Disclosure

1. Falconphase Research Private Limited is registered with SEBI as a Non – Individual Research Analyst under Registration No. INH000022020, dated July 24, 2025, with the registered address S-118 Sungapore Township, Anex Cly, Talawali Chanda,, Lasudia, Indore, Madhya Pradesh – 453771. It provides Research Analyst services to clients under this registration

2. Mr. Sonu Kushwah who is a Principal Officer in the Company has done Masters of Business Administration (Financial Markets &Banking) from Dr. A.P.J. Abdul Kalam University, Indore. With a strong analytical skill set, he excels in identifying investment ideas and implementing effective strategies.

3. Falconphase Research Private Limited provides research recommendations based on:

• Fundamental Analysis
• Technical Analysis

4. There are no outstanding litigations, and no disciplinary actions have been taken against Falconphase Research Private Limited by SEBI or any other authority.

5. Falconphase Research Private Limited has exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but does not guarantee its accuracy or completeness. The opinions expressed are based on my current research as of the date appearing in the material and may be subject to change from time to time without notice.

6. Falconphase Research Private Limited does not accept any liability arising from the use of this document or the information contained herein. The recipients of this material should rely on their own judgment and take their own professional advice before acting on this information.

7. Falconphase Research Private Limited shall not be in any way responsible for any loss or damage that may arise to any person/s from any inadvertent error in the information contained, views and opinions expressed in this publication.

8. Falconphase Research Private Limited or its associates, including relatives-

• do not hold any financial interest in the Company.
• do not have any actual/beneficial ownership of more than 1% in the company.
• do not have any other material conflict of interest.

9. Falconphase Research Private Limited or its associates are not affiliated with any other intermediaries or have received any brokerage or commission from any third party.

10. Falconphase Research Private Limited or its associates have not received any compensation from the Company covered by Research Analyst during the past twelve months

11. Falconphase Research Private Limited or its associates have not managed or comanaged public offering of securities of the Company during the past twelve months.

12. Falconphase Research Private Limited or its associates has not served as an officer, director or employee of the Company and has not been engaged in the market making activity of the Company.

13. Falconphase Research Private Limited has ensured that the facts mentioned in the research report are taken from the reliable source and information. However, the investors are advised to independently evaluate the market conditions/ risks involved before making the investment decision.

14.  Falconphase Research Private Limited may use Artificial Intelligence (AI) tools as part of the research process to enhance analysis and efficiency