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MAWANASUG

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Mawana Sugars Share Price Update

As of the latest trading session, MAWANA SUGARS LIMITED is trading at ₹104.88, up by ₹1.09 or 1.05% from its previous close. The stock has moved between ₹102.25 and ₹106.82 today. Over the past year, the stock has delivered a return of 10.36%. In the last month, it has returned 29.70%.

Mawana Sugars performance

Today’s low Today’s high
₹ 102.25 ₹ 106.82
₹ 104.88
52 week low 52 week high
₹ 75.08 ₹ 111.50
₹ 104.88
Open Price ₹ 102.25
Prev. Close ₹ 103.78
Volume (Shares) 154534.00
Total traded value ₹ 162.07
Upper Circuit ₹ 124.53
Lower Circuit ₹ 83.03
info

Investment Returns

Over 1 Month 29.70% Over 3 Months 32.44% Over 6 Months 19.43% Over 1 Year 10.36%
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Mawana Sugars fundamentals


  • Market cap (Cr) 410.30
  • P/E Ratio (TTM) 11.47
  • Beta 0.12
  • Book Value / share 117.10
  • Return on equity 11.62%
  • EPS (TTM) 12.50
  • Dividend yield 3.84%
  • Net profit/quarter (Cr) 3.77
info icon alternate text
  • Market cap (Cr) 412.10
  • P/E Ratio (TTM) 11.47
  • Beta 0.05
  • Book Value / share 117.10
  • Return on equity 11.62%
  • EPS (TTM) 12.50
  • Dividend yield 3.84%
  • Net profit/quarter (Cr) 3.77
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Mawana Sugars Financials

