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VALIANT

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VALIANT COMMUNICATIONS LTD. Share Price Update

As of the latest trading session, VALIANT COMMUNICATIONS LTD. is trading at ₹1141.8, up by ₹54.35 or 4.99% from its previous close. The stock has moved between ₹1052.60 and ₹1141.80 today. Over the past year, the stock has delivered a return of 168.27%. In the last month, it has returned 17.09%.

Investment Returns

Over 1 Month 17.09% Over 3 Months 2.46% Over 6 Months 48.22% Over 1 Year 168.27%
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VALIANT COMMUNICATIONS LTD. fundamentals


  • Market cap (Cr) [-]
  • P/E Ratio (TTM) [-]
  • Beta [-]
  • Book Value / share [-]
  • Return on equity [-]%
  • EPS (TTM) [-]
  • Dividend yield [-]%
  • Net profit/quarter (Cr) [-]
info icon alternate text
  • Market cap (Cr) 1,326.30
  • P/E Ratio (TTM) 67.54
  • Beta 0.56
  • Book Value / share 74.47
  • Return on equity 17.70%
  • EPS (TTM) 16.10
  • Dividend yield [-]%
  • Net profit/quarter (Cr) 5.54
info icon alternate text

VALIANT COMMUNICATIONS LTD. Financials

  • Key Results
  • Key Ratios
  • Balance sheet
  • Cash Flow
  • Competition
info-icon
Revenue
Net income
Particulars DEC 2025 (Values in Cr)
Revenue 21.94
Operating Expense 14.90
Net Profit 5.54
Net Profit Margin (%) 25.25
Earnings Per Share (EPS) 4.84
EBITDA 8.22
Effective Tax Rate (%) 25.73
Particulars SEP 2025 (Values in Cr)
Revenue 20.06
Operating Expense 13.77
Net Profit 4.99
Net Profit Margin (%) 24.87
Earnings Per Share (EPS) 6.54
EBITDA 7.42
Effective Tax Rate (%) 25.18
Particulars JUN 2025 (Values in Cr)
Revenue 18.12
Operating Expense 12.40
Net Profit 4.46
Net Profit Margin (%) 24.61
Earnings Per Share (EPS) 5.85
EBITDA 6.68
Effective Tax Rate (%) 25.12
Particulars MAR 2025 (Values in Cr)
Revenue 16.02
Operating Expense 11.09
Net Profit 3.83
Net Profit Margin (%) 23.90
Earnings Per Share (EPS) 5.02
EBITDA 5.90
Effective Tax Rate (%) 25.48
Particulars DEC 2024 (Values in Cr)
Revenue 8.09
Operating Expense 8.43
Net Profit -0.01
Net Profit Margin (%) -0.12
Earnings Per Share (EPS) -0.02
EBITDA 0.70
Effective Tax Rate (%) -100.00
Particulars MAR 2025 (Values in Cr)
Revenue 50.40
Operating Expense 38.76
Net Profit 9.51
Net Profit Margin (%) 18.86
Earnings Per Share (EPS) 12.47
EBITDA 15.66
Effective Tax Rate (%) 25.87
Particulars MAR 2024 (Values in Cr)
Revenue 45.71
Operating Expense 37.23
Net Profit 6.58
Net Profit Margin (%) 14.39
Earnings Per Share (EPS) 9.08
EBITDA 11.19
Effective Tax Rate (%) 25.05
Particulars MAR 2023 (Values in Cr)
Revenue 30.19
Operating Expense 27.78
Net Profit 1.84
Net Profit Margin (%) 6.09
Earnings Per Share (EPS) 2.54
EBITDA 4.67
Effective Tax Rate (%) 26.40
Particulars MAR 2022 (Values in Cr)
Revenue 12.32
Operating Expense 17.11
Net Profit -3.18
Net Profit Margin (%) -25.81
Earnings Per Share (EPS) -4.41
EBITDA -2.19
Effective Tax Rate (%) 25.52
Particulars MAR 2021 (Values in Cr)
Revenue 17.87
Operating Expense 17.95
