By Dalal Street Investment Journal (DSIJ)
TCS reported a 25% FY26 operating margin and $40.7 billion in FY26 Total Contract Value (TCV), alongside a diversified global business. The stock’s future performance will depend on earnings growth, AI adoption, deal conversion and valuation.
TCS is an IT services company and a large-cap stock in India. The stock price had declined 31.56% YTD as of the stated date.
Key Metrics | TCS |
Share Price | ₹2,200 |
Market Capitalisation | ₹7.99 lakh crore |
52-Week High | ₹3,350 |
52-Week Low | ₹1,976.80 |
P/E Ratio | 16x |
P/B Ratio | 7.4x |
FY26 Revenue | ₹2.67 lakh crore |
FY26 PAT | ₹49,210 crore |
Dividend Yield | 5% |
(Source: Company Annual Report, BSE)
TCS's valuation is lower than its previous levels, while market concerns include slower IT spending, potential AI-related changes and limited near-term growth. When assessing TCS's future earnings and valuation, analysts should consider financial performance, operating margins, client relationships, and other business factors.
Tata Consultancy Services (TCS) is India's largest IT services company and the flagship technology company of the Tata Group. Established in 1968, the company provides consulting, IT services, digital transformation solutions, cloud services, cybersecurity, engineering services and business solutions to global enterprises. TCS operates across multiple industries and geographies, helping companies modernise their technology infrastructure and improve operational efficiency.
While conventional software providers rely mainly on one technological cycle, TCS has developed a diverse business model serving industries like BFSI, Consumer Business, Life Sciences, Manufacturing, and Communication Media & Technology. Such diversity helps reduce dependency on a particular segment while allowing them access to multiple cycles of enterprise technology spending.
FY26 Revenue Mix | Contribution |
BFSI | 32.00% |
Consumer Business | 15.50% |
Life Sciences & Healthcare | 10.40% |
Manufacturing | 8.50% |
Technology & Services | 8.10% |
Communication, Media & Technology | 5.90% |
Energy, Resources & Utilities | 5.70% |
Regional Markets & Others | 13.90% |
Total | 100% |
(Source: Company Annual Report, BSE)
The BFSI industry is still the major revenue generator for TCS owing to the company's legacy ties with various international banks and financial institutions. In addition, TCS enjoys a wide geographical reach, with North America being the largest contributor to the company's revenues, followed by the UK and Continental Europe.
Geography | Revenue contribution |
North America | 48.60% |
UK | 17.40% |
Continental Europe | 15.40% |
(Source: Company Annual Report, BSE)
The competitive strengths of TCS include its size, customer relations, execution skills, and end-to-end technology solution delivery capacity. TCS is investing heavily in artificial intelligence, cloud, and automation, with AI assuming increasing importance in the company's growth plans.
TCS has managed to maintain an excellent financial profile despite tough demand conditions prevailing in the IT services space globally. This was a tough period even for the IT industry as a whole, with the Nifty IT index falling about 25% YTD due to conservative spending on technology. However, even with the slow revenue growth witnessed in FY25 and FY26, TCS managed to sustain profitability.
Financials (₹ crore) | FY24 | FY25 | FY26 |
Revenue from operations | ₹2,40,893 crore | ₹2,55,324 crore | ₹2,67,021 crore |
Revenue growth | 7% | 6% | 5% |
PAT | ₹46,099 crore | ₹48,797 crore | ₹49,454 crore |
PAT growth | 8% | 6% | 1.5% |
Operating margin* | 25% | 24% | 25% |
*Operating margin excludes disclosed one-off items.
(Source: Company Annual Report, BSE)
Revenue at TCS increased from ₹2,40,893 crore in FY24 to ₹2,67,021 crore in FY26, while reported revenue growth moderated from approximately 6.9% in FY24 to 4.6% in FY26. Despite the tough growth conditions, TCS has been able to sustain profitability owing to operational efficiency and business mix.