  • Key Results
  • Key Ratios
  • Balance sheet
  • Cash Flow
  • Competition
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Revenue
Net income
Particulars DEC 2025 (Values in Cr)
Revenue 365.35
Operating Expense 346.46
Net Profit 3.77
Net Profit Margin (%) 1.03
Earnings Per Share (EPS) 0.96
EBITDA 13.62
Effective Tax Rate (%) 27.22
Particulars SEP 2025 (Values in Cr)
Revenue 427.00
Operating Expense 449.21
Net Profit -16.37
Net Profit Margin (%) -3.83
Earnings Per Share (EPS) -4.18
EBITDA -10.04
Effective Tax Rate (%) 25.11
Particulars JUN 2025 (Values in Cr)
Revenue 399.07
Operating Expense 417.78
Net Profit -13.66
Net Profit Margin (%) -3.42
Earnings Per Share (EPS) -3.49
EBITDA -0.02
Effective Tax Rate (%) 25.19
Particulars MAR 2025 (Values in Cr)
Revenue 341.46
Operating Expense 267.84
Net Profit 61.81
Net Profit Margin (%) 18.10
Earnings Per Share (EPS) 15.80
EBITDA 94.03
Effective Tax Rate (%) 21.36
Particulars DEC 2024 (Values in Cr)
Revenue 334.44
Operating Expense 315.51
Net Profit 32.58
Net Profit Margin (%) 9.74
Earnings Per Share (EPS) 8.33
EBITDA 53.40
Effective Tax Rate (%) 24.77
Particulars MAR 2025 (Values in Cr)
Revenue 1445.09
Operating Expense 1385.07
Net Profit 71.40
Net Profit Margin (%) 4.94
Earnings Per Share (EPS) 18.25
EBITDA 154.35
Effective Tax Rate (%) 21.83
Particulars MAR 2024 (Values in Cr)
Revenue 1355.09
Operating Expense 1326.40
Net Profit 42.59
Net Profit Margin (%) 3.14
Earnings Per Share (EPS) 10.89
EBITDA 122.88
Effective Tax Rate (%) 26.54
Particulars MAR 2023 (Values in Cr)
Revenue 1481.71
Operating Expense 1464.60
Net Profit 17.24
Net Profit Margin (%) 1.16
Earnings Per Share (EPS) 4.41
EBITDA 82.72
Effective Tax Rate (%) 10.85
Particulars MAR 2022 (Values in Cr)
Revenue 1478.13
Operating Expense 1435.85
Net Profit 33.08
Net Profit Margin (%) 2.23
Earnings Per Share (EPS) 8.46
EBITDA 110.08
Effective Tax Rate (%) 26.21
Particulars MAR 2021 (Values in Cr)
Revenue 1468.91
Operating Expense 1453.99
Net Profit 74.38
Net Profit Margin (%) 5.06
Earnings Per Share (EPS) 19.02
EBITDA 208.35
Effective Tax Rate (%) 25.67
Particulars MAR 2025 (Values in Cr)
Book Value / Share 125.75
ROE % 12.75
ROCE % 10.22
Total Debt to Total Equity 1.09
EBITDA Margin 9.07
Particulars MAR 2024 (Values in Cr)
Book Value / Share 104.87
ROE % 5.37
ROCE % 6.77
Total Debt to Total Equity 1.20
EBITDA Margin 7.02
Particulars MAR 2023 (Values in Cr)
Book Value / Share 98.24
ROE % 3.42
ROCE % 5.43
Total Debt to Total Equity 1.04
EBITDA Margin 5.32
Particulars MAR 2022 (Values in Cr)
Book Value / Share 98.23
ROE % 8.10
ROCE % 9.54
Total Debt to Total Equity 0.92
EBITDA Margin 7.43
Particulars MAR 2021 (Values in Cr)
Book Value / Share 94.51
ROE % -1.55
ROCE % 7.09
Total Debt to Total Equity 1.15
EBITDA Margin 6.78
Particulars MAR 2025 (Values in Cr)
Book Value / Share 125.78
ROE % 11.62
ROCE % 10.21
Total Debt to Total Equity 1.05
EBITDA Margin 9.20
Particulars MAR 2024 (Values in Cr)
Book Value / Share 114.62
ROE % 5.94
ROCE % 7.03
Total Debt to Total Equity 1.10
EBITDA Margin 7.37
Particulars MAR 2023 (Values in Cr)
Book Value / Share 106.73
ROE % 4.15
ROCE % 5.71
Total Debt to Total Equity 0.96
EBITDA Margin 5.58
Particulars MAR 2022 (Values in Cr)
Book Value / Share 105.67
ROE % 8.22
ROCE % 9.25
Total Debt to Total Equity 0.86
EBITDA Margin 7.45
Particulars MAR 2021 (Values in Cr)
Book Value / Share 100.18
ROE % -0.11
ROCE % 7.13
Total Debt to Total Equity 1.08
EBITDA Margin 6.90
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 23.14
Total Assets 1095.98
Total Liabilities 1095.98
Total Equity 491.93
Share Outstanding 3
Price to Book Ratio 0.69
Return on Assets (%) 9.98
Return on Capital (%) 12.02
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 24.97
Total Assets 1178.58
Total Liabilities 1178.58
Total Equity 410.24
Share Outstanding 3
Price to Book Ratio 0.74
Return on Assets (%) 3.19
Return on Capital (%) 3.85
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 39.15
Total Assets 1033.21
Total Liabilities 1033.21
Total Equity 384.31
Share Outstanding 3
Price to Book Ratio 0.85