Net Profit 0.71
Net Profit Margin (%) 3.97
Earnings Per Share (EPS) 0.99
EBITDA 2.74
Effective Tax Rate (%) 23.65
Particulars MAR 2025 (Values in Cr)
Book Value / Share 80.69
ROE % 16.95
ROCE % 22.18
Total Debt to Total Equity 0.03
EBITDA Margin 30.76
Particulars MAR 2024 (Values in Cr)
Book Value / Share 67.96
ROE % 14.63
ROCE % 19.27
Total Debt to Total Equity 0.04
EBITDA Margin 23.29
Particulars MAR 2023 (Values in Cr)
Book Value / Share 45.60
ROE % 5.26
ROCE % 7.08
Total Debt to Total Equity 0.03
EBITDA Margin 14.13
Particulars MAR 2022 (Values in Cr)
Book Value / Share 42.86
ROE % -11.49
ROCE % -14.16
Total Debt to Total Equity 0.00
EBITDA Margin -19.58
Particulars MAR 2021 (Values in Cr)
Book Value / Share 47.23
ROE % 0.55
ROCE % 0.91
Total Debt to Total Equity 0.00
EBITDA Margin 9.74
Particulars MAR 2025 (Values in Cr)
Book Value / Share 76.62
ROE % 17.70
ROCE % 23.47
Total Debt to Total Equity 0.04
EBITDA Margin 31.15
Particulars MAR 2024 (Values in Cr)
Book Value / Share 64.24
ROE % 16.70
ROCE % 21.75
Total Debt to Total Equity 0.05
EBITDA Margin 24.57
Particulars MAR 2023 (Values in Cr)
Book Value / Share 41.26
ROE % 6.37
ROCE % 8.61
Total Debt to Total Equity 0.03
EBITDA Margin 15.53
Particulars MAR 2022 (Values in Cr)
Book Value / Share 38.67
ROE % -10.77
ROCE % -14.17
Total Debt to Total Equity 0.00
EBITDA Margin -17.53
Particulars MAR 2021 (Values in Cr)
Book Value / Share 43.09
ROE % 1.34
ROCE % 1.88
Total Debt to Total Equity 0.00
EBITDA Margin 13.32
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 18.26
Total Assets 71.88
Total Liabilities 71.88
Total Equity 61.59
Share Outstanding 0
Price to Book Ratio 5.10
Return on Assets (%) 13.37
Return on Capital (%) 15.21
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 20.12
Total Assets 58.40
Total Liabilities 58.40
Total Equity 51.88
Share Outstanding 0
Price to Book Ratio 5.68
Return on Assets (%) 10.62
Return on Capital (%) 11.57
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 7.39
Total Assets 40.01
Total Liabilities 40.01
Total Equity 32.98
Share Outstanding 0
Price to Book Ratio 3.37
Return on Assets (%) 4.20
Return on Capital (%) 4.85
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 6.99
Total Assets 34.46
Total Liabilities 34.46
Total Equity 31.00
Share Outstanding 0
Price to Book Ratio 1.86
Return on Assets (%) -7.64
Return on Capital (%) -8.49
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 7.67
Total Assets 36.89
Total Liabilities 36.89
Total Equity 34.16
Share Outstanding 0
Price to Book Ratio 1.56
Return on Assets (%) 4.34
Return on Capital (%) 4.69
Particulars MAR 2025 (Values in Cr)
Cash & Short Term Investments 15.76
Total Assets 68.55
Total Liabilities 68.55
Total Equity 58.44
Share Outstanding 0
Price to Book Ratio 5.10
Return on Assets (%) 13.87
Return on Capital (%) 15.84
Particulars MAR 2024 (Values in Cr)
Cash & Short Term Investments 16.86
Total Assets 55.34
Total Liabilities 55.34
Total Equity 49.00
Share Outstanding 0
Price to Book Ratio 5.68
