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TRANSRAILL

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TRANSRAIL LIGHTING LTD Share Price Update

As of the latest trading session, TRANSRAIL LIGHTING LTD is trading at ₹598.95, down by ₹-9.45 or -1.55% from its previous close. The stock has moved between ₹586.60 and ₹614.90 today. Over the past year, the stock has delivered a return of 29.89%. In the last month, it has returned 32.51%.

TRANSRAIL LIGHTING LTD performance

Today’s low Today’s high
₹ 586.60 ₹ 614.90
₹ 598.95
52 week low 52 week high
₹ 450.05 ₹ 855.80
₹ 598.95
Open Price ₹ 605.00
Prev. Close ₹ 608.40
Volume (Shares) 979031.00
Total traded value ₹ 5863.90
Upper Circuit ₹ 730.05
Lower Circuit ₹ 486.75
info

Investment Returns

Over 1 Month 32.51% Over 3 Months 20.33% Over 6 Months -18.25% Over 1 Year 29.89%
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TRANSRAIL LIGHTING LTD fundamentals


  • Market cap (Cr) 8,041.30
  • P/E Ratio (TTM) 18.47
  • Beta 1.48
  • Book Value / share 157.06
  • Return on equity 21.71%
  • EPS (TTM) 33.39
  • Dividend yield 0.13%
  • Net profit/quarter (Cr) 111.90
info icon alternate text
  • Market cap (Cr) 8,046.60
  • P/E Ratio (TTM) 18.47
  • Beta 1.43
  • Book Value / share 157.06
  • Return on equity 21.71%
  • EPS (TTM) 33.39
  • Dividend yield 0.13%
  • Net profit/quarter (Cr) 111.90
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TRANSRAIL LIGHTING LTD Financials