Return on Assets (%) 1.27
Return on Capital (%) 1.71
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 46.04
Total Assets 1051.18
Total Liabilities 1051.18
Total Equity 384.27
Share Outstanding 3
Price to Book Ratio 1.26
Return on Assets (%) 2.48
Return on Capital (%) 3.27
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 99.06
Total Assets 1380.32
Total Liabilities 1380.32
Total Equity 369.68
Share Outstanding 3
Price to Book Ratio 0.36
Return on Assets (%) 5.30
Return on Capital (%) 11.35
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 20.01
Total Assets 1093.94
Total Liabilities 1093.94
Total Equity 492.06
Share Outstanding 3
Price to Book Ratio 0.69
Return on Assets (%) 6.52
Return on Capital (%) 7.84
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 24.85
Total Assets 1211.34
Total Liabilities 1211.34
Total Equity 448.39
Share Outstanding 3
Price to Book Ratio 0.74
Return on Assets (%) 3.51
Return on Capital (%) 4.19
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 38.71
Total Assets 1061.04
Total Liabilities 1061.04
Total Equity 417.52
Share Outstanding 3
Price to Book Ratio 0.85
Return on Assets (%) 1.62
Return on Capital (%) 2.16
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 45.24
Total Assets 1075.03
Total Liabilities 1075.03
Total Equity 413.37
Share Outstanding 3
Price to Book Ratio 1.26
Return on Assets (%) 3.07
Return on Capital (%) 3.99
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 98.88
Total Assets 1400.75
Total Liabilities 1400.75
Total Equity 391.88
Share Outstanding 3
Price to Book Ratio 0.36
Return on Assets (%) 5.31
Return on Capital (%) 11.14
Particulars MAR 2025 (Values in Cr)
Net Income 129.36
Cash from Operations 123.19
Cash from Investing 88.79
Cash from Financing -206.47
Net change in Cash -3.92
Free Cash Flow 144.46
Particulars MAR 2024 (Values in Cr)
Net Income 53.04
Cash from Operations -163.08
Cash from Investing 4.63
Cash from Financing 143.40
Net change in Cash -16.32
Free Cash Flow -132.90
Particulars MAR 2023 (Values in Cr)
Net Income 15.23
Cash from Operations 110.01
Cash from Investing -38.60
Cash from Financing -75.82
Net change in Cash -6.00
Free Cash Flow 145.40
Particulars MAR 2022 (Values in Cr)
Net Income 37.90
Cash from Operations -150.74
Cash from Investing -13.27
Cash from Financing 106.94
Net change in Cash -57.42
Free Cash Flow -139.63
Particulars MAR 2021 (Values in Cr)
Net Income 101.12
Cash from Operations 160.41
Cash from Investing 131.41
Cash from Financing -245.33
Net change in Cash 45.74
Free Cash Flow 185.07
Particulars MAR 2025 (Values in Cr)
Net Income 91.34
Cash from Operations 123.54
Cash from Investing 88.42
Cash from Financing -206.43
Net change in Cash -3.88
Free Cash Flow 144.80
Particulars MAR 2024 (Values in Cr)
Net Income 57.98
Cash from Operations -162.62
Cash from Investing 4.10
Cash from Financing 143.40
Net change in Cash -16.40
Free Cash Flow -132.44
Particulars MAR 2023 (Values in Cr)
Net Income 19.34
Cash from Operations 110.30
Cash from Investing -38.74
Cash from Financing -75.82
Net change in Cash -5.84
Free Cash Flow 145.69
Particulars MAR 2022 (Values in Cr)
Net Income 44.83
Cash from Operations -150.22
Cash from Investing -13.80
Cash from Financing 106.94
Net change in Cash -57.43
Free Cash Flow -139.14
Particulars MAR 2021 (Values in Cr)
Net Income 102.27
Cash from Operations 165.18
Cash from Investing 123.83
Cash from Financing -242.54
Net change in Cash 45.72
Free Cash Flow 183.24
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
DALMIA BHARAT SUG IN LTD 378.35 9.25 1.00 3062.34 262.75 464.00
EID PARRY INDIA LTD 845.50 16.09 1.73 15039.14 751.75 1246.45
BAJAJ HINDUSTHAN SUGAR LIMITED 19.07 0.00 1.04 4559.00 14.89 29.62
Zuari Industries Limited 268.25 6.11 0.17 798.88 210.30 416.00
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
BANNARI AMMAN SUGARS LTD. 3650.00 32.35 2.51 4576.99 2915.00 4674.95
DALMIA BHARAT SUG IN LTD 378.35 9.04 0.94 3062.34 262.75 464.00
EID PARRY INDIA LTD 845.50 429.19 6.63 15039.14 751.75 1246.45
BAJAJ HINDUSTHAN SUGAR LIMITED 19.07 0.00 1.00 4559.00 14.89 29.62

