Systematix

Institutional Equities

Kalyan Jewellers India Ltd 19 March 2025

Insights from Thrissur, Kerala Plant Visit

COMPANY UPDATE During our recent visit to a hallmarking centre in Thrissur, Kerala, wherein Kalyan
Sector: Jewellery Rating: Not Rated Jewellers products get hallmarked, we were able to observe firsthand the
CMP: Rs 453 Target Price: NA meticulous processes behind the hallmarking of gold jewellery. The process begins
with the submission of jewellery to BIS-recognized centres where advanced purity
Stock Info testing methods like fire assay, X-ray fluorescence are employed to ensure
Sensex/Nifty 75,449 / 22,908
authenticity. The jewellery then undergoes laser engraving to receive its official
Bloomberg KALYANKJ IN
hallmark, signifying compliance with BIS standards. We also explored Kalyan’s
Equity shares (mn) 1031
52-wk High/Low Rs 795/336 contract manufacturing unit, which focuses on high-volume production. Kalyan
Face value Rs 10 Jewellers does not own manufacturing units in India, instead relying on contract
M-Cap Rs 468bn/US$ 5.1bn manufacturers for production. In addition, we visited one of Kalyan’s flagship
3-m Avg value US$ 103.0 mn showrooms, which showcased a superior revenue and margin profile, with an
impressive studded ratio and footfall conversion rate. The company’s management
Financial Snapshot (Rs mn)
Y/E Mar FY22 FY23 FY24
shared insights into future strategies, including the expansion of their Candere
Sales 108,179 140,714 185,483 brand, which caters to a distinct market segment, and their plans for increasing the
EBITDA 8,145 11,140 13,127 store count and market reach. Furthermore, Kalyan’s approach to gold metal loans
PAT 2,240 4,652 5,963 (GML), jewellery verticals, and its stance on lab-grown diamonds provide a glimpse
EPS (Rs) 2.2 4.2 5.8
into its evolving business model. The company is focused on reducing debt,
PE (x) 199.2 95.8 74.8
EV/EBITDA (x) 58.0 42.3 35.8 expanding retail presence, and strengthening its position across multiple jewellery
P/BV (x) 14.2 12.3 10.7 categories. The stock is currently trading at a consensus PE of 32.5x on FY27E EPS.
EV/Sales 4.4 3.4 2.5 Not Rated.
RoE (%) 7.5 13.8 15.3
RoCE (%) 11.0 14.7 16.4 Visit to Kalyan Jewellers Hallmarking Centre in Thrissur, Kerala to
NWC (days) 177 157 131
Net gearing (x) 0.8 0.7 0.6
understand the entire hallmarking process;
Shareholding Pattern (%) 1) Jeweller Registration with BIS
Dec24 Sept24 Jun24
Promoter 62.9 62.9 60.6 Jewellers who aim to offer hallmarked gold have to first register with the Bureau
–Pledged - - - of Indian Standards (BIS). Registration is conducted online via the BIS portal. Upon
FII 16.4 15.7 21.2 registration, jewellers are assigned a unique BIS registration number. Only
DII 13.6 13.7 11.8 jewellers with BIS registration are permitted to send gold for hallmarking.
Others 7.2 7.6 6.5
2) Submission of Gold Jewellery to BIS-Recognized Hallmarking Centres
Stock Performance (1-year)
900 Once registered, jewellers submit their gold jewellery or artifacts to BIS-approved
800 Assaying and Hallmarking Centres. The jewellery must be in its final, polished
700
form at the time of submission.
600
500
3) Sampling of Gold Jewellery
400
300
The hallmarking centre conducts random sampling of jewellery from the
200
submitted batch. For larger batches, multiple samples are selected to ensure the
Mar-24

Apr-24

Jul-24

Nov-24

Jan-25

Mar-25
Aug-24

Sep-24

Feb-25
May-24

Jun-24

Dec-24
Oct-24

integrity of the testing process.

