Disclaimers & Disclosures

Disclaimer

Axczel Research Pvt Ltd is registered with SEBI as a Corporate Research Entity vide Registration Number INH000027681 dated 01 June 2026, pursuant to which it provides Research Analyst services to its clients.

Axczel Research Pvt Ltd is not affiliated with any other intermediaries nor does it receive any brokerage or commission from any third party.

SEBI has issued no penalties/directions against Axczel Research Pvt Ltd under the SEBI Act or any other regulatory body.

Axczel Research Pvt Ltd does not recommend any stock broker or other intermediary to a client, nor does it receive any consideration by way of remuneration or compensation or in any other form whatsoever from the stock broker or another intermediary.

Investment in equity shares has its own risks. Sincere efforts have been made to present the right investment perspective. The information contained herein is based on analysis and on sources that are considered reliable. Axczel Research Pvt Ltd, however, does not vouch for the consistency or the completeness thereof. This material is for personal information and Axczel Research Pvt Ltd is not responsible for any loss incurred due to it & takes no responsibility whatsoever for any financial profits or loss which may arise from the recommendations above.

Axczel Research Pvt Ltd does not provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition and suitability to risk return profile before investing.

Axczel Research Pvt Ltd or any other person related to it might be holding positions in the stocks recommended.

The research recommendations are provided to all clients who are entitled to receive the research reports. Any Client (Paid or Unpaid), any third party or anyone else have no rights to forward or share our calls or SMS or Reports or Any Information Provided by us to/with anyone (through any medium) which is received directly or indirectly by them. If found so, then serious legal actions can be taken.

Axczel Research Pvt Ltd ensures that the individuals employed as research analyst are separate from other employees who are performing sales trading, dealing, corporate finance advisory or any other activity that may affect the independence of research reports/recommendations. However, these individuals may receive feedback from sales or trading personnel of brokerage division to ascertain the impact of research report/recommendations.

Axczel Research Pvt Ltd also ensures that if a client wants an opinion on a specific position, such suggestion/view under any circumstances shall be considered as an opinion (not advice). Axczel Research Pvt Ltd is not liable for any losses whatsoever the client may incur in accepting this opinion.

Axczel Research Pvt Ltd does not have any association in any manner with any issuer of products/securities; this ensures that there are no actual or potential conflicts of interest. This also ensures that objectivity or independence in the carrying on of research services is not compromised.

Stock trading is inherently risky, and you agree to assume complete and full responsibility for the outcomes of all trading decisions that you make.

Unlike an actual performance record, simulated results do not represent actual trading. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.

You, and not Axczel Research Pvt Ltd, assume the entire cost and risk of any trading you choose to undertake. You are solely responsible for making your own investment decisions. If you choose to engage in transactions with or without seeking advice from a licensed and qualified financial advisor or entity, then such decision and any consequences flowing therefrom are your sole responsibility. Axczel Research Pvt Ltd or any of its employees are in no way liable for the use of the information by others in investing or trading in investment vehicles.

Axczel Research Pvt Ltd encourages all investors to use the services as a resource to further their own research on all featured companies, stocks, sectors, markets and information presented on the site.

Everything posted on social media (LinkedIn, X/Twitter, YouTube, Instagram, Facebook, Telegram, WhatsApp Channel) is for education / illustration purposes and should not be counted as recommendations or investment advice.

Social Media Disclaimer

The following disclaimer applies to all content published by Axczel Research Pvt Ltd on any social media platform, including LinkedIn, X (Twitter), YouTube (English and Malayalam channels), Instagram, Facebook, Telegram, and WhatsApp Channel.

1. Axczel Research Pvt Ltd is registered with SEBI as a Research Analyst vide Registration Number INH000027681 dated 01 June 2026, pursuant to which it provides Research Analyst services to its clients.
2. Any matter displayed in this content is purely for knowledge and educational purposes and shall not be treated as advice or opinion of any kind. Neither Axczel Research Pvt Ltd nor any persons associated with it shall be held liable or responsible in any manner whatsoever for any losses viewers may incur due to acting upon this content.
3. Investment in securities market is subject to market risks. Read all the related documents carefully before investing.
4. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
5. Any opinion on a specific position or security expressed through social media content shall not under any circumstances be considered as investment advice. Axczel Research Pvt Ltd is not liable for any losses whatsoever that any person may incur by acting on such opinion.
6. Axczel Research Pvt Ltd does not make any representation, warranty or guarantee as to the accuracy, completeness or timeliness of any information (including news, prices, statistics, analysis or commentary) provided through social media platforms. In no event shall Axczel Research Pvt Ltd be liable to any person for any decision made or action taken in reliance upon such information.
7. Any securities mentioned or referred to in social media content are for illustration purposes only and are not to be construed as recommendations.

Disclosures

1. About the Research Analyst

Axczel Research Pvt Ltd is a Corporate Research Entity having its registered office at No.112, AKR Tech Park B, BLK Krishnareddy Ind Area, Singasandra, Bangalore Rural, Bangalore, KARNATAKA – 560068.

Axczel Research Pvt Ltd was registered with SEBI as a Corporate Research Entity vide Registration Number INH000027681 on 01 June 2026, pursuant to which it provides Research Analyst services to its clients.

2. Background

Axczel Research Pvt Ltd, under the leadership of its Principal Officer Jestin V James, excels in identifying investment ideas and implementing effective strategies with a strong analytical skill set.

3. Details of Business Activities

Axczel Research Pvt Ltd provides recommendations based on both fundamental and technical analysis. It also provides buy, sell and hold recommendations on Listed Stocks, Futures and Options.

4. Disciplinary History

There are no outstanding litigations or any disciplinary history against Axczel Research Pvt Ltd.

5. Terms and Conditions on which Research Report is being issued

Axczel Research Pvt Ltd has exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but does not guarantee its accuracy or completeness. The opinions expressed are based on current research as of the date appearing in the material and may be subject to change from time to time without notice.

Axczel Research Pvt Ltd does not accept any liability arising from the use of this document or the information contained herein. The recipients of this material should rely on their own judgment and take their own professional advice before acting on this information.

Axczel Research Pvt Ltd shall not be in any way responsible for any loss or damage that may arise to any person/s from any inadvertent error in the information contained, views and opinions expressed in this publication.

6. Conflict of Interest

Axczel Research Pvt Ltd or its associates, including relatives —

• do not hold any financial interest in the Company.
• do not have any actual/beneficial ownership of more than 1% in the company.
• do not have any other material conflict of interest.

7. Third-Party Affiliations

Axczel Research Pvt Ltd or its associates are not affiliated with any other intermediaries or have received any brokerage or commission from any third party.

8. Compensation

Axczel Research Pvt Ltd or its associates have not received any compensation from the Company covered by Research Analyst during the past twelve months.

9. Public Offering

Axczel Research Pvt Ltd or its associates have not managed or co-managed public offering of securities of the Company during the past twelve months.

10. Officer / Director Status

Axczel Research Pvt Ltd or its associates has not served as an officer, director or employee of the Company and has not been engaged in the market making activity of the Company.

11. Reliability of Information

Axczel Research Pvt Ltd has ensured that the facts mentioned in the research report are taken from reliable source and information. However, the investors are advised to independently evaluate the market conditions / risks involved before making the investment decision.

12. Use of Artificial Intelligence

Axczel Research Pvt Ltd may use Artificial Intelligence tools for providing research services.