  • Key Results
  • Key Ratios
  • Balance sheet
  • Cash Flow
  • Competition
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Revenue
Net income
Particulars DEC 2025 (Values in Cr)
Revenue 1776.68
Operating Expense 1637.87
Net Profit 111.90
Net Profit Margin (%) 6.29
Earnings Per Share (EPS) 8.33
EBITDA 225.40
Effective Tax Rate (%) 27.08
Particulars SEP 2025 (Values in Cr)
Revenue 1537.91
Operating Expense 1454.78
Net Profit 90.37
Net Profit Margin (%) 5.87
Earnings Per Share (EPS) 6.73
EBITDA 199.43
Effective Tax Rate (%) 27.36
Particulars JUN 2025 (Values in Cr)
Revenue 1632.56
Operating Expense 1517.55
Net Profit 108.75
Net Profit Margin (%) 6.66
Earnings Per Share (EPS) 8.10
EBITDA 213.88
Effective Tax Rate (%) 27.37
Particulars MAR 2025 (Values in Cr)
Revenue 1906.62
Operating Expense 1787.33
Net Profit 124.61
Net Profit Margin (%) 6.53
Earnings Per Share (EPS) 9.81
EBITDA 249.94
Effective Tax Rate (%) 28.66
Particulars DEC 2024 (Values in Cr)
Revenue 1340.25
Operating Expense 1236.75
Net Profit 97.57
Net Profit Margin (%) 7.27
Earnings Per Share (EPS) 7.83
EBITDA 193.26
Effective Tax Rate (%) 25.27
Particulars MAR 2025 (Values in Cr)
Revenue 5212.11
Operating Expense 4880.90
Net Profit 334.34
Net Profit Margin (%) 6.41
Earnings Per Share (EPS) 26.33
EBITDA 728.72
Effective Tax Rate (%) 29.57
Particulars MAR 2024 (Values in Cr)
Revenue 4009.23
Operating Expense 3810.96
Net Profit 234.66
Net Profit Margin (%) 5.85
Earnings Per Share (EPS) 19.71
EBITDA 532.26
Effective Tax Rate (%) 26.56
Particulars MAR 2023 (Values in Cr)
Revenue 3132.92
Operating Expense 3023.74
Net Profit 109.40
Net Profit Margin (%) 3.49
Earnings Per Share (EPS) 48.34
EBITDA 315.60
Effective Tax Rate (%) 27.12
Particulars MAR 2022 (Values in Cr)
Revenue 2337.58
Operating Expense 2265.46
Net Profit 66.46
Net Profit Margin (%) 2.84
Earnings Per Share (EPS) 29.70
EBITDA 214.07
Effective Tax Rate (%) 27.69
Particulars MAR 2021 (Values in Cr)
Revenue 2154.78
Operating Expense 2039.97
Net Profit 102.01
Net Profit Margin (%) 4.73
Earnings Per Share (EPS) 134.32
EBITDA 261.21
Effective Tax Rate (%) 24.35
Particulars MAR 2025 (Values in Cr)
Book Value / Share 139.91
ROE % 21.63
ROCE % 34.24
Total Debt to Total Equity 0.44
EBITDA Margin 15.52
Particulars MAR 2024 (Values in Cr)
Book Value / Share 91.82
ROE % 24.41
ROCE % 33.94
Total Debt to Total Equity 0.67
EBITDA Margin 15.08
Particulars MAR 2023 (Values in Cr)
Book Value / Share 338.36
ROE % 15.00
ROCE % 25.43
Total Debt to Total Equity 0.77
EBITDA Margin 12.15
Particulars MAR 2022 (Values in Cr)
Book Value / Share 291.94
ROE % 10.60
ROCE % 20.39
Total Debt to Total Equity 0.73
EBITDA Margin 11.40
Particulars MAR 2021 (Values in Cr)
Book Value / Share 750.12
ROE % 19.65
ROCE % 28.48
Total Debt to Total Equity 0.77
EBITDA Margin 13.95
Particulars MAR 2025 (Values in Cr)
Book Value / Share 142.54
ROE % 21.71
ROCE % 34.12
Total Debt to Total Equity 0.43
EBITDA Margin 15.66
Particulars MAR 2024 (Values in Cr)
Book Value / Share 93.82
ROE % 24.13
ROCE % 33.76
Total Debt to Total Equity 0.65
EBITDA Margin 15.11
Particulars MAR 2023 (Values in Cr)
Book Value / Share 342.48
ROE % 15.08
ROCE % 25.49
Total Debt to Total Equity 0.75
EBITDA Margin 12.28
Particulars MAR 2022 (Values in Cr)
Book Value / Share 294.93
ROE % 10.70
ROCE % 20.36
Total Debt to Total Equity 0.73
EBITDA Margin 11.75
Particulars MAR 2021 (Values in Cr)
Book Value / Share 755.73
ROE % 20.11
ROCE % 28.26
Total Debt to Total Equity 0.79
EBITDA Margin 14.14
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 620.92
Total Assets 6233.00
Total Liabilities 6233.00
Total Equity 1881.07
Share Outstanding 13
Price to Book Ratio 3.24
Return on Assets (%) 5.24
Return on Capital (%) 12.94
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 223.90
Total Assets 4620.61
Total Liabilities 4620.61
Total Equity 1139.11
Share Outstanding 12
Price to Book Ratio 0.00
Return on Assets (%) 5.04
Return on Capital (%) 13.08
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 198.11
Total Assets 3445.49
Total Liabilities 3445.49
Total Equity 771.39
Share Outstanding 2
Price to Book Ratio 0.00
Return on Assets (%) 3.12
Return on Capital (%) 7.82
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 101.53
Total Assets 2841.86
Total Liabilities 2841.86
Total Equity 662.95
Share Outstanding 2
Price to Book Ratio 0.00
Return on Assets (%) 2.27
Return on Capital (%) 5.72
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 127.54
Total Assets 2182.37
Total Liabilities 2182.37
Total Equity 567.79
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 4.49
Return on Capital (%) 9.85
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 619.63
Total Assets 6271.28
Total Liabilities 6271.28
Total Equity 1916.42
Share Outstanding 13
Price to Book Ratio 3.24
Return on Assets (%) 5.33
Return on Capital (%) 13.06
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 223.41
Total Assets 4647.74
Total Liabilities 4647.74
Total Equity 1163.85
Share Outstanding 12
Price to Book Ratio 0.00
Return on Assets (%) 5.04
Return on Capital (%) 12.99
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 193.28
Total Assets 3454.80
Total Liabilities 3454.80
Total Equity 780.80
Share Outstanding 2
Price to Book Ratio 0.00
Return on Assets (%) 3.16
Return on Capital (%) 7.89
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 108.09
Total Assets 2846.13
Total Liabilities 2846.13
Total Equity 669.78
Share Outstanding 2
Price to Book Ratio 0.00
Return on Assets (%) 2.33
Return on Capital (%) 5.83
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 127.22
Total Assets 2185.15
Total Liabilities 2185.15
Total Equity 572.04
Share Outstanding 0
Price to Book Ratio 0.00
Return on Assets (%) 4.66
Return on Capital (%) 10.19
Particulars MAR 2025 (Values in Cr)
Net Income 464.59
Cash from Operations 415.09
Cash from Investing -497.64
Cash from Financing 241.93
Net change in Cash 31.60
Free Cash Flow 556.91
Particulars MAR 2024 (Values in Cr)
Net Income 315.81
Cash from Operations 145.64
Cash from Investing -78.29
Cash from Financing 27.95
Net change in Cash -14.86
Free Cash Flow 174.60
Particulars MAR 2023 (Values in Cr)
Net Income 147.32
Cash from Operations 156.44
Cash from Investing -104.53
Cash from Financing 29.06
Net change in Cash 67.21
Free Cash Flow 210.39
Particulars MAR 2022 (Values in Cr)
Net Income 90.66
Cash from Operations -1.68
Cash from Investing -80.87
Cash from Financing 3.07
Net change in Cash -31.60
Free Cash Flow 78.36
Particulars MAR 2021 (Values in Cr)
Net Income 131.75
Cash from Operations 28.61
Cash from Investing -2.93
Cash from Financing 4.78
Net change in Cash 66.50
Free Cash Flow 55.76
Particulars MAR 2025 (Values in Cr)
Net Income 474.74
Cash from Operations 416.16
Cash from Investing -499.42
Cash from Financing 241.94
Net change in Cash 30.80
Free Cash Flow 556.85
Particulars MAR 2024 (Values in Cr)
Net Income 319.53
Cash from Operations 167.85
Cash from Investing -96.17
Cash from Financing 27.93
Net change in Cash -10.51
Free Cash Flow 197.09
Particulars MAR 2023 (Values in Cr)
Net Income 150.13
Cash from Operations 38.01
Cash from Investing -106.59
Cash from Financing 29.07
Net change in Cash 65.05
Free Cash Flow 91.16
Particulars MAR 2022 (Values in Cr)
Net Income 91.92
Cash from Operations 87.36
Cash from Investing -89.03
Cash from Financing 3.07
Net change in Cash -33.96
Free Cash Flow 167.79
Particulars MAR 2021 (Values in Cr)
Net Income 134.86
Cash from Operations 27.87
Cash from Investing -17.10
Cash from Financing 1.10
Net change in Cash 66.42
Free Cash Flow 50.06
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
RELIANCE INFRASTRUCTURE LTD. 78.96 0.75 0.19 3226.55 64.25 425.00
Cemindia Projects Limited 814.55 23.41 5.83 13992.96 477.00 943.20
GAMMON INDIA LTD. 1.45 0.00 0.00 53.59 0.00 0.00
HINDUSTAN CONSTRUCTION CO 22.04 34.98 2.75 5773.31 13.60 31.47
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
RELIANCE INFRASTRUCTURE LTD. 78.96 0.00 0.13 3226.55 64.25 425.00
Cemindia Projects Limited 814.55 23.57 5.84 13992.96 477.00 943.20
GAMMON INDIA LTD. 1.45 0.00 0.00 53.59 0.00 0.00
HINDUSTAN CONSTRUCTION CO 22.04 16.33 1.92 5773.31 13.60 31.47

