Marri Retail IPO DHRP Analysis

Jul 13

14 min read

Updated: Aug 11

IPO Analysis | NSE and BSE Main Board | 100% Book Built Offer (Fresh Issue and Offer for Sale) | Regulation 6(1)

Based on Draft Red Herring Prospectus dated February 1, 2026 | Apparel and Jewellery Retail | Hyderabad, Telangana

Marri Retail Limited (formerly Marri Retail Private Limited) is a Hyderabad-headquartered apparel and jewellery retailer that traces its origins to a single store, “Jeans Corner,” opened in 1999. The business was converted through a partnership and later a private limited company, “J.C. Brothers Retail Private Limited,” before being rebranded and finally converted to a public limited company, Marri Retail Limited, in January 2026.

Its registered and corporate office is at Unit No. 901 to 904, 9th Floor, Tower 1, Vasavi Shalom Skycity, Survey No. 17, Gachibowli Circle, K.V. Rangareddy, Seri Lingampally, Hyderabad, 500 032, Telangana. Its website is https://marriretail.com. Its CIN is U52190TG2008PLC060194. The Promoters are Marri Venkat Reddy (Managing Director and Chairman), Marri Madhumathi, Venkata Krishna Pakalapati (Non-Executive Non-Independent Director), and Amrut Family Trust.

Marri Retail is an apparel and jewellery retailer offering a diversified product portfolio across premium, mid-premium and value price points, positioned as a single-visit shopping destination for weddings, festive occasions and everyday family needs. As of the date of the DRHP, the company operates 34 stores (after closing four smaller-format stores since September 30, 2025) across 26 districts in Telangana, Andhra Pradesh, Karnataka and Maharashtra, with an aggregate retail area of approximately 0.98 million square feet.

Stores operate under four apparel brands, ‘The Chennai Shopping Mall’ (27 stores), ‘JC Mall’ (3 stores), ‘J.C. Brothers’ (3 stores) and ‘Jeans Corner’ (1 store), and one jewellery brand, ‘The Chennai Shopping Mall Jewellers’, delivered through a store-in-store (SIS) format. The company operates 10 jewellery SIS units embedded within existing apparel stores (9 within ‘The Chennai Shopping Mall’ and 1 within ‘J.C. Brothers’), creating an integrated single-roof shopping format in select locations.

Revenue split: apparel contributed 54.31% of revenue in H1 FY2026 (51.57% in FY2025), and gold and jewellery contributed 45.69% (48.43% in FY2025). The company entered the jewellery category only in Fiscal 2023, so this segment has a comparatively short operating history relative to the apparel business. Marri Retail runs a Company-Owned Company-Operated (COCO) model, maintaining direct control over store operations and brand consistency, and carries 15 private label apparel brands (including ‘Verso’ and ‘Colour Code’), with private label revenue rising from 9.27% of apparel revenue in FY2023 to 17.31% in H1 FY2026.

The company sources finished apparel from 1,959 suppliers and finished jewellery from 184 suppliers (Fiscal 2025), with approximately 64.68% of apparel suppliers having a relationship spanning at least four of the preceding five fiscal years.

A dedicated apparel warehouse near Shamshabad, Hyderabad (approximately 264,887 square feet) supports distribution across South India, and jewellery inventory is housed within the registered office (approximately 6,515 square feet). Statutory auditors are M S K A & Associates LLP. Chief Executive Officer is Shankar Ramachandran (21 years of experience in finance, internal audit and risk functions) and Chief Financial Officer is Sanjay Heda, a chartered accountant with 19 years of experience. The company's financial year ends March 31.

Key Basics

This Offer is a 100% Book Built Offer combining a Fresh Issue of up to Rs.5,220.00 Million by the Company with an Offer for Sale of up to 27,000,000 Equity Shares by Promoter Selling Shareholder Marri Venkat Reddy. The DRHP is dated February 1, 2026 and is at the pre-SEBI observation stage. The Issue is made under Regulation 6(1) of SEBI ICDR Regulations, listing on both NSE and BSE. All [TBD] items including Price Band, bid dates and final share counts remain undetermined.

