ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 6 December 2024 | 1

CMP : INR 235 COMPANY UPDATE

Reco
Target Price
: BUY çè
: INR 294 çè
NMDC
Target Price Change : No Change Volume expansion and firm pricing to support profitability
Target FY27 EV/EBITDA (x) : 6
NMDC has recently taken a couple of price hikes, cumulatively amounting to
EBITDA Change FY25/ 26/ 27 : No Change INR 1,000 per ton for lumps and INR 800 per ton for fines, in the month of
October 2024. Current fine prices are at a discount of ~40% to international
ore prices (broadly in line with the long term average level of 42.2%; strong
domestic demand provides support to current price levels). A CNY 10 trn
(USD 1.4 trn) debt package should ease local government financing strain
and recovery in Chinese manufacturing PMI to levels above 50 after five
Pallav Agarwal
+91 22 6911 3411
months would also support international ore pricing outlook. The World Steel
[email protected] Association’s latest short range outlook forecasts Indian steel demand to
remain strong (projected to grow steadily at ~8%/ 8.5% level to 143.4 MT in
CY24, 155.6 MT in CY25). Improving capacity utilization at NMDC Steel,
resumption of one of RINL’s blast furnaces, and JSW Steel’s 5 mtpa
Vijaynagar expansion would boost sales volume FY26 onwards. Gross cash
and cash equivalents at the end of FY25 are estimated at INR 140.2 bn (~18%
Market data of current market capitalization), with the company’s aggressive capex plan
Sensex : 81,766
over the next 5–6 years to reach a production capacity of 67 mtpa by FY26
Sector : Metals
and 100 MT by FY30. We favor the company’s strong operational capacity,
Market Cap (INR bn) : 689.2
net cash position, and capacity expansion plans. Reiterate BUY rating with a
Market Cap (USD bn) : 8.133
TP of INR 294 per share at a target multiple of 6x FY27E EV/EBITDA.
O/S Shares (mn) : 2,930.6
52-wk HI/LO (INR) : 286/180
Domestic steel demand to support volume outlook
Avg. Daily Vol ('000) : 6,513 Domestic steel demand remains strong with provisional JPC (Joint Plant Committee) data
Bloomberg : NMDC IN indicating that April’24-Oct’24 domestic finished steel consumption was at 85.7 MT, growing
Source: Bloomberg 13% YoY. NMDC’s provisional sales volume for April-November’24 at 27.8 MT improved
Valuation marginally YoY with November’24 volume at 4.0 MT, improving 6% YoY. International ore
FY25e FY26e FY27e
prices at USD 106 per ton improved 4% MoM and fell 20.3% YoY. Post the price hikes in
EPS (INR) 23.4 28.6 31.3
October’24, domestic fine prices are at a 40% discount to spot international iron ore price.
P/E (x) 10.1 8.2 7.5 FY25 production target 11% higher YoY; evacuation expansion projects underway
P/BV (x) 2.3 2.0 1.7 Management has guided for FY25 production at 50 MT (11% higher YoY). NMDC Steel is
EV/EBITDA (x) 6.9 5.4 4.7 expected to break even by 3QFY25. Evacuation capacity is also being expanded in tandem
Dividend Yield (%) 4.0 4.3 4.7 to enable higher sales—Rapid Wagon Loading System at Kirandul has been completed,
Source: Company, Antique doubling of 150 km KK line is being undertaken (86% physical progress done; expected to
Returns (%) be completed by FY25 end and would raise Bailadila’s evacuation capacity from 29 mtpa to
1m 3m 6m 12m 40 mtpa). Activities for phase 1 of slurry pipeline, including 2 mtpa capacity ore processing
Absolute 0 11 (4) 29 plant at Bacheli, 15 mtpa capacity slurry pipeline system (130 km) from Bacheli to Nagarnar,
Relative (3) 11 (13) 9 and 2 mtpa pellet plant at Nagarnar are under progress (phase 1 is expected to be completed
Source: Bloomberg by FY26). A mine developer-cum-operator (MDO) has been appointed for the Tokisud North
Coal Block (operations could commence in FY26).
Shareholding pattern
Long-term growth projects to be funded through internal accruals
Promoters : 61%
FY25 capex guidance is at INR 22 bn, primarily focused on long-term capacity expansion
Public : 39%
with total capex amounting to INR 500 bn worth of projects to raise capacity to 67 mtpa by
Others : 0%
FY25 and 100 mtpa by FY30. Cash and cash equivalents at the end of FY25 are expected
Source: Bloomberg to be at INR 140.2 bn (a large part of the capex can be funded through internal accruals).
Price performance vs Nifty Repayment of INR 25 bn inter-corporate loan (pre demerger expenses incurred for NMDC
Steel) has commenced (INR 1 bn received) and the rest would be received in 12 months, post
170
break-even of NMDC Steel. Slurry pipeline is expected to be fully operational by mid CY26.
150 We expect the dividend yield to sustain at ~4%–5% over FY25–27.
130
110
Investment Summary
90 We favor NMDC’s strong operational capacity, net cash position, capacity expansion plans
Dec-23 Apr-24 Aug-24 Dec-24 (100 mtpa capacity by FY30 and long-term target of 10%–15% increase in revenue from non-
NMDC NIFTY iron ore segments like gold, magnetite, and lithium mining prospects in Australia). We maintain
Source: Bloomberg Indexed to 100 BUY rating with a TP of INR 294 per share at a target multiple of 6x FY27E EV/EBITDA.
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 6 December 2024 | 2

