length distance from the Research team, and all its activities are segregated from Research activities. The Research desk operates independently, without any conflict of interest with other departments in the company, considering every dimension.

PHD Capital Private Limited, as a PMS Distributor, operates a segregated department for distributing PMS products. This department maintains an arm’s length distance from the Research team, and all its activities are segregated from Research activities. The Research desk operates independently, without any conflict of interest with other departments in the company, considering every dimension.

Note :- PHD Capital Private Limited with BSE Registration Number AP01056401142908, NSE Registration Number AP0387085553 was working as a sub-broker under Prabhudas Leeladhar Private Limited, and therefore had a separate dealing desk. The registration of BSE was surrendered (Ref No.: MOD/DS/JD/NP/10252024113529) on 08.10.2024 and the registration of NSE was surrendered (Ref.No.NSE/MEM/05977/PHD C/387/Nov-24/76590) on 04.10.2024. Therefore, PHD Capital Private Limited has stopped dealing in securities from the above mentioned date.

SEBI Registration and NISM Certification Do Not Guarantee the Performance of The Intermediary or Assure Returns to Investors. Our Research Should Not Be Interpreted as An Advertisement or Professional Advice. Investors Are Advised to Consider All Relevant Risk Factors, Including Their Financial Condition and Risk-Return Profile, And Seek Professional Guidance Before Making Any Investment Decisions. The Research Report and Content Provided by PHD Capital Private Limited on This Page Do Not Constitute an Offer to Buy, Sell, Or Subscribe to Any Securities.

Any views and/or opinions stated are personal. Please do thorough research or consult your financial manager/advisor before making an investment.

Rating Scale

Definitions of ratings:

BUY- We expect the stock to deliver more than 15% returns over the next 12-15 months

ADD- We expect the stock to deliver 5% – 15% returns over the next 12-15 months

REDUCE- We expect the stock to deliver -5% – +5% returns over the next 12 months

SELL- We expect the stock to deliver < -5% returns over the next 12 months

NR- Not Rated. PHD Capital Private Limited is not assigning any rating or price target to the stock. The report has been prepared for information purposes only.

SUBSCRIBE- We advise investor to subscribe to the IPO.

RS- Rating Suspended. PHD Capital Private Limited suspended the investment rating and price target for this stock, either because there is not a sufficient fundamental basis for determining, or there are legal, regulatory or policy constraints around publishing, an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon.

NA- Not Available or Not Applicable. The information is not available for display or is not applicable.

NM- Not Meaningful. The information is not meaningful and is therefore excluded.

NOTE- Our target prices are with a 12-month perspective. Returns stated in the rating scale are our internal benchmark.

Research Team

Name of the Individual	Department / Designation	Email-ID	Contact Number
PRITAM SARDAR	Head of Research	pritam@phdcapital.in	032-1629-7101

Disclaimer /Disclosures

PHD capital Private Limited is registered as a corporate Research Analyst under SEBI (Research Analyst) Regulations, 2014., also Registered with AMFI as a Corporate Mutual Fund Distributor. Our businesses include distribution of financial products like mutual funds and providing Financial Education.

We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. We have not been debarred from doing business by SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.

We offer our research services to clients as well as our prospects.

This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions.

This material is for the personal information of the authorized recipient, and we are not soliciting any action based upon it. This report is not to be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of PHD capital Private Limited. It does not constitute a personal recommendation or consider the particular investment objectives, financial situations, or needs of individual clients.

We have reviewed the report, and in so far as it includes current or historical information, it is believed to be reliable though its accuracy or completeness cannot be guaranteed. Neither PHD capital Private Limited, nor any person connected with it, accepts any liability arising from the use of this document. The recipients of this material should rely on their own investigations and take their own professional advice. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities – involve substantial risk and are not suitable for all investors. Reports based on technical analysis centres on studying charts of a stock’s price movement and trading volume, as opposed to focusing on a company’s fundamentals and as such, may not match with a report on a company’s fundamentals.