KALYANKJIL Sensex
4) Gold Purity Testing
The purity of the gold is rigorously tested using advanced scientific techniques:
Chetan Mahadik
[email protected]
+91 22 6704 8091
• Fire Assay Test (Cupellation Method): Regarded as the most reliable gold
testing method, this process involves extracting a small portion of gold from
Vijay Jangir
[email protected]
the jewellery, which is then melted with lead at temperatures exceeding
+91 22 6704 8029

Investors are advised to refer disclosures made at the end of the research report.

Systematix Research is also available on Bloomberg SSSL <Go>, Thomson & Reuters Systematix Shares and Stocks (India) Limited 1
19 March 2025 Kalyan Jewellers India Ltd
1000°C. The lead absorbs base metals (such as copper, zinc, and silver),
leaving behind pure gold.
• X-Ray Fluorescence Spectrometer (XRF) Test: A non-destructive test that
uses X-rays to analyse the composition of the gold sample. Although no gold
is lost in the process, it is less precise than the fire assay.
5) Hallmarking Process (laser engraving)
Upon passing the purity tests, the jewellery is engraved with a hallmark using a
laser. The hallmark comprises five key symbols:
a) BIS Standard Mark: The official BIS logo, ensuring compliance with BIS
standards.
b) Purity/Fineness Grade: Indicates the gold’s purity in karats (K), with values
such as: 24K – 999 (99.9% pure gold); 22K – 916 (91.6% pure gold); 18K – 750
(75% pure gold); 14K – 585 (58.5% pure gold)
c) Assay Centre’s Identification Mark: A unique logo or code identifying the
hallmarking centre.
d) Jeweller’s Identification Mark: A distinctive logo or code assigned to the
jeweller.
e) Hallmark Unique Identification (HUID) Number: A six-digit alphanumeric
code, introduced in 2021, which uniquely identifies each item.
f) Hallmarking Certificate: Following the hallmarking process, an official
certificate of authenticity is issued, allowing the jeweller to legally sell the
hallmarked gold.
6) Other takeaways:
• The hallmarking cost is approximately Rs 45 per item, irrespective of weight.
• Articles weighing less than 2 grams are exempt from hallmarking.
• The capital expenditure (CapEx) required to establish a hallmarking centre is ~
Rs 9-10 million, depending on the region.
• The hallmarking centre we visited processes around 3,000 pieces per day.
Contract Manufacturing of Kalyan Jewellers
We also visited the Kalyan Jewellers contract manufacturing facility in Thrissur. While
the profit margins for contract manufacturers are relatively low, their business
model is built on high-volume production. Kalyan Jewellers provides the raw
materials, but it does not own any manufacturing units in India. In Dubai, the
company operates a small manufacturing facility, though it continues to purchase
finished products from a few contract manufacturers there.

Kalyan Jewellers Showroom Visit

We toured one of Kalyan Jewellers' flagship showrooms in Thrissur, which spans
8,500 sq. ft. This store stands out with its superior revenue and margin profile,
featuring a studded ratio of approximately 34% (compared to the company level of
29%). Additionally, the store exhibits a higher footfall conversion rate.

Systematix Research is also available on Bloomberg SSSL <Go>, Thomson & Reuters Systematix Shares and Stocks (India) Limited 2
19 March 2025 Kalyan Jewellers India Ltd

Management interaction takeaways

Q4FY25E demand scenario:

• Sales in Q4FY25 are expected to be healthy driven by the ongoing wedding season

• Store expansion is expected to remain stable in Q4FY25.

Candere:

• Promotional campaigns for Candere have not yet begun but are slated to launch
in Q1FY26/Q2FY26.

• Candere targets a different customer base than Kalyan Jewellers.

• The product mix in Candere stores will be ~60% women’s jewellery, with the
remainder dedicated to men’s jewellery.

• Candere stores will typically be located either near competitor stores or adjacent
to Kalyan Jewellers outlets.

• The company plans a mix of COCO and FOCO stores for Candere.

• Kalyan Jewellers aims for Candere to generate Rs 10 bn in revenue over the next
three years.

• Scaling up Candere is expected to be more straightforward than expanding Kalyan

Jewellers, as Candere’s product offerings are consistent across India, while Kalyan
follows a hyperlocal approach.
Gold Metal Loans (GML):

• The company anticipates an increase in interest rates on gold metal loans due to
potential US tariffs on gold imports, though the management expects this to be a
short-term issue.

