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Highway Infrastructure L Share Price Update

HIGHWAY INFRASTRUCTURE L is trading at ₹48.5 in today's session, up by ₹0.31 or 0.64% from its previous close, with an intraday range of ₹47.70 – ₹48.70. Over the past six months, the stock has delivered a return of -60.09%. In the last month, it has returned -14.34%.

Highway Infrastructure L performance

Today’s low Today’s high
₹ 47.70 ₹ 48.70
₹ 48.25
52 week low 52 week high
₹ 40.60 ₹ 131.40
₹ 48.25
Open Price ₹ 48.11
Prev. Close ₹ 48.18
Volume (Shares) 26496.00
Total traded value ₹ 12.78
Upper Circuit ₹ 50.58
Lower Circuit ₹ 45.78
info

Investment Returns

Over 1 Month -14.34% Over 3 Months -15.26% Over 6 Months -27.80% Over 1 Year -60.09%
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Highway Infrastructure L fundamentals


  • Market cap (Cr) 346.10
  • P/E Ratio (TTM) 9.94
  • Beta 1.30
  • Book Value / share 29.28
  • Return on equity 19.09%
  • EPS (TTM) 4.84
  • Dividend yield 0.00%
  • Net profit/quarter (Cr) 6.11
info icon alternate text
  • Market cap (Cr) 351.10
  • P/E Ratio (TTM) 9.94
  • Beta 1.23
  • Book Value / share 29.28
  • Return on equity 19.09%
  • EPS (TTM) 4.84
  • Dividend yield 0.00%
  • Net profit/quarter (Cr) 6.11
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Highway Infrastructure L Financials

