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DEVYANI

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DEVYANI INTERNATIONAL LTD Share Price Update

As of the latest trading session, DEVYANI INTERNATIONAL LTD is trading at ₹116.02, down by ₹-2.06 or -1.74% from its previous close. The stock has moved between ₹112.25 and ₹118.00 today. Over the past year, the stock has delivered a return of -33.87%. In the last month, it has returned 9.91%.

DEVYANI INTERNATIONAL LTD performance

Today’s low Today’s high
₹ 112.25 ₹ 118.00
₹ 116.02
52 week low 52 week high
₹ 91.55 ₹ 191.00
₹ 116.02
Open Price ₹ 118.00
Prev. Close ₹ 118.08
Volume (Shares) 1940050.00
Total traded value ₹ 2250.84
Upper Circuit ₹ 141.69
Lower Circuit ₹ 94.47
info

Investment Returns

Over 1 Month 9.91% Over 3 Months -8.47% Over 6 Months -17.17% Over 1 Year -33.87%
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DEVYANI INTERNATIONAL LTD fundamentals


  • Market cap (Cr) 14,304.60
  • P/E Ratio (TTM) -437.59
  • Beta 1.10
  • Book Value / share 12.39
  • Return on equity 1.87%
  • EPS (TTM) 0.00
  • Dividend yield 0.00%
  • Net profit/quarter (Cr) -12.74
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  • Market cap (Cr) 14,289.80
  • P/E Ratio (TTM) -437.59
  • Beta 1.04
  • Book Value / share 12.39
  • Return on equity 1.87%
  • EPS (TTM) 0.00
  • Dividend yield 0.00%
  • Net profit/quarter (Cr) -12.74
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DEVYANI INTERNATIONAL LTD Financials