• If this effect persists throughout the year, it is expected to cost Kalyan Jewellers
around Rs 180-200 mn.

• The GML rate has increased from 3.2% to 5% for the company.

Jewellery vertical strategy:

Kalyan Jewellers aims to position itself across four key jewellery verticals;

• Volume-Based Jewellery: This category includes players focusing on high-volume

sales, lower margins, and plain gold jewellery. Kalyan originally started with this
segment but may re-enter with a new brand in the future.

• Occasion Wear Jewellery: Key players in this category include Kalyan Jewellers
and Tanishq.

• Luxury Jewellery: This segment is primarily dominated by regional brands.

• New format Jewellers: This includes online players such as Caratlane and
Bluestone.

• The company also plans to enhance its presence in the silver jewellery segment.

Systematix Research is also available on Bloomberg SSSL <Go>, Thomson & Reuters Systematix Shares and Stocks (India) Limited 3
19 March 2025 Kalyan Jewellers India Ltd

• Currently, 30% of Kalyan Jewellers’ stores feature local and staple jewellery, while
weddings account for 60% of the business.
Lab-Grown Diamonds:

• Kalyan views lab-grown diamonds as a fashion accessory, with prices expected to

decline as supply increases.

• While the profit margins for lab-grown diamonds are comparable to those of
natural diamonds, their revenue contribution is significantly lower compared to
natural diamonds.

• Lab-grown diamonds are primarily popular in the solitaire segment, which

accounts for only 1% of Kalyan’s overall revenue.

• Kalyan Jewellers has no immediate plans to enter the lab-grown diamond space.
Franchisee Stores:

• Kalyan’s franchise partners are typically high-net-worth individuals (HNIs).

• The company supplies inventory to the franchise stores, which are expected to
stock Kalyan products.

• Kalyan plans to open 170 new showrooms in FY26, consisting of 90 Kalyan and 80
Candere stores.
Debt management:

• The company has successfully reduced its debt by approximately Rs 4.5 bn over
the past 18 months and plans to reduce an additional Rs 1.5 bn by the end of
Q4FY25.
My Kalyan Stores:

• Kalyan operates over 1,000 My Kalyan stores (cost centres), contributing around
20% of company’s revenue.

• Franchise stores tend to establish My Kalyan stores after full year of operations.
Exhibit 1: Peer comps
Market Cap. PE (x) EV / EBITDA (x) ROE (%) FY24-FY27E CAGR (%)
Companies
Rs bn FY25E FY26E FY27E FY25E FY26E FY27E FY25E FY26E FY27E Revenue EBITDA PAT

Titan Company Ltd 2,678 75.2 55.8 45.8 49.5 38.1 32.6 30.3 32.2 31.3 15.0% 18.4% 18.7%

Kalyan Jewellers India Ltd 467 60.5 41.8 32.5 30.4 24.3 19.8 16.9 20.9 22.7 29.7% 22.3% 32.4%

Senco Gold Ltd 39 20.6 14.6 11.5 13.5 10.4 8.5 9.2 12.6 14.1 19.0% 18.1% 20.9%

P N Gadgil Jewellers 68 28.4 21.9 17.0 18.2 13.6 10.7 21.9 17.3 18.5 24.1% 31.7% 36.4%
Source: Company, Systematix Institutional Research, Bloomberg consensus estimates

Systematix Research is also available on Bloomberg SSSL <Go>, Thomson & Reuters Systematix Shares and Stocks (India) Limited 4
19 March 2025 Kalyan Jewellers India Ltd