  • Key Results
  • Key Ratios
  • Balance sheet
  • Cash Flow
  • Competition
info-icon
Revenue
Net income
Particulars DEC 2025 (Values in Cr)
Revenue 127.83
Operating Expense 121.58
Net Profit 6.11
Net Profit Margin (%) 4.77
Earnings Per Share (EPS) 0.92
EBITDA 9.57
Effective Tax Rate (%) 22.06
Particulars SEP 2025 (Values in Cr)
Revenue 88.01
Operating Expense 96.75
Net Profit 9.60
Net Profit Margin (%) 10.90
Earnings Per Share (EPS) 1.27
EBITDA 14.75
Effective Tax Rate (%) 23.62
Particulars JUN 2025 (Values in Cr)
Revenue 113.60
Operating Expense 104.97
Net Profit 7.20
Net Profit Margin (%) 6.33
Earnings Per Share (EPS) 1.25
EBITDA 12.03
Effective Tax Rate (%) 25.87
Particulars MAR 2025 (Values in Cr)
Revenue 128.73
Operating Expense 116.56
Net Profit 11.80
Net Profit Margin (%) 9.16
Earnings Per Share (EPS) 2.04
EBITDA 18.37
Effective Tax Rate (%) 25.87
Particulars DEC 2024 (Values in Cr)
Revenue 110.60
Operating Expense 111.70
Net Profit 4.43
Net Profit Margin (%) 4.00
Earnings Per Share (EPS) 0.77
EBITDA 6.26
Effective Tax Rate (%) -4.23
Particulars MAR 2025 (Values in Cr)
Revenue 418.38
Operating Expense 406.63
Net Profit 19.66
Net Profit Margin (%) 4.69
Earnings Per Share (EPS) 3.40
EBITDA 33.72
Effective Tax Rate (%) 20.30
Particulars MAR 2018 (Values in Cr)
Revenue 94.63
Operating Expense 88.07
Net Profit 4.90
Net Profit Margin (%) 5.17
Earnings Per Share (EPS) 5.08
EBITDA 15.41
Effective Tax Rate (%) 33.33
Particulars MAR 2017 (Values in Cr)
Revenue 80.14
Operating Expense 74.70
Net Profit 4.13
Net Profit Margin (%) 5.15
Earnings Per Share (EPS) 46.70
EBITDA 13.75
Effective Tax Rate (%) 34.14
Particulars MAR 2025 (Values in Cr)
Book Value / Share 19.53
ROE % 21.75
ROCE % 21.63
Total Debt to Total Equity 0.69
EBITDA Margin 8.09
Particulars MAR 2024 (Values in Cr)
Book Value / Share 96.73
ROE % 25.59
ROCE % 27.48
Total Debt to Total Equity 0.70
EBITDA Margin 7.29
Particulars MAR 2023 (Values in Cr)
Book Value / Share 77.03
ROE % 17.17
ROCE % 17.90
Total Debt to Total Equity 0.66
EBITDA Margin 8.58
Particulars MAR 2022 (Values in Cr)
Book Value / Share 64.85
ROE % 14.37
ROCE % 17.00
Total Debt to Total Equity 0.60
EBITDA Margin 6.66
Particulars MAR 2021 (Values in Cr)
Book Value / Share 56.12
ROE % 14.28
ROCE % 14.30
Total Debt to Total Equity 0.52
EBITDA Margin 10.96
Particulars MAR 2025 (Values in Cr)
Book Value / Share 19.52
ROE % 19.09
ROCE % 19.76
Total Debt to Total Equity 0.54
EBITDA Margin 8.06
Particulars MAR 2024 (Values in Cr)
Book Value / Share 96.71
ROE % 22.82
ROCE % 24.56
Total Debt to Total Equity 0.55
EBITDA Margin 8.60
Particulars MAR 2023 (Values in Cr)
Book Value / Share 76.89
ROE % 17.16
ROCE % 18.23
Total Debt to Total Equity 0.62
EBITDA Margin 8.55
Particulars MAR 2022 (Values in Cr)
Book Value / Share 64.74
ROE % 14.26
ROCE % 16.89
Total Debt to Total Equity 0.60
EBITDA Margin 6.62
Particulars MAR 2021 (Values in Cr)
Book Value / Share 56.12
ROE % 15.38
ROCE % 16.42
Total Debt to Total Equity 0.50
EBITDA Margin 10.96
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 14.87
Total Assets 231.56
Total Liabilities 231.56
Total Equity 117.72
Share Outstanding 5
Price to Book Ratio 0.00
Return on Assets (%) 8.49
Return on Capital (%) 10.38
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 23.28
Total Assets 202.63
Total Liabilities 202.63
Total Equity 100.18
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 9.35
Return on Capital (%) 11.17
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 0.09
Total Assets 140.63
Total Liabilities 140.63
Total Equity 74.37
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 8.34
Return on Capital (%) 9.66
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 0.60
Total Assets 140.40
Total Liabilities 140.40
Total Equity 62.64
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 5.92
Return on Capital (%) 7.91
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 0.87
Total Assets 123.51
Total Liabilities 123.51
Total Equity 54.05
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 6.24
Return on Capital (%) 9.73
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 12.30
Total Assets 215.07
Total Liabilities 215.07
Total Equity 112.79
Share Outstanding 5
Price to Book Ratio 0.00
Return on Assets (%) 9.13
Return on Capital (%) 11.3
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 13.83
Total Assets 173.64
Total Liabilities 173.64
Total Equity 93.14
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 10.98
Return on Capital (%) 13.34
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 0.08
Total Assets 135.56
Total Liabilities 135.56
Total Equity 74.05
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 8.63
Return on Capital (%) 10.05
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 0.56
Total Assets 129.80
Total Liabilities 129.80
Total Equity 62.35
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 6.39
Return on Capital (%) 7.91
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 0.87
Total Assets 123.51
Total Liabilities 123.51
Total Equity 54.05
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 6.24
Return on Capital (%) 9.73
Particulars MAR 2025 (Values in Cr)
Net Income 30.25
Cash from Operations 3.54
Cash from Investing 12.00
Cash from Financing -5.37
Net change in Cash 1.68
Free Cash Flow 5.23
Particulars MAR 2024 (Values in Cr)
Net Income 29.92
Cash from Operations 22.10
Cash from Investing -6.02
Cash from Financing -2.87
Net change in Cash 5.31
Free Cash Flow 25.50
Particulars MAR 2023 (Values in Cr)
Net Income 15.04
Cash from Operations 3.61
Cash from Investing -0.84
Cash from Financing 0.12
Net change in Cash -0.51
Free Cash Flow 5.82
Particulars MAR 2022 (Values in Cr)
Net Income 11.29
Cash from Operations 2.65
Cash from Investing 0.28
Cash from Financing -0.28
Net change in Cash -0.35
Free Cash Flow 3.35
Particulars MAR 2021 (Values in Cr)
Net Income 9.84
Cash from Operations -2.82
Cash from Investing -2.19
Cash from Financing 7.84
Net change in Cash 0.57
Free Cash Flow -1.35
Particulars MAR 2025 (Values in Cr)
Net Income 24.66
Cash from Operations -4.07
Cash from Investing 5.73
Cash from Financing 4.28
Net change in Cash -0.71
Free Cash Flow -2.39
Particulars MAR 2024 (Values in Cr)
Net Income 24.63
Cash from Operations 9.04
Cash from Investing 3.81
Cash from Financing 0.19
Net change in Cash 7.32
Free Cash Flow 12.07
Particulars MAR 2023 (Values in Cr)
Net Income 15.01
Cash from Operations 7.74
Cash from Investing -0.27
Cash from Financing -4.55
Net change in Cash -0.48
Free Cash Flow 9.84
Particulars MAR 2022 (Values in Cr)
Net Income 11.17
Cash from Operations 4.46
Cash from Investing -1.51
Cash from Financing -0.28
Net change in Cash 2.66
Free Cash Flow 5.15
Particulars MAR 2021 (Values in Cr)
Net Income 9.84
Cash from Operations -1.96
Cash from Investing -2.19
Cash from Financing 7.20
Net change in Cash 0.81
Free Cash Flow 1.21
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
AVISHKAR INFRA REALTY LIMITED 608.35 0.00 95.41 1362.90 66.91 713.95
VIRYA RESOURCES LIMITED 420.00 0.00 11.92 63.00 349.70 681.00
NEO INFRACON LTD. 40.89 24.20 2.84 21.71 25.50 54.99
YOGI SUNG-WON (INDIA) LTD. 8.28 0.00 0.44 13.95 4.25 17.69
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
STEWARTS & LLOYDS OF INDIA LTD 11.37 0.00 -0.05 3.41 0.00 0.00
SHRICON INDUSTRIES LTD. 238.00 16.43 6.40 29.51 122.55 278.00
SILVER OAK COMMERCIAL LTD. 6.30 0.00 -0.42 1.73 3.59 10.15
AVISHKAR INFRA REALTY LIMITED 608.35 392.48 91.76 1362.90 66.91 713.95