Document Type	Draft Red Herring Prospectus (DRHP) dated February 1, 2026. Pre-SEBI observation stage. All [TBD] items to be finalised at RHP stage.
Issue Structure	100% Book Built Offer comprising a Fresh Issue of up to Rs.5,220.00 Million (share count undetermined) and an Offer for Sale of up to 27,000,000 Equity Shares by the Promoter Selling Shareholder. Face value Rs.2 per share.
Face Value	Rs.2 per Equity Share (post 5:1 stock split in November 2025 and 2:1 bonus issue in December 2025; original face value was Rs.10).
Promoter Selling Shareholder	Marri Venkat Reddy, offering up to 27,000,000 Equity Shares (approximately 47.7% of his pre-Offer holding of 56,580,060 shares). Weighted Average Cost of Acquisition (WACA): Rs.0.37 per share.
Possible Pre-IPO Placement	Up to Rs.1,044.00 Million (20% of Fresh Issue size) may be raised prior to RHP filing at the Board's discretion; if completed, this amount reduces the Fresh Issue size.
Promoters	Marri Venkat Reddy (Managing Director and Chairman), Marri Madhumathi, Venkata Krishna Pakalapati, and Amrut Family Trust.
Eligibility	Regulation 6(1) of SEBI ICDR Regulations, the standard main board profitability-based eligibility route.
Listing Exchanges	NSE and BSE. Designated Stock Exchange: [TBD]. In-principle approvals pending.
BRLMs	Nuvama Wealth Management Limited; IIFL Capital Services Limited (formerly IIFL Securities Limited); Motilal Oswal Investment Advisors Limited.
Registrar	KFin Technologies Limited. Contact: M. Murali Krishna. Email: marriretail.ipo@kfintech.com
Bid/Issue Dates	All dates (including Price Band) to be announced after SEBI observations and RHP filing.
Listed Peers	Twelve listed peers spanning apparel and jewellery retail (V-Mart Retail, V2 Retail, Bazaar Style Retail, Shoppers Stop, Sai Silk Kalamandir, Vedant Fashions, Manoj Vaibhav Gems N Jewellers, Thangamayil Jewellery, Senco Gold, P N Gadgil Jewellers, Motison Jewellers, and Tribhovandas Bhimji Zaveri). Industry P/E: highest 393.68x, lowest 8.60x, average 77.08x.
Store Network (as of DRHP date)	34 stores across 26 districts in Telangana, Andhra Pradesh, Karnataka and Maharashtra; approximately 0.98 million square feet of retail area; four smaller-format stores closed since September 30, 2025.

A notable structural feature: the Fresh Issue amount (Rs.5,220.00 Million) is fixed in rupee terms while the OFS is fixed in share count (27,000,000 shares), so the number of Fresh Issue shares and the rupee value of the OFS will both depend on the eventual Offer Price.

The Promoter Selling Shareholder's Weighted Average Cost of Acquisition of Rs.0.37 per share reflects historical acquisition cost prior to the November 2025 stock split and December 2025 bonus issue; it is not indicative of current fair value, but the wide gap to any plausible Offer Price is a standard OFS disclosure investors should weigh alongside the other quantitative factors in Section 5.

This is a combined Fresh Issue and Offer for Sale; only the Fresh Issue component (up to Rs.5,220.00 Million) accrues to the Company. The Offer for Sale proceeds go entirely to Promoter Selling Shareholder Marri Venkat Reddy, and the Company receives no benefit from that portion.

Object	Amount (Rs. Mn)	Details
Repayment/Prepayment of Borrowings	1,156.00	Repayment or prepayment, in full or part, of certain outstanding borrowings availed by the Company.
Capex: New Stores	2,505.02	Capital expenditure for opening 10 new apparel stores, one new Integrated Retail Store (apparel plus jewellery SIS), and two new standalone jewellery stores.
Lease/Sub-Lease Rent Payments	358.46	Expenditure for lease and sub-lease rent payments for certain existing stores and the Shamshabad Warehouse.
General Corporate Purposes	[TBD]	Capped at 25% of Gross Proceeds. Exact amount to be finalised upon determination of the Offer Price.
TOTAL FRESH ISSUE	5,220.00	Identified specific objects total Rs.4,019.48 Million (repayment, capex and lease payments). The balance, net of any Pre-IPO Placement, is available for General Corporate Purposes. None of the Objects have been appraised by any bank or financial institution.