Return on Assets (%) 11.88
Return on Capital (%) 12.96
Particulars MAR 2023 (Values in Cr)
Cash & Short Term Investments 3.13
Total Assets 36.33
Total Liabilities 36.33
Total Equity 29.80
Share Outstanding 0
Price to Book Ratio 3.37
Return on Assets (%) 5.05
Return on Capital (%) 5.84
Particulars MAR 2022 (Values in Cr)
Cash & Short Term Investments 2.49
Total Assets 31.44
Total Liabilities 31.44
Total Equity 27.93
Share Outstanding 0
Price to Book Ratio 1.86
Return on Assets (%) -10.11
Return on Capital (%) -11.39
Particulars MAR 2021 (Values in Cr)
Cash & Short Term Investments 5.47
Total Assets 33.21
Total Liabilities 33.21
Total Equity 31.12
Share Outstanding 0
Price to Book Ratio 1.56
Return on Assets (%) 2.14
Return on Capital (%) 2.29
Particulars MAR 2025 (Values in Cr)
Net Income 12.75
Cash from Operations 4.11
Cash from Investing -14.67
Cash from Financing -0.45
Net change in Cash -14.18
Free Cash Flow 5.39
Particulars MAR 2024 (Values in Cr)
Net Income 8.30
Cash from Operations 4.92
Cash from Investing -3.33
Cash from Financing 12.54
Net change in Cash 12.48
Free Cash Flow 7.75
Particulars MAR 2023 (Values in Cr)
Net Income 2.24
Cash from Operations 3.19
Cash from Investing -4.34
Cash from Financing 1.64
Net change in Cash 0.42
Free Cash Flow 7.25
Particulars MAR 2022 (Values in Cr)
Net Income -3.61
Cash from Operations -3.78
Cash from Investing 3.77
Cash from Financing 0.00
Net change in Cash -0.18
Free Cash Flow -1.13
Particulars MAR 2021 (Values in Cr)
Net Income 2.10
Cash from Operations 1.05
Cash from Investing -0.48
Cash from Financing 0.00
Net change in Cash 1.16
Free Cash Flow 2.51
Particulars MAR 2025 (Values in Cr)
Net Income 12.83
Cash from Operations 4.81
Cash from Investing -14.66
Cash from Financing -0.45
Net change in Cash -13.42
Free Cash Flow 6.09
Particulars MAR 2024 (Values in Cr)
Net Income 8.77
Cash from Operations 5.52
Cash from Investing -2.81
Cash from Financing 12.46
Net change in Cash 13.55
Free Cash Flow 6.75
Particulars MAR 2023 (Values in Cr)
Net Income 2.50
Cash from Operations 2.93
Cash from Investing -3.78
Cash from Financing 1.64
Net change in Cash 0.69
Free Cash Flow 6.98
Particulars MAR 2022 (Values in Cr)
Net Income -4.27
Cash from Operations -2.06
Cash from Investing -0.47
Cash from Financing 0.00
Net change in Cash -2.42
Free Cash Flow 0.58
Particulars MAR 2021 (Values in Cr)
Net Income 0.93
Cash from Operations 0.41
Cash from Investing -0.42
Cash from Financing 0.00
Net change in Cash 0.63
Free Cash Flow 1.87
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
NELCO LTD. 664.05 0.00 11.76 1515.36 502.40 1161.50
HFCL LIMITED 138.45 67.87 4.33 21191.19 59.83 155.45
UMIYA BUILDCON LIMITED 82.17 3.82 1.33 153.53 62.94 111.10
NU TEK INDIA LTD. 0.29 0.62 0.00 4.48 0.28 0.42
Company Name Price P/E P/B Market Cap 52 Week Low 52 Week High
NELCO LTD. 664.05 245.04 12.01 1515.36 502.40 1161.50
[-] 0.0 0.0 0.0 0.0 0.0 0.0
HFCL LIMITED 138.45 83.91 4.48 21191.19 59.83 155.45
PRECISION ELECTRONICS LTD. 153.00 193.67 16.95 211.91 107.10 266.30