Opinions expressed are our current opinions as of the date appearing on this material only. While we endeavour to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our other businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

We, along with our affiliates, associates, officers, directors, employees, and research analysts (including their relatives) worldwide, may: (a) from time to time, hold long or short positions in, and buy or sell the securities of, the companies mentioned herein, or (b) be engaged in transactions involving such securities, earning brokerage or other compensation, or act as market makers in the financial instruments of the subject company or companies discussed herein. We may also act as advisors, lenders, or borrowers to such companies, or have other potential or material conflicts of interest with respect to any recommendation, information, or opinions presented at the time of publication of the Research Report or during public appearances.

PHD Capital Private Limited may have proprietary long or short positions in the mentioned securities and, therefore, may be considered interested. The views provided herein are general in nature and do not consider the risk appetite or investment objectives of any particular investor. Readers are advised to seek independent professional advice before making any investment decisions. This should not be construed as an invitation or solicitation to do business with PHD Capital Private Limited. PHD Capital Private Limited does not offer any promise or assurance of a favourable view for any particular industry, sector, or business group. Investors are encouraged to consider all risk factors, including their financial condition and suitability to their risk-return profile, and to seek professional advice before investing.

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.

No part of this material may be duplicated in any form and/or redistributed without PHD Capital Private Limited prior written consent.

Details of Associates

Research Analyst has served as an officer, director or employee of subject company(ies): No

We or our associates may have received compensation from the subject company(ies) in the past 12 months

We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No

We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. 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. Our associates may have financial interest in the subject company(ies).

Research Analyst or his/her relative’s financial interest in the subject company(ies): No

PHD Capital Private Limited has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of Research Report: No

Our associates may have actual/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 Research Report

Research analyst or his/her relatives, have actual/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 Research Report or date of the public appearance: No.

PHD Capital Private Limited has actual/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 Research Report or date of the public appearance: No

By referring to any particular sector, PHD Capital Private Limited does not provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing. Such representations are not indicative of future results.

Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.

Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing.

Investments in securities market are subject to market risks. Read all the related documents carefully before investing.

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

Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

Compliance Officer Details:

Compliance Officer: Mr. Pradip Halder ( CEO & FOUNDER )
Email: compliance@phdcapital.in , Telephone No.: 032-1629-7100

Mutual Fund

PHD Capital Private Limited is a SEBI-registered corporate Research Analyst, with SEBI Registration Number: INH000016126, and License Validity May 08, 2024 – Perpetual. We are also AMFI registered as a corporate Mutual Fund Distributor with License Number: ARN-301724, valid until July 16, 2027. We are also APMI registered as a corporate PMS Distributor with License Number: APRN00865, valid from 04/09/2024 till 03/09/2027. Our CIN Number is U67190WB2020PTC237908, and GST Number is 19AALCP2303H1ZH.

Our registered office is located at: Sadpur-Maslandpur, Habra-1, Maslandapur, Basirhat Road, 24 Parganas North, Maslandapur, BARASAT, WEST BENGAL, 743289.

Terms and Conditions:

In line with SEBI Circular for Mutual Funds (MF) dated August 22, 2011, the Client who places the order for purchasing MF with PHD Capital Private Limited (MF) under ‘Execution Only’ category agrees and confirms as under;

That I/we has read and understood the terms, conditions, details, rules and regulations governing the scheme and the content of the Scheme Information Document (SID) / Statement of Additional information (SAI), Key Information Memorandum (KIM) etc. of the MF scheme.
That the Order for the purchase /sale of units of MF scheme(s) shall be on the basis of his/its own analysis and under the category “execution only”.
That PHD CAPITAL PRIVATE LIMITED is entitled to receive Commission for the Schemes of various Mutual Funds as distributor from various Asset Management Companies.
That (For NRIs only) he/she/it is a Non-Resident Indian or origin and that has remitted the funds from abroad through approved banking channels or from funds in his/her/its Non-Resident External / Non-Resident Ordinary / FCNR account.
That he/she/it shall abide by the terms and conditions, circulars / notices issued thereunder by the Exchanges/AMC and shall ensure compliance with the requirements as may be specified from time to time by Securities and Exchange Board of India and Association of Mutual Funds of India (AMFI) and any other laws in force.
That he/she/it has read and understood the risks involved in investing in Mutual Fund Schemes.
That he/she/it shall be wholly responsible for all his/her/its investment decisions and instruction.
That the details of AMC’s for whom PHD CAPITAL PRIVATE LIMITED is a distributor are given below

I/We confirm that details provided by me/us are true and correct. I/We has/have invested or desirous to invest in the Scheme (s) Mutual Fund under Direct plan and agree to comply with the terms and conditions of the Scheme related documents.

