Pine Labs is one of India’s most established fintech names in the merchant commerce space. The company provides point-of-sale (PoS) systems, payment processing, merchant financing, and a suite of value-added services to offline and online merchants across India and overseas markets.
With over one million merchants on its platform and billions of transactions processed annually, Pine Labs plays a vital role in India’s digital payment ecosystem. Its IPO has generated buzz because it offers retail investors exposure to a fast-growing fintech infrastructure story at a time when digital payments and merchant services are seeing exponential adoption.
The IPO proceeds from the fresh issue are expected to be used primarily for growth initiatives, technology investments, and strengthening the balance sheet, while the OFS allows existing investors to partially exit.
Pine Labs has showcased steady revenue growth in recent years as digital adoption expands among small and mid-sized businesses. Revenue rose to over ₹2,300 crore in FY25, and EBITDA margins improved to nearly 14%, reflecting strong operating leverage.
However, the company still reported a net loss of around ₹145 crore, and its net worth remains negative — a concern for value-focused investors. While revenue momentum is encouraging, profitability remains a key milestone yet to be achieved.
Pine Labs’ IPO comes at a time when India’s fintech ecosystem is maturing. Investors are increasingly cautious after seeing volatility in previously listed new-age companies. However, Pine Labs differentiates itself through its B2B focus — serving merchants rather than end consumers.
If the company successfully monetizes its large merchant network through lending, analytics, and subscription services, it could transition toward profitability faster than peers. Conversely, failure to control operating expenses or regulatory tightening could slow progress.
The IPO also reflects India’s growing role as a fintech innovation hub, attracting global investors and reinforcing confidence in the digital payments sector.
Q1: Is Pine Labs profitable?
Not yet. The company has reduced its losses and improved margins but still reports a net loss as of FY25.
Q2: What makes Pine Labs different from other fintechs?
Unlike consumer-facing payment firms, Pine Labs focuses on merchant solutions and infrastructure, providing more diversified and recurring revenue opportunities.
Q3: How does the IPO valuation look?
At a post-issue market cap of around ₹25,000 crore, valuations appear premium considering the lack of consistent profitability — a factor investors should evaluate closely.
Q4: What are the main risks of investing in Pine Labs?
Key risks include profitability uncertainty, regulatory changes, competition from other fintechs, and operational exposure to fraud and chargebacks.
Q5: Should retail investors apply for this IPO?
Avoid this IPO for now, considering the high valuation and limited short-term visibility.
The company is engaged in providing digital payments and related solutions across the e-commerce platform. Although the Government’s Digital India initiative supports future potential, Pine Labs still faces challenges in achieving stable profitability. Based on current financials, the IPO seems aggressively valued. Hence, investors are advised to avoid this IPO for now, considering the high valuation and limited short-term visibility.
Azad Engineering manufactures and supplies high-precision forged and machined components to global original equipment manufacturers (“OEMs”) in the energy, aerospace, defense, and oil and gas industries, manufacturing highly engineered, complex, and mission and life-critical components. The Company’s products include 3D rotating airfoil/ blade portions of turbine engines and other critical components.
Rakesh Chopdar
Chairman and CEO of the Company. He has completed his education until the 10th standard from Trinity Public School, Hyderabad, Telangana. He has been involved with the Company since 2003 and has more than two decades of experience in engineering and manufacturing activities.
Ronak Jajoo
Chief Financial Officer of the Company. He has previously worked with Pransa Financial Consultants Private Limited as vice president. He joined the Company on April 15, 2021.
Ful Kumar Gautam
Company Secretary and Compliance Officer of the Company. He has passed the examination in relation to bachelor’s degree in commerce (insurance) from Loyola Academy Degree & P.G. College and is an associate member of the Institute of Company Secretaries of India. He is also an associate member of the Insurance Institute of India.