FINANCIALS (CONSOLIDATED)
Profit & Loss Statement Balance Sheet
YE: Mar (Rs mn) FY20 FY21 FY22 FY23 FY24 YE: Mar (Rs mn) FY20 FY21 FY22 FY23 FY24
Revenue 1,01,009 85,733 1,08,179 1,40,714 1,85,483 Equity capital 9,553 10,305 10,310 10,298 10,398
Gross profit 17,092 14,592 16,916 21,992 27,137 Reserves 12,028 17,960 21,070 26,047 31,480
GP margin (%) 16.9% 17.0% 15.6% 15.6% 14.6% Debt 35,902 32,185 33,277 34,899 33,094
Operating profit 7,603 5,943 8,145 11,140 13,127 Deferred tax liab (net) -81 -461 -450 -562 -662
OP margin (%) 7.5% 6.9% 7.5% 7.9% 7.1% Other non current liabilities 6,981 6,465 8,980 7,020 12,405
Depreciation 2,392 2,249 2,316 2,446 2,743 Total liabilities 64,383 66,454 73,187 77,702 86,715
EBIT 5,211 3,694 5,829 8,694 10,384 Fixed Asset 21,916 19,517 19,236 19,234 23,479
Interest expense 3,803 3,754 3,224 3,026 3,232 Investments - - 6 44 44
Other income 801 454 383 379 737 Other Non-current Assets 60 336 22 750 2,770
Profit before tax 2,209 394 2,989 6,048 7,888 Inventories 47,203 53,031 57,943 70,139 82,976
Taxes 786 454 748 1,396 1,925 Sundry debtors 2,137 1,127 1,195 2,442 3,283
Tax rate (%) 35.6% 115.4% 25.0% 23.1% 24% Cash & equivalents 7,501 10,966 7,772 9,819 9,751
Minority/Associates -7 2 -2 -12 -11 Loans and Advances 2,671 4,476 5,548 6,588 9,603
Adj. PAT 1,430 (63) 2,242 4,664 5,973 Other current Assets 617 236 250 1,849 2,043
Exceptional loss & Discontinued Sundry creditors 5,576 6,901 6,566 11,927 19,441
operations 0 0 0 -333 0 Other current liabilities 12,148 16,335 12,218 21,236 27,792
Net profit 1,430 (63) 2,242 4,331 5,973 Total Assets 64,383 66,454 73,187 77,702 86,715
Adj EPS 1.7 (0.1) 2.2 4.5 5.8 Source: Company, Systematix Institutional Research
Source: Company, Systematix Institutional Research

Cash Flow Ratios

YE: Mar (Rs mn) FY20 FY21 FY22 FY23 FY24 YE: Mar FY20 FY21 FY22 FY23 FY24
PBIT 2209 394 2989 5715 7888 Revenue growth (%) 3.4 -15.1 26.2 30.1 31.8
Depreciation 2392 2249 2316 2446 2743 Op profit growth (%) 31.0 -21.8 37.1 36.8 17.8
Tax paid (65) (569) (1,529) (1,290) (2,262) Adj Net profit growth (%) NA NA NA 108.0 28.1
Working capital ∆ (4,213) (641) (4,071) 424 2,031 OPM (%) 7.5 6.9 7.5 7.9 7.1
Other operating items 2,875 4,857 2,937 2,838 2,818 Net profit margin (%) 1.4 -0.1 2.1 3.3 3.2
Operating cashflow 3,197 6,289 2,641 10,134 13,218 RoCE (%) 10.6 7.4 11.0 14.7 16.4
Capital expenditure (1,192) (482) (913) (1,871) (3,714) RoNW (%) 6.9 -0.3 7.5 13.8 15.3
Free cash flow 2,006 5,807 1,728 8,263 9,504 EPS Adj (Rs) 1.7 -0.1 2.2 4.5 5.8
Equity raised - 7,565 - - - DPS (Rs) 0.0 0.0 0.0 0.5 1.2
Investments - - (6) (75) (7) BVPS (Rs) 25.7 33.3 30.5 35.3 40.7
Debt financing/disposal 1,816 (5,132) (861) (2,146) (5,909) Debtor days 8 5 4 6 6
Interest Paid (2,706) (2,864) (2,407) (2,291) (2,389) Inventory days 171 226 195 182 163
Dividends paid - - - - (515) Creditor days 20 29 22 31 38
Other items (1,008) (3,337) (613) (3,832) (317) P/E (x) 254.4 NA 199.2 95.8 74.8
Net ∆ in cash 108 2,040 (2,158) (81) 368 P/B (x) 16.9 13.0 14.2 12.3 10.7
Source: Company, Systematix Institutional Research EV/EBITDA (x) 51.6 65.5 58.0 42.3 35.8
Source: Company, Systematix Institutional Research

