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PANACHE

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PANACHE DIGILIFE LIMITED performance

Today’s low

Today’s high

₹ 321.05 ₹ 338.00
₹ 328.85

52 week low

52 week high

₹ 171.85 ₹ 472.15
₹ 328.85

Open Price

₹ 334.90

Prev. Close

₹ 334.65

Volume (Shares)

5061.00

Total traded value

₹ 16.64

Upper Circuit

₹ 341.70

Lower Circuit

₹ 309.20

info

PANACHE DIGILIFE LIMITED Share Price Update

As of the latest trading session, PANACHE DIGILIFE LIMITED share price is currently at ₹ 323, which is down by ₹ -11.64 from its previous closing. Today, the stock has fluctuated between ₹ 321.05 and ₹ 338.00. Over the past year, PANACHE DIGILIFE LIMITED has achieved a return of 25.14 %. In the last month alone, the return has been -6.75 %. Read More...

Investment Returns

Over 1 Month [-]% Over 3 Months [-]% Over 6 Months [-]% Over 1 Year [-]%
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PANACHE DIGILIFE LIMITED fundamentals


  • Market cap (Cr)

    500.80

  • P/E Ratio (TTM)

    76.58

  • Beta

    0.21

  • Book Value / share

    47.60

  • Return on equity

    10.94%

  • EPS (TTM)

    4.37

  • Dividend yield

    0.00%

  • Net profit/quarter (Cr)

    1.48

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  • Market cap (Cr)

    [-]

  • P/E Ratio (TTM)

    [-]

  • Beta

    [-]

  • Book Value / share

    [-]

  • Return on equity

    [-]%

  • EPS (TTM)

    [-]

  • Dividend yield

    0.00%

  • Net profit/quarter (Cr)

    [-]

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PANACHE DIGILIFE LIMITED Financials

