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NARMADA AGROBASE LIMITED Share Price Update

As of the latest trading session, NARMADA AGROBASE LIMITED share price is currently at ₹32.6, which is down by ₹-0.08 from its previous closing. Today, the stock has fluctuated between ₹32.55 and ₹33.09. Over the past year, NARMADA AGROBASE LIMITED has achieved a return of 77.48%. In the last month alone, the return has been 18.13%.

NARMADA AGROBASE LIMITED performance

Today’s low

Today’s high

₹ 32.55 ₹ 33.09
₹ 32.64

52 week low

52 week high

₹ 14.82 ₹ 35.99
₹ 32.64

Open Price

₹ 32.68

Prev. Close

₹ 32.68

Volume (Shares)

62147.00

Total traded value

₹ 20.28

Upper Circuit

₹ 39.21

Lower Circuit

₹ 26.15

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Investment Returns

Over 1 Month [-]% Over 3 Months [-]% Over 6 Months [-]% Over 1 Year [-]%
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NARMADA AGROBASE LIMITED fundamentals


  • Market cap (Cr)

    123.80

  • P/E Ratio (TTM)

    32.35

  • Beta

    1.05

  • Book Value / share

    15.26

  • Return on equity

    11.24%

  • EPS (TTM)

    1.01

  • Dividend yield

    0.00%

  • Net profit/quarter (Cr)

    1.01

info icon alternate text

  • Market cap (Cr)

    123.90

  • P/E Ratio (TTM)

    32.35

  • Beta

    0.89

  • Book Value / share

    15.26

  • Return on equity

    11.24%

  • EPS (TTM)

    1.01

  • Dividend yield

    0.00%

  • Net profit/quarter (Cr)

    1.01

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NARMADA AGROBASE LIMITED Financials