Systematix Research is also available on Bloomberg SSSL <Go>, Thomson & Reuters Systematix Shares and Stocks (India) Limited 5
19 March 2025 Kalyan Jewellers India Ltd

DISCLOSURES/APPENDIX
I. ANALYST CERTIFICATION
I, Chetan Mahadik, Vijay Jangir; hereby certify that (1) views expressed in this research report accurately reflect my/our personal views about any or all of the subject securities or
issuers referred to in this research report, (2) no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this
research report by Systematix Shares and Stocks (India) Limited (SSSIL) or its group/associate companies, (3) reasonable care is taken to achieve and maintain independence and
objectivity in making any recommendations.

Disclosure of Interest Statement Update

Analyst holding in the stock No
Served as an officer, director or employee No

II. ISSUER SPECIFIC REGULATORY DISCLOSURES, unless specifically mentioned in point no. 9 below:

1. The research analyst(s), SSSIL, associates or relatives do not have any financial interest in the company(ies) covered in this report.

2. The research analyst(s), SSSIL, associates or relatives collectively do not hold more than 1% of the securities of the company(ies) covered in this report as of the end of the
month immediately preceding the distribution of the research report.

3. The research analyst(s), SSSIL, associates or relatives did not have any other material conflict of interest at the time of publication of this research report.
4. The research analyst, SSSIL and its associates have not received compensation for investment banking or merchant banking or brokerage services or any other products or
services from the company(ies) covered in this report in the past twelve months.
5. The research analyst, SSSIL or its associates have not managed or co-managed a private or public offering of securities for the company(ies) covered in this report in the previous
twelve months.
6. SSSIL or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party in connection with this research
report.

7. The research analyst has not served as an officer, director or employee of the company(ies) covered in this research report.

8. The research analyst and SSSIL have not been engaged in market making activity for the company(ies) covered in this research report.

9. Details of SSSIL, research analyst and its associates pertaining to the companies covered in this research report:

Sr. Yes /
Particulars
No. No.
1 Whether compensation was received from the company(ies) covered in the research report in the past 12 months for investment banking transaction by SSSIL. No
2 Whether research analyst, SSSIL or its associates and relatives collectively hold more than 1% of the company(ies) covered in the research report. No
3 Whether compensation has been received by SSSIL or its associates from the company(ies) covered in the research report. No
Whether SSSIL or its affiliates have managed or co-managed a private or public offering of securities for the company(ies) covered in the research report in the
4 No
previous twelve months.
Whether research analyst, SSSIL or associates have received compensation for investment banking or merchant banking or brokerage services or any other
5 No
products or services from the company(ies) covered in the research report in the last twelve months.

10. There is no material disciplinary action taken by any regulatory authority that impacts the equity research analysis activities.

STOCK RATINGS
BUY (B): The stock's total return is expected to exceed 15% over the next 12 months.
HOLD (H): The stock's total return is expected to be within -15% to +15% over the next 12 months.
SELL (S): The stock's total return is expected to give negative returns of more than 15% over the next 12 months.
NOT RATED (NR): The analyst has no recommendation on the stock under review.

INDUSTRY VIEWS
ATTRACTIVE (AT): Fundamentals/valuations of the sector are expected to be attractive over the next 12-18 months.
NEUTRAL (NL): Fundamentals/valuations of the sector are expected to neither improve nor deteriorate over the next 12-18 months.
CAUTIOUS (CS): Fundamentals/valuations of the sector are expected to deteriorate over the next 12-18 months.

III. DISCLAIMER
The information and opinions contained herein have been compiled or arrived at based on the information obtained in good faith from sources believed to be reliable. Such information
has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy completeness or correctness.

