Disclosures, regulations & grievances.

The research is issued by Front Wave Research LLP, a SEBI-registered Research Analyst (Registration No: INH000018407). The Type of Registration is Non-Individual.

The disclosures mentioned below are in compliance with SEBI (Research Analysts) Regulations, 2014, to ensure transparency and integrity. Investors must perform their own due diligence before acting on any recommendations.

There are no outstanding litigations or disciplinary actions against Front Wave Research LLP as of the date of this report. Neither Front Wave Research LLP nor its associates or relatives hold any financial interest in the subject companies discussed in this report unless explicitly mentioned. Front Wave Research LLP or its associates do not own 1% or more of the securities of the subject companies as of the end of the month immediately preceding the publication of this report.

Front Wave Research LLP, its associates, or relatives do not have any material conflicts of interest with the subject companies at the time of publication unless explicitly disclosed. Neither Front Wave Research LLP nor its associates have received compensation from the subject companies in the past 12 months for investment banking, merchant banking, or brokerage services.

Front Wave Research LLP has not managed or co-managed public offerings of securities for any subject company in the past 12 months. Front Wave Research LLP has not received any compensation or other benefits from any third party in connection with this research report unless specifically disclosed.

The research analyst(s) involved in the preparation of this report have not served as an officer, director, or employee of the subject companies. Front Wave Research LLP has not been engaged in any market-making activities for the subject companies.

Investments in the securities market are subject to market risks. This research report is not an offer to sell or a solicitation to buy any securities. Past performance is not indicative of future results. Investors are encouraged to seek independent financial advice and read all relevant offer documents before making investment decisions.