The use of proceeds is weighted toward physical expansion and balance sheet repair rather than working capital, a different profile from many retail IPOs. The single largest object, capital expenditure for 13 new stores (10 apparel, 1 integrated apparel/jewellery, 2 standalone jewellery) at Rs.2,505.02 Million, represents a meaningful expansion relative to the current 34-store base, roughly a 38% increase in store count if fully executed.

The Rs.1,156.00 Million debt repayment allocation is consistent with the balance sheet: total borrowings stood at Rs.2,103.04 Million as of September 30, 2025, and cash and cash equivalents had fallen sharply to Rs.103.58 Million from Rs.993.67 Million at FY2024 year-end, so reducing leverage using IPO proceeds is a sensible use given thin cash buffers. The Rs.358.46 Million lease payment allocation for existing stores and the Warehouse effectively pre-funds occupancy costs rather than funding growth.

As with most DRHP-stage filings, the General Corporate Purposes component is capped only as a percentage (25% of Gross Proceeds) rather than disclosed as an absolute number, leaving a portion of proceeds undetermined until the Offer Price is fixed.

Financial Performance

Note: All figures in Rs. Million unless stated; Rs. Crore equivalents provided for Revenue and PAT. Financial periods: six months ended September 30, 2025 (H1 FY2026, stub, not annualised); Fiscal 2025 (year ended March 31, 2025); Fiscal 2024 (year ended March 31, 2024); Fiscal 2023 (year ended March 31, 2023). Restated Consolidated Financial Information under Ind AS, audited by M S K A & Associates LLP. Revenue grew at a CAGR of 13.68% from FY2023 to FY2025, but profitability did not keep pace with that growth.

Revenue, EBITDA, and Profitability

Metric	H1 FY26 (Rs. Mn)	FY2025 (Rs. Mn)	FY2024 (Rs. Mn)	FY2023 (Rs. Mn)
Revenue from Operations	13,014.23	24,562.76	22,171.05	19,008.49
Revenue (Rs. Crore)	Rs.130.1 Cr	Rs.245.6 Cr	Rs.221.7 Cr	Rs.190.1 Cr
Revenue Growth % YoY	N/A (H1 stub)	+10.79%	+16.64%	N/A
Revenue CAGR (FY2023 to FY2025)	13.68%
Segment Split (H1 FY26)	Apparel: 54.31% \| Jewellery: 45.69%
Other Income	104.62	85.98	55.70	167.90
Total Income	13,118.85	24,648.74	22,226.75	19,176.39
Gross Profit	3,656.88	6,380.76	5,432.04	4,410.61
Gross Profit Margin %	28.10%	25.98%	24.50%	23.20%
Employee Benefits Expense	1,022.34	1,753.68	1,532.84	1,166.90
Finance Costs	287.46	491.12	395.08	302.44
Depreciation and Amortisation	452.19	614.25	434.67	346.71
Other Expenses	896.87	2,271.35	1,587.38	1,389.55
Total Expenses	12,016.21	23,312.40	20,688.98	17,803.48
Profit Before Tax	1,102.64	1,336.34	1,537.77	1,372.91
Tax Expense (Net)	267.37	343.70	392.58	367.08
Profit After Tax (PAT)	835.27	992.64	1,145.19	1,005.83
PAT (Rs. Crore)	Rs.83.5 Cr	Rs.99.3 Cr	Rs.114.5 Cr	Rs.100.6 Cr
EBITDA	1,737.67	2,355.73	2,311.82	1,854.16
EBITDA Margin %	13.35%	9.59%	10.43%	9.75%
PAT Margin %	6.42%	4.04%	5.17%	5.29%
Basic and Diluted EPS (Rs.)	6.12*	7.27	8.39	7.37
Return on Net Worth (RoNW) %	15.95*	22.58%	33.63%	44.64%
Return on Capital Employed (RoCE) %	11.92%	14.72%	22.31%	21.80%
Debt to Equity Ratio (times, incl. leases)	1.08x	1.69x	1.48x	2.08x
Net Worth	5,237.39	4,395.16	3,405.36	2,253.08
NAV per Share (Rs.)	38.37	32.20	24.95	16.51
Same Store Sales Growth %	NA	-7.62%	+3.56%	+10.72%
Number of Stores (period end)	38	39	26	24

Marri Retail's revenue grew steadily from Rs.19,008.49 million (FY2023) to Rs.24,562.76 million (FY2025), a 13.68% CAGR, driven primarily by store network expansion from 24 to 39 stores over the same period. Gross Profit Margin improved consistently from 23.20% (FY2023) to 28.10% (H1 FY2026), reflecting a richer private label and value-added jewellery mix.

