Motilal Oswal Financial Services

Sector Update | 8 June 2025

NBFC: Gold Finance

Final gold lending guidelines: Milder than the draft

Positive for banks; slight impact on disbursement LTVs for gold loan NBFCs



The RBI announced the

final gold lending guidelines

to harmonize gold lending,

including credit assessment for non-consumption loans, LTV thresholds based

on ticket sizes, loan tenors, renewal/top-ups, internal audits, gold auctions, and

other operational processes. These guidelines will apply uniformly to all the

regulated entities doing gold lending, including banks, SFBs, and NBFCs. These

gold lending guidelines have to be complied with as expeditiously as possible

but no later than Apr’26. Loans sanctioned before the date of adoption of these

directions shall continue to be governed by the extant guidelines.



We had articulated in our

earlier report

(when the draft guidelines came out)

that the expected gold lending guidelines will not disrupt or tighten the gold

lending activities. We reiterate that the implementation of final gold lending

guidelines is expected to have only a marginal near-term impact on the

disbursement LTV of gold loan NBFCs, with no material implications over the

medium to long term.



Final gold lending guidelines, released by the RBI after consultations with

various industry stakeholders, including gold lending associations and lending

institutions, are milder (relative to the draft), particularly in terms of the LTV

thresholds, and credit assessment for gold loans will now be required only for

gold loans above ticket sizes of INR250K per borrower.



While there will be a minor impact on the disbursement LTVs of gold loan

NBFCs, they can be significantly mitigated by incentivizing customers to repay

interest at 1M/3M/6M intervals and by introducing select products with loan

tenors of 6 months. However, we believe that the implementation of the final

guidelines will intensify competition between banks and NBFCs, as the

regulatory parity on LTV norms will erode the regulatory arbitrage that NBFCs

had in offering higher disbursement-LTV gold loans.

Key highlights from the final gold lending guidelines



In cases where customers do not possess an invoice for their gold jewelry, they

will now be permitted to submit a self-declaration confirming ownership and

details of the jewelry.

Credit appraisal requirements have been waived for consumption gold loans up

to INR250K.

Revised LTV thresholds and associated guidelines will apply only to gold loans

classified as consumption loans.

For small loans (ticket size up to INR250K per borrower), the LTV threshold

(including the principal and interest accrued) has been increased to 85% (vs.

75% now), and for loans between INR250K and INR500K, the LTV threshold has

been increased to 80%. For ticket sizes above INR500K, the LTV threshold

remains unchanged at 75%.

RBI has allowed NBFCs, SFBs, as well as banks to lend up to an LTV of 85% (incl.

principal and accrued interest) for gold loan ticket sizes up to INR250K per

borrower. This will now effectively increase the disbursement LTVs (for gold

loans up to INR500K ticket size) for banks and might intensify the competitive

landscape for gold loan NBFCs.

Banks and NBFCs on a level playing field; competitive intensity to increase



Abhijit Tibrewal - Research Analyst

(Abhijit.Tibrewal@MotilalOswal.com)

Research Analyst: Nitin Aggarwal

(Nitin.Aggarwal@MotilalOswal.com) |

Raghav Khemani

(Raghav.Khemani@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and

NBFC: Gold Finance



For gold loan NBFCs, the disbursement LTVs will now range between 73% and

69% if the interest rates range between 16% and 24% for a 12-month bullet

repayment gold loan. Refer to Exhibits 2 and 3 for the detailed sensitivity of

disbursement LTVs to various ticket sizes and interest rates.

Now that the RBI has released the final guidelines on gold loans, the overhang

on the gold loan NBFCs will now go away. This is positive for gold loan NBFCs,

particularly MUTH, which had borne the maximum brunt of the draft gold

lending guidelines. We have revised our TP for MUTH, MGFL, and IIFL Finance to

align them with our ratings on the respective stocks.

Our ratings and

estimates are unchanged since we always believed that the gold lending

guidelines would not have any significant impact on gold loan growth

over the medium to long term.

