Risk Disclosures:

Investing in equities through thematic or strategy-based Smallcase involves inherent risks. While our methodology aims to minimize risks through a structured selection and review framework, investors must be aware of the following potential risk factors:

Market Risk

Stock prices are influenced by broad market movements, macroeconomic factors, interest rates, currency fluctuations, and geopolitical developments. These external factors can lead to volatility in the portfolio’s performance, regardless of underlying fundamentals.

Business & Industry Risk

Each Smallcase is exposed to sectoral trends, company-specific developments, and cyclical business dynamics. Regulatory changes, supply chain issues, or technological disruption in a particular sector can adversely impact constituent companies.

Liquidity Risk

Certain stocks, especially those in the mid and small-cap segment, may face low trading volumes, making it difficult to exit positions at desired prices. This could affect rebalancing efficiency or create a temporary impact on returns.

Valuation Risk

Stocks selected may appear attractively valued based on historical metrics but could remain undervalued due to structural challenges or market sentiment. Conversely, valuation multiples could contract despite strong fundamentals, especially in a high interest rate or risk-off environment.

Execution Risk

Delays or slippages in company execution plans, project commissioning, or earnings delivery may affect stock performance and create a mismatch between thesis and market reality.

Governance Risk

Despite our governance filters, sudden disclosures around promoter pledging, regulatory actions, or board-level issues can materially affect stock prices. Such risks, while monitored, may still emerge unpredictably.

Rebalancing Risk

Although our Smallcase follow a quarterly rebalance schedule, extreme market events or stock-specific developments may require quicker action, which may not be feasible immediately in a retail basket structure.

Thematic Concentration Risk

Thematic baskets may have higher exposure to certain sectors or factors. This can lead to higher short-term volatility compared to a diversified index. Investors must align the Smallcase theme with their risk appetite and investment horizon.

Disclaimer

The methodology and filters used are designed to increase the probability of long-term wealth creation, but they do not eliminate risk. “Past performance does not guarantee future returns.” Investors are advised to assess their own financial goals, risk tolerance, and consult with financial advisors before investing. Returns shown do not account for transaction costs, exit loads, or taxes, which may impact actual outcomes.

Disclosure/Disclaimer

Kotak Securities Limited (KSL) established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. KSL is one of India's largest brokerage and distribution house. KSL is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), Metropolitan Stock Exchange of India Limited (MSE), National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange (MCX). Our businesses include stock broking, services rendered in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management. KSL is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). KSL having composite license no.CA0268 is a Corporate Agent of Kotak Mahindra Life Insurance Company Limited and Kotak Mahindra General Insurance Company Limited and is also a Mutual Fund Advisor registered with Association of Mutual Funds in India (AMFI). We are registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise/warning/deficiency letters/ or levied minor penalty on KSL for certain operational deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time.

We offer our research services to clients as well as our prospects.

The recommendations that will be recommended herein are general recommendations, for information and must not be reproduced or redistributed to any other person. Persons into whose possession this may come are required to observe these restrictions. This is for the personal information of the recipient, and we are not soliciting any action based upon it. This is not to be construed as an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction where such an offer or solicitation would be illegal. It is for the general information of clients of Kotak Securities Ltd. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Neither KSL, nor any person connected with it, accepts any liability arising from the use of such recommendations. The recipients should rely on their own investigations and take their own professional advice. Price and value of the investments referred may go up or down. Past performance is not a guide for future performance. Certain transactions -including those involving futures, options and other derivatives as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals.

Opinions expressed are the current opinions as of the date appearing on the relevant material only. While we endeavor to update on a reasonable basis the information discussed, there may be regulatory, compliance or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

The paid/fee based smallcases have an access-fee/subscription fee to it that the client is required to pay in order to view the constituents of the basket and invest in them. The said access fee/ subscription fee can also be paid via ledger payment method wherein, if the Client opts for ledger payment method the subscription fee amount for the fee based smallcase shall be deducted from the ledger within 3 trading days of subscribing to the paid services of smallcase. The fees charged by Kotak Securities Limited is towards the service fee and same does not guarantee any returns or assurances on any investment/product availed by the client. KSL will not be responsible for lost profits, revenues, or data, financial losses, direct or indirect, special, consequential, exemplary, notional or punitive damages. In all cases, KSL will not be held liable for any expense, loss or damage that is not reasonably foreseeable.

Auto renewal feature of your fee based smallcase subscription is an option that can be chosen if you want your subscription to be automatically renewed post completion of the tenure of your existing subscription plan. During the time of auto renewal, the subscription fee for renewal will be charged via the same payment mechanism which was originally selected for subscribing to your fee based smallcase.