However, this margin improvement has not flowed through to the bottom line: PAT actually declined slightly from Rs.1,005.83 million (FY2023) to Rs.992.64 million (FY2025), as rising Depreciation and Amortisation (up from Rs.346.71 million to Rs.614.25 million), higher Finance Costs (up from Rs.302.44 million to Rs.491.12 million) and higher Other Expenses absorbed the gross margin gains. PAT Margin correspondingly compressed from 5.29% (FY2023) to 4.04% (FY2025), before recovering to 6.42% in the H1 FY2026 stub period.

Return on Net Worth (RoNW) has declined sharply, from 44.64% (FY2023) to 22.58% (FY2025) to 15.95% (H1 FY2026, not annualised). This is driven by two separate forces: first, Net Worth more than doubled from Rs.2,253.08 million (FY2023) to Rs.5,237.39 million (September 2025) following retained earnings and the pre-IPO bonus issue, expanding the denominator faster than profit growth; and second, the flat-to-declining PAT trajectory described above.

Investors should also note Same Store Sales Growth turned negative in FY2025 (-7.62%), a signal that per-store productivity softened even as new store additions kept headline revenue growing, before partially recovering to positive territory implied by the H1 FY2026 stub trend.

Balance Sheet and Cash Flow

Item	Sep 2025 (Rs. Mn)	FY2025 (Rs. Mn)	FY2024 (Rs. Mn)	FY2023 (Rs. Mn)
Equity Share Capital	91.00	91.00	91.00	91.00
Net Worth	5,237.39	4,395.16	3,405.36	2,253.08
Total Assets	15,219.88	16,315.76	10,792.33	9,349.30
Total Borrowings (excl. lease liabilities)	2,103.04	3,792.96	3,324.37	2,982.01
Total Borrowings (incl. lease liabilities)	5,677.96	7,446.02	5,052.75	4,679.04
Inventories	7,514.70	7,496.60	4,499.40	3,988.68
Trade Receivables	34.74	224.98	302.64	177.03
Cash and Cash Equivalents	103.58	204.35	993.67	155.53
Net Cash from Operating Activities	1,601.75	654.91	1,528.51	(271.52)
Net Cash from Investing Activities	444.05	(1,272.29)	(488.31)	(722.90)
Net Cash from Financing Activities	(2,146.57)	(171.94)	(202.06)	980.21

The balance sheet shows a business that has been investing heavily in store expansion while working capital has become more inventory-intensive. Inventories grew from Rs.3,988.68 million (FY2023) to Rs.7,514.70 million (September 2025), nearly doubling, while Inventory Days rose from 67.30 to 146.79 over the same window, indicating slower inventory turnover, plausibly linked to the newer and higher-value jewellery category.

Cash and cash equivalents fell sharply from Rs.993.67 million (FY2024) to Rs.204.35 million (FY2025) to Rs.103.58 million (September 2025), a combination of elevated capital expenditure (Rs.1,684.62 million in FY2025 alone) and net debt repayment. Operating cash flow was negative in FY2023 (Rs.271.52 million negative) despite positive PAT of Rs.1,005.83 million that year, driven by a Rs.2,594.00 million build in inventories; operating cash flow subsequently turned positive in FY2024, FY2025 and H1 FY2026.

Total borrowings including lease liabilities (the basis for the company's reported Debt to Equity ratio) stood at Rs.5,677.96 million as of September 30, 2025, of which Rs.3,574.92 million relates to lease liabilities for the store network under the COCO model, a structural feature of the business rather than conventional financial debt.

How Does It Compare to Peers?

The DRHP discloses twelve listed industry peers spanning both apparel-only, jewellery-only, and mixed-format retailers: V-Mart Retail, V2 Retail, Bazaar Style Retail, Shoppers Stop, Sai Silk (Kalamandir), and Vedant Fashions on the apparel side, and Manoj Vaibhav Gems N Jewellers, Thangamayil Jewellery, Senco Gold, P N Gadgil Jewellers, Motison Jewellers, and Tribhovandas Bhimji Zaveri on the jewellery side.

Figures below are FY2025, EPS and P/E as sourced in the DRHP (P/E based on closing market price as of January 16, 2026); Basic and Diluted EPS are identical for all companies shown, as none reported dilutive instruments.