I/We hereby give you my/our consent to share/provide the transactions data feed/portfolio holdings/NAV etc. in respect of my/our investments under Direct Plan of all Schemes managed by you, to the above-mentioned R/A.

AMC

Axis Mutual Fund, || Aditya Birla Sun Life Mutual Fund, || Bnp Paribas Mutual Fund, || Canara Robeco Mutual Fund, || Dhfl Pramerica Mutual Fund, || Dsp Blackrock Mutual Fund, || Franklin Templeton Mutual Fund, || Hdfc Mutual Fund Hsbc Mutual Fund, || Icici Prudential Mutual Fund, || Idfc Mutual Fund, || Jm Financial Mutual Fund, || Kotak Mahindra Mutual Fund, || L&T Investment Mutual Fund, || Lic Mutual Fund, || Principal Mutual Fund, || Reliance Mutual Fund, || Religare Invesco Mutual Fund, || Sbi Mutual Fund, || Sundaram Mutual Fund, || Tata Mutual Fund, || Uti Mutual Fund, || Mirae Asset Global Investments (India) Pvt. Ltd

PMS

PHD Capital Private Limited is Distributor of Portfolio Management Services offered by Prabhudas Lilladhar Private Limited (Portfolio Manager).

PHD Capital Private Limited is merely acting as a facilitator by referring you to Portfolio Manager upon your request, and the assistance provided by PHD Capital Private Limited shall not be considered as an advice/recommendation/ representation by PHD Capital Private Limited to avail Portfolio Management Services. Investment through Portfolio Management Services is subject to risks and there is no guarantee, implied or otherwise, that the general objectives of the product or any other specific performance targets will be achieved. Certain investments can be subject to sudden and large falls in value that could equal or exceed the amount invested. Please read the Disclosure Document relating to PMS Services carefully and evaluate your suitability before investing. Your decision to avail of Portfolio Management Services shall be at your own volition and risk.

Except to the extent required by current laws and/or regulations, PHD Capital Private Limited does not make any warranty, express or implied, including the warranties of merchantability and fitness for a particular purpose nor assumes any legal liability or responsibility for the accuracy, completeness, reliability or usefulness of any information contained on this Portal. Past performance is not necessarily a guide to future performance.

Use of Statements/opinions/recommendations, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements. PHD Capital Private Limited including its affiliates, and any of its officers directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, exemplary, consequential, as also any loss of profit in any way arising from the use of services of Portfolio Manager in any manner whatsoever.

The names of the Portfolio Strategy do not indicate its future prospects and returns in any manner. The data placed herein are extracted from the factsheet, disclosure documents and other material shared by Portfolio Manager. PHD Capital Private Limited have taken due care while compiling and posting this data, however, in no event PHD Capital Private Limited shall be liable for any errors and/or omissions in the information or the consequences of the use of information as posted on this Portal.

PHD Capital Private Limited may tie-up with one or more portfolio managers registered with SEBI offering PMS services having different/ diversified investment objectives from time to time. As a distributor, PHD Capital Private Limited does not assume any responsibility or liability arising from the sale of any product and the investor’s contract for purchase/sale is directly with the product provider. PHD Capital Private Limited may earn a distribution/ referral fee(s) from the product provider on completion of sale of such products.

The provision of any service or products provided by Portfolio Manager through PHD Capital Private Limited portal shall be expressly subject to the particular terms and conditions as contained in the contract for the supply of such services (Portfolio Manager- Client Agreement). Any warranties or representations made in relation to the provision of PMS Services shall be limited to those incorporated the contract only.