Research Disclosure & Disclaimer

• Securities are chosen through a combination of Technical and Fundamental Analysis.
• Our selection methods are research-driven and encompass technical indicators such as Price, Volume, RSI, and other indicators, alongside data-informed analysis, and fundamental analysis.
• Recommendations for securities are based on the bullish and bearish sentiments derived from the analysed parameters.
• To protect against potential losses, we implement stop-loss measures for each security, guided by these parameters.
• A daily closing chart of securities for 3 years or more is available at NSE Charting and BSE Charting .
• Source: Brokers' charts and various platforms that leverage exchange data, along with regulatory and company websites for accurate information.

• Buy/Add: Purchase at the Current Market Price (CMP) or the price specified in the call.
• Sell/Exit: Sell at the Current Market Price (CMP) or the price outlined in the call.
• Hold: Retain securities until the price target or stop-loss is achieved.
• Book Profit: Sell a portion of securities while keeping the remainder for potential further targets or stop-loss.
• Apply: Submit applications for securities such as IPOs, OFS, Buybacks, etc.
• Open Position: If stop-loss and target levels are not provided for securities, particularly for long-term investments, exit at a profit or loss of 10-15%, depending on which occurs first.
• Adhere strictly to our group calls; personal inquiries about Buy, Sell, and Hold may lead to unintended losses if group recommendations are not followed.

Issued By: Research Analyst: NACHIKET PRADIPRAO KHASALE

SEBI Research Analyst Registration No.: INH000025896

BSE Enlistment Number: 7121

Website: www.nzights.com

• The recommendations provided in this report are based on publicly available information we believe to be reliable and accurate at the time of publication.
• Unless otherwise stated, our recommendations are intended for a 12-month investment horizon.
• Ratings provided are based on absolute returns (positive or negative) and should be interpreted accordingly.
• Security prices may fluctuate due to market volatility or company-specific events, and returns may vary dramatically over time.
• We reserve the right to revise or withdraw ratings due to reassessment of valuation, market events, or lack of clarity.
• Opinions expressed are subject to change without notice, and we are under no obligation to inform clients of such changes.
• Clients are advised to carefully assess market risks, including the possibility of partial or permanent capital loss.
• There is absolutely no scope for refunding losses incurred from acting on any research report or commentary.
• While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes.
• RESEARCH ANALYST, along with its partners, employees, officers, and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in the research reports.
• All reports, including third-party reports, are carefully reviewed prior to dissemination to ensure accuracy and to avoid misleading statements.
• A daily closing chart of securities is available at NSE and BSE .
• The view on securities is based on both technical and fundamental analysis.
• RESEARCH ANALYST adheres strictly to SEBI (Research Analyst) Regulations, 2014, and does not offer investment advisory or PMS (Portfolio Management Services).
• All participants must follow the instructions provided during our group calls. We do not offer any one-on-one investment or trading services, as this is against RA regulations.
• Personal queries related to group calls will not be entertained. Members are responsible for their own profits and losses.
• Copyright and Confidentiality: Research reports are issued for personal use only. No part of the report may be reproduced, redistributed, or published without written authorization from RESEARCH ANALYST.

RESEARCH ANALYST, as a SEBI-registered Research Analyst, certify that:

• The views expressed in this report represent the honest and independent opinions of the analyst(s) on the subject securities.
• This report has been prepared using data from publicly available sources deemed reliable.
• The analyst's compensation is not influenced by the views or recommendations expressed herein.

RESEARCH ANALYST is engaged in the business of providing independent equity research services. The RESEARCH ANALYST offers Buy / Sell / Hold recommendations and other investment opinions to clients in the form of research reports, analysis, and market commentary.

The RESEARCH ANALYST is registered with the Securities and Exchange Board of India (SEBI) as a Research Analyst under the SEBI (Research Analyst) Regulations, 2014.

RESEARCH ANALYST may also involve in other activities like education, referral, recommendations and commission business of third-party products both regulated or unregulated depends on the people demands maintaining arm-length distance, and conflict of interest with the SEBI Research Analyst activities.

Neither the firm, its analysts, nor their relatives or associates:

• Have a financial interest in the subject company at the time of publication.
• Own 1% or more of the subject company's equity securities.
• Have any material conflict of interest with the subject company at the time of publication.
• Have received any compensation (direct or indirect) from the subject company in the past 12 months.
• Have provided any investment banking, merchant banking, or brokerage services to the subject company.
• Serve in any managerial, officer, or directorial capacity for the subject company.
• Are involved in market-making activities for the subject company.
• Have the subject company as a client in the last 12 months.

• Have not received any compensation from the subject company during the past twelve months.
• Have not managed or co-managed any public offering of securities for the subject company in the past twelve months.
• Have not received any compensation for investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
• Have not received any compensation for products or services other than investment banking, merchant banking, or brokerage services from the subject company in the past twelve months.
• Have not received any other benefits or incentives from the subject company or any third party in connection with this research report.

• Have not served as an officer, director, or employee of the subject company at any point.
• Are not engaged in any market-making activity for the subject company.

The subject company has not been a client of RESEARCH ANALYST during the twelve months prior to the publication of this report, and no services have been rendered to the subject company during this period.

RESEARCH ANALYST has a process in place to review third-party research reports, if used, to ensure that no untrue statements of material fact or misleading information are included.

RESEARCH ANALYST, its partners, employees, and associates have no prior disciplinary action, regulatory penalties, or adverse rulings from SEBI or any other authority.