COMPARISON WITH LISTED INDUSTRY PEERS (AS ON 31ST MARCH 2023)
FINANCIALS (RESTATED CONSOLIDATED)
Azad Engineering stands as a prominent player within its segment, boasting strong, long-standing relationships with renowned global OEMs. Its diverse product offerings and technologically advanced manufacturing facilities position it for continued growth. Additionally, the company's consistent financial track record instills confidence.
However, investors should carefully consider potential risk factors. Stringent compliance and quality requirements inherent in the business, reliance on a limited number of key clients, and global market exposure all require careful monitoring.
Currently, the IPO is fully priced at a P/E ratio of around 50x. While this may appear fully priced, Azad Engineering's strong market position, promising future growth prospects, and current optimistic market sentiment could still present a potential opportunity for investors. Thus, we suggest Subscribe rating for this IPO.
पिछले सप्ताह सोने और चांदी की कीमतों में थोड़ी बढ़ोतरी हुई, जो एक स्थापित व्यापारिक दायरे पर कायम रही, क्योंकि बाजार इस बात को लेकर अटकलें लगा रहे है कि फेडरल रिजर्व ब्याज दरों में कटौती कब शुरू करेगा। इस बीच, क्रिसमस की छुट्टिओ के चलते कीमती धातुओं में कारोबार अभी कम है जिससे कीमते सीमित दायरे में बनी हुई है। एमसीएक्स में सोने की कीमते सीमित दायरे में बनी हुई है। हालांकि, सोने की कीमते पिछले सप्ताह 1.3 प्रतिशत तेज़ हो कर 63000 रुपये प्रति दस ग्राम के स्तरों पर रही और चांदी 1.80 प्रतिशत तेज़ हो कर 75800 रुपये प्रति किलो कर कारोबार करती रही। जबकि फेड के नरम संकेतों ने सोने को 2,000 डॉलर प्रति औंस के स्तर से ऊपर निकलने में मदद की, लेकिन जोखिम उठाने की क्षमता में सुधार होने और निवेशकों द्वारा फेड से जल्दी दर में कटौती की उम्मीदों के कारण इसे और अधिक बढ़त बनाने के लिए संघर्ष करना पड़ रहा है। कई फेड अधिकारियों ने यह भी चेतावनी दी कि केंद्रीय बैंक की ओर से शीघ्र दर में कटौती की उम्मीद जल्दबाजी होगी, क्योकि मुद्रास्फीति अभी भी फेड के 2 प्रतिशत वार्षिक लक्ष्य से काफी ऊपर चल रही है। फेड अधिकारियों की टिप्पणियों ने डॉलर को इस सप्ताह लगभग पांच महीने के निचले स्तर से उबरने में सक्षम बनाया, और सोने की तेज़ी को सीमित कर दिया। हालांकि, फेड फण्ड फ्यूचर प्रिंसेस के अनुमान के मुताबिक मार्च में 0.25 प्रतिशत की ब्याज दर कटौती हो सकती है। अमेरिका की तीसरी तिमाही और रोज़गार बाज़ार के कमजोर आकड़ो ने भी कीमती धातुओं के भाव को सपोर्ट किया है। सोने में साल 2023 में 14 प्रतिशत और चांदी ने 9 प्रतिशत की रिटर्न दिया है।
इस सप्ताह क्रिसमस और न्यू ईयर हॉलीडेज के चलते कीमती धातुओं में सीमित कारोबार रहेगा, हालांकि कारोबार का दायरा सकारात्मक रहने की सम्भावना है। एमसीएक्स फ़रवरी वायदा सोने में सपोर्ट 61000 रुपये पर है और रेजिस्टेंस 64000 रुपये पर है। मार्च वायदा चांदी में सपोर्ट 74000 रुपये पर है और रेजिस्टेंस 78000 रुपये पर है।
RBZ Jewellers Limited is one of the leading organized manufacturers of gold jewellery in India, specializing in Antique Bridal Gold Jewellery and distributing it to reputable nationwide retailers and significant regional players in India. It also operates its retail showroom under the brand name “Harit Zaveri” and is an established player in Ahmedabad.