VALIANT COMMUNICATIONS LTD. shareholding pattern

Holding
56.01%
39.74%
0.96%
3.27%
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VALIANT COMMUNICATIONS LTD. Technicals Summary

  • EMA & SMA
  • Resistance and Support
  • Delivery and Volume
  • Beta
  • Price Change Analysis
1134.35 4.31 redarrow
red-green-graph indicator
0 Bearish
16 Bullish
  • 5 Days 1101.70
  • 26 Days 1022.70
  • 10 Days 1074.00
  • 50 Days 995.80
  • 12 Days 1063.50
  • 100 Days 941.80
  • 20 Days 1034.70
  • 200 Days 836.20
1115.82 PIVOT
First Support 1082.63 First Resistance 1166.63 Second Support 1031.82 Second Resistance 1199.82 Third Support 998.63 Third Resistance 1250.63
RSI 66.72 ADX 33.55 MACD 41.60 Williams % R -9.16 Commodity Channel Index (CCI) 118.24
Date 2026-05-19 Week 20055.00 Same Day 14877.00 Month 14596.00
1 Year 0.55 3 Year 0.62
Over 1 Month
17.09% down
Over 1 Year
168.27% down
Over 3 Months
2.46% down
Over 3 Years
122.30% down
Over 6 Months
48.22% down
Over 5 Years
90.82% down

VALIANT COMMUNICATIONS LTD. Corporate Actions

Dividend date Dividend amount Dividend type Record date Instrument type
11 Sep 2025 1.5 Final 11 Sep 2025 Equity shares
15 Sep 2011 0.6 Final 17 Sep 2011 Equity shares
05 Aug 2010 1.2 Final 07 Aug 2010 Equity shares
06 Aug 2009 1.2 Final 10 Aug 2009 Equity shares
14 Aug 2008 1.0 Final 20 Aug 2008 Equity shares
31 Jul 2007 0.9 Final 02 Aug 2007 Equity shares
Ex-Date Ex-Bonus Ratio
10 Oct 2025 10 Oct 2025 1:2

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VALIANT COMMUNICATIONS LTD. Share Price

Valiant Communications Limited was incorporated as a Private Limited Company in December, 1993, promoted by Inder Mohan Sood and Davinder Mohan Sood. It became a public limited company in Aug.'94. The Company designs, develops, manufactures a wide range of advanced communication, transmission, protection, synchronization, NAS (Network-attached storage), Data Storage Servers and cyber security products and solutions to a wide range of sectors including Power Sector Infrastructure - Sub-stations, Distribution, Transmission, Utilities - Water, Oil and Gas, Renewable Energy sector (Solar and Wind Energy etc.), Railways, Metro Rail, Airport Communication Networks, Corporate Networks, Financial Institutions, Mobile Communication Networks (including 4G/5G), Defense Networks for communication equipment, Synchronization applications for autonomous driving technology, providing cyber security products to Critical Infrastructure Industries (including Power, Railways, Airports, Utilities, Defence) and other emerging sectors and technologies.

The company came out with a public issue in Jan.'95, to part-finance the project to manufacture analog subscriber carrier systems, digital subscriber carrier systems, optic fibre subscriber carrier systems, digital point-to-point wireless subscriber and optic fibre management hardware.

The company has technical and financial agreements with Vanguard Communications, US (25.08% stake), to manufacture analog and digital subscriber carrier systems; and with United Technologies India for subscriber long-line and data interface equipment. It also assembles Seiscor Technologies, US (optical digital fibre loop carrier systems) and Telect, US (fibre optic products).

Production of optic fiber hardware commenced in Dec.'94 and that of digital subscriber systems commenced in Jan.'95. The company has been given approval for converting its existing unit to a 100% EOU under the Electronic Hardware Technology Park (EHTP) scheme by the Department of Electronics, Government of India, for the manufacture of telecom transmission equipment on November 16, 1998.

The new products which was introduced during 2000-2001 was focusing on telecom transmission solutions to customers, In the coming years the company is going to pay attention to Voice Data and Internet Protocol and marketing of products through alliances and OEM arrangements etc.

During 2002-03, new products like solutions for voice and digital data communications, high speed data network access, optical transmission and networking solutions, echo cancellation, digital cross connect and remote asset management solutions were launched. The Company introduced latest Broadband Access Node which provides an array of next generation high-speed. Improved and larger versions of existing products including multiplexers, digital access cross connects and echo cancellers were introduced during the year 2007-08. The Company acquired 58.65% stake in Valiant Infrastructure Limited, India during the same period. New ethernet-based and IP (Internet protocol) based products and solutions were introduced.