  • Key Results
  • Key Ratios
  • Balance sheet
  • Cash Flow
  • Competition
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Revenue
Net income
Particulars MAR 2026 (Values in Cr)
Revenue 878.94
Operating Expense 913.90
Net Profit -12.74
Net Profit Margin (%) -1.44
Earnings Per Share (EPS) -0.10
EBITDA 161.17
Effective Tax Rate (%) 30.05
Particulars DEC 2025 (Values in Cr)
Revenue 906.20
Operating Expense 919.39
Net Profit -12.30
Net Profit Margin (%) -1.35
Earnings Per Share (EPS) -0.10
EBITDA 152.37
Effective Tax Rate (%) 33.65
Particulars SEP 2025 (Values in Cr)
Revenue 870.61
Operating Expense 899.68
Net Profit -14.33
Net Profit Margin (%) -1.64
Earnings Per Share (EPS) -0.12
EBITDA 140.46
Effective Tax Rate (%) 28.61
Particulars JUN 2025 (Values in Cr)
Revenue 916.89
Operating Expense 925.90
Net Profit 6.21
Net Profit Margin (%) 0.67
Earnings Per Share (EPS) 0.05
EBITDA 167.24
Effective Tax Rate (%) 13.74
Particulars MAR 2025 (Values in Cr)
Revenue 801.23
Operating Expense 831.33
Net Profit -13.26
Net Profit Margin (%) -1.65
Earnings Per Share (EPS) -0.11
EBITDA 151.53
Effective Tax Rate (%) 15.05
Particulars MAR 2026 (Values in Cr)
Revenue 3572.64
Operating Expense 3658.89
Net Profit -33.15
Net Profit Margin (%) -0.92
Earnings Per Share (EPS) -0.27
EBITDA 621.24
Effective Tax Rate (%) 33.16
Particulars MAR 2025 (Values in Cr)
Revenue 3349.33
Operating Expense 3372.18
Net Profit 23.72
Net Profit Margin (%) 0.70
Earnings Per Share (EPS) 0.20
EBITDA 652.05
Effective Tax Rate (%) 12.24
Particulars MAR 2024 (Values in Cr)
Revenue 3116.22
Operating Expense 3030.17
Net Profit -6.34
Net Profit Margin (%) -0.20
Earnings Per Share (EPS) -0.05
EBITDA 516.49
Effective Tax Rate (%) 184.42
Particulars MAR 2023 (Values in Cr)
Revenue 2774.28
Operating Expense 2575.60
Net Profit 260.18
Net Profit Margin (%) 9.37
Earnings Per Share (EPS) 2.16
EBITDA 625.77
Effective Tax Rate (%) -11.74
Particulars MAR 2022 (Values in Cr)
Revenue 1853.27
Operating Expense 1755.98
Net Profit 153.38
Net Profit Margin (%) 8.27
Earnings Per Share (EPS) 1.29
EBITDA 403.46
Effective Tax Rate (%) -36.57
Particulars MAR 2025 (Values in Cr)
Book Value / Share 9.07
ROE % 0.00
ROCE % 0.00
Total Debt to Total Equity 2.83
EBITDA Margin 17.70
Particulars MAR 2024 (Values in Cr)
Book Value / Share 8.75
ROE % 0.00
ROCE % 0.00
Total Debt to Total Equity 2.21
EBITDA Margin 16.79
Particulars MAR 2023 (Values in Cr)
Book Value / Share 8.04
ROE % 17.96
ROCE % 13.51
Total Debt to Total Equity 1.70
EBITDA Margin 22.33
Particulars MAR 2022 (Values in Cr)
Book Value / Share 5.70
ROE % 22.10
ROCE % 12.89
Total Debt to Total Equity 3.20
EBITDA Margin 23.62
Particulars MAR 2021 (Values in Cr)
Book Value / Share 0.99
ROE % 0.00
ROCE % 0.00
Total Debt to Total Equity 0.00
EBITDA Margin 22.34
Particulars MAR 2025 (Values in Cr)
Book Value / Share 9.15
ROE % 1.87
ROCE % 7.04
Total Debt to Total Equity 2.05
EBITDA Margin 20.16
Particulars MAR 2024 (Values in Cr)
Book Value / Share 9.02
ROE % 0.00
ROCE % 0.00
Total Debt to Total Equity 1.62
EBITDA Margin 20.47
Particulars MAR 2023 (Values in Cr)
Book Value / Share 8.99
ROE % 18.46
ROCE % 13.98
Total Debt to Total Equity 1.22
EBITDA Margin 22.57
Particulars MAR 2022 (Values in Cr)
Book Value / Share 7.41
ROE % 18.37
ROCE % 11.54
Total Debt to Total Equity 1.75
EBITDA Margin 21.82
Particulars MAR 2021 (Values in Cr)
Book Value / Share 2.59
ROE % 0.00
ROCE % 0.00
Total Debt to Total Equity 4.82
EBITDA Margin 21.20
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 181.37
Total Assets 5338.57
Total Liabilities 5338.57
Total Equity 1402.26
Share Outstanding 120
Price to Book Ratio 16.28
Return on Assets (%) 0.17
Return on Capital (%) 0.39
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 180.82
Total Assets 4932.45
Total Liabilities 4932.45
Total Equity 1348.58
Share Outstanding 120
Price to Book Ratio 16.68
Return on Assets (%) 0.95
Return on Capital (%) 2.09
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 85.14
Total Assets 2985.42
Total Liabilities 2985.42
Total Equity 964.18
Share Outstanding 120
Price to Book Ratio 16.08