  • Key Results

  • Key Ratios

  • Balance sheet

  • Cash Flow

  • Competition

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Revenue

Net income

Particulars DEC 2025 (Values in Cr)
Revenue 21.35
Operating Expense 20.23
Net Profit 1.01
Net Profit Margin (%) 4.73
Earnings Per Share (EPS) 0.27
EBITDA 1.68
Effective Tax Rate (%) 28.16
Particulars SEP 2025 (Values in Cr)
Revenue 11.95
Operating Expense 10.91
Net Profit 1.03
Net Profit Margin (%) 8.61
Earnings Per Share (EPS) 0.27
EBITDA 1.62
Effective Tax Rate (%) 25.54
Particulars JUN 2025 (Values in Cr)
Revenue 11.08
Operating Expense 10.06
Net Profit 1.02
Net Profit Margin (%) 9.20
Earnings Per Share (EPS) 0.27
EBITDA 1.65
Effective Tax Rate (%) 25.00
Particulars MAR 2025 (Values in Cr)
Revenue 29.30
Operating Expense 28.93
Net Profit 0.78
Net Profit Margin (%) 2.66
Earnings Per Share (EPS) 0.30
EBITDA 0.90
Effective Tax Rate (%) -13.04
Particulars DEC 2024 (Values in Cr)
Revenue 13.84
Operating Expense 12.77
Net Profit 1.00
Net Profit Margin (%) 7.22
Earnings Per Share (EPS) 0.38
EBITDA 1.66
Effective Tax Rate (%) 28.05
Particulars MAR 2025 (Values in Cr)
Revenue 65.68
Operating Expense 61.18
Net Profit 4.09
Net Profit Margin (%) 6.22
Earnings Per Share (EPS) 1.08
EBITDA 6.24
Effective Tax Rate (%) 20.73
Particulars MAR 2024 (Values in Cr)
Revenue 50.32
Operating Expense 49.04
Net Profit 1.02
Net Profit Margin (%) 2.02
Earnings Per Share (EPS) 0.75
EBITDA 2.59
Effective Tax Rate (%) 24.44
Particulars MAR 2023 (Values in Cr)
Revenue 50.03
Operating Expense 49.18
Net Profit 0.65
Net Profit Margin (%) 1.29
Earnings Per Share (EPS) 0.48
EBITDA 2.07
Effective Tax Rate (%) 26.96
Particulars MAR 2022 (Values in Cr)
Revenue 34.97
Operating Expense 34.17
Net Profit 0.61
Net Profit Margin (%) 1.74
Earnings Per Share (EPS) 0.45
EBITDA 2.06
Effective Tax Rate (%) 29.88
Particulars MAR 2021 (Values in Cr)
Revenue 58.26
Operating Expense 57.32
Net Profit 0.68
Net Profit Margin (%) 1.16
Earnings Per Share (EPS) 0.50
EBITDA 2.28
Effective Tax Rate (%) 32.67
Particulars MAR 2025 (Values in Cr)
Book Value / Share 14.73
ROE % 11.24
ROCE % 13.05
Total Debt to Total Equity 0.26
EBITDA Margin 9.50
Particulars MAR 2024 (Values in Cr)
Book Value / Share 12.47
ROE % 6.22
ROCE % 8.79
Total Debt to Total Equity 0.60
EBITDA Margin 5.15
Particulars MAR 2023 (Values in Cr)
Book Value / Share 11.72
ROE % 4.18
ROCE % 6.87
Total Debt to Total Equity 0.64
EBITDA Margin 4.14
Particulars MAR 2022 (Values in Cr)
Book Value / Share 11.24
ROE % 4.04
ROCE % 6.96
Total Debt to Total Equity 0.61
EBITDA Margin 5.89
Particulars MAR 2021 (Values in Cr)
Book Value / Share 11.03
ROE % 4.66
ROCE % 8.03
Total Debt to Total Equity 0.59
EBITDA Margin 3.91
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 14.80
Total Assets 66.46
Total Liabilities 66.46
Total Equity 55.86
Share Outstanding 3
Price to Book Ratio 1.11
Return on Assets (%) 6.15
Return on Capital (%) 6.26
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 0.48
Total Assets 27.96
Total Liabilities 27.96
Total Equity 16.90
Share Outstanding 1
Price to Book Ratio 1.63
Return on Assets (%) 3.64
Return on Capital (%) 3.84
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 0.55
Total Assets 27.31
Total Liabilities 27.31
Total Equity 15.88
Share Outstanding 1
Price to Book Ratio 1.96
Return on Assets (%) 2.38
Return on Capital (%) 2.51
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 0.65
Total Assets 26.49
Total Liabilities 26.49
Total Equity 15.22
Share Outstanding 1
Price to Book Ratio 1.77
Return on Assets (%) 2.29
Return on Capital (%) 2.43
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 0.45
Total Assets 26.92
Total Liabilities 26.92
Total Equity 14.93
Share Outstanding 1
Price to Book Ratio 0.92
Return on Assets (%) 2.53
Return on Capital (%) 2.89
Particulars MAR 2025 (Values in Cr)
Net Income 5.15
Cash from Operations -15.11
Cash from Investing -3.58
Cash from Financing 33.82
Net change in Cash 14.31
Free Cash Flow -15.06
Particulars MAR 2024 (Values in Cr)
Net Income 1.35
Cash from Operations 1.14
Cash from Investing 0.34
Cash from Financing -1.35
Net change in Cash -0.06
Free Cash Flow 1.15
Particulars MAR 2023 (Values in Cr)
Net Income 0.89
Cash from Operations 0.29
Cash from Investing 0.36
Cash from Financing -0.52
Net change in Cash -0.10
Free Cash Flow 0.29
Particulars MAR 2022 (Values in Cr)
Net Income 0.87
Cash from Operations 0.26
Cash from Investing 0.05
Cash from Financing 0.22
Net change in Cash 0.19
Free Cash Flow 0.26
Particulars MAR 2021 (Values in Cr)
Net Income 1.00
Cash from Operations 0.62
Cash from Investing 0.03
Cash from Financing -0.40
Net change in Cash -0.06
Free Cash Flow 0.66
Company Name Price P/E P/B Market Cap 52 Week Low/High
BRITANNIA INDUSTRIES LTD 6094.95 60.79 39.32 146808.02 4506.50 / 6336.95
NESTLE INDIA LIMITED 1293.30 79.78 56.23 249388.89 1057.50 / 1339.85
FOODS & INNS LIMITED 61.90 14.63 0.83 455.16 56.66 / 128.79
HINDUSTAN UNILEVER LTD. 2315.00 49.83 11.16 543930.38 2101.12 / 2734.31
MILKFOOD LTD. 52.44 0.00 0.75 127.84 50.50 / 90.00
Company Name Price P/E P/B Market Cap 52 Week Low/High
BRITANNIA INDUSTRIES LTD 6094.95 60.33 44.91 146808.02 4506.50 / 6336.95
COLGATE PALMOLIVE LTD. 2195.30 44.78 37.73 59709.01 2030.75 / 2745.95
NESTLE INDIA LIMITED 1293.30 78.43 54.64 249388.89 1057.50 / 1339.85
FOODS & INNS LIMITED 61.90 12.92 0.82 455.16 56.66 / 128.79

NARMADA AGROBASE LIMITED shareholding pattern

Holding

40.71%
50.29%
0.02%
8.96%
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News