Exhibit 1: Chinese iron ore prices stable MoM and lower YoY Exhibit 2: Chinese iron ore imports stable MoM and higher YoY
250.0 USD/ton 115 (MT)

105
200.0

95
150.0
85
100.0
75

50.0
65

- 55
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24

Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Source: Bloomberg, Antique Source: Bloomberg, Antique

Exhibit 3: Chinese crude steel production rose MoM and YoY Exhibit 4: Chinese iron ore inventories lower MoM and higher YoY
120 (MT) 50 160 (MT)
40 140
100
30 120
80
20 100
60 10
80
0
40 60
(10)
20 40
(20)
20
0 (30)
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24

-
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
China crude steel production (MT) Growth YoY% (RHS)
Source: Bloomberg, Antique Source: Bloomberg, Antique

Exhibit 5: NMDC lump and fine prices higher QoQ supported

by price hikes Exhibit 6: Iron ore – steel price; relative trend
9,000 300
INR per ton
8,000
250
7,000
6,000 200
5,000
150
4,000
3,000 100
2,000
50
1,000
0 -
Nov-14

Nov-15

Nov-16

Nov-17

Nov-18

Nov-19

Nov-20

Nov-21

Nov-22

Nov-23

Nov-24
May-14

May-15

May-16

May-17

May-18

May-19

May-20

May-21

May-22

May-23

May-24
Dec-19

Jun-20

Dec-20

Jun-21

Dec-21

Jun-22

Dec-22

Jun-23

Dec-23

Jun-24

Dec-24
Mar-20

Sep-20

Mar-21

Sep-21

Mar-22

Sep-22

Mar-23

Sep-23

Mar-24

Sep-24

NMDC prices (lumps) NMDC prices (fines) NMDC fine price Domestic HRC price
Lump premium over fine Global iron ore price
Source: Company, Steel Mint, Antique Source: Company, Steel Mint, Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 6 December 2024 | 3

Exhibit 7: NMDC realization discount trend to international prices

60

50

40

30

20

10

spot
FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY24
NMDC discount to international prices (%) Average
Source: Steelmint, Company, Antique

Table 1: NMDC Iron Ore Reserves

Mining Lease Area in Ha ML Validity Location
Bailadila Deposit - 11 (A, B & C) 874.92 10-09-2037 Chhattisgarh
Bailadila Deposit - 14 322.37 11-09-2035 Chhattisgarh
Bailadila Deposit - 14 NMZ 506.74 06-12-2035 Chhattisgarh
Bailadila Deposit - 5 540.05 10-09-2035 Chhattisgarh
Bailadila Deposit - 10 309.34 10-09-2035 Chhattisgarh
Donimalai Iron Ore Mines 597.54 03-11-2038 Karnataka
Kumaraswamy Iron Ore Mines 639.8 17-10-2042 Karnataka
Source: Company, Antique