KEY MANAGERIAL PERSONNEL
Rajendrakumar Kantilal Zaveri
Promoter and the Chairman & Managing Director of the Company. Being a Promoter, he has been associated with the Company since its incorporation. He has thirty-five years of experience in manufacturing and trading of gold jewellery.
Harit Rajendrakumar Zaveri
Promoter and the Joint Managing Director of the Company. Being a Promoter, he has been associated with the Company since its incorporation and has established a retail division of the Company under the name of “Harit Zaveri Jewellers” in 2014. He has over seventeen years of experience in jewellery industry and has contributed to the growth of the Company.
Heli Akash Garala
Company Secretary and Compliance Officer of the Company. She joined the Company on October 1, 2022. She has almost six years of experience in corporate secretarial, SEBI LODR and other related compliances. Prior to joining this Company, she was associated with Ushanti Colour Chem Limited, Amradeep Industries Limited, Sun and Shine Worldwide Limited and Ultra Denim Private Limited.
Harshvardhan Bhardwaj
Chief Financial Officer of the Company. He joined the Company with effect from March 10, 2023 and was subsequently appointed as Chief Financial Officer of the Company with effect from April 01, 2023. He has an experience of nearly nine years with competencies in the areas of finance and international trade remedies.
COMPARISON WITH LISTED INDUSTRY PEERS (AS ON 31ST MARCH 2023)
FINANCIALS (RESTATED CONSOLIDATED)
RBZ Jewellers manufactures and distributes gold jewelry, serving both wholesale and retail markets. The company's organized manufacturing infrastructure, geographical reach, and risk mitigation systems are promising strengths.
RBZ Jewellers has demonstrated consistent financial growth, reflected in its rising top- and bottom-line figures. However, potential investors should carefully consider key risks such as gold price volatility, significant dependence on a limited number of clients, the absence of formal arrangements with in-house artisans, and intense competition within the industry.
The IPO valuation of 13.4x P/E appears fair on the surface, but the aforementioned risks necessitate a cautious approach. We recommend this IPO only for high-risk investors.
Credo Brands Marketing Limited offers casual clothing for men with its flagship brand "Mufti". The company's product range consisted only of shirts, T-shirts and trousers. Today, however, the company offers a wide range of products including sweatshirts, jeans, cargos, chinos, jackets, blazers and sweaters. The company currently operates 1,773 retail outlets across India (as of May 31, 2023).
KEY MANAGERIAL PERSONNEL
Kamal Khushlan
Chairman and Managing Director of the Company. He has been associated with the Company since its incorporation and has over 25 years of experience in the field of apparel retail.
Poonam Khushlani
Promoter and Whole-Time Director of the Company. Poonam Khushlani has been associated with the Company since its incorporation and is a co- founder of the Company. She has over 25 years of experience in the field of apparel retail.
Rasik Mittal
Chief Financial Officer of the Company. He was appointed as the first auditor of the Company on April 30, 1999. He was the statutory auditor of the Company from the year 2000 until the year 2009. He has also provided certification and advisory services until March 31, 2019.
Sanjay Kumar Mutha
Company Secretary and Compliance Officer of the Company. He previously worked with Mather & Platt Pumps Ltd., Mahindra and Mahindra Limited, CMI FPE Limited and Future Lifestyle Fashions Limited. He has been associated with the Company since January 16, 2023
Biswajeet Ghosa
Vice President of retail and business development of the Company. He has prior experience in working with various industries including textiles, telecom, and fashion. Prior to joining the Company, he was associated with organizations like The Arvind Mills Ltd, Levi Strauss Pvt. Ltd., Shoppers Stop Limited.
COMPARISON WITH LISTED INDUSTRY PEERS (AS ON 31ST MARCH 2023)
FINANCIALS (RESTATED CONSOLIDATED)
Under the brand name "Mufti," Credo Brands Marketing (CBMPL) is in the position of marketing men's fashion apparel in the lifestyle sector. The organization is present throughout India, including tier 3 cities as well as large metropolises.