• All research reports and recommendations are provided solely for informational purposes and should not be construed as an offer or solicitation to buy, sell, hold, or subscribe to any securities or financial instruments.
• RESEARCH ANALYST, along with its partners, employees, officers, and affiliates, expressly disclaims any liability for loss or damages arising from unintentional errors or omissions in any information or recommendations contained in the research reports.
• Investment in capital markets is inherently subject to risks. Clients should assess their own risk tolerance carefully and consider consulting a qualified financial advisor prior to making investment decisions.
• The research products of RESEARCH ANALYST are not tailored to individual investment objectives, financial situations, or specific needs.
• Clients obtaining research recommendations should exercise independent judgment and act in accordance with their financial capacity and risk appetite, fully appreciating the risks involved in securities markets.

• Investment in securities markets is subject to market risks. Read all related documents carefully before investing.
• Market conditions may cause partial or permanent loss of capital or portfolio value.
• The securities quoted are for illustration only and are not recommended.
• Past performance is not indicative of future results.
• Registration granted by SEBI, Enlistment as RA with Exchange, and certification from National Institute of Securities Market (NISM) in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Our research recommendations may remain open-ended, and in certain cases, no stop-loss or target levels may be defined. In such scenarios, your portfolio could be at risk of heavy losses caused by rapid market movements or unforeseen company-specific events.

Investors can choose to exit their positions, accepting a loss of 10-15% in adverse market conditions. We cannot accommodate individual inquiries regarding entry and exit.

• There is absolutely no scope for refunding losses incurred from acting on any research report or commentary.
• While pro-rata refunds may be considered for subscriptions due to dissatisfaction, these are not tied to investment outcomes.

Any content shared via our social media handles is intended for educational purposes only and should not be interpreted as financial advice or recommendations.

Always consult a SEBI-registered investment adviser before making any financial decisions.

Our research process includes technical and fundamental analysis, occasionally supported by AI and algorithm-based tools.

While AI and algorithms enhance analytical capabilities:

• It may introduce data biases, system vulnerabilities, or errors in interpretation, which lead to losses.
• AI and algorithm-generated insights carry a risk of misleading recommendations due to inaccurate or poor-quality input data.
• Client data privacy and security remain a top priority and are handled in accordance with applicable laws and regulations.
• Concerns include biased outputs, privacy violations, lack of transparency, data quality issues, complex models, technical problems, cybersecurity threats, API issues, data centre failed communications, and misleading results from poor data.
• There is no guarantee of success or return when acting on AI-generated recommendations.
• You bear the full risk of any investment decisions made based on such advice.
• The provider is not liable for any losses or damages you may incur as a result of your actions taken as per AI recommendations.

RESEARCH ANALYST may issue model portfolios in full compliance with SEBI regulations. These are not tailored to individual financial goals, and clients must independently assess risk-reward based on their profile.

RESEARCH ANALYST will ensure that such model portfolios:

• Any inclusion of securities or their weightage is based on research-driven methodology and is aligned with general market views and sectoral outlooks at the time of issuance.
• Are accompanied by a detailed rationale.
• Are continuously monitored and updated when necessary.
• Respect the boundaries between non-advisory research and personal portfolio management as mandated by SEBI guidelines.

• Recommendations related to US or Foreign Securities, Crypto assets and Forex trading are outside SEBI's jurisdiction.
• Investors have no SEBI protection or dispute resolution for these products.
• High Risk Warning: Significant potential for total capital loss due to market volatility and lack of regulation.
• Increased risk of fraud and operational failure.
• Investors should exercise caution based on their risk tolerance and financial situation while investing, as we are not liable for any losses or damages you may incur.

RESEARCH ANALYST primarily focuses on Research Analyst activities, offering clients defined ratings for Buy, Sell, Hold, and other options.

Any additional activities (if any) do not pose a conflict of interest with the responsibilities of a Research Analyst.

This disclosure is made to ensure transparency regarding potential outside business interests and affiliations of the Principal Officer. There is no conflict of interest between research activities and other activities.

• All service fees must be paid only via our official website: www.nzights.com or verified bank/payment gateway channels/@valid UPI.
• Centralized Fee Collection Mechanism (CeFCoM), if applicable.
• Payments made to any personal accounts or unauthorized third parties will not be acknowledged, and no liability will arise therefrom.
• No third party or employee is authorized to offer return guarantees. Report any such activity to our Compliance Officer and SEBI immediately.
• If you engage with such unauthorized persons, including our employees or associates, or accept return guarantees without officially informing the company, the company will not be liable for any resulting losses or liabilities.
• Reporting such incidents both internally (Compliance Officer) and to the regulatory authority (SEBI) is a critical step to help stop potentially illegal investment schemes.

If you're dissatisfied with our response, raise complaints through:

• SEBI SCORES: https://scores.sebi.gov.in/
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• Verify registration of entities before investing at: https://www.sebi.gov.in/intermediaries.html
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• Use "Validated UPI Handles" ("@valid" UPI IDs of SEBI-registered investor-facing intermediaries) and the "SEBI Check" platform by visiting: SEBI Check or through the Saarthi app, for secure investor payments (refer Press Release No. 64/2025).

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Report online financial fraud at the National Cybercrime Helpline number 1930.

Read Client Consent, Investor Charter, MITC, Complaint Table, Risk Disclosures & Disclaimers, Grievances, Refund Policy, Fraud Awareness, and Others to avoid any future conflict of interest.