Table 2: Global forward relative valuations

EV/EBITDA (x) P/E (x) RoE (%) P/B (x)
1yr 2yr 1yr 2yr 1yr 2yr 1yr 2yr
NMDC Ltd 6.9 5.4 10.1 8.2 24.9 26.0 2.3 2.0
MOIL Ltd 9.0 6.2 16.0 11.4 17.0 20.8 2.6 2.2
Fortescue Metals Group Ltd 5.4 5.7 11.3 12.8 17.6 15.4 1.9 1.8
Vale Sa-Pref 3.4 3.3 4.8 5.0 20.4 17.1 1.0 0.9
Kumba Iron Ore Ltd 3.5 3.6 7.2 8.1 28.2 27.6 2.1 2.0
Bhp Billiton Limited 5.3 5.3 11.0 11.1 24.7 22.6 2.7 2.4
Rio Tinto Plc 4.9 4.7 9.2 9.1 19.2 18.2 1.8 1.6
Eramet 5.5 4.1 10.9 4.8 7.7 18.6 0.8 0.7
Cliffs Natural Resources Inc 11.3 6.9 256.8 110.1 (5.2) (0.4) 0.9 1.0
Anglo American Plc 6.5 6.2 17.1 15.4 9.1 9.9 1.6 1.5
Source: Bloomberg, Antique

Table 3: NMDC target price

FY27e EBITDA - INR mn 1,10,339
EV/EBITDA multiple 6.0
Target EV - INR mn 6,62,032
Add: FY27e net cash plus CWIP @0.4x 1,99,606
Target market capitalization - INR mn 8,61,638
Target price - INR per share 294
Source: Company, Antique
 ANTIQUE STOCK BROKING LIMITED

0
50
100
150
200
250
300
350
0
50
100
150
200
250
300
Dec-08 Dec-08
0
2,00,000
4,00,000
6,00,000
8,00,000
10,00,000
12,00,000

Jun-09 Jun-09
(2,00,000)

(INR)
Dec-09 Dec-09

(INR)
Dec-08
Jun-10 Jun-10 Jun-09
Dec-10 Dec-10 Dec-09

Source: Bloomberg, Antique

Source: Bloomberg, Antique
Source: Bloomberg, Antique

Jun-11 Jun-11 Jun-10

(INR mn)

Exhibit 10: P/E band

Dec-11 Dec-11 Exhibit 9: P/BV band Dec-10
Jun-12 Jun-12 Jun-11
Dec-11
Exhibit 8: EV/EBITDA band

Dec-12 Dec-12
Jun-13 Jun-13 Jun-12
Dec-13 Dec-13 Dec-12
Jun-14 Jun-13
Jun-14
Dec-14 Dec-13
Dec-14
Jun-15 Jun-14
Jun-15
Dec-14
Dec-15 Dec-15
Jun-15
Jun-16 Jun-16
Dec-15
FROM THE RESEARCH DESK

Dec-16 Dec-16
Jun-16
Jun-17 Jun-17
Dec-16
Dec-17 Dec-17 Jun-17
Jun-18 Jun-18 Dec-17
Dec-18 Dec-18 Jun-18
Jun-19 Jun-19 Dec-18
Dec-19 Dec-19 Jun-19
Jun-20 Jun-20 Dec-19
Dec-20 Dec-20 Jun-20
Jun-21 Jun-21 Dec-20
Dec-21 Dec-21 Jun-21
Jun-22 Jun-22 Dec-21
Dec-22 Jun-22
Dec-22
Jun-23 Dec-22
Jun-23
Dec-23 Jun-23
Dec-23
Jun-24 Dec-23
Jun-24
Dec-24 Jun-24
Dec-24 Dec-24
8x

10x
2x
4x

4x
1.0x
1.5x
2.0x
2.5x
6x

6x
8x
6 December 2024 | 4
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 6 December 2024 | 5