KSL does not make any promises, commitments, guarantees about paid/fee based smallcases or related offerings, when permitted by law, KSL will not be responsible for lost profits, revenues, or data, financial losses, direct or indirect, special, consequential, exemplary, notional or punitive damages or any losses or damages caused due to breakdown or failure of the system due to technical fault/error or otherwise any other delay or failure beyond the reasonable control of KSL. To the extent permitted by law, KSL exclude all warranties, guarantees, conditions, representations, and undertakings.

Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Private Client Group or Institutional Equities Research Group of Kotak Securities Limited.

We and our affiliates/associates, officers, 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. KSL may have proprietary long/short position in the above mentioned scrip(s) and therefore may be considered as interested. The views being provided are general in nature and does not consider risk appetite or investment objective of 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 KSL. KSL is also a Portfolio Manager. Portfolio Management Team (PMS) takes its investment decisions independent of the recommendation that will be provided/PCG/Institutional Equities research and accordingly PMS may have positions contrary to such recommendations including PCG/Institutional Equities research recommendation. The research recommendations provided by the Institutional Division of KSL may be contrary to recommendations given by its Retail division. The research recommendations within different products offered in its Retail division, may be contrary based on the tenure of the recommendation. KSL does not provide any promise or assurance of favorable 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, suitability to risk return profile and take professional advice before investing.

No part of this may be duplicated in any form and/or redistributed without KSL’s prior written consent.

Details of Associates are available on our website ie www.kotak.com

Note that the research analysts contributing to the research report may not be registered/qualified as research analysts with FINRA; and Such research analysts may not be associated persons of Kotak Mahindra Inc and therefore, may not be subject to NASD Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Any U.S. recipients of the research who wish to effect transactions in any securities covered by the report should do so with or through Kotak Mahindra Inc. (Member FINRA/SIPC) and (ii) any transactions in the securities covered by the research by U.S. recipients must be effected only through Kotak Mahindra Inc. (Member FINRA/SIPC) at 369 Lexington Avenue 28th Floor NY NY 10017 USA (Tel:+1 212-600-8850).

KSL and its non US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non US issuers, prior to or immediately following its publication. This should not be construed as an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction where such an offer or solicitation would be illegal. This research 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. Accordingly, any brokerage and investment services including the products and services described are not available to or intended for Canadian persons or US persons.

Kotak Securities Limited. Registered Office:27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. Telephone No.: 022 43360000, Fax No.: 022 67132430.Correspondence Address:

Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg, Malad (East), Mumbai 400097.

Telephone No: 42856825. Website: www.kotak.com / www.kotaksecurities.com.

CIN: U99999MH1994PLC134051. SEBI Registration No. INZ000200137(Member of NSE, BSE, MSE, MCX & NCDEX), Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262.AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97. Compliance Officer Details: Mr. Manoj Agarwal. Call: 022 - 4285 8484, or Email: ks.compliance@kotak.com. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The information is only for consumption by the client and such material should not be redistributed. Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

Grievance Redressal mechanism:

Level 1- For Trading related queries, contact our customer service at service.securities@kotak.com or call us on Toll free numbers 1800 209 9191 (weekdays 8:00am to 6:00 pm & Saturday 9:00 am to 2:00 pm)

Level 2- You may write to us at ks.escalation@kotak.com

Level 3- You may write to us at ks.servicehead@kotak.com or call us on 022-42858208

Level 4 - You may contact our Compliance Officer (Name: Mr. Manoj Agarwal) at ks.compliance@kotak.com or call on 91- (022) 4285 8484.

Level 5 - You may also approach Managing Director / CEO (Mr. Jaideep Hansraj) at ceo.ks@kotak.com or call on 91-(022) 4285

Disclosure/Disclaimer of smallcase/WCPL as declared by it:

smallcase is receiving consideration from KSL for providing technology solutions and related backend infrastructure for facilitating transactions in investment products.