Exhibit 1: Valuation matrix for gold financiers under our coverage

Val

summary

Muthoot

Manappuram

IIFL Finance

RatingE

EPS (INR)

BV (INR)

RoA (%)

RoE (%)

P/E (x)

P/BV (x)

CMP

(INR) (INR) FY26E FY27E FY26E FY27E FY26E FY27E FY26E FY27E FY26E FY27E FY26E FY27E

Neutral 2,447 2,500 171.3 193.0 844

997

5.3

5.2

22.1 21.0

14.3

12.7

2.9

2.5

Neutral 248

240

21.5 26.0

179

201

3.9

4.6

13.8 14.2

11.5

9.5

1.4

1.2

Buy

451

520

37.8 49.5

326

371

2.5

2.8

12.2 14.2

11.9

9.1

1.4

1.2

Exhibit 2: Disbursement LTV for a 12-month bullet repayment loan at different interest rates

Loan Amount for Consumption Loans

(Principal and accrued interests for

bullet repayment)

>INR500K

>INR250K and <=INR500K

<=INR250K

Disbursement LTV

(12-month bullet repayment

loan)

75%

LTV

(including principal

80%

and accrued Interest) 85%

Interest rate

16%

64.7%

69.7%

73.3%

18%

63.6%

68.6%

72.0%

20%

62.5%

67.5%

70.8%

22%

24%

61.5%

60.5%

66.5%

65.5%

69.7%

68.5%

Source: MOFSL, Company



We conducted a scenario analysis, as highlighted in the table above, to assess

the impact of the revised LTV norms. The analysis suggests that for banks and

other regulated entities that were previously adhering to the 75% LTV cap

(inclusive of principal and interest), disbursement LTVs could now increase

following the revision to an 85% cap for loans up to INR250k. This will enhance

lending headroom, particularly for small-ticket gold loans.

For example, under the earlier guidelines, if an entity was disbursing gold

loans at an interest rate of 20%, the effective disbursement LTV (factoring in

principal + accrued interest within the 75% cap) would be around 62.5%. With

the revised LTV threshold increased to 85%, this disbursement LTV can now go

up to ~70.8%, allowing greater upfront loan disbursal against the same

collateral.

On the other hand, gold loan NBFCs, which were lending at a disbursement LTV

of 75% (without factoring in accrued interest), would now have to align with the

revised LTV norms. Such entities would now have to revise their strategy,

including a combination of 1) adjusting their pricing strategy, 2) reducing the

loan tenors, and 3) incentivizing customers to repay interest at 1M/3M/6M

frequencies.

8 June 2025

NBFC: Gold Finance

Exhibit 3: Disbursement LTV for a six-month bullet repayment loan at different Interest rates

Loan Amount for Consumption Loan

(Principal and Accrued Interest for

bullet repayment)

>INR500K

>INR250K and <=INR500K

<=INR250K

Disbursement LTV

(6 month bullet repayment

Loan)

LTV

75%

(including

80%

Principal and

85%

accrued Interest)

Interest Rate

16%

69.4%

74.4%

78.7%

18%

68.8%

73.8%

78.0%

20%

68.2%

73.2%

77.3%

22%

67.6%

72.6%

76.6%

24%

67.0%

72.0%

75.9%

Source: MOFSL, Company

MUTH: Gold loans by ticket size

Gold loan ticket size

<INR50K

INR50K-INR100K

INR100K-300K

>INR300K

MGFL: Gold loans by ticket size

Gold loan ticket size

<INR100K

INR100K-INR200K

INR200K-300K

>INR300K: (out of which >INR500k is ~10-12%)

Loan Mix

40.2%

21.7%

11.7%

26.4%

Source: Company, MOFSL

Note: Gold loan Mix (by ticket size) as on Mar’25

Loan Mix

13.0%

15.0%

35.0%

38.0%

Summary of the final gold lending guidelines

Lenders given time until Apr'26 to implement the gold lending guidelines



Gold lending guidelines have to be complied with as expeditiously as possible

but no later than April 1, 2026. Loans sanctioned before the date of adoption of

these directions shall continue to be governed by the extant guidelines

applicable before the issuance of these final guidelines.

Scope



Applicable to all loans offered by a lender for consumption or income

generation (including farm credit), including commercial banks (including SFB,

local area banks, and regional rural banks, but excluding payments banks), all

NBFCs, including HFCs, and all cooperative banks.

Credit assessment for loans above INR250K



A detailed credit assessment, including an assessment of the borrower’s

repayment capacity, shall be undertaken in case the total loan amount (total

amount payable at maturity in case of bullet repayment loans) against eligible

collateral is above INR250K to a borrower.

Restrictions and ceilings



A lender shall not extend a loan where ownership of collateral is doubtful. A

suitable document or declaration shall be obtained from the borrower in all

cases to the effect that the borrower is the rightful owner of the eligible

collateral.

8 June 2025

NBFC: Gold Finance

Tenors of consumption loans capped at 12 months but can be renewed at maturity

subject to conditions



The tenors of consumption loans like bullet repayment loans shall be capped at

12 months. They can, however, be renewed after payment of accrued interest, if

any, and within the permissible LTV, provided the loan is classified as standard.