  • Key Results

  • Key Ratios

  • Balance sheet

  • Cash Flow

  • Competition

info-icon

Revenue

Net income

Particulars SEP 2025 (Values in Cr)
Revenue 39.02
Operating Expense 37.44
Net Profit 1.48
Net Profit Margin (%) 3.79
Earnings Per Share (EPS) 0.97
EBITDA 2.91
Effective Tax Rate (%) 23.31
Particulars JUN 2025 (Values in Cr)
Revenue 29.54
Operating Expense 28.51
Net Profit 0.96
Net Profit Margin (%) 3.24
Earnings Per Share (EPS) 0.63
EBITDA 2.22
Effective Tax Rate (%) 23.80
Particulars MAR 2025 (Values in Cr)
Revenue 60.02
Operating Expense 57.29
Net Profit 2.20
Net Profit Margin (%) 3.66
Earnings Per Share (EPS) 1.57
EBITDA 3.78
Effective Tax Rate (%) 26.42
Particulars DEC 2024 (Values in Cr)
Revenue 20.74
Operating Expense 18.45
Net Profit 2.02
Net Profit Margin (%) 9.73
Earnings Per Share (EPS) 1.44
EBITDA 3.35
Effective Tax Rate (%) 17.95
Particulars SEP 2024 (Values in Cr)
Revenue 23.43
Operating Expense 21.54
Net Profit 1.53
Net Profit Margin (%) 6.53
Earnings Per Share (EPS) 1.09
EBITDA 3.01
Effective Tax Rate (%) 25.72
Particulars MAR 2025 (Values in Cr)
Revenue 115.93
Operating Expense 109.14
Net Profit 5.86
Net Profit Margin (%) 5.05
Earnings Per Share (EPS) 4.18
EBITDA 11.45
Effective Tax Rate (%) 23.42
Particulars MAR 2024 (Values in Cr)
Revenue 96.50
Operating Expense 95.67
Net Profit 0.41
Net Profit Margin (%) 0.42
Earnings Per Share (EPS) 0.34
EBITDA 5.85
Effective Tax Rate (%) 21.15
Particulars MAR 2023 (Values in Cr)
Revenue 111.80
Operating Expense 110.92
Net Profit 1.85
Net Profit Margin (%) 1.65
Earnings Per Share (EPS) 1.54
EBITDA 7.03
Effective Tax Rate (%) 19.91
Particulars MAR 2022 (Values in Cr)
Revenue 85.28
Operating Expense 85.42
Net Profit 2.10
Net Profit Margin (%) 2.46
Earnings Per Share (EPS) 1.75
EBITDA 6.95
Effective Tax Rate (%) 29.53
Particulars MAR 2021 (Values in Cr)
Revenue 77.58
Operating Expense 74.17
Net Profit 3.54
Net Profit Margin (%) 4.56
Earnings Per Share (EPS) 2.95
EBITDA 9.50
Effective Tax Rate (%) 28.77
Particulars MAR 2025 (Values in Cr)
Book Value / Share 42.22
ROE % 11.70
ROCE % 13.50
Total Debt to Total Equity 0.55
EBITDA Margin 9.83
Particulars MAR 2024 (Values in Cr)
Book Value / Share 26.56
ROE % 13.14
ROCE % 12.63
Total Debt to Total Equity 1.07
EBITDA Margin 9.61
Particulars MAR 2023 (Values in Cr)
Book Value / Share 26.20
ROE % 4.27
ROCE % 9.43
Total Debt to Total Equity 0.96
EBITDA Margin 5.88
Particulars MAR 2022 (Values in Cr)
Book Value / Share 25.36
ROE % 2.87
ROCE % 10.29
Total Debt to Total Equity 0.88
EBITDA Margin 7.64
Particulars MAR 2021 (Values in Cr)
Book Value / Share 24.51
ROE % 9.76
ROCE % 11.89
Total Debt to Total Equity 1.22
EBITDA Margin 11.47
Particulars MAR 2025 (Values in Cr)
Book Value / Share 44.98
ROE % 10.94
ROCE % 12.90
Total Debt to Total Equity 0.50
EBITDA Margin 9.97
Particulars MAR 2024 (Values in Cr)
Book Value / Share 30.90
ROE % 10.38
ROCE % 13.11
Total Debt to Total Equity 0.92
EBITDA Margin 10.65
Particulars MAR 2023 (Values in Cr)
Book Value / Share 30.58
ROE % 5.19
ROCE % 9.56
Total Debt to Total Equity 0.83
EBITDA Margin 6.36
Particulars MAR 2022 (Values in Cr)
Book Value / Share 28.88
ROE % 6.26
ROCE % 10.50
Total Debt to Total Equity 0.79
EBITDA Margin 8.21
Particulars MAR 2021 (Values in Cr)
Book Value / Share 27.02
ROE % 11.53
ROCE % 14.12
Total Debt to Total Equity 0.93
EBITDA Margin 12.31
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 1.05
Total Assets 113.65
Total Liabilities 113.65
Total Equity 65.86
Share Outstanding 15228000
Price to Book Ratio 6.22
Return on Assets (%) 6.06
Return on Capital (%) 7.98
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 0.59
Total Assets 96.70
Total Liabilities 96.70
Total Equity 31.87
Share Outstanding 12000000
Price to Book Ratio 2.41
Return on Assets (%) 0.57
Return on Capital (%) 0.87
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 0.23
Total Assets 102.13
Total Liabilities 102.13
Total Equity 31.44
Share Outstanding 12000000
Price to Book Ratio 2.04
Return on Assets (%) 0.80
Return on Capital (%) 1.26
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 0.90
Total Assets 96.90
Total Liabilities 96.90
Total Equity 30.43
Share Outstanding 12000000
Price to Book Ratio 1.75
Return on Assets (%) 0.82
Return on Capital (%) 1.47
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 0.80
Total Assets 94.56
Total Liabilities 94.56
Total Equity 29.41
Share Outstanding 12000000
Price to Book Ratio 2.13
Return on Assets (%) 0.37
Return on Capital (%) 0.63
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 1.00
Total Assets 117.07
Total Liabilities 117.07
Total Equity 70.08
Share Outstanding 15228000
Price to Book Ratio 6.22
Return on Assets (%) 5.00
Return on Capital (%) 6.47
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 0.54
Total Assets 97.59
Total Liabilities 97.59
Total Equity 37.08
Share Outstanding 12000000
Price to Book Ratio 2.41
Return on Assets (%) 0.41
Return on Capital (%) 0.59
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 0.23
Total Assets 95.60
Total Liabilities 95.60
Total Equity 36.69
Share Outstanding 12000000
Price to Book Ratio 2.04
Return on Assets (%) 1.93
Return on Capital (%) 2.61
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 0.90
Total Assets 80.29
Total Liabilities 80.29
Total Equity 34.65
Share Outstanding 12000000
Price to Book Ratio 1.75
Return on Assets (%) 2.61
Return on Capital (%) 3.59
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 0.80
Total Assets 78.55
Total Liabilities 78.55
Total Equity 32.41
Share Outstanding 12000000
Price to Book Ratio 2.13
Return on Assets (%) 4.50
Return on Capital (%) 5.86
Particulars MAR 2025 (Values in Cr)
Net Income 8.81
Cash from Operations -15.12
Cash from Investing 3.51
Cash from Financing 21.86
Net change in Cash 9.92
Free Cash Flow -13.60
Particulars MAR 2024 (Values in Cr)
Net Income 0.66
Cash from Operations 5.30
Cash from Investing 8.53
Cash from Financing -12.34
Net change in Cash 1.02
Free Cash Flow 5.97
Particulars MAR 2023 (Values in Cr)
Net Income 1.28
Cash from Operations -5.67
Cash from Investing 5.74
Cash from Financing -15.03
Net change in Cash -15.89
Free Cash Flow -4.56
Particulars MAR 2022 (Values in Cr)
Net Income 1.67
Cash from Operations 8.76
Cash from Investing 5.60
Cash from Financing -6.21
Net change in Cash 6.66
Free Cash Flow 8.86
Particulars MAR 2021 (Values in Cr)
Net Income 1.95
Cash from Operations 6.70
Cash from Investing -1.10
Cash from Financing -5.37
Net change in Cash -0.84
Free Cash Flow 7.30
Particulars MAR 2025 (Values in Cr)
Net Income 7.64
Cash from Operations -12.48
Cash from Investing 0.67
Cash from Financing 22.35
Net change in Cash 10.25
Free Cash Flow -10.96
Particulars MAR 2024 (Values in Cr)
Net Income 0.52
Cash from Operations 8.55
Cash from Investing -0.68
Cash from Financing -6.87
Net change in Cash 0.56
Free Cash Flow 9.21
Particulars MAR 2023 (Values in Cr)
Net Income 2.31
Cash from Operations -2.32
Cash from Investing -3.62
Cash from Financing -9.00
Net change in Cash -15.86
Free Cash Flow -1.20
Particulars MAR 2022 (Values in Cr)
Net Income 2.97
Cash from Operations 3.74
Cash from Investing 5.31
Cash from Financing -0.93
Net change in Cash 6.65
Free Cash Flow 3.84
Particulars MAR 2021 (Values in Cr)
Net Income 4.96
Cash from Operations 1.63
Cash from Investing 1.44
Cash from Financing -2.72
Net change in Cash -0.71
Free Cash Flow 2.23
Company Name Price P/E P/B Market Cap 52 Week Low/High
HCL INFOSYSTEMS LTD 14.27 0.00 -1.56 469.78 11.78 / 24.39
CONTROL PRINT LIMITED 698.75 11.18 2.54 1117.60 571.90 / 918.55
CEREBRA INT TECH LTD 6.15 0.00 0.49 74.53 3.99 / 10.58
Smartlink Holdings Limited 130.10 12.46 0.64 129.77 119.40 / 202.15
Company Name Price P/E P/B Market Cap 52 Week Low/High
HCL INFOSYSTEMS LTD 14.27 0.00 -1.54 469.78 11.78 / 24.39
ZENITH COMPUTERS LTD. 0.90 0.00 -0.01 1.39 0.00 / 0.00
RANE COMPUTERS CONSULTANCY LTD 4.00 0.00 0.40 3.10 0.00 / 0.00
CONTROL PRINT LIMITED 698.75 8.94 2.35 1117.60 571.90 / 918.55