Mawana Sugars shareholding pattern

Holding
35.9%
63.48%
0.54%
0.06%
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News

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Mawana Sugars Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
104.88 1.05 redarrow
red-green-graph indicator
0 Bearish
16 Bullish
  • 5 Days 104.10
  • 26 Days 95.40
  • 10 Days 102.10
  • 50 Days 90.30
  • 12 Days 101.10
  • 100 Days 87.50
  • 20 Days 97.50
  • 200 Days 88.50
104.64 PIVOT
First Support 101.94 First Resistance 106.49 Second Support 100.09 Second Resistance 109.19 Third Support 97.39 Third Resistance 111.04
RSI 64.84 ADX 46.71 MACD 5.75 Williams % R -36.59 Commodity Channel Index (CCI) 85.19
Date 2026-04-24 Week 101104.00 Same Day 55193.00 Month 130528.00
1 Year 0.13 3 Year 0.66
Over 1 Month
29.70% down
Over 1 Year
10.36% down
Over 3 Months
32.44% down
Over 3 Years
3.63% down
Over 6 Months
19.43% down
Over 5 Years
21.25% down

Mawana Sugars Corporate Actions

Dividend date Dividend amount Dividend type Record date Instrument type
20 Jun 2025 1.0 Final 21 Jun 2025 Equity shares
22 Nov 2024 3.0 Interim 23 Nov 2024 Equity shares
28 Jun 2024 4.0 Final 29 Jun 2024 Equity shares
07 Jul 2023 3.0 Final 07 Jul 2023 Equity shares
21 Sep 2022 3.0 Final 22 Sep 2022 Equity shares
16 Sep 2021 3.0 Final 18 Sep 2021 Equity shares
19 Jan 2006 0.0 Interim 20 Jan 2006 Equity shares
Ex-Date Ex-Bonus Ratio
30 Apr 1998 06 Apr 1998 1:5
Dividend date Dividend amount Dividend type Record date Instrument type
20 Jun 2025 1.0 Final 21 Jun 2025 Equity shares
22 Nov 2024 3.0 Interim 23 Nov 2024 Equity shares
28 Jun 2024 4.0 Final 29 Jun 2024 Equity shares
07 Jul 2023 3.0 Final 07 Jul 2023 Equity shares
21 Sep 2022 3.0 Final 22 Sep 2022 Equity shares
16 Sep 2021 3.0 Final 18 Sep 2021 Equity shares
19 Jan 2006 0.0 Interim 20 Jan 2006 Equity shares
Ex-Date Ex-Bonus Ratio
30 Apr 1998 06 Apr 1998 1:5

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Mawana Sugars Share Price

Mawana Sugars Limited, formerly known Shriram Industrial Enterprises Limited, was incorporated on 27 March, 1981. The name of the Company was changed to Mawana Sugars Limited from Shriram Industrial Enterprises Limited in December, 2007. Mawana Sugars, a part of the Siddharth Shriram Group, is a well-diversified company having presence in Chlor-Alkali (Caustic Soda and its by-products), Sugar and Edible Oils. The Company is also into manufacture of Stable Bleaching Powder, Soap, providing consultancy services. As at March 31, 2025, Mr. Krishna Shriram (including shares held as trustee of Enterprise Trust) owns 63.49% of equity share capital of the Company.

Company's Chlor Alkali plant is located at Rajpura, near Patiala in Punjab. The Chlor Alkali Plant at Rajpura which was an green field project set up with an installed capacity of 228 tpd. The commercial production at the chemical complex at Rajpura has commenced on Feb 1, 1999.

The sugar business of the company which was spined off into a separate subsidiary i.e Siel Sugars Ltd w.e.f. Oct 1, 2002 has two plants in UP.

Further the company has incorporated two more subsidiaries i.e Shivajimarg Properties Ltd, a subsidiary of SIEL Ltd and Siel Holdings Ltd, a subsidiary of Siel Sugars Ltd to carry out its plan of restructuring. The investment of the company in its JV. Daikin Shriram Airconditioning Pvt Ltd (DSAPL) is to be transferred to Siel Holdings Ltd.

SIEL received the ISO 9001 certificate for air conditioning compressors produced in technical collaboration with Tecumseh Products Company, US. The company has also entered into a technical collaboration with Plansee Tizit, Austria, to manufacture tungsten carbide tools at India Hard Metals, a unit of the company.

Shriram Honda Power Equipment, a company promoted in collaboration with Honda Motor Co, Japan, has started exports.

SIEL took over Cawnpore Sugar Works (CSWL), a BIFR company.

The quality of the company's products are as good as the best in the world and hence SBP manufacturing operations have been awarded ISO 9002 certificate during the year 1999-2000. During 2000-01 the manufacturing process of Double Carbonation Double Sulphitation(DCDS) to Double Sulphitation was commissioned at a record time.

To establish its overseas presence, the company has promoted a wholly-owned subsidiary called SIEL Overseas in the UK, for export, import, acquisitions and other trading activities.