Renewal or Top-Ups



Such renewal or top-up shall be permitted only within the permissible LTV and

provided the loan is classified as standard. Further, renewal of a bullet

repayment loan shall be allowed only after payment of accrued interest, if any.

The lender shall ensure that such renewals and top-ups are clearly identifiable in

its Core Banking System or Loan Processing System.

Valuation and assaying of gold and silver collateral



Gold or silver accepted as collateral must be valued based on its actual purity

(caratage).



The value should be determined using the lower of the following two prices:



The average closing price of gold or silver of that specific purity over the past 30

days, or



The closing price of gold or silver of that specific purity on the previous day.

These prices should be taken from either the India Bullion and Jewellers Association

(IBJA) or a SEBI-regulated commodity exchange. If the exact purity price is not

available, the lender should refer to the price of the closest available purity and

adjust the weight of the collateral according to its actual purity.

LTV threshold for consumption loans (including both principal and interest for

bullet repayment loans)



The maximum LTV ratio in respect of consumption loans against the eligible

collateral shall not exceed LTV ratio thresholds.



The prescribed LTV ratio shall be maintained on an ongoing basis throughout

the tenor of the loan.

Total Consumption Loan Amount* per borrower

<=INR250K

>INR250K and <=INR500K

>INR500K



LTV

85%

80%

75%

Note: *In the case of bullet repayment loans, the loan amount shall be the total

amount (principal and interest) payable at maturity.

Periodic surprise visits to branches to verify the pledged gold collateral



As part of an internal audit, a lender shall carry out periodic surprise verification,

of the gold pledged with it and shall maintain a record thereof.



A clause in the loan agreement shall be included for obtaining consent of the

borrower(s) to carry out surprise verification including assay of the pledged

eligible collateral, even in their absence during the tenor of the loan. This aspect

shall be specifically communicated to the borrower at the time of sanctioning

the loan.

8 June 2025

NBFC: Gold Finance

Release of pledged collateral on repayment of loan and borrower compensation

for delay beyond seven days



A lender shall release or return the pledged eligible collateral held as security to

the borrower(s)/ legal heir(s) on the same day but in any case, not exceeding a

maximum period of seven working days upon full repayment or settlement of

the loan.



In case of delay in the release of the pledged collateral after full repayment or

settlement of the loan by the borrower, where reasons for delay are attributable

to the lender, the lender shall compensate the borrower(s)/ legal heir(s) at the

rate of INR5,000 for each day of delay beyond the timeline prescribed.

Auction of gold collateral



A lender must provide sufficient notice to the borrower or their legal heirs, as

applicable, through available communication channels before starting the

auction process to recover the loan dues.



A lender shall declare a reserve price for the gold collateral at the time of

auction, which shall not be <90% of its current value (lower of the last 30-day

gold price or the gold price on the preceding day). Provided that in case auctions

fail twice, a reserve price not <85% of its current value shall be adopted.



The first auction shall be conducted physically in the same district in which the

lending branch is located. However, in case of failure of the first auction, a

lender may conduct the auction in an adjoining district or conduct an online

auction.



As a matter of policy, the lender or its related parties shall not participate in the

auctions to ensure that there is no potential conflict of interest.

Exhibit 4: Gold Lending: Old vs. Final Guidelines

Sr No. Particulars

Harmonization

Earlier

Final guidelines



Earlier different gold loan rules existed



A single, harmonized regulation applies to all regulated

for banks, NBFCs, co-operative banks,

entities.

etc.



LTV for consumption is capped at 85% for loans up to INR250k



LTV norms are enforced at disbursal,



For loans >INR250K and <=INR500K, LTV will be 80% and

only for NBFCs



For loans >INR500K, LTV will be 75%



1. The lender shall declare a reserve price for the gold collateral

at the time of auction, which shall not be <90% of its current

value (lower of a) the last 30-day gold price or b) the gold price



Auction terms varied widely, leading

on the preceding day).

to customer disputes.



Provided that in case auctions fail twice, a reserve price not

<85% of its current value shall be adopted.



The first auction shall be conducted physically in the same

district in which the lending branch is located.



1. Gold or silver accepted as collateral must be valued based on

its actual purity (caratage).

The value should be determined using the lower of the following



Valuation methods for gold collateral two prices:

varied across lenders



The average closing price of gold or silver of that specific purity

over the past 30 days, or



The closing price of gold or silver of that specific purity on the

previous day.



A compensation of INR5k/day for delay (beyond seven days) in



No compensation rules were specified

returning gold jewelry after full repayment, is to be provided to

earlier

the borrower.