Return on Assets (%) 8.87
Return on Capital (%) 25.44
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 65.88
Total Assets 2262.52
Total Liabilities 2262.52
Total Equity 681.56
Share Outstanding 120
Price to Book Ratio 23.66
Return on Assets (%) 6.90
Return on Capital (%) 19.2
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 40.53
Total Assets 1668.40
Total Liabilities 1668.40
Total Equity 71.85
Share Outstanding 115
Price to Book Ratio 0.00
Return on Assets (%) -3.30
Return on Capital (%) -12.21
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 23.45
Total Assets 3964.29
Total Liabilities 3964.29
Total Equity 1103.96
Share Outstanding 120
Price to Book Ratio 16.28
Return on Assets (%) 0.59
Return on Capital (%) 1.61
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 24.17
Total Assets 3642.64
Total Liabilities 3642.64
Total Equity 1088.60
Share Outstanding 120
Price to Book Ratio 16.68
Return on Assets (%) -0.17
Return on Capital (%) -0.44
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 75.23
Total Assets 2902.51
Total Liabilities 2902.51
Total Equity 1084.75
Share Outstanding 120
Price to Book Ratio 16.08
Return on Assets (%) 8.96
Return on Capital (%) 23.99
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 40.70
Total Assets 2167.61
Total Liabilities 2167.61
Total Equity 893.12
Share Outstanding 120
Price to Book Ratio 23.66
Return on Assets (%) 7.07
Return on Capital (%) 16.08
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 28.47
Total Assets 1597.42
Total Liabilities 1597.42
Total Equity 299.10
Share Outstanding 115
Price to Book Ratio 0.00
Return on Assets (%) -4.08
Return on Capital (%) -9.7
Particulars MAR 2025 (Values in Cr)
Net Income 13.11
Cash from Operations 898.23
Cash from Investing -462.15
Cash from Financing -425.35
Net change in Cash 13.73
Free Cash Flow 1389.18
Particulars MAR 2024 (Values in Cr)
Net Income 3.67
Cash from Operations 619.19
Cash from Investing -1550.86
Cash from Financing 889.27
Net change in Cash 105.05
Free Cash Flow 1097.65
Particulars MAR 2023 (Values in Cr)
Net Income 241.92
Cash from Operations 684.80
Cash from Investing -349.73
Cash from Financing -282.70
Net change in Cash 5.14
Free Cash Flow 1122.10
Particulars MAR 2022 (Values in Cr)
Net Income 123.14
Cash from Operations 460.90
Cash from Investing -375.27
Cash from Financing -58.35
Net change in Cash 17.48
Free Cash Flow 767.15
Particulars MAR 2021 (Values in Cr)
Net Income -64.05
Cash from Operations 239.07
Cash from Investing -358.59
Cash from Financing 141.98
Net change in Cash 26.73
Free Cash Flow 376.40
Particulars MAR 2025 (Values in Cr)
Net Income 27.03
Cash from Operations 658.09
Cash from Investing -322.92
Cash from Financing -327.08
Net change in Cash 12.47
Free Cash Flow 1008.67
Particulars MAR 2024 (Values in Cr)
Net Income 7.51
Cash from Operations 605.27
Cash from Investing -737.48
Cash from Financing 109.15
Net change in Cash -41.69
Free Cash Flow 1019.73
Particulars MAR 2023 (Values in Cr)
Net Income 232.84
Cash from Operations 634.37
Cash from Investing -305.33
Cash from Financing -279.06
Net change in Cash 10.34
Free Cash Flow 1030.38
Particulars MAR 2022 (Values in Cr)
Net Income 112.30
Cash from Operations 394.36
Cash from Investing -363.46
Cash from Financing -9.89
Net change in Cash 11.81
Free Cash Flow 679.11
Particulars MAR 2021 (Values in Cr)
Net Income -65.30
Cash from Operations 158.24
Cash from Investing -302.30
Cash from Financing 170.09
Net change in Cash 25.87
Free Cash Flow 283.36
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
WESTLIFE FOODWORLD LIMITED 472.70 0.00 11.90 7371.10 398.35 814.60
JUBILANT FOODWORKS LTD 460.30 92.62 14.01 30372.67 409.85 719.70
UNITED FOODBRANDS LIMITED 362.65 0.00 4.32 1417.47 170.70 390.00
COFFEE DAY ENTERPRISE LTD 24.39 23.68 0.19 515.24 21.05 51.49
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
WESTLIFE FOODWORLD LIMITED 472.70 0.00 14.41 7371.10 398.35 814.60
JUBILANT FOODWORKS LTD 460.30 124.07 13.16 30372.67 409.85 719.70
UNITED FOODBRANDS LIMITED 362.65 0.00 3.94 1417.47 170.70 390.00
COFFEE DAY ENTERPRISE LTD 24.39 0.00 0.31 515.24 21.05 51.49