Even though the company operates in a highly competitive market, its profits have grown significantly. The company had 1807 touchpoints operating in 591 cities.
The IPO is coming with a P/E of 23.22x which looks fairly priced when compared with the industry average. Therefore, we recommend considering this IPO for listing gains as well as for long-term.
DISCLAIMER:
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.in Phone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
Happy Forgings Limited is an Indian manufacturer specializing in designing and manufacturing heavy forgings and high-precision machined components. The company manufactures, designs and tests various products such as crankshafts, front axle carriers, steering knuckles, differential housings, transmission parts, pinion shafts, suspension products and valve bodies for different industries and customers.
KEY MANAGERIAL PERSONNEL
Paritosh Kumar
Chairman and Managing Director of the Company. He has been associated with the Company since incorporation and accordingly has over 44 years of experience in the industrial sector. He is involved in the strategic decision making of the Company, oversees the Company’s business activities and is involved in setting up the governance standards of the Company.
Ashish Garg
Managing Director of the Company. He has approximately 17 years of experience in the industrial sector. He currently manages the Company’s business operations, financial performance, growth strategies and investments in different capacities and product developments.
Narinder Singh Juneja
Chief Executive Officer and Whole- time Director of the Company. He has over 35 years of experience in the industrial sector. Prior to joining our Company, he served as the assistant engineer with Krishna Forgings.
Pankaj Kumar Goyal
Chief Financial Officer of the Company. He has been associated with the Company since April 1, 2013. In the Company, he handles finance and accounts department. He has over 10 years of experience in the finance sector.
Bindu Garg
Company Secretary and Compliance Officer of the Company. She has been associated with the Company since November 2, 2021 and was appointed as the Company Secretary of the Company since July 12, 2022. In the Company, she handles the secretarial functions. She has over 18 years of experience in the finance and secretarial sector.
COMPARISON WITH LISTED INDUSTRY PEERS (AS ON 31ST MARCH 2023)
FINANCIALS (RESTATED CONSOLIDATED)
Happy Forging is a well-experienced and fourth-largest manufacturer of complex machine components. The company shares along-standing relationship with its large customer base. It has a diversified business model and a track record of consistent growth. The financial performance of the company has also been strong. Further, it has plans for capacity expansion and new business acquisitions.
However, investors should remain mindful of certain business dependencies. Reliance on the top 10 customers, potential pricing pressure from clients, and competition within the industry introduce some risks. Dependence on a limited number of suppliers also merits consideration.
Despite these considerations, Happy Forgings' attractive valuation of 36.44x P/E, coupled with its impressive track record and promising outlook, makes it a worthy investment option for investors seeking exposure to the manufacturing sector.
DISCLAIMER:
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.in Phone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
Suraj Estate Developers Limited is a real estate construction company. The company develops residential and commercial real estate in the South Central Mumbai region. The company's projects include Suraj Eleganza-II and ICICI Apartments, CCIL Bhavan(Phase-I up to 6th floor) and Tranquil Bay-I, Elizabeth Apartment and Mon Desir, St. Anthony Apartments, Lumiere and Tranquil Bay-II, Brahmsidhhi CHS, Jacob Apartments, Suraj Eleganza-I and Gloriosa Apartments and others.
KEY MANAGERIAL PERSONNEL
Rajan Meenatha konil Thomas
Chairperson and Managing Director of the Company. He has been associated with Company since its incorporation. He has received Lifetime Achievment Award from ET Now in the year 2022. He has over 36 years of experience in various aspects of real estate business.
Rahul Rajan Jesu Thomas
He holds a bachelor’s degree in Commerce from the University of Mumbai and corporate finance certificate from Harvard University. He has received 40 under 40 award from Realty+ in the year 2022. He has over 16 years of experience in various aspects of real estate business.
Shreepal Shah
Chief Financial Officer ofCompany. He holds a bachelor’s degree in Engineering from University of Mumbai and a master’s degree in Business Administration from University of Pune. Prior to joining Company, he was working with P.Raj & Co., Chartered Accountants providing business and finance advisory.