Financials
Profit and loss account (INR bn) Cash flow statement (INR bn)
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Revenues 177 213 228 270 291 PBT 64 83 92 112 123
Expenses 116 139 145 169 180 Depreciation 3 3 4 4 5
EBITDA 61 74 82 101 110 Interest 1 1 1 1 1
Depreciation & amortization 3 3 4 4 5 (Inc)/ Dec in working capital (46) 24 13 (16) (11)
EBIT 57 70 79 97 105 Tax paid (21) (24) (23) (29) (31)
Other income 7 14 14 16 18 CF from operating activities 1 87 86 72 86
Interest expense 1 1 1 1 1 Capex (12) (12) (23) (23) (25)
Profit before tax 64 83 92 112 123 (Inc)/ Dec in Investments 1 (1) - - -
Extraordinaries 12 (3) - - - Income from investments 12 (3) - - -
Tax 21 24 23 29 31 CF from investing activities 2 (16) (23) (23) (25)
Profit after tax 55 56 68 84 92 Inc/ (Dec) in debt 3 12 (17) (2) -
Adjusted PAT 43 59 68 84 92 Dividends & Interest paid (19) (21) (28) (29) (32)
EPS (INR) 14.6 20.2 23.4 28.6 31.3 Others 5 (10) (1) (1) (1)
CF from financing activities (11) (19) (45) (32) (33)
Balance sheet (INR bn) Net cash flow (9) 52 18 17 28
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e Add: Opening balance 79 70 123 140 157
Share Capital 3 3 3 3 3 Closing balance 70 123 140 157 185
Reserves & Surplus 220 251 292 346 406
Networth 223 254 295 349 408 Growth indicators (%)
Debt 21 34 17 15 15 Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Deferred tax/ other liabilities (3) (3) (3) (3) (3) Revenue (32.0) 20.5 6.9 18.9 7.5

Capital Employed 242 285 309 361 421 EBITDA (52.0) 21.3 11.9 23.0 9.0

Gross Fixed Assets 52 51 61 71 81 PAT (54.6) 37.8 15.7 22.3 9.5

Accumulated Depreciation 22 20 23 28 33 EPS (54.6) 37.8 15.7 22.3 9.5

Net Assets 30 32 38 44 49
Valuation
Capital work in progress 20 32 45 58 73
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Investments 9 10 10 10 10
P/E (x) 16.0 11.6 10.1 8.2 7.5
Current Assets Loans & Advances
P/BV (x) 3.1 2.7 2.3 2.0 1.7
Inventory 27 27 17 19 20
EV/EBITDA (x) 10.5 8.2 6.9 5.4 4.7
Debtors 44 35 32 41 48
EV/Sales (x) 3.6 2.8 2.5 2.0 1.8
Cash & Bank 70 123 140 157 185
Dividend Yield (%) 2.8 3.1 4.0 4.3 4.7
Loans & advances and others 94 92 94 111 120
Current Liabilities & Provisions
Financial ratios
Creditors 38 49 50 59 63
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Provisions 14 17 17 20 22
RoE 21.3 24.8 24.9 26.0 24.2
Net Current Assets 183 211 216 249 288
RoCE 26.4 29.5 34.8 38.2 35.3
Application of Funds 242 285 309 361 421
Debt/Equity (x) (0.2) (0.4) (0.4) (0.4) (0.4)

Per share data

Margins (%)
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
Year-ended March 31 FY23 FY24 FY25e FY26e FY27e
No. of shares (mn) 2,931 2,931 2,931 2,931 2,931
EBITDA 34.3 34.5 36.2 37.4 37.9
BVPS (INR) 76.2 86.7 100.5 119.1 139.4
EBIT 32.4 33.0 34.5 35.8 36.3
CEPS (INR) 15.8 21.3 24.6 30.0 32.9
PAT 24.3 27.8 30.1 30.9 31.5
DPS (INR) 6.6 7.3 9.5 10.0 11.0
Source: Company Antique
Source: Company, Antique
ANTIQUE STOCK BROKING LIMITED FROM THE RESEARCH DESK 6 December 2024 | 6