Company	Face Value (Rs.)	Revenue FY25 (Rs. Mn)	EPS (Rs.)	P/E (x)	RoNW (%)	NAV/Share (Rs.)
Marri Retail Limited (Our Company)	2	24,562.76	7.27	[TBD]	22.58%	32.20
V-Mart Retail Limited	10	32,538.60	23.13	26.36	5.66%	404.91
V2 Retail Limited	10	18,844.95	20.82	98.17	20.80%	100.12
Bazaar Style Retail Limited	5	13,437.00	2.02	142.17	3.64%	55.56
Shoppers Stop Limited	5	46,276.40	0.99	393.68	3.54%	27.85
Sai Silk (Kalamandir) Ltd.	2	14,620.10	5.80	21.43	7.54%	76.81
Vedant Fashions Limited	1	13,864.83	15.99	33.02	21.84%	73.19
Manoj Vaibhav Gems N Jewellers Ltd.	10	23,840.17	20.56	8.60	13.97%	147.14
Thangamayil Jewellery Limited	10	49,105.80	42.00	89.61	10.78%	389.52
Senco Gold Limited	5	63,280.70	10.09	32.11	8.09%	124.70
P N Gadgil Jewellers Limited	10	76,934.68	17.10	34.43	14.05%	121.70
Motison Jewellers Limited	1	4,621.12	0.44	29.49	10.44%	4.00
Tribhovandas Bhimji Zaveri Limited	10	26,204.84	10.25	15.93	10.41%	98.49

Marri Retail's RoNW of 22.58% (FY2025) sits in the middle of the peer set, above apparel-only peers V-Mart Retail (5.66%) and Bazaar Style Retail (3.64%), and above most jewellery peers, but below Vedant Fashions (21.84%, comparable) and V2 Retail (20.80%, comparable). The industry P/E range is extremely wide (8.60x at Manoj Vaibhav Gems N Jewellers to 393.68x at Shoppers Stop, industry average 77.08x), reflecting the mix of a loss-recovering department store chain (Shoppers Stop), a low-multiple jewellery retailer, and everything in between; this wide dispersion means the industry average P/E is not a reliable anchor for valuing Marri Retail specifically.

Structurally, Marri Retail is a smaller and more asset-intensive business than most peers: NAV per share of Rs.32.20 is well below scaled apparel peers like V-Mart Retail (Rs.404.91) and jewellery peers like Thangamayil Jewellery (Rs.389.52), while Marri Retail's Gross Profit Margin (25.98% FY2025) sits below apparel specialists such as V2 Retail (31.80%) but is broadly in line with jewellery-heavy peers, consistent with jewellery's lower margin profile relative to apparel. Since the Offer Price and hence Marri Retail's own P/E remain undetermined ([TBD]), the ultimate valuation attractiveness relative to this peer set cannot yet be assessed.

Key Risks

l Revenue is heavily concentrated in Telangana and Andhra Pradesh, which together contributed 96.24%, 97.65%, 100.00% and 100.00% of revenue in H1 FY2026, FY2025, FY2024 and FY2023 respectively: any regional disruption, be it economic, regulatory, or competitive, would directly threaten the great majority of revenue, and expansion into Karnataka and Maharashtra remains nascent.

l Same Store Sales Growth turned negative in FY2025 (-7.62%) even as total revenue grew from new store additions, and the store count has since declined from 39 (as of September 30, 2025) to 34 following four store closures: underlying per-store productivity weakened even as the network expanded, so headline revenue growth over FY2023 to FY2025 partly masks softer same-store performance.

l PAT has not kept pace with revenue growth: PAT declined from Rs.1,005.83 million (FY2023) to Rs.992.64 million (FY2025) even as revenue grew from Rs.19,008.49 million to Rs.24,562.76 million, and PAT Margin compressed from 5.29% to 4.04% over the same period, as rising Depreciation, Finance Costs and Other Expenses offset the improvement in Gross Margin.

l Working capital intensity has increased sharply and cash reserves have thinned: Inventory Days nearly doubled from 67.30 (FY2023) to 146.79 (H1 FY2026) and Working Capital Days more than doubled from 36.44 to 80.76 over the same period, while cash and cash equivalents fell from Rs.993.67 million (FY2024) to Rs.103.58 million (September 2025). Operating cash flow was also negative in FY2023 (Rs.271.52 million negative) despite positive PAT that year.