The company's subsidiaries are Siel Financial Services, SFSL Investments, Jay Engineering, Siel Aircon, SIEL Industrial Estate and Transiel India.

During the year 2005-06, Siel Edible Oils Ltd. was incorporated as a wholly owned subsidiary of Company. On completion of sale of shares of Shivajimarg Properties Ltd. (SPL), SPL ceased to be subsidiary of Company. Siel Edible Oils Limited, a wholly owned subsidiary of Company restarted marketing of Vanaspati in small packs in 2007.

Pursuant to the Scheme of Arrangement for Amalgamation of the erstwhile Mawana Sugars Limited (MSL), with the Parent Company approved by the Hon'ble High Court of Delhi vide its Order dated September 11, 2007 which became effective on October 15, 2007, all the properties, and business undertakings of erstwhile MSL got transferred to and vested in the Parent Company as a going concern with effect from the appointed date i.e. October 1, 2006 and subsequently, the name of the Parent Company was changed to Mawana Sugars Limited w.e.f. January 4, 2008.

On the Scheme of Arrangement of amalgamation sanctioned by the High Court of Delhi vide its order dated 19.7.2010, the equity stake held by Usha International Limited (UIL) in Mawana Sugars Limited (MSL) was increased to 62.67% and consequent to the above, MSL became a subsidiary of UIL w.e.f. 26.7.2010.

During the year 2020-21, Company transferred its Chemical Manufacturing Undertaking operating under the name and style of Siel Chemical Complex' (SCC) located at Rajpura, Punjab to Bodal Chemicals Limited.

For the ethanol year 2023-24 (Nov 23 to Oct 24), the distillery was originally allocated 38000 KL ethanol to be supplied from B Heavy molasses but amid reports of likely sugar production deficit in the 2023-24 which commenced on 1st October, 2023.

Siel Industrial Estate Limited (Siel IE) and Siel Infrastructure & Estate Developers Pvt. Ltd (Siel IED) ceased to be subsidiaries of the Company w.e.f. October 11, 2024. Mawana Foods Private Limited (MFPL), an associate company, has become a wholly owned subsidiary of the Company w.e.f. December 31, 2024.

Parent organization Siddharth Shriram
NSE symbol MAWANASUG
Founded 1961
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Board Of Directors

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Satish Agrawal Independent Director
Krishna Shriram Chairman (Non-Executive)
Arun Kumar Kaul Independent Director
Mukesh Chauhan. Non Executive Director
Ashok Kumar Shukla. Company Sec. & Compli. Officer
Anuradha Dutt Independent Director
Rakesh Kumar Gangwar Managing Director
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Frequently Asked Questions

What is the Current Share Price of Mawana Sugars Ltd?

Answer Field

Mawana Sugars Ltd share price is for NSE ₹ 104.88 & for BSE ₹ 105.34 as on Apr 27 2026 03:30 PM.

What is the Market Cap of Mawana Sugars Ltd Share?

Answer Field

The market cap of Mawana Sugars Ltd for NSE ₹ 0.00 & for BSE ₹ 0.00 as on Apr 27 2026 03:30 PM.

What is the 52 Week High and Low of Mawana Sugars Ltd?

Answer Field

The 52 Week High and Low of Mawana Sugars Ltd for NSE is ₹ 111.50 and ₹ 75.08 and for BSE is ₹ 111.80 and ₹ 75.00.

What is 1 year return for Mawana Sugars Ltd?

Answer Field

The 1 year returns on the stock has been 10.36%.

What is the P/E Ratio of Mawana Sugars Ltd Share?

Answer Field

As on Apr 27 2026 03:30 PM the price-to-earnings (PE) ratio for Mawana Sugars Ltd share is 11.47.

What is the PB ratio of Mawana Sugars Ltd Share?

Answer Field

As on Apr 27 2026 03:30 PM, the price-to-book (PB) ratio for Mawana Sugars Ltd share is 117.10.

How to Buy Mawana Sugars Ltd Share?

Answer Field

You can trade in Mawana Sugars Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Mawana Sugars Ltd Share on Bajaj Broking App?

Answer Field

To buy Mawana Sugars Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Mawana Sugars 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) | 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) | 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.