Consolidated profit for the year increased from ₹46,099 crore in FY24 to ₹49,454 crore in FY26. Although the growth rate of PAT came down from 8% in FY24 to 1.5% in FY26, there was no change in the operating margin, which stood constant at 25%, indicating that the company can maintain its margins in tough times.
Looking forward, the key monitorable for TCS will be the recovery of global IT expenditure, translating the company’s deal pipeline into sales and sustaining industry-leading margins.
Tata Consultancy Services (TCS) reported consolidated revenue of ₹73,188 crore in Q2 FY27, up 11.2% year-on-year (YoY) and 1.3% quarter-on-quarter (QoQ). In constant currency terms, revenue grew 2.8% YoY and 0.5% QoQ. Net profit rose 14.9% YoY and 3.8% QoQ to ₹13,934 crore, while earnings per share (EPS) stood at ₹38.37.
The operating margin remained stable at 24% QoQ but declined from 25.2% in Q2 FY26. The company reported a total contract value (TCV) of $9.6 billion. The major highlight was AI revenue, which exceeded 10% of TCS's total revenue for the first time. Annualised AI revenue increased to $3.1 billion from $2.6 billion in Q1 FY27, reflecting approximately 19.2% sequential growth, and more than doubled from $1.5 billion in Q2 FY26.
BFSI and manufacturing recorded YoY constant currency growth of 3.9% and 4.2%, respectively, while the UK and Asia Pacific grew 4.5% and 4.1%. Overall, TCS maintained revenue growth and healthy deal bookings, although modest constant currency growth and margin pressure remained concerns.
TCS has historically commanded a premium valuation within the Indian IT sector due to its strong profitability, consistent cash generation, large client base and superior return ratios. However, after the recent correction in IT stocks, the valuation gap has narrowed, making earnings growth a key factor for future returns.
Key ratio (FY26/TTM) | TCS |
P/E | 16x |
P/B | 7.4x |
ROE | 52% |
ROCE | 63% |
Debt-to-equity | 0.11x |
Dividend yield | 5% |
(Source: Company Annual Report, BSE, Screener)
The company has continued with excellent return ratios of 52% and 63% in ROE and ROCE, respectively. Its asset-light business and efficient cash generation have driven these results. With a debt-to-equity ratio of 0.11x and a dividend yield of 5%, investors can consider these metrics alongside the company's profitability, cash generation, and valuation.
Trading at 16x P/E and 7.4x P/B, the stock is trading on a high valuation. This valuation is justified by the company’s performance. The important monitorable will be the ability of earnings to grow in line with this valuation.
Technically, the share price of TCS is under a well-defined downtrend, whereby the price is trading in a pattern of lower highs and lower lows on a weekly time frame. The near-term support level for TCS is stated at ₹2,180. The ₹1,193 level should be verified against the underlying technical calculation before publication.
However, there are some positives as well, where the resistance has been formed for the stock between ₹2,495 and ₹2,565. In case of movement beyond this level, the trend would signify a breaking of the current pattern of lower highs and lower lows, which would indicate better conditions for the stock.
As on September 16, TCS is trading below its short term, medium term, and long term moving averages on the daily chart. On the weekly chart, the stock is trading below its 20-week, 50-week, 100-week, and 200-week moving averages.
TCS has one of the most stable ownership structures in large-cap Indian stocks since Tata Sons continues to have a controlling stake in the company. The promoter holding remains the same, indicating long-term stability in ownership, while institutional investors still hold a substantial share in the company.
Shareholding Pattern | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
Promoters | 71.77% | 71.77% | 71.77% | 71.77% |
FIIs | 10.33% | 10.37% | 9.66% | 9.07% |
DIIs | 12.64% | 12.81% | 13.34% | 13.41% |
Government | 0.06% | 0.06% | 0.06% | 0.06% |
Public & Others | 5.21% | 4.98% | 5.16% | 5.69% |
(Source: Screener)
Promoter ownership has remained the same in each of the past four quarters at 71.77%. The FIIs’ ownership in the company’s stocks has reduced within the last year, having declined from 10.33% in September 2025 to 9.07% in June 2026. There has been an increase in domestic institutions' ownership of the stock over the last year, which has risen from 12.64% to 13.41%.