PANACHE DIGILIFE LIMITED shareholding pattern

Holding

48.32%
51.67%
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PANACHE DIGILIFE LIMITED Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
328.85 -1.73 redarrow
red-green-graph indicator
2 Bearish
14 Bullish
  • 5 Days 333.30
  • 26 Days 348.40
  • 10 Days 335.20
  • 50 Days 358.00
  • 12 Days 336.50
  • 100 Days 345.00
  • 20 Days 343.30
  • 200 Days 308.30
331.48 PIVOT

First Support

321.62

First Resistance

344.52

Second Support

308.58

Second Resistance

354.38

Third Support

298.72

Third Resistance

367.42

RSI

43.21

ADX

9.64

MACD

-11.93

Williams % R

-69.75

Commodity Channel Index (CCI)

-75.62

Date

2025-09-26

Week

217187.00

Same Day

637491.00

Month

97895.00

1 Year

0.21

3 Year

0.57

Over 1 Month

-6.75%

down

Over 1 Year

25.14%

down

Over 3 Months

-25.71%

down

Over 3 Years

79.35%

down

Over 6 Months

46.87%

down

Over 5 Years

51.92%

down

PANACHE DIGILIFE LIMITED Corporate Actions

Dividend date Dividend amount Dividend type Record date Instrument type
21 Sep 2020 0.25 Final 23 Sep 2020 Equity shares
14 Jun 2019 0.5 Final 17 Jun 2019 Equity shares
17 Sep 2018 0.5 Final 19 Sep 2018 Equity shares
Ex-Date Ex-Bonus Ratio
19 Jul 2019 18 Jul 2019 1:1

PANACHE DIGILIFE LIMITED Share Price

Panache Digilife Limited was originally incorporated in Maharashtra, as 'Vardhaman Technology Private Limited', vide Certificate of Incorporation dated March 30, 2007, issued by Registrar of Companies. Subsequently, the Company converted into Public Limited Company and the name was changed to 'Vardhaman Technology Limited', dated February 15, 2017, issued by Registrar of Companies. Further, the name was changed to 'Panache Digilife Limited' dated February 22, 2017, obtained from the Registrar of Companies, Punjab.

