Full regulatory disclosures.
As a SEBI-registered Research Analyst, we are required to publish these disclosures. Please read them before relying on any research published by Desvelado.
Verify our registration at sebi.gov.in → Intermediaries → Research Analysts.
Analyst Holdings Disclosure
The research analyst, CA Danish Aggarwal, and Desvelado may hold positions in securities covered in research reports. Any such holdings material to the recommendation will be disclosed in the specific research report. A general holdings disclosure is updated periodically on this page. As of the last update (16 July 2026): no material holdings in covered securities. This disclosure is made pursuant to Regulation 16(1)(b) of SEBI (Research Analysts) Regulations, 2014.
Conflict of Interest
Desvelado does not accept fees or compensation from companies to produce research on their securities ('paid research'). We do not receive brokerage income or distribution commission from any product we cover. Our only sources of income are subscriber fees and, for institutional clients, fees for bespoke research mandates. We do not have a banking, financial advisory or distribution business that conflicts with our research. Any conflict of interest, if it arises, will be disclosed in the relevant research report and on this page.
Independence of Research
Research reports, ratings and price targets are determined solely by the analyst based on independent analysis. No company, promoter, management or third party has editorial control over our research. SEBI registration does not imply endorsement of any research or guarantee of its accuracy. Research Analysts are barred from trading in covered securities in the 30 days before and 5 days after publication of research, as required by SEBI regulations.
Rating Definitions & Methodology
Our ratings reflect the analyst's expected 12-month return relative to our estimated fair value: • BUY: Expected return > 15% • ADD: Expected return 5%–15% • HOLD: Expected return −5% to 5% • REDUCE: Expected return −15% to −5% • SELL: Expected return < −15% All price targets are 12-month targets unless otherwise stated. Methodology combines fundamental analysis (DCF, P/E, P/B, EV/EBITDA multiples), qualitative business assessment and management quality evaluation. Technical analysis reports use chart-based methodology (support/resistance, momentum indicators). Each report states which methodology applies.
No Assured Returns
We do not guarantee, promise or imply any assured return on any security. All investing involves risk including the loss of principal. Markets are subject to systemic, sector and company-specific risks that cannot be predicted. Past research performance — including historical price target hits — is not indicative of future results. The mention of any price target does not constitute a commitment that the target will be reached.
Nature of Research
Our research reports constitute investment research under SEBI (Research Analysts) Regulations, 2014. They are NOT personalised investment advice tailored to your specific financial situation, objectives, tax position or risk tolerance. They represent the analyst's independent view of a security at the time of publication. You should independently assess suitability. For personalised advice, consult a SEBI-registered Investment Adviser.
Data Accuracy & Timeliness
We strive to use accurate, current data in all research. Market data, financial statements and corporate disclosures are sourced from public databases (NSE, BSE, SEBI EDIFAR, MCA21) and company filings. Data may be delayed or contain errors. We are not responsible for errors in source data. Research reports carry the date of publication; we may or may not update them to reflect subsequent events.
Research Publication History
A record of all research reports published — including recommendation, price target, date of publication and date of revision — is maintained as required by SEBI and available to subscribers upon request. For non-subscribers, summary-level data is published periodically on this page.
Regulatory Complaints
Complaints about our services should first be addressed to our Grievance Officer. Unresolved complaints may be escalated to SEBI SCORES at scores.sebi.gov.in. Online dispute resolution is available at smartodr.in. See our Grievance page for the full process and our complaint disposal statistics.
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These disclosures are updated whenever material facts change and at least annually. Last updated: 4 July 2026. Questions? Email compliance@desvelado.in.