Disclosures & Disclaimers

Regulatory information

This page provides general information about Company Anatomy and the disclosure principles applied to its research. Every dated research report must also be read with its own disclosures, assumptions, risks and source notes.

Research Analyst information

Business activities and service scope

Company Anatomy publishes independent equity research and educational material concerning Indian listed companies. Research may include business analysis, financial estimates, valuation work, risks and analyst judgement. The website does not provide portfolio management, trade execution, custody, banking, legal, tax or personalised financial-planning services.

Independent and completely free public research

All Company Anatomy research and reports are independent and completely free to read and download. There is no subscription charge, purchase condition or obligation to open a brokerage account or trade. Free public access is a core value of Company Anatomy. Research opinions are intended to reflect analysis and evidence rather than a reader’s transactions.

Merely reading or downloading publicly available research does not by itself create a personalised investment-advisory engagement or an agreement for a separately arranged service. It does not waive investor protections or remove applicable Research Analyst obligations. Whether a particular relationship constitutes a client relationship depends on the actual arrangements and applicable law, including direct or indirect economic benefits; it cannot be settled by calling a report “free”.

Reports are not an offer, invitation or solicitation to buy or sell any security or to enter into a transaction. Where a report contains a recommendation, rating or target price, it remains research subject to applicable requirements; it is not personalised investment advice. Do not use a report as the sole basis for an investment decision.

General nature of research

Research and recommendations are general and are not tailored to an individual reader’s objectives, financial situation, risk tolerance or needs. General website information is not a personalised investment recommendation or a solicitation of an offer to buy or sell a security. This distinction does not exclude the Research Analyst’s applicable regulatory duties. Investors should make an independent assessment and obtain professional advice appropriate to their circumstances.

Sources, estimates and changes

Information is obtained from sources believed to be reliable, with preference for company filings, exchange disclosures and other primary material. Accuracy, adequacy and completeness are not guaranteed. Information may be incomplete or condensed. Forecasts, valuations, target prices and scenarios are estimates rather than facts. Opinions and estimates are the Research Analyst’s judgement as of the stated date and may change without notice.

Ownership, financial interests and material conflicts

Each research report or public recommendation must state, as applicable, whether the Research Analyst, associates or relatives have a financial interest in the subject company; actual or beneficial ownership of one per cent or more of its securities at the end of the month immediately preceding publication; or another material conflict of interest. Aditya Siddharth Mehta has confirmed that there is no business conflict of interest as of 17 September 2026. This business-conflict declaration is not a declaration that the analyst, associates or relatives have no security holdings or issuer relationships. Because holdings and circumstances can change, this general page does not make a permanent “no conflict” representation. The dated report-specific disclosure governs.

Compensation and other relationships

Each research report must disclose applicable compensation received from the subject company during the preceding twelve months, including compensation for investment-banking, merchant-banking, brokerage or other products and services; compensation or benefits connected with the research; whether the subject company was a client during the applicable period; and participation in managing or co-managing a public offering. No blanket statement is made on this page because the disclosure must be current for the subject company and report date.

Other report-specific declarations

• Whether the Research Analyst serves as an officer, director or employee of the subject company.
• Whether the Research Analyst has engaged in market-making activity in the subject company’s securities.
• Relevant associates, business relationships and any fact that could affect independence or objectivity.
• The valuation method and material risks that may prevent achievement of a stated target price.
• Any material disciplinary history, regulatory action, litigation, inspection or investigation required to be disclosed.

If a required report-specific declaration is absent or unclear, do not rely on the recommendation until clarification is obtained from the Research Analyst.

Use of artificial intelligence

Company Anatomy uses artificial intelligence to improve readability and writing, assist valuation calculations and run simulations. The extent and material role of AI in a particular report should be read with that report’s methods and source notes. The Research Analyst remains responsible for the research, human review, accuracy controls, security, confidentiality, integrity and regulatory compliance, regardless of the extent of AI use. AI can produce incorrect text, calculations or assumptions. Readers should cross-check material figures against original filings and source documents, examine assumptions and periodically consult a SEBI-registered investment adviser about their own financial circumstances. These precautions do not transfer the analyst’s regulatory responsibilities to the reader.

Valuation, forecasts and simulation limitations

Valuation models and simulations are conditional analytical tools. Outputs depend on input quality, assumptions, correlations, distributions and model design; they can omit risks and produce materially different results when assumptions change. A simulated frequency is not an observed probability of future investment success. Model values and target prices are not guarantees, promises of returns or precise forecasts. Review the valuation date, horizon, scenarios, sensitivity analysis and downside risks. Historical or simulated performance does not establish future performance.

Market risk and performance

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Past performance is not an indicator of future performance. Prices and returns may be volatile, and an investor may lose part or all of the capital invested. Registration granted by SEBI, enlistment with BSE and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

Distribution, report versions and corrections

Research is intended for lawful access and use. It is not directed to a person or jurisdiction where distribution or use would breach applicable law or require a registration that the Research Analyst does not hold. Free access is not a representation of authorisation outside India. When sharing a report link, retain its date, author, qualifications and disclosures; do not present extracts or simulations as guaranteed returns. A downloaded copy reflects its stated publication date. Check the original report page for subsequent revisions and contact the Research Analyst about a suspected error.

Website, third-party links and liability

The website and its content are provided for information on an “as is” and “as available” basis. Links to third-party websites are provided for convenience and do not constitute endorsement. To the extent permitted by applicable law, Company Anatomy is not responsible for decisions made solely in reliance on general website content or for loss arising from third-party content, interruptions or technical errors. Nothing on this page excludes duties or liability that cannot lawfully be excluded.

Grievances and dispute resolution

First raise a concern directly with Company Anatomy using adi2001me@gmail.com. If the response is unsatisfactory, use SEBI SCORES. Eligible unresolved disputes may be taken to SMART ODR in accordance with the applicable process. See the Grievance Redressal, Investor Charter and Investor Complaints pages.

Regulatory sources

• SEBI Master Circular for Research Analysts, 6 February 2026
• SEBI Investor Charter for Research Analysts, 2 June 2025

Last reviewed: 17 September 2026. This page should be updated when the applicable regulatory framework or the Research Analyst’s material circumstances change.