Overall, TCS continues to have a stable shareholder base, supported by strong promoter ownership and consistent domestic institutional participation. The movement in foreign institutional holdings remains an important monitorable, especially given the stock's valuation and the broader global IT spending environment.
Nevertheless, future growth in TCS will be driven more by earnings growth than by valuation multiple growth, which has been the main driver of returns from TCS shares until now.
In the past five years, TCS has shown earnings growth consistently amid difficult conditions in the international IT industry. The firm’s ability to maintain the operating margin at around 25%, together with an impressive balance sheet and a big clientele, is one of its major strengths. For FY26, TCS had revenues of ₹2,67,021 crore, an operating margin of 25% and a net profit of approximately ₹49,454 crore.
TCS reported a FY26 Total Contract Value (TCV) of $40.7 billion, along with an enterprise client base and annualised AI revenue of $2.6 billion in Q1 FY27. However, risks include slower global technology spending, pricing pressure, currency fluctuations and disruption from AI-led changes in IT services.
The company’s future returns will depend on converting its deal pipeline into revenue growth while maintaining margins.
For IT firms, winning major deals remains a significant metric, as it offers a picture of potential future revenue growth. Despite the conservative global market spending on technology, TCS continues to have a robust deal pipeline due to the demand for cloud transformation, artificial intelligence, automation and business modernisation services.
Deal Metrics | TCS |
FY26 Total Contract Value (TCV) | $40.7 billion |
Q1 FY27 TCV | $9.5 billion |
US$100 million+ clients | 66 |
US$50 million+ clients | 139 |
US$1 million+ clients | 1,397 |
Annualised AI revenue – Q1 FY27 | $2.6 billion |
(Source: Company Annual Report, BSE, Screener)
In the fiscal year 2026, TCS ended with an impressive $40.7 billion TCV, which includes some large transformation deals, thus indicating strong demand for its services, notwithstanding the weak discretionary IT spending in the short term. For the first quarter of the fiscal year 2027, the firm reported a TCV of $9.5 billion.
The AI business of the company is also picking up pace, with the annualised AI revenue standing at $2.6 billion in Q1 FY27 compared to $2.3 billion in the previous quarter. It is evident that the AI-based investments are shifting from being experimental to commercial.
Nevertheless, investors need to separate deal wins from revenues. While large deals may give visibility about the future, it is the timing of execution, spending behaviour of the clients, and conversion of deals into revenues that will decide the bottom-line impact.
For TCS, the ability to convert its strong deal pipeline into consistent revenue growth will be a key factor influencing its long-term earnings trajectory.
The company has always given back to its shareholders through consistent dividends and share buyback programmes from time to time. This has been possible because of the cash flow efficiency of TCS, its light asset business, and its low capital expenditure requirement.
Financial Year | Dividend Per Share |
FY26 | ₹110 per share |
FY25 | ₹126 per share |
FY24 | ₹73 per share |
(Source: Company Annual Report, BSE)
The consistent dividend payout strategy by TCS makes it an attractive stock among other IT companies for those investors who like their investment to give both capital gains and income generation. For instance, TCS announced a ₹12 dividend per share in Q1 FY27.
Year | Buyback Size | Buyback Price |
2023 | ₹17,000 crore | ₹4,150 per share |
2022 | ₹18,000 crore | ₹4,500 per share |
2020 | ₹16,000 crore | ₹3,000 per share |
2018 | ₹16,000 crore | ₹2,100 per share |
2017 | ₹16,000 crore | ₹2,850 per share |
(Source: Company Annual Report, BSE)
TCS has also used buybacks as an alternative route to manage excess cash. Nevertheless, buybacks depend on the capital allocation process, as well as the valuations that TCS puts in place.
Dividend history, free cash flow, and a conservative balance sheet continue to play a significant role in the stock's long-term investment value.