The Company introduced products for applications in the WiMAX networks in 2008-09. The Company established three subsidiaries, viz. Valiant Communications (UK) Ltd., United Kingdom, Valiant Communications & Technologies Inc., USA, and Valiant Infrastructure Ltd., India to explore the emerging opportunities in world telecom market and infrastructure development. It divested 60% of total shareholding in Orion Telecom Networks, Inc., USA, for a total sum of USD 390,000.

In 2009-10, the applications of new products like WiMAX and Broadband solutions, Ethernet-based products, internet protocol, voice quality enhancement solutions for wireless, wireline and long distance telephony applications cellular / mobile network application solutions, ISPs applications, corporate and enterprises network applications. New Ethernet-based and IP (Internet protocol) based products and solutions were introduced.

In 2012-13, different versions of the voice and data multiplexers, tele protection equipment, TDM over Packet/ Ethernet/MPLS and digital access cross-connect switch product range were launched.

Valiant has added its latest EMP (Electromagnetic Pulse) protected data storage solution - VCL-9000 in FY 2025. VCL has added Data Diode devices as another layer of cybersecurity to its product portfolio. Additionally, a series of new products based on advanced technologies including products that are Quantum-Safe ready are being introduced to secure high-speed Ethernet / IP data communication links. Valiant has also added GPS anti-jamming and anti-spoofing feature to its entire portfolio of Synchronization equipment in 2025.

Parent organization Indian Private
NSE symbol [-]
Founded 1993
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Board Of Directors

Left Arrow
Inder Mohan Sood CMD & Executive Director
Davinder Mohan Sood ED / WTD / CFO / Promoter
Gaurav Mohan Sood WTD & Executive Director
Subhash Kumar Mehta Independent Non Exe. Director
Anil Tandon Independent Non Exe. Director
Sanjna Aggarwal Independent Non Exe. Director
Manish Kumar Company Sec. & Compli. Officer
Garv Mohan Sood WTD & Additional Director
Aditya Pratap Singh Additional Director
Right Arrow

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Frequently Asked Questions

What is the Current Share Price of Valiant Communications Ltd?

Answer Field

Valiant Communications Ltd share price is for NSE ₹ 0.00 & for BSE ₹ 1,134.35 as on May 21 2026 03:29 PM.

What is the Market Cap of Valiant Communications Ltd Share?

Answer Field

The market cap of Valiant Communications Ltd for NSE ₹ 0.00 & for BSE ₹ 1,326.30 as on May 21 2026 03:29 PM.

What is the 52 Week High and Low of Valiant Communications Ltd?

Answer Field

The 52 Week High and Low of Valiant Communications Ltd for NSE is ₹ 0.00 and ₹ 0.00 and for BSE is ₹ 1,160.00 and ₹ 429.00.

What is 1 year return for Valiant Communications Ltd?

Answer Field

The 1 year returns on the stock has been 152.34%.

What is the P/E Ratio of Valiant Communications Ltd Share?

Answer Field

As on May 21 2026 03:29 PM the price-to-earnings (PE) ratio for Valiant Communications Ltd share is 67.54.

What is the PB ratio of Valiant Communications Ltd Share?

Answer Field

As on May 21 2026 03:29 PM, the price-to-book (PB) ratio for Valiant Communications Ltd share is 74.47.

How to Buy Valiant Communications Ltd Share?

Answer Field

You can trade in Valiant Communications Ltd shares with Bajaj Broking by opening a demat account.

How to Buy Valiant Communications Ltd Share on Bajaj Broking App?

Answer Field

To buy Valiant Communications Ltd shares on the Bajaj Broking app, follow these steps:

• Login to the Bajaj Broking App

• Click on the Search Icon

• Search “Valiant Communications 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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Investments in the securities market are subject to market risk, read all related documents carefully before investing.

Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | MCX Member ID: 57680 | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403. 

Website: Bajaj Broking

RESEARCH DISCLAIMER

Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014 | CIN: U67120PN2010PLC136026 | Research Analyst SEB I Registration No: INH000010043.

Details of Compliance Officer: 

Mr. Boudhayan Ghosh (For Broking/DP/Research)
Email | Contact No.: 020-4857 4486 

Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.

DISCLOSURES

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations) 

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

DISCLAIMER

This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects. 

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.