DEVYANI INTERNATIONAL LTD shareholding pattern

Holding
13.16%
61.36%
6.13%
19.33%
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News

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DEVYANI INTERNATIONAL LTD Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
116.02 -1.74 redarrow
red-green-graph indicator
10 Bearish
6 Bullish
  • 5 Days 117.70
  • 26 Days 115.00
  • 10 Days 117.40
  • 50 Days 115.40
  • 12 Days 117.10
  • 100 Days 122.00
  • 20 Days 115.70
  • 200 Days 134.70
117.58 PIVOT
First Support 115.63 First Resistance 120.02 Second Support 113.19 Second Resistance 121.97 Third Support 111.24 Third Resistance 124.41
RSI 54.73 ADX 53.24 MACD 2.17 Williams % R -53.15 Commodity Channel Index (CCI) 29.67
Date 2026-05-15 Week 1072231.00 Same Day 1901272.00 Month 1430685.00
1 Year 1.10 3 Year 0.82
Over 1 Month
9.91% down
Over 1 Year
-33.87% down
Over 3 Months
-8.47% down
Over 3 Years
-13.64% down
Over 6 Months
-17.17% down
Over 5 Years
-0.89% down

DEVYANI INTERNATIONAL LTD Corporate Actions

Top Gainers

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Top Losers

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DEVYANI INTERNATIONAL LTD Share Price

Devyani International Limited was originally incorporated as Universal Ice Creams Private Limited' at New Delhi as Private Company on December 13, 1991. Subsequently, name of the Company changed to 'Devyani International Private Limited' and a fresh Certificate of Incorporation dated 7 June, 2000 was issued by the RoC. Thereafter, the the status converted into a Public Company and name of the Company was changed to 'Devyani International Limited' dated 09 May 2005. RJ Corp Limited is the holding company and held 59.28% of the paid-up equity share capital of the Company as of March 31, 2025.

The Company is a multi-dimensional comprehensive quick service restaurant (QSR) player in India. It is primarily engaged in the business of developing, managing and operating quick service restaurants and food courts for brands such as Pizza Hut, KFC, Costa Coffee, Vaango, etc., and retail stores of TWG Tea. As of March 31, 2025, the Company has 2,039 stores across India, Nepal and Nigeria.

In 1997, the Company signed a development agreement with PepsiCo Restaurants International (India) Private Limited for opening Pizza Hut outlets in North India, pursuant to which it commenced operations of first Pizza Hut outlet in Jaipur.

In 2002, it acquired Speciality Restaurants Private Limited.

In 2004, Speciality Restaurants Private Ltd was merged into and with the Company.

In 2005, Company signed an International Development Agreement with Costa for opening Costa Coffee outlets in India. The first KFC store opened in Kolkata.

In 2010, it opened the first KFC outlet in Nigeria. It opened e first KFC and Pizza Hut outlets in Nepal. Devyani Food Street Private Limited formed in a joint venture with Delhi International Airport Limited and the Company.

In 2011, the Company launched its own brand for South Indian QSR- Vaango.

In 2012, First Pizza Hut Delivery opened in Nepal. The Company acquired 60% stake in Delhi Select Service Hospitality Private Limited. IDBI Trusteeship Services Limited, acting through its Investment Manager, ICICI Venture Funds Management Company Limited invested Rs. 991.41 million in the Company.

In 2015, it acquired Pizza Hut delivery stores from Yum India in Western and Southern India.

In 2016, it acquired balance 40% stake in DFSPL from Delhi International Airport Private Limited for an aggregate consideration of Rs. 49.20 million.

In 2017, it entered into a concession agreement with GMR Hyderabad International Airport Limited to operate and maintain the food court of Hyderabad Airport under the brand name Food Street'.

In 2019, it acquired 13 KFC outlets and 61 KFC outlets with Yum India during FY 2020.

As on 31 March 2019, the Company has 6 subsidiaries and 1 joint venture company.

As of March 31, 2021, the Company operated 264 KFC stores and 297 Pizza Hut stores across India. In August 2021, it extended partnership with Costa Coffee parent.

As of March 31, 2022, the Company operated in total 892 stores across 204 cities in India. It opened 246 new stores in FY 2021-22. It has operations in Nepal and Nigeria through a network of 46 stores.

During the year 2021-22, the Board of Directors of Company in their meeting held on December 13, 2021 amalgamated both subsidiaries, Devyani Food Street Private Limited and Devyani Airport Services (Mumbai) Private Limited, with the Company.

As on 31 March 2022, the Company has 5 subsidiaries. In FY22, it added 100 new stores to reach 364 stores.

During 2022-23, the Company opened 305 Net New Units (NNUs), as against the previous highest addition of 246 NNUs, taking the total store count to 1,243 and store count across core brands to 1,165.

The Company's portfolio as of FY 2023 stands at 543 stores for KFC, 510 stores for Pizza Hut and 112 stores for Costa Coffee. It added 138 KFC stores during the year; 93 Pizza Hut stores; 57 Costa Coffee stores and expanded the network by adding 126 new stores, reaching a total of 490 stores by year-end 2022-23.