This document is for information purposes only. This report is based on information that we consider reliable; we do not represent that it is accurate or complete and one should exercise
due caution while acting on it. Description of any company(ies) or its/their securities mentioned herein are not complete and this document is not and should not be construed as an
offer or solicitation of an offer to buy or sell any securities or other financial instruments. Past performance is not a guide for future performance, future returns are not guaranteed and
a loss of original capital may occur. All opinions, projections and estimates constitute the judgment of the author as on the date of the report and these, plus any other information
contained in the report, are subject to change without notice. Prices and availability of financial instruments are also subject to change without notice. This report is intended for
distribution to institutional investors.
This report is not directed to or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity that is a citizen or resident or located in any
locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject to SSSIL or
its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently sent or has reached any individual in such country, especially USA, the same
may be ignored and brought to the attention of the sender. Neither this document nor any copy of it may be taken or transmitted into the United States (to U.S. persons), Canada, or
Japan or distributed, directly or indirectly, in the United States or Canada or distributed or redistributed in Japan or to any resident thereof. Any unauthorized use, duplication,
redistribution or disclosure of this report including, but not limited to, redistribution by electronic mail, posting of the report on a website or page, and/or providing to a third party a link,

Systematix Research is also available on Bloomberg SSSL <Go>, Thomson & Reuters Systematix Shares and Stocks (India) Limited 6
19 March 2025 Kalyan Jewellers India Ltd
is prohibited by law and will result in prosecution. The information contained in the report is intended solely for the recipient and may not be further distributed by the recipient to any
third party.

SSSIL 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, SSSIL generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of
any companies that they 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. Our proprietary trading and investing businesses may make investment decisions that are inconsistent with the
recommendations expressed herein. The views expressed in this research report 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
compensation of the analyst who prepared this document is determined exclusively by SSSIL; however, compensation may relate to the revenues of the Systematix Group as a whole, of
which investment banking, sales and trading are a part. Research analysts and sales persons of SSSIL may provide important inputs to its affiliated company(ies).
Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations which could have an adverse effect on their value or price or the income
derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. SSSIL, its directors, analysts
or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on the basis of this report
including but not restricted to fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.
SSSIL and its affiliates, officers, directors, and employees subject to the information given in the disclosures 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 (financial interest)
or act as a market maker in the financial instruments of the 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. The views expressed are those of the analyst and the company may or may not subscribe
to the views expressed therein.

SSSIL, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness,
merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall SSSIL, any of its affiliates or any third
party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. The company accepts no liability whatsoever for the actions of
third parties. The report may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the report refers to website material of the company, the
company has not reviewed the linked site. Accessing such website or following such link through the report or the website of the company shall be at your own risk and the company
shall have no liability arising out of, or in connection with, any such referenced website.

SSSIL will not be liable for any delay or any other interruption which may occur in presenting the data due to any technical glitch to present the data. In no event shall SSSIL be liable for
any damages, including without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by SSSIL
through this presentation.
SSSIL or any of its other group companies or associates will not be responsible for any decisions taken on the basis of this report. Investors are advised to consult their investment
and tax consultants before taking any investment decisions based on this report.

Registration granted by SEBI to SSSIL and certification from NISM to the analyst in no way guarantee performance of SSSIL or to provide any assurance of returns to investors.

Systematix Shares and Stocks (India) Limited:

Registered and Corporate address: The Capital, A-wing, No. 603 – 606, 6th Floor, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051
Tel no. 022-66198000/40358000 Fax no. 022-66198029/40358029 Email id [email protected]. Visit us at: www.systematixgroup.in
Details of Compliance officer: Ms Nipa Savla, Compliance officer Tel no. 022-66198092/4035808092 Email id [email protected]
Details of Email id grievance redressal cell : [email protected]
Details of Registration : CIN - U65993MH1995PLC268414 | BSE SEBI Reg. No.: INZ000171134 (Member Code: 182) | NSE SEBI Reg. No.: INZ000171134 (Member Code: 11327) | MCX SEBI
Reg. No.: INZ000171134 (Member Code: 56625) | NCDEX SEBI Reg. No.: INZ000171134 (Member Code: 1281) | Depository Participant SEBI Reg. No.: IN-DP-480-2020 (DP Id: 12034600) |
PMS SEBI Reg. No.: INP000002692 | Research Analyst SEBI Reg. No.: INH200000840 | AMFI : ARN - 64917

Systematix Research is also available on Bloomberg SSSL <Go>, Thomson & Reuters Systematix Shares and Stocks (India) Limited 7