Highway Infrastructure L shareholding pattern

Holding
29.55%
70.03%
0.01%
0.4%
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News

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Highway Infrastructure L Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
48.25 0.14 redarrow
red-green-graph indicator
14 Bearish
2 Bullish
  • 5 Days 48.40
  • 26 Days 50.60
  • 10 Days 49.30
  • 50 Days 51.40
  • 12 Days 49.60
  • 100 Days 55.80
  • 20 Days 50.30
  • 200 Days 65.50
47.89 PIVOT
First Support 47.39 First Resistance 48.68 Second Support 46.60 Second Resistance 49.18 Third Support 46.10 Third Resistance 49.97
RSI 39.22 ADX 16.49 MACD -0.95 Williams % R -77.57 Commodity Channel Index (CCI) -139.77
Date 2026-04-21 Week 146464.00 Same Day 43524.00 Month 128724.00
1 Year 1.31 3 Year 1.34
Over 1 Month
-14.34% down
Over 1 Year
-60.09% down
Over 3 Months
-15.26% down
Over 3 Years
0.00% down
Over 6 Months
-27.80% down
Over 5 Years
0.00% down

Highway Infrastructure L Corporate Actions

Top Gainers

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Top Losers

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Highway Infrastructure L Share Price

Highway Infrastructure Limited was originally set up as a partnership firm in 1995 in the name of 'M/s. Highway Enterprises' in carrying out similar line of activities. The Firm was converted into a Private Limited Company registered a 'Highway Infrastructure Private Limited' vide certificate of incorporation dated February 10, 2006 issued by the Registrar of Companies, Gwalior, Madhya Pradesh & Chhattisgarh. Further the status was changed to a Public Company through a fresh Certificate of Incorporation issued on 04 May, 2018 as change in name to Highway Infrastructure Limited issued by the Registrar of Companies, Gwalior, Madhya Pradesh & Chhattisgarh.