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NARMADA AGROBASE LIMITED Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
32.64 -0.12 redarrow
red-green-graph indicator
2 Bearish
14 Bullish
  • 5 Days 32.60
  • 26 Days 30.60
  • 10 Days 32.40
  • 50 Days 28.40
  • 12 Days 32.20
  • 100 Days 26.10
  • 20 Days 31.30
  • 200 Days 23.70
32.79 PIVOT

First Support

32.39

First Resistance

33.09

Second Support

32.09

Second Resistance

33.49

Third Support

31.69

Third Resistance

33.79

RSI

69.05

ADX

41.03

MACD

1.64

Williams % R

-41.93

Commodity Channel Index (CCI)

53.35

Date

2026-02-20

Week

160847.00

Same Day

41406.00

Month

158376.00

1 Year

1.05

3 Year

0.78

Over 1 Month

18.13%

down

Over 1 Year

77.48%

down

Over 3 Months

34.59%

down

Over 3 Years

22.90%

down

Over 6 Months

41.05%

down

Over 5 Years

33.52%

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NARMADA AGROBASE LIMITED Corporate Actions

Dividend date Dividend amount Dividend type Record date Instrument type
18 Sep 2019 0.1 Final 20 Sep 2019 Equity shares
Ex-Date Ex-Bonus Ratio
26 Feb 2020 25 Feb 2020 8:10

Dividend date Dividend amount Dividend type Record date Instrument type
18 Sep 2019 0.1 Final 20 Sep 2019 Equity shares
Ex-Date Ex-Bonus Ratio
26 Feb 2020 25 Feb 2020 8:10

Top Gainers

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Narmada Agrobase share results highlight  

Total income was ₹11.95 Crore in Q2 FY26, whereas in the same period last year it was ₹10.28 Crore. Net Profit was ₹1.03 Crore in Q2 FY26, compared with ₹1.29 Crore in the same quarter of the previous year. EPS was ₹0.27 in Q2 FY26, in comparison to ₹0.34 in Q2 FY25. 

Date Source: screener.in, and corporate filings on NSE/BSE 

Narmada Agrobase share annual reports  

Net profit for FY25 stood at ₹4.09 Crore, an increase from ₹1.02 Crore in FY24. Sales for FY25 were ₹64.68 Crore compared to ₹49.74 Crore in FY24. EPS was ₹1.08 in FY25, compared to ₹0.27 in FY24. 

Date Source: screener.in, and corporate filings on NSE/BSE 

Narmada Agrobase share dividend  

No recent dividend declared. 

Date Source: screener.in, and corporate filings on NSE/BSE 

About Narmada Agrobase 

Narmada Agrobase Limited was originally incorporated as a private limited company under the name Narmada Agrobase Private Limited on 29 January 2013. Subsequently, following a special resolution at an Extraordinary General Meeting on 5 December 2017, the company was converted into a public limited company and its name was changed to “Narmada Agrobase Limited” with a fresh certificate of incorporation issued on 11 December 2017. 

The company is ISO 9001:2015 certified and is engaged in the manufacturing and processing of cotton seed meal cake, cattle feeds and soya bean meal. Its products are designed for feeding cattle, supplying high levels of protein and essential nutrients needed for animal health and productivity. In addition to this core use, by-products from these processes find application in the textiles industry, consumer goods industry and paper industry. 

The registered office and factory are situated at 613/P-1 IJ Pura (Jethaji), Dhanpura Road, Taluka Jotana, Mahesana 384421, Gujarat, India. The corporate office is located at 401, Silicon Tower, above Freezland Restaurant, Law Garden, Navrangpura, Ahmedabad 380009, Gujarat. 

Promoters of the company include Suresh Chandra Gupta and Neerajkumar Sureshchandra Agrawal, both of whom bring considerable experience in the manufacture of cattle feed, cotton seed meal cake and soya bean meal. The company also manufactures and exports cotton seed meal, guar meal, delinted cotton seed, organic fertilisers and cattle feed under its own brand names including “Churma” and “Gaay Chhaap Narmada Pashu Aahar”. 

Narmada Agrobase’s product portfolio extends beyond just feed for cattle. While cattle feeds and soya bean meal form the core, other processed materials such as cotton linters and delinted seeds serve as raw materials for the textiles, furniture, absorbent cotton, yarn and paper industries. The manufacturing set-up incorporates a modern pulverisation and pneumatic system, with direct-blend capability and bag-packaging of finished goods, indicating a largely automatic, continuous processing environment. 