Whether smallcase or WCPL or their associate company/ies or their research analysts including their relatives have any financial interest in the Subject Company** and nature of such financial interest - No

Whether smallcase or WCPL or their associate company/ies or their research analysts including their relatives have actual/beneficial ownership of 1% or more in the securities of Subject Company at the end of the month immediately preceding the date of publication of the document- No

Whether the smallcase or WCPL or their associate company/ies or their research analysts including their relatives has received any compensation or any other benefits from the Subject Company or third party in connection with the research report or any other activity- No

Whether Directors of smallcase or WCPL or their associate company/ies and their Research Analysts has served as an officer, director or employee of the subject company: No

Whether the smallcase or WCPL or their associate company/ies or their research analysts has been engaged in market making activity of the subject company. No

Whether the smallcase or WCPL or their associate company/ies or their research analysts including relatives have any other material conflict of interest at the time of publication of the research report or at the time of public appearance: No

Whether smallcase or WCPL or their associate company/ies have managed or co-managed public offering of securities for the subject company in the past twelve months: No

Whether smallcase or WCPL or their associate company/ies company have received any compensation for investment banking or merchant banking or brokerage services from the subject company. No

Whether smallcase or WCPL or their associate company/ies have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company - No

**Subject Company means companies recommended by smallcase/WCPL

smallcase/WCPL Ratings and Other Definitions

smallcase and / or WCPL doesn't give any recommendation on individual stocks. Windmill Capital Private Limited provides portfolio research.

Address -

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Richmond Road,

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Richmond Town,

Bangalore - 560025

CIN - U74900KA2015PTC081722

A graph of daily closing prices of securities is available at https://www.nseindia.com/ChartApp/install/charts/mainpage.jsp and http://economictimes.indiatimes.com/markets/stocks/stock-quotes. (Choose a company from the list on the browser and select the "three years" icon in the price chart).

SIP instalment disclaimer

In case you have a Kotak Trinity account (3-in-1 account),

The funds for your SIP instalment will be automatically transferred from your linked bank account into your trading account on the SIP due date (known as the auto-debit facility) and the orders will be placed.

If the bank account does not have sufficient balance, but there is sufficient ledger balance available, the orders shall go through successfully

In case you have a trading account which is NOT a Trinity Account,

The orders for your SIP instalment will be placed if there is sufficient margin available on the SIP due date, given all pending debits are cleared

Auto debit disclaimer

1. Please note that if the balance available in the bank account is less than the order value, and there is no sufficient margin available with Kotak Securities ledger / security margin, all the orders of that particular smallcase SIP instalment might get rejected.

2. Even if an auto debit is successful, smallcase SIP instalment will be processed only if the margin is available in the system after clearing all pending debits.

3. Please note that in case of accounts that had positive margin when the bank account was auto debited and have negative margin at the time of placing the smallcase SIP instalment orders, the orders shall not go through, even though the amount was debited from the bank.

4. Please note that the smallcase SIP instalment order might fail, if a funds confirmation is not received due to technical issues till the time the order is processed. The bank account has to be funded by 7am (cut-off time) on the date the smallcase SIP instalment order is to be triggered.

5. Please note that in case the bank does not have sufficient balance, but there is sufficient ledger balance available, the smallcase SIP instalment orders shall go through for Trinity accounts. The bank account will be debited for Trinity accounts, even if the client has credit balance in the ledger.

6. If there is any pending ageing debit, the bank account will not be debited for smallcase SIP instalment orders for Trinity accounts.

7. Please note that in case of Trinity accounts that are in normal debit, the margin available after the amount is debited from the bank for all the smallcase SIP instalment will be compared to the smallcase SIP instalment order margin. If the smallcase SIP instalment order margin required is less than or equal to the margin available after the amount is debited from the bank then only the amount shall be debited from bank and smallcase SIP instalment orders shall go through.

8. Kotak securities Ltd does not warrant that the facility / service will be uninterrupted or error free. The Client agrees that Kotak securities Ltd. shall not be responsible for any delays or failure in the process of a smallcase SIP instalment order or an auto-debit due to breakdown or failure of the system due to technical fault/error or otherwise any other delay or failure beyond the reasonable control of Kotak Securities Ltd.

9. An auto debit will not get processed on a bank holiday or a day on which the markets are closed.

10. Kotak Securities Ltd reserves at any time, without previous notice to add/change/ withdraw/modify/alter or vary any or all of these terms and conditions or to replace, wholly or in part, this facility at its sole discretion, at any time without prior intimation and without assigning any reason whatsoever. Under such circumstance I / we understand that I / we shall not be eligible for this facility and I/We shall not hold KSL responsible for such action or for any loss suffered by me/us and I/We shall have no claim against Kotak Securities Ltd.

11. In case of any dispute, the decision of the management of the Kotak Securities Ltd will be final and shall binding on me/us.

12. All disputes arising out of or in connection with this facility are subject to the exclusive jurisdiction of courts in the city of Mumbai only and all decisions by Kotak Securities Ltd will be final and based on discretion wherever applicable.