During 2023, the Company launched Flavour Fun Pizza. It launched 4 flagship stores. It introduced 13 stores for the international business and further launched the lunch menu at KFC.

In FY24, the Company has opened its first-ever Vaango Store at Mumbai Central in partnership with IRCTC. Both KFC and Pizza Hut crossed
important store milestones of 550 stores each & Costa Coffee has crossed 150 stores as of March 31, 2024. The Company's strategic expansion into Thailand QSR market with 288 KFC stores across the country has upscaled its International Business. The Company added 528 stores, taking the count of total restaurant to 1692 as of March 31, 2024.

In FY23-24, Devyani Food Street Private Limited and Devyani Airport Services (Mumbai) Private Limited (erstwhile wholly-owned subsidiaries), have been merged with the Company effective from April 1, 2022 and the Scheme of Amalgamation is made effective from August 18, 2023.

The Company opened 257 new stores across India and international markets, bringing the total number of outlets to 2,039 stores by March 2025. Devyani PVR INOX Private Limited was incorporated as a subsidiary of the Company in FY25. FY 2024-25 saw the opening of 235 new stores, including 63 for Pizza Hut, 100 for KFC, and 41 for Costa Coffee, expanding its presence into 30 new cities. After adding Mumbai street food to its expanding menu in March 2024, Company introduced a new line-up of traditional snacks, including Banana Chips, Murukku, and Madras Mixture, during FY 2024-25.

Parent organization Ravi Jaipuria Group
NSE symbol DEVYANI
Founded 1991
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Board Of Directors

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Ravi Kant Jaipuria Chairman & Non Executive Dir.
Varun Jaipuria Non-Exec & Non-Independent Dir
Raj Pal Gandhi Non-Exec & Non-Independent Dir
Virag Joshi President/WTD & CEO
Manish Dawar Executive Director / Whole Time Director / CFO
Ravi Gupta Independent Non Exe. Director
Rashmi Dhariwal Independent Non Exe. Director
Pradeep Sardana Independent Non Exe. Director
Girish Kumar Ahuja Lead Independent Non Executive Director
Prashant Purker Independent Non Exe. Director
Pankaj Virmani Company Sec. & Compli. Officer
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Frequently Asked Questions

What is the Current Share Price of Devyani International Ltd?

Answer Field

Devyani International Ltd share price is for NSE ₹ 116.02 & for BSE ₹ 115.90 as on May 18 2026 03:30 PM.

What is the Market Cap of Devyani International Ltd Share?

Answer Field

The market cap of Devyani International Ltd for NSE ₹ 0.00 & for BSE ₹ 0.00 as on May 18 2026 03:30 PM.

What is the 52 Week High and Low of Devyani International Ltd?

Answer Field

The 52 Week High and Low of Devyani International Ltd for NSE is ₹ 191.00 and ₹ 91.55 and for BSE is ₹ 191.20 and ₹ 91.57.

What is 1 year return for Devyani International Ltd?

Answer Field

The 1 year returns on the stock has been -33.87%.

What is the P/E Ratio of Devyani International Ltd Share?

Answer Field

As on May 18 2026 03:30 PM the price-to-earnings (PE) ratio for Devyani International Ltd share is -437.59.

What is the PB ratio of Devyani International Ltd Share?

Answer Field

As on May 18 2026 03:30 PM, the price-to-book (PB) ratio for Devyani International Ltd share is 12.39.

How to Buy Devyani International Ltd Share?

Answer Field

You can trade in Devyani International Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Devyani International Ltd Share on Bajaj Broking App?

Answer Field

To buy Devyani International Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Devyani International Ltd”

• Click on the BUY icon

• Place a buy order specifying the desired quantity of shares.

• Click BUY again to complete the purchase

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  3. Pay 20% upfront margin of the transaction value to trade in cash market segment.

  4. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 and BSE vide notice no. 20200731-7 dated July 31, 2020 and 20200831-45 dated August 31, 2020 and other guidelines issued from time to time in this regard.

  5. Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month.

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 - Easy & Quick

A.  Register on SCORES portal B. Mandatory details for filling complaints on SCORES (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. Boudhayan Ghosh 
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. Boudhayan Ghosh (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

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

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.

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

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.