TRANSRAIL LIGHTING LTD shareholding pattern

Holding
18.57%
71.11%
2.16%
8.14%
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News

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TRANSRAIL LIGHTING LTD Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
598.95 -1.55 redarrow
red-green-graph indicator
1 Bearish
15 Bullish
  • 5 Days 598.90
  • 26 Days 559.00
  • 10 Days 587.50
  • 50 Days 547.80
  • 12 Days 582.70
  • 100 Days 560.20
  • 20 Days 566.80
  • 200 Days 576.60
612.68 PIVOT
First Support 600.97 First Resistance 620.12 Second Support 593.53 Second Resistance 631.83 Third Support 581.82 Third Resistance 639.27
RSI 62.43 ADX 46.67 MACD 23.66 Williams % R -25.63 Commodity Channel Index (CCI) 82.60
Date 2026-04-30 Week 345241.00 Same Day 372063.00 Month 338468.00
1 Year 1.49 3 Year 1.46
Over 1 Month
32.51% down
Over 1 Year
29.89% down
Over 3 Months
20.33% down
Over 3 Years
0.00% down
Over 6 Months
-18.25% down
Over 5 Years
0.00% down

TRANSRAIL LIGHTING LTD Corporate Actions

Dividend date Dividend amount Dividend type Record date Instrument type
04 Sep 2025 0.8 Final 05 Sep 2025 Equity shares
Dividend date Dividend amount Dividend type Record date Instrument type
04 Sep 2025 0.8 Final 05 Sep 2025 Equity shares

Top Gainers

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TRANSRAIL LIGHTING LTD Share Price

Transrail Lighting Limited was incorporated as Public Limited Company pursuant to the Certificate of Incorporation on February 18, 2008, issued by RoC at Mumbai, Maharashtra and commenced operations pursuant to a Certificate of Commencement of Business on March 14, 2008.

The Company is one of the leading Indian engineering, procurement and construction (EPC) companies mainly focusing on power transmission and distribution business and integrated manufacturing facilities for lattice structures, conductors, and monopoles. Other than the construction of power transmission and distribution business, it has other business verticals, such as civil construction, poles and lighting, and railways. The Company provide turnkey construction of AIS and GIS substations up to 765 kilovolts (kV). The total length of domestic transmission lines rose to 494,732 circuit kilometres (ckm) as of March 31, 2025.