In April 2018, the company launched an Initial Public Offering (IPO) by issuing 23,40,000 equity shares, thereby raising approximately ₹7.48 crores of equity capital. The IPO was executed via the SME platform, reflecting the firm’s objective to support its working capital requirements, corporate purposes and the expenses associated with the issue itself. 

Through its operations, Narmada Agrobase is positioned in the agri-input and animal nutrition space, offering both raw meal cakes and processed feed products. As a public limited company with branding initiatives and export channels, it serves both domestic and international markets. The ISO certification underscores its commitment to standardised quality processes. Over time, the promoters’ experience and the diversification of by-product usage have enabled the company to establish a presence in multiple sectors beyond animal feed, including textiles, consumer goods and paper.

In summary, Narmada Agrobase Limited represents a manufacturing enterprise in Gujarat engaged in the processing of cotton seed and soya bean derivatives, supplying nutrient-rich cattle feeds and associated by-products, operating under recognised quality standards, and listed publicly since the IPO in April 2018.

NARMADA AGROBASE LIMITED Share Price

Narmada Agrobase Limited was originally incorporated as a Private Limited Company with the name 'Narmada Agrobase Private Limited' on January 29, 2013. Further, the Company was converted into Public Limited Company and name was changed to 'Narmada Agrobase Limited' on December 11, 2017.

The Company is engaged in manufacturing & processing of cotton seed meal cake, cattle feeds and soya bean meal. These products are used for feeding of cattle which provides high amount of proteins and other nutrients required by them. Also the byproducts are used in textiles Industry, Consumer Goods Industry and Paper Industry.

The focus is on the production of superior-quality cattle feed, meticulously designed to cater to the dietary requirements essential for dairy and beef farming. The application of this specially formulated cattle feed spans several key areas: it plays a pivotal role in amplifying milk production among dairy cows, elevating meat quality, and accelerating growth rates in beef cattle, thereby improving their overall health. Furthermore, it deliver vital nutrients necessary for development of healthy calves, strengthens immune system of the cattle, and ultimately, contributes to farm productivity and profitability.

The Company has a flagship brand which commands a high reputation worldwide for quality products, efficient services and level of reliability as a stable supplier of quality products in cattle feed Industries. These products are processed using quality ingredients sourced from the selected vendors of the market.

The Company came up with an Initial Public Offer by issuing 23,40,000 Equity Shares and by raising of equity capital aggregating Rs 7.48 Crores in April, 2018.

Parent organization Indian Private
NSE symbol NARMADA
Founded 2013
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Board Of Directors

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Neerajkumar Sureshchandra Agrawal

Chairman / Executive Director / MD / CFO

Suresh Chandra Gupta

E D & Wholetime Director

Ganesh Bhavarlal Prajapati

Independent Non Exe. Director

Pooja Aidasani

Independent Non Exe. Director

Shweta Vivek Nathwani

Independent Non Exe. Director

Deepak Soni

Independent Non Exe. Director

Nidhi Jain

Company Sec. & Compli. Officer

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Frequently Asked Questions

What is the Current Share Price of Narmada Agrobase Ltd?

Answer Field

Narmada Agrobase Ltd share price is for NSE ₹ 32.60 & for BSE ₹ 32.72 as on Feb 20 2026 03:29 PM.

What is the Market Cap of Narmada Agrobase Ltd Share?

Answer Field

The market cap of Narmada Agrobase Ltd for NSE ₹ 123.80 & for BSE ₹ 0.00 as on Feb 20 2026 03:29 PM.

What is the 52 Week High and Low of Narmada Agrobase Ltd?

Answer Field

The 52 Week High and Low of Narmada Agrobase Ltd for NSE is ₹ 35.99 and ₹ 14.82 and for BSE is ₹ 35.60 and ₹ 14.60.

What is 1 year return for Narmada Agrobase Ltd?

Answer Field

The 1 year returns on the stock has been 77.48%.

What is the P/E Ratio of Narmada Agrobase Ltd Share?

Answer Field

As on Feb 20 2026 03:29 PM the price-to-earnings (PE) ratio for Narmada Agrobase Ltd share is 32.35.

What is the PB ratio of Narmada Agrobase Ltd Share?

Answer Field

As on Feb 20 2026 03:29 PM, the price-to-book (PB) ratio for Narmada Agrobase Ltd share is 15.26.

How to Buy Narmada Agrobase Ltd Share?

Answer Field

You can trade in Narmada Agrobase Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Narmada Agrobase Ltd Share on Bajaj Broking App?

Answer Field

To buy Narmada Agrobase Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Narmada Agrobase 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

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TEL: 020-48574486
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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. 

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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.