Such renewal or top-up shall be permitted only within the



Loans were often renewed without a

permissible LTV and provided the loan is classified as standard.

fresh assessment of the gold



Further, renewal of bullet repayment loan shall be allowed only

collateral.

after payment of accrued interest, if any.

LTV norms

Transparent Auction

& Recovery Process

Standardized

Valuation and

Assaying Procedures

Borrower

Compensation

Gold loan renewals

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

8 June 2025

NBFC: Gold Finance

NOTES

8 June 2025

NBFC: Gold Finance

Explanation of Investment Rating

Investment Rating

BUY

SELL

NEUTRAL

UNDER REVIEW

NOT RATED

Expected return (over 12-month)

>=15%

< - 10%

< - 10 % to 15%

Rating may undergo a change

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following

30 days take appropriate measures to make the recommendation consistent with the investment rating legend.

Disclosures

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations,

is engaged in the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect

of which are available on

www.motilaloswal.com.

MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a

registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National

Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository

Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority

of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of Motilal Oswal Financial Services Limited are available on the website at

http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf

MOFSL and its associate company(ies), their directors and Research Analyst 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 associates of MOFSL even though there might exist an inherent conflict of interest in some of the

stocks mentioned in the research report.

MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware

that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment

banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at

https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx

A graph of daily closing prices of securities is available at

www.nseindia.com, www.bseindia.com.

Research Analyst views on Subject Company may vary based on Fundamental research

and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research

activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.

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 MOFSL & its group companies to registration or licensing requirements within such jurisdictions.

For Hong Kong:

This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities

and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal

Oswal Securities (SEBI Reg. No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report

is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to

professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or

sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

For U.S.

Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state

laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934

Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by

MOFSL, including the products and services described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as

defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by

persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only

with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and

interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning

agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within

the provisions of this chaperoning agreement.

The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered

broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading

securities held by a research analyst account.

For Singapore

In Singapore, this report is being distributed by Motilal Oswal Capital Markets (Singapore) Pte. Ltd. (“MOCMSPL”) (UEN 201129401Z), which is a holder of a capital markets services license and

an exempt financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of

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a recipient is neither an “institutional investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .

In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by

MOCMSPL write to

grievances@motilaloswal.com.

Nainesh Rajani

Email:

nainesh.rajani@motilaloswal.com

Contact: (+65) 8328 0276

Specific Disclosures

1. Research Analyst and/or his/her relatives do not have a financial interest in the subject company(ies), as they do not have equity holdings in the subject company(ies).

MOFSL has financial interest in the subject company(ies) at the end of the week immediately preceding the date of publication of the Research Report: Yes.

Nature of Financial interest is holding equity shares or derivatives of the subject company

2. Research Analyst and/or his/her relatives do not have actual/beneficial ownership of 1% or more securities in the subject company(ies) at the end of the month immediately

preceding the date of publication of Research Report.

MOFSL has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research

Report:No

3. Research Analyst and/or his/her relatives have not received compensation/other benefits from the subject company(ies) in the past 12 months.

MOFSL may have received compensation from the subject company(ies) in the past 12 months.

4. Research Analyst and/or his/her relatives do not have material conflict of interest in the subject company at the time of publication of research report.

MOFSL does not have material conflict of interest in the subject company at the time of publication of research report.

5. Research Analyst has not served as an officer, director or employee of subject company(ies).

6. MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months.

7. MOFSL has not received compensation for investment banking /merchant banking/brokerage services from the subject company(ies) in the past 12 months.

8 June 2025

NBFC: Gold Finance

MOFSL may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies)

in the past 12 months.

9. MOFSL may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.

10. MOFSL has not engaged in market making activity for the subject company.

********************************************************************************************************************************

The associates of MOFSL may have:

financial interest in the subject company

actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public

appearance.

received compensation/other benefits from the subject company in the past 12 months

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 associates of MOFSL even though there might exist

an inherent conflict of interest in some of the stocks mentioned in the research report.

acted as a manager or co-manager of public offering of securities of the subject company in past 12 months

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)

received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.

Served subject company as its clients during twelve months preceding the date of distribution of the research report.

The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report

Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider

demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not

considered in above disclosures.

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.

Terms & Conditions:

This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be

altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is

based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from

publicly available media or other 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. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not

constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously,

not all customers may receive this report at the same time. MOFSL will not treat recipients as customers by virtue of their receiving this report.

Disclaimer:

The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in

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8 June 2025