Company has completed more than 200 projects in power transmission and distribution vertical, along with comprehensive and extensive project execution capabilities in terms of manpower, supply of materials (including self-manufactured products) and availability of world class machinery, both in India and internationally.

In 1984, the Company started with first foundation work on 132kV line. In 1993, Associated Transrail Structures Ltd (ATSL) was incorporated to set up 1st factory for Tower manufacturing in Baroda.

In 2001, Transrail engineering Company (TEC) was merged with Associated Transrail Structures Ltd (ATSL). The 2nd factory for Tower manufacturing was established at Butibori in 2005. Thereafter, it started Power Distribution projects. The 3rd factory of conductor also was established in Silvassa in 2007 along with first International Turnkey project. Further, the Tower Testing Unit was started in 2010.

In April 2017, as per the Scheme of Arrangement, Gammon India Limited (GIL) transferred its Transmission and Distribution Business, including the tower testing facility located at Deoli, Maharashtra and tower manufacturing facilities located at Baroda and Nagpur division of conductor factory at Silvassa, Dadra and Nagar Haveli, and the tower manufacturing facility at Deoli, Maharashtra, to the Company. And as a result, said Scheme of Arrangement was made effective from April 20, 2017.

In 2018, Company started luminaries products by manufacturing of LED lighting fixtures, it established Civil Division. In 2022-23, the Company commissioned their First Underground Cabling Project.

The Company launched its initial public offering of 19,419,258 equity shares of face value of Rs 2 each by raising funds through equity aggregating to Rs 839 Cr, comprising a fresh issue of 9,259,258 equity shares amounting to Rs 400 Cr and 10,160,000 equity shares amounting to Rs 439 Cr via offer for sale in December, 2024.

In FY 2025, Company entered the Solar EPC division in Jamaica for an 80MW DC ground-mounted Solar PV Project including an associated substation. The tower factory capacity expanded to 1.73 MTPA while the conductor factory expanded the capacity to 40,800 km. In FY25, Company commissioned 765kV DC Transmission Line at Khavda & 400kV DC TL at Neemuch; 220kV/33kV GIS Substation at Dholera; 400kV AIS Bay Extension and 220kV GIS Bays Banka Substation amongst others. It launched a 400 kV & 220 kV Transmission lines and substation projects in Kenya during the year 2025.

Parent organization Indian Private
NSE symbol TRANSRAILL
Founded 2008
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Board Of Directors

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D C Bagde Chairman & Exec. Director
Sanjay Kumar Verma Vice Chairman & Non executive
Randeep Narang Managing Director & CEO
Srikant Chaturvedi Non Executive Director
Ravita Nirmal Punwani Independent Non Exe. Director
Vinod K Dasari Independent Non Exe. Director
Ranjit Raghunath Jatar Independent Non Exe. Director
Ashish Gupta Independent Non Exe. Director
Dilawar Singh Independent Non Exe. Director
I S Jha Non Executive Director
Raman Rajagopalan DMD / COO / Head
Dharmendra Singh Gangwar Independent Non Exe. Director
Dhulipala Suryanarayana WTD / COO
Monica T Gandhi Company Sec. & Compli. Officer
Rajeev Kumar Jain Additional Director
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Frequently Asked Questions

What is the Current Share Price of Transrail Lighting Ltd?

Answer Field

Transrail Lighting Ltd share price is for NSE ₹ 598.95 & for BSE ₹ 596.00 as on Apr 30 2026 03:30 PM.

What is the Market Cap of Transrail Lighting Ltd Share?

Answer Field

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

What is the 52 Week High and Low of Transrail Lighting Ltd?

Answer Field

The 52 Week High and Low of Transrail Lighting Ltd for NSE is ₹ 855.80 and ₹ 450.05 and for BSE is ₹ 855.40 and ₹ 444.90.

What is 1 year return for Transrail Lighting Ltd?

Answer Field

The 1 year returns on the stock has been 29.89%.

What is the P/E Ratio of Transrail Lighting Ltd Share?

Answer Field

As on Apr 30 2026 03:30 PM the price-to-earnings (PE) ratio for Transrail Lighting Ltd share is 18.47.

What is the PB ratio of Transrail Lighting Ltd Share?

Answer Field

As on Apr 30 2026 03:30 PM, the price-to-book (PB) ratio for Transrail Lighting Ltd share is 157.06.

How to Buy Transrail Lighting Ltd Share?

Answer Field

You can trade in Transrail Lighting Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Transrail Lighting Ltd Share on Bajaj Broking App?

Answer Field

To buy Transrail Lighting Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Transrail Lighting 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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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.