TCS and Infosys are two major IT services companies operating in India, which have good client networks abroad, solid financial standing, and the ability to grow in the future. The point is that while TCS is a more stable company in terms of profitability, Infosys seems to offer more possibilities for growth.
Parameter | TCS | Infosys |
FY26 revenue | ₹2,67,021 crore | ₹1,78,650 crore |
FY26 revenue growth (CC) | -2.40% | 3.10% |
FY26 operating margin | 25.00% | 20.00% |
FY26 ROE | 51.40% | 31.60% |
FY26 large deal TCV | $40.7 billion | $14.9 billion |
Dividend yield | 5% | 5% |
(Source: Company Annual Report, BSE)
TCS has the advantage of scale, margins, and consistency of execution. It has more clients, is more profitable, and has a more robust pipeline, which means that its earnings will be more visible, as seen by its Q1 FY27 TCV of $9.5 billion.
However, Infosys has better growth momentum recently and trades at a discount relative to TCS. A recovery in IT spend globally can unlock more upside.
In summary, TCS and Infosys differ across revenue scale, growth, operating margins, return ratios, deal TCV and valuation metrics.
The target for TCS share price in 2026 would be dependent upon growth, deal conversion and valuations. Factors to watch out for include the recovery in global IT spends, margins, and revenues.
TCS operates at a large scale and has a diversified business model, with reported profitability and cash generation metrics. However, valuation and growth potential need to be considered carefully before investing.
TCS has a steady record of paying dividends, having paid a dividend of ₹110 per share in FY26.
The growth drivers of TCS are AI, cloud, digitisation, cybersecurity, and enterprise technology investments.
The risks include lower IT expenditure, margin risk, currency risk, and AI-driven transformation of the IT services market.
Infosys reported higher FY26 constant-currency revenue growth, while TCS reported higher FY26 revenue and operating margin.
SEBI Registered Research Analyst (INH000006396).
Founded in 1986, Dalal Street Investment Journal (DSIJ) brings decades of experience in India’s equity markets. DSIJ's research combines fundamental analysis with price action, guided by disciplined risk management and capital preservation. They follow a structured, data-driven approach designed to help investors and traders make informed decisions beyond short-term market noise.
Share Market Latest News
Disclaimer :
Investments in securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
The information on this website is provided on "AS IS" basis. Bajaj Broking (BFSL) does not warrant the accuracy of the information given herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or suitability for any particular purpose. While BFSL strives to ensure accuracy, it does not guarantee the completeness, reliability, or timeliness of the information. Users are advised to independently verify details and stay updated with any changes.
The information provided on this website is for general informational purposes only and is subject to change without prior notice. BFSL shall not be responsible for any consequences arising from reliance on the information provided herein and shall not be held responsible for all or any actions that may subsequently result in any loss, damage and/or liability. Interest rates, fees, and charges etc., are revised from time to time, for the latest details please refer to our Pricing page.
Neither the information, nor any opinion contained in this website constitutes a solicitation or offer by BFSL or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.
BFSL is acting as distributor for non-broking products/ services such as IPO, Mutual Fund, Insurance, PMS, and NPS. These are not Exchange Traded Products. For more details on risk factors, terms and conditions please read the sales brochure carefully before investing.
Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited
This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing.
For more disclaimer, check here : https://www.bajajbroking.in/disclaimer
Level up your stock market experience: Scan the QR to download the Bajaj Broking App for effortless investing and trading
Access Research Backed Stock Recommendations
|
Open Your Free Demat Account
Access Research Backed Stock Recommendations
|
"Investments in securities market are subject to market risk, read all the scheme related documents carefully before investing."
"Prevent Unauthorized transactions in your Trading/Demat Account. Update your mobile numbers/email IDs with your stock brokers/Depository Participant. Receive alerts/information of your transaction/all debit and other important transactions in your Trading/ Demat Account directly from Exchange/CDSL/NSDL at the end of the day. Issued in the interest of investors."