Shivil Kapoor
Company Secretary of the Company. He holds a bachelor’s degree in Commerce from Devi Ahilya Vishwavidyalya, Indore, bachelor’s degree in Law from Devi Ahilya Vishwavidyalaya , Indore and is a member of the Institute of Company Secretaries of India.
Dipen Sheth
Vice President - Sales of the Company. He holds a bachelor’s degree in Commerce from University of Mumbai. Prior to joining Company, he was associated with Kanakia Spaces Private Limited and Oasis Lifespaces Private Limited.
COMPARISON WITH LISTED INDUSTRY PEERS (AS ON 31ST MARCH 2023)
FINANCIALS (RESTATED CONSOLIDATED)
Since 1986, SEDL has been a real estate developer in the South Central Mumbai area, working on projects in both the residential and commercial sectors.The residential portfolio of SEDL is situated in the sub-markets of Mahim, Dadar, Prabhadevi, and Parel, which are part of the South Central Mumbai micro market. It has shown consistent growth over the stated periods, and the manage mentis optimistic that this trend will continue.
With extensive market knowledge ,SED Lisa market leader in the combined South-Central Mumbai submarkets; yet, the company must contend with competition from a range of national and regional real estate developers.
The IPO is coming at a P/E of 35.64 which looks fairly priced so we recommend applying for this IPO for listing gains.
DISCLAIMER:
The information contained herein are strictly confidential and are meant solely for the information of the recipient and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written permission of Swastika Investmart Ltd. (“SIL”). The contents of this document are for information purpose only. This document is not an investment advice and must not alone be taken as the basis for an investment decision. Before taking any decision to invest, the recipient of this document must read carefully the Red Herring Prospectus (“RHP”) issued to know the details of IPO and various risks and uncertainties associated with the investment in the IPO of the Company. All recipients of this document must before acting on the given information/details, make their own investigation and apply independent judgment based on their specific investment objectives and financial position. They can also seek appropriate professional advice from their own legal and tax consultants, advisors, etc. to understand the risks and investment considerations arising from such investment. The investor should possess appropriate resources to analyze such investment and the suitability of such investment to such investor’s particular circumstances before making any decisions on the investment. The Investor shall be solely responsible for any action taken based on this document. SIL shall not be liable for any direct or indirect losses arising from the use of the information contained in this document and accept no responsibility for statements made otherwise issued or any other source of information received by the investor and the investor would be doing so at his/her/its own risk. The information contained in this document should not be construed as forecast or promise or guarantee or assurance of any kind. The investors are not being offered any assurance or guaranteed or fixed returns on their investments. The users of this document must bear in mind that past performances if any, are not indicative of future results. The actual returns on investment may be materially different than the past. Investments in Securities market products and instruments including in the IPO of the Company are highly risky and they are generally not an appropriate avenue for someone with limited resources/ limited investment and low risk tolerance. Such Investments are subject to market risks including, without limitation, price, volatility and liquidity and capital risks. Therefore, the users of this document must carefully consider all the information given in the RHP including the risks factors before making any investment in the Equity Shares of the Company.
Swastika Investmart Ltd or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither Swastika Investmart Ltd nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. Swastika Investment Ltd may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any compensation/benefits from the Subject Company or third party in connection with the Research Report.
CORPORATE & ADMINISTRATIVE OFFICE - 48, Jaora Compound, M.Y.H. Road, Indore - 452 001 | Phone 0731 - 6644000
Compliance Officer: Ms. Sheetal Duraphe Email: compliance@swastika.co.in Phone: (0731) 6644 241
Swastika Investmart Limited, SEBI Reg. No. : NSE/BSE/MSEI: INZ000192732 Merchant Banking: INM000012102 Investment Adviser: INA000009843 MCX/NCDEX: INZ000072532 CDSL/NSDL: IN-DP-115-2015 RBI Reg. No.: B-03-00174 IRDA Reg. No.: 713.
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