The Company is engaged in the business of tollway collection, EPC Infra and real estate projects. It basically deal in projects related to roads, highway, by passes, express ways, bridges, flyovers, construction of residential flats etc. in Indore, Madhya Pradesh. Currently the project comprises of executing construction development projects of different types like roads, bridges, tanks, irrigation related construction and civil buildings etc.

From FY 2011, Company ventured into the real estate business having two business verticals consisting of Civil Construction into roads and other road related works. The Company commenced the construction and development of a colonial area i.e. Karuna Sagar Project' admeasuring 2.689 hectare (i.e. 6.64 Acre) in Indore district of Madhya Pradesh via joint development agreement in 2012. It initiated the development of 'Newwyork City Project' at Village Nihalpur, Indore, Madhya Pradesh in 2013.

Company had 8 ongoing projects in the roads & bridges sector including construction, upgradation and rehabilitation of two and four lane highways construction of high level bridge and construction of road network costing Rs 108.17 Crores. It completed the residential project in New York City costing Rs 90 Crore in 2018. Apart from these, it completed roads and highways projects costing Rs. 367 Crore.

In 2020, Company commissioned the first tollway collection project for Daroda Fee Plaza of the Borkhedi-Wadner Section of the NH-7 Maharashtra. It operated ANPR technology toll on the Delhi-Meerut Expressway in FY 2023. In 2024, Company marked its first entry in Southern India, by undertaking the tollway collection project in Rolla Village in Telangana.

The Company has launched the initial public offering by raising Rs 130 Crore and issuing 18,571,428 equity shares of face value of Rs 5 each, comprising a fresh issue of 13,931,428 equity shares aggregating to Rs 97.52 Cr and 4,640,000 equity shares aggregating to Rs 32.48 Cr through offer for sale in August, 2025.

Parent organization Indian Private
NSE symbol HILINFRA
Founded 2006
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Board Of Directors

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Arun Kumar Jain Managing Director
Anoop Agrawal Whole Time Director
Riddharth Jain Non Executive Director
Om Prakash Shrivastava Independent Director
Ujjwal Kumar Ghosh Independent Director
Ritika Agrawal Independent Director
Palak Rathore Company Sec. & Compli. Officer
Vinayak Parkhi Additional Director
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Frequently Asked Questions

What is the Current Share Price of Highway Infrastructure Ltd?

Answer Field

Highway Infrastructure Ltd share price is for NSE ₹ 48.50 & for BSE ₹ 48.95 as on May 22 2026 03:29 PM.

What is the Market Cap of Highway Infrastructure Ltd Share?

Answer Field

The market cap of Highway Infrastructure Ltd for NSE ₹ 0.00 & for BSE ₹ 0.00 as on May 22 2026 03:29 PM.

What is the 52 Week High and Low of Highway Infrastructure Ltd?

Answer Field

The 52 Week High and Low of Highway Infrastructure Ltd for NSE is ₹ 131.40 and ₹ 40.60 and for BSE is ₹ 134.89 and ₹ 40.79.

What is 1 year return for Highway Infrastructure Ltd?

Answer Field

The 1 year returns on the stock has been -60.09%.

What is the P/E Ratio of Highway Infrastructure Ltd Share?

Answer Field

As on May 22 2026 03:29 PM the price-to-earnings (PE) ratio for Highway Infrastructure Ltd share is 9.94.

What is the PB ratio of Highway Infrastructure Ltd Share?

Answer Field

As on May 22 2026 03:29 PM, the price-to-book (PB) ratio for Highway Infrastructure Ltd share is 29.28.

How to Buy Highway Infrastructure Ltd Share?

Answer Field

You can trade in Highway Infrastructure Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Highway Infrastructure Ltd Share on Bajaj Broking App?

Answer Field

To buy Highway Infrastructure Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Highway Infrastructure 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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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

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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. 

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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.