" We collect, retain, and use your contact information for legitimate business purposes only, to contact you and to provide you information & latest updates regarding our products & services."
"KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."
"We understand that certain investment advisors may be approaching members of the public including our clients, representing that they are our partners, or representing that their investment advice is based on our research. Please note that we have not engaged any third parties to render any investment advisory services on our behalf nor are we providing any stock recommendations/tips/research report/advisory. Persons making investments on the basis of such advice may lose all or a part of their investments along with the fee paid to such unscrupulous persons. Please be cautious about any phone call that you may receive from persons representing to be such investment advisors, or a part of research firm offering advice on securities. Do not make payments through e-mail links, WhatsApp or SMS. Please do not share your personal or financial information with any person without proper verification. Always trade through a registered broker."
Bajaj Financial Securities Limited is a subsidiary of Bajaj Finance Limited and is a corporate trading and clearing member of BSE Ltd. and National Stock Exchange of India Ltd. (NSEIL), and also a Depository participant with National Securities Depository Ltd (“NSDL”) and Central Depository Services Ltd. (“CDSL”).
Bajaj Financial Securities Limited is engaged in the business of Stock Broking and as a Depository Participant.Bajaj Financial Securities Limited does not provide any advisory services to its clients. Bajaj Financial Securities Limited may share updates from time to time (through various electronic communication modes) which are sourced from public domain and the same are NOT to be construed as any advice or recommendation from Bajaj Financial Securities Limited. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever.
BSE Ltd. is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time.
BSE Ltd. is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.
Personal Loan, Fixed Deposit, EMI Card are provided by Bajaj Finance Limited. Bajaj Financial Securities Limited is only a distributor. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism.
No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.
Client Registration Documents (Rights & Obligations, Risk Disclosure Document, Do's & Don'ts) in Vernacular Language: BSE | NSE
If the client wishes to revoke /cancel the EDIS mandate placed by them, they can write on email us or call on the toll free number.
Advisory for Investors : NSE | BSE
We also do pro-account trading in Equity & Derivatives Segment.
Filling complaints on SCORES/SMARTODR - Easy & Quick
A. Register on SCORES/SMARTODR portal B. Mandatory details for filling complaints on SCORES/SMARTODR (i) Name, PAN, Address, Mobile Number, E-mail ID C. Benefits: (i) Effective Communication (ii) Speedy redressal of the grievances.
SEBI Registration No.: INZ000218931 | BSE Cash/CDS/F&O (Member ID: 6706) | NSE Cash/F&O/CDS (Member ID: 90177) | MCX Member ID: 57680 | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403 Research Analyst SEBI Registration No. INH000010043
Compliance officer:
Mr. Harinatha Reddy Muthumula
TEL: 020-48574486
Email for any investor grievances or write to us for DP related matters.
DISCLAIMER
STANDARD DISCLAIMER
Investments in the securities market are subject to market risk, read all related documents carefully before investing.
Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | MCX Member ID: 57680 | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403.
Website: Bajaj Broking
RESEARCH DISCLAIMER
Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014 | CIN: U67120PN2010PLC136026 | Research Analyst SEB I Registration No: INH000010043.
Details of Compliance Officer:
Mr. Harinatha Reddy Muthumula (For Broking/DP/Research)
Email | Contact No.: 020-4857 4486
Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.
DISCLOSURES
Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations)
Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043.
DISCLAIMER
This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects.
This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.
The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.
ADDITIONAL DISCLAIMER FOR U.S. PERSONS
Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.
ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS
Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.
This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.
DISCLAIMER FOR REPORT DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)
Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.
This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.
This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.
We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.
Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.
Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
Research analyst has served as an officer, director or employee of subject Company: No
Bajaj Financial Securities Limited has financial interest in the subject companies: No
Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.
Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Subject company may have been client during twelve months preceding the date of distribution of the research report.
There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE
ANALYST CERTIFICATION
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.
RISK DISCLOSURE ON DERIVATIVES
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
BROKERAGE DISCLAIMER
All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing
MTF
As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