The company is engaged in Information and Communication Technology manufacturing, distribution, and services. The company came into existence, to become a market leader in 'White Box' segment (unbranded - assembled/ customized based computer systems) by maintaining low cost of production. Presently, it offers solutions around Smart Computing Devices, Smart & AI based Digital Classrooms, Smart Asset Management, Retail IoT, Healthy Living Solutions, AV Display and Pen Display Solutions and other contract manufacturing OEM/ODM.

The Company started by acquiring the business of M/s. Vardhaman Computers, a proprietory concern of Mr. Nikit Rambhia, as a going concern through a Business Assignment Agreement dated April 5, 2007. Over the years, it has ventured into distribution of components and at present, the company is able to provide varied range of IT infrastructure products and embedded solutions.

The company is a turnkey manufacturer with the ability to bring customers original concept and ideas into series production. The company also works with individual in all stage of designs and manufacture, from the stage of conceptualization to the point of completion, with such efforts so as to bring industry and commercial level products and services to consumers. The company is a customer oriented solution provider company with its offerings and ranging across diverse hardware and embedded solutions.

In April 2017, the Company came up with a Public Issue consisting of 18,00,000 Equity Shares by raising capital aggregating Rs 14.58 Crore through Fresh Issue.

In 2019, the Company set-up a new facility at Bhiwandi, Maharashtra, to meet the increased needs of IoT & Computing devices consumption, which commenced commercial production on 13 February, 2019. Thereafter, the Company acquired 50% of equity share capital of M/s. ICT Infratech Services Private Limited thereby making it an Associate Company by entering into Joint Venture Agreement with M/s. Krish Intratrade Private Limited.

In the year 2019-20, the Company formed a Wholly Owned Subsidiary named Technofy Digital Private Limited on 4 June, 2019 for furtherance of the business of the Company to focus on establishing Manufacturing Infrastructure for IT and Electronics Products and Components along with Allied Ancillary activities.

The Company launched Lyf-Lyn Dwaar Pro Range of Products, Ai4 Youth Product Range, Embedded Laptops and signed partnership with Shuttle Inc. in 2022. It has further launched advanced AI hardware systems for education, BFSI, and industrial control in the enterprise digital ecosystem in 2024.

The Company has developed a new IoT device for retail automation, a compute system to record operation theater surgeries in the healthcare segment, a portable visitor management kiosk, and an Open Pluggable System (OPS) in 2025.

Parent organization Indian Private
NSE symbol PANACHE
Founded 2007
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Board Of Directors

Left Arrow

Amit Devchand Rambhia

Chairman & Managing Director

Nikit Devchand Rambia

Joint Managing Director

Shailesh Premji Gala

Independent Director

Tejaswini More

Independent Director

Harshil Chheda

Company Sec. & Compli. Officer

Nitesh Manilal Savla

Whole Time Director & Chief Financial Officer

Jayesh Khimji Rambhia

Independent Director

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Frequently Asked Questions

What is the Current Share Price of Panache Digilife Ltd?

Answer Field

Panache Digilife Ltd share price is for NSE ₹ 323.00 & for BSE ₹ 0.00 as on Jan 06 2026 03:29 PM.

What is the Market Cap of Panache Digilife Ltd Share?

Answer Field

The market cap of Panache Digilife Ltd for NSE ₹ 491.86 & for BSE ₹ 0.00 as on Jan 06 2026 03:29 PM.

What is the 52 Week High and Low of Panache Digilife Ltd?

Answer Field

The 52 Week High and Low of Panache Digilife Ltd for NSE is ₹ 472.15 and ₹ 171.85 and for BSE is ₹ 0.00 and ₹ 0.00.

What is 1 year return for Panache Digilife Ltd?

Answer Field

The 1 year returns on the stock has been 25.14%.

What is the P/E Ratio of Panache Digilife Ltd Share?

Answer Field

As on Jan 06 2026 03:29 PM the price-to-earnings (PE) ratio for Panache Digilife Ltd share is 76.58.

What is the PB ratio of Panache Digilife Ltd Share?

Answer Field

As on Jan 06 2026 03:29 PM, the price-to-book (PB) ratio for Panache Digilife Ltd share is 47.60.

How to Buy Panache Digilife Ltd Share?

Answer Field

You can trade in Panache Digilife Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Panache Digilife Ltd Share on Bajaj Broking App?

Answer Field

To buy Panache Digilife Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Panache Digilife 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: compliance_sec@bajajbroking.in, for any investor grievances write to compliance_sec@bajajbroking.in for DP related to Compliance_dp@bajajbroking.in .

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: compliance_sec@bajajbroking.in
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.