l The company does not hedge commodity price exposure for gold, diamond, silver or platinum: the jewellery segment (45.69% of H1 FY2026 revenue) is fully exposed to precious metal price volatility between procurement and sale, and the Chennai Swarna Raksha Scheme gold savings program creates additional timing exposure if gold procurement against customer advances is delayed.

l Revenue is heavily concentrated in two store brands: ‘The Chennai Shopping Mall’ and ‘The Chennai Shopping Mall Jewellers’ together contributed 92.64%, 92.08%, 92.96% and 92.83% of revenue in H1 FY2026, FY2025, FY2024 and FY2023 respectively, so any reputational or operational setback specific to these brands would disproportionately affect the business.

l Jewellery is a relatively new category for the company, entered only in Fiscal 2023, with a shorter operating track record than the 26-year apparel business, and it competes against both established organized and unorganized jewellery retailers.

l The Company-Owned Company-Operated (COCO) model requires continuous capital investment in store fit-outs and leases; store-level underperformance or lease non-renewal directly affects results, unlike asset-light franchise or licensing models used by some peers.

l A possible Pre-IPO Placement of up to Rs.1,044 million could reduce the Fresh Issue size and change the final Net Proceeds available for the disclosed Objects of the Offer.

l The General Corporate Purposes allocation is capped only as a percentage (25% of Gross Proceeds) rather than disclosed as an absolute amount, leaving a portion of Fresh Issue proceeds subject to management discretion at the time of listing.

l The Promoter Selling Shareholder's Weighted Average Cost of Acquisition of Rs.0.37 per share is materially below any plausible Offer Price implied by peer P/E multiples; while this is explained by the pre-IPO stock split and bonus issue rather than any impropriety, prospective investors should note the very different entry economics of the promoter versus public investors.

l The company has closed four stores since September 30, 2025 as part of a stated strategy to focus on larger-format stores; store closures, even if strategically rationalized, represent a partial reversal of the store-count growth narrative presented elsewhere in the DRHP.

Positives to Note

l 26-year operating history since the first ‘Jeans Corner’ store in 1999, evolved into a differentiated integrated apparel-and-jewellery retail format that is uncommon among listed peers, most of which operate single-category (either apparel or jewellery) formats.

l Consistent revenue growth and store network expansion: revenue grew from Rs.19,008.49 million (FY2023) to Rs.24,562.76 million (FY2025), and the store network expanded from 24 stores (FY2023) to 39 stores (as of September 30, 2025) across a growing four-state footprint.

l Steadily improving Gross Profit Margin, from 23.20% (FY2023) to 28.10% (H1 FY2026), aided by a rising private label mix in apparel (up from 9.27% to 17.31% of apparel revenue) and a growing share of higher-margin value-added jewellery.

l Clean promoter shareholding with no pledge: none of the Equity Shares held by the Promoters are pledged or otherwise encumbered as of the date of the DRHP, and there is no material outstanding litigation against the Company, Promoters, Directors or Key Managerial Personnel.

l Long-standing supplier relationships support supply consistency: approximately 64.68% of Fiscal 2025 apparel suppliers (1,267 of 1,959) had also transacted with the company in at least four of the preceding five fiscal years.

l Reputable underwriting syndicate: Nuvama Wealth Management, IIFL Capital Services and Motilal Oswal Investment Advisors as Book Running Lead Managers, and KFin Technologies as Registrar, consistent with institutional-grade IPO preparation.

l Regional cultural alignment across Telangana, Andhra Pradesh and Karnataka supports a consistent, regionally-tailored product assortment (sarees, bridal wear, traditional jewellery) that is difficult for national pan-India retailers to replicate at the same depth.

Disclaimer

The content on this website is for informational and educational purposes only and should not be construed as investment advice, a recommendation, or a solicitation to buy or sell any security, mutual fund, or financial instrument. Equity Research India is not a SEBI-registered investment advisor or research analyst, and nothing on this site constitutes personalized financial advice.

Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. Past performance is not indicative of future returns. NAV, returns, rankings, and other data may change and may not reflect the most current information at the time of reading.

Readers should conduct their own due diligence and consult a SEBI-registered financial advisor before making any investment decisions. Equity Research India and its authors accept no liability for any loss or damage arising from the use of this content.