Important Disclaimer:
This report has been prepared by Antique Stock Broking Limited (hereinafter referred to as ASBL) to provide information about the company(ies) and/sector(s), if any, covered in the report and may be distributed
by it and/or its affiliated company(ies).
ASBL is a Stock Broker having SEBI Registration No. INZ000001131 and Depository Participant having SEBI Registration No. IN-DP-721-2022(CDSL) registered with and regulated by Securities & Exchange Board
of India. SEBI Registration Number: INH000001089 as per SEBI (Research Analysts) Regulations, 2014. CIN: U67120MH1994PLC079444.
ASBL and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group.
This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an offer, invitation or inducement
to invest in securities or other investments and ASBL is not soliciting any action based upon it. This report is not for public distribution and has been furnished to you solely for your general information and should
not be reproduced or redistributed to any other person in any form. This report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs
of individual clients. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice.
The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future
performance, future returns are not guaranteed and a loss of original capital may occur.
We and our affiliates have investment banking and other business relationships with a some companies covered by our Research Department. Our research professionals may provide input into our investment banking
and other business selection processes. Investors should assume that ASBL and/or its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of
this material and that the research professionals who were involved in preparing this material may educate investors on investments in such business. The research professionals responsible for the preparation of
this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and interpreting information. Our research professionals are paid on the profitability
of ASBL which may include earnings from investment banking and other business.
ASBL generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
Additionally, ASBL generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders,
and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary
trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing
among other things, may give rise to real or potential conflicts of interest. ASBL and its affiliated company(ies), their directors and employees and their relatives may; (a) from time to time, have a long or short position
in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (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 company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with
respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations
made by the analyst(s) are completely independent of the views of the affiliates of ASBL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions 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 fundamental analysis. In addition ASBL has different business segments / Divisions with independent research separated by Chinese walls catering to different
set of customers having various objectives, risk profiles, investment horizon, etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt ASBL or any of its affiliates or
employees from, any and all responsibility/liability arising from such misuse and agrees not to hold ASBL or any of its affiliates or employees responsible for any such misuse and further agrees to hold ASBL or
any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. The information contained
herein is based on publicly available data or other sources believed to be reliable. Any statements contained in this report attributed to a third party represent ASBL's interpretation of the data, information and/
or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete
statement or summary of the securities, markets or developments referred to in the document. While we would endeavor to update the information herein on reasonable basis, ASBL and/or its affiliates are under
no obligation to update the information. Also there may be regulatory, compliance, or other reasons that may prevent ASBL and/or its affiliates from doing so. ASBL or any of its affiliates or employees shall not
be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. ASBL or any of its affiliates or employees do not
provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose,
and non-infringement. The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based
on this report or for any necessary explanation of its contents.
ASBL and it's associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received
any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
ASBL and it's associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of ASBL or its associates during twelve months preceding the date of distribution of the research report
ASBL and/or its affiliates and/or employees and /or relatives may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research
in the securities mentioned in this report. To enhance transparency, ASBL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed
in the report.
There are no material disciplinary action that been taken by any regulatory authority impacting equity research analysis activities
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be
directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation
of ASBL research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement Companies where there is interest
l Analyst ownership of the stock - No
l Served as an officer, director or employee - No
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject ASBL & its group companies to registration or licensing requirements within such jurisdictions.
For U.S. persons only: This research report is a product of Antique Stock Broking Limited, which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing
the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-
dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject
company, public appearances and trading securities held by a research analyst account. This report is intended for distribution by Antique Stock Broking Limited only to "Major Institutional Investors" as defined
by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient
of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted
onward to any U.S. person, which is not the Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order
to conduct certain business with Major Institutional Investors, Antique Stock Broking Limited has entered into a chaperoning agreement with a U.S. registered broker-dealer, Marco Polo Securities Inc. ("Marco Polo").
Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer.
Compliance/Grievance officer: Ms. Jayshree Thakkar, Contact No: 022-69113461, Email id: [email protected]/[email protected]
Disclaimer that:
l Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
l The securities quoted are for illustration only and are not recommendatory.
l Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Antique Stock Broking Limited

ITI House
36, Dr. R.K. Shirodkar Marg
Parel (East), Mumbai 400012
Tel. : +91 22 6911 3300 / +91 22 6909 3600
www.antiquelimited.com