Windmill Capital Private Limited (hereinafter referred to as “the Company” or “WCPL”) is involved in research activities in Indian capital markets, as a SEBI-registered Research Analyst w.e.f. June 25, 2020. Further, WCPL is registered with SEBI as a portfolio manager (SEBI Reg. No. INP000009852) w.e.f. February 17, 2026. WCPL is registered as a Private Limited Company under the Companies Act, 2013, incorporated under the Bangalore ROC. The CIN number of the company is U74999KA2020PTC132398, and the date of incorporation is February 06, 2020. The registered office and the correspondence address of the Company is No 51, 3rd Floor, Le Parc Richmonde, Richmond Road, Shanthala Nagar, Bangalore – 560025. The details of the relevant SEBI regional office address, in relation to the research analyst registration of Windmill Capital Private Limited, are: 7th Floor, 756-L, Anna Salai, Chennai - 600002, Tamil Nadu, Tel. Board: +91-44- 28880222 / 28526686, Fax : +91-44 -28880333, E-mail : sebisro@sebi.gov.in

In line with SEBI regulations, we have enabled UPI handles for payments relating to research services to Windmill Capital Private Limited: wcpl.ra@validhdfc, windmillcapital.ra@validhdfc and windmillcapitalprivatelimited@validyes.

The Company has neither been suspended nor debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has its certificate of registration been cancelled by SEBI at any point of time.

The Company is not engaged in merchant banking, investment banking or any brokerage services.

Unless otherwise stated, the percentage returns displayed on the website or any other marketing materials are Absolute Returns.

The Company has assumed some portfolios originally created by its holding company CASE Platforms Private Limited (CPPL, formerly known as “Smallcase Technologies Private Limited”), a SEBI registered Research Analyst, whose registration was voluntarily surrendered to SEBI effective 18th November 2020. STPL had taken registration as a Research Analyst effective 18th June 2018 having registration number INH200005984. The official name of Smallcase Technologies Private Limited (STPL) has been changed to CASE Platforms Private Limited (CPPL) with effect from 12 August 2025.

Reports or research material prepared by the company are not to be construed as an offer to buy /sell or the solicitation of an offer to buy / sell any security in any jurisdiction where such offer or solicitation would be illegal. Reports or research material prepared by the company do not constitute a personal recommendation or take into account the particular investment objectives, financial situations, risk profile and needs of individual clients.

While we endeavour to update the information / material on various products and reports created by us, on a reasonable basis, there may be regulatory, compliance or other reasons that prevent us from doing so.

We and our associates, officers, directors, and employees, Research Analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) forming part of the products or reports created by the company or (b) may have other potential/material conflict of interest with respect to any company(ies) in various products or reports created by the company.Any such positions of conflict of interest will be appropriately disclosed and dealt with in accordance with applicable law.

The Company does not provide any promise or assurance of favourable view for a particular industry or sector or business group in any manner. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and take professional advice before investing.

The analysts for various products or reports created by the company certify that all of the information /material therein accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to company(ies) in various products or reports created by the company. No part of this material may be duplicated in any form and/or redistributed without the prior written consent of the Company.

The Company’s holding company CPPL is a shareholder in Zerodha Asset Management Private Limited (Zerodha AMC), which is the asset manager for Zerodha Mutual Fund. The Company’s research recommendations may include mutual funds and ETFs managed by Zerodha AMC. The Company states that its research recommendations are made independently and objectively based on their merits and suitability without any influence due to CPPL being a shareholder in Zerodha AMC.

Details of the business activities of the Company:

The Company carries on its activities through three separate divisions: (a) RA Division, conducting research analyst activities (SEBI Reg. No. INH200007645); (b) PMS Division, conducting portfolio management activities (SEBI Reg. No. INP000009852); and (c) a separately identifiable department/division (“Global Securities Research Division” or “GSRD””), which provides research on foreign securities, including US-listed securities. Such research on foreign securities is outside the regulatory purview of SEBI, including SEBI (Research Analysts) Regulations, 2014 and the SEBI (Portfolio Managers) Regulations, 2020. No recourse to SEBI shall be available for any grievances relating to or arising from products or services offered by the GSRD.

Details of our Associates/Affiliates:

CASE Platforms Private Limited (formerly known as “Smallcase Technologies Private Limited”; hereinafter “CPPL”; incorporated as a Private Limited Company under the Companies Act, 2013), (Holding 100% shares of the Company) bearing CIN: U62099KA2015PTC081722 with its registered office at No 51, 3rd Floor, Le Parc Richmonde Richmond Road, Shanthala Nagar Bangalore, 560025. CPPL holds a Mutual Fund Distributor registration (ARN 276729) granted by the Association of Mutual Funds in India (AMFI), which is valid from September 21, 2023 till September 20, 2026. CPPL is also registered with AMFI as a ‘Category – I Execution Only Platform’ bearing registration number CAT-1 EOP -0004, which is valid from 21-Sep-2023 to 20-Sep-2026.

Telephone number: 080 71175775

E-mail address: help@smallcase.com

Anchorage Technologies Private Limited (ATPL; a wholly-owned subsidiary of CPPL and incorporated as a Private Limited Company under the Companies Act, 2013) having CIN: U74220KA2021PTC142979 with its registered office at #51, 3rd Floor, Le Parc Richmonde, Richmond Road, Shanthala Nagar, Richmond Town, Bangalore - 560025. ATPL holds a Mutual Fund Distributor registration (ARN 253554) granted by the AMFI, which is valid from October 3, 2025 till October 2, 2028.

Telephone number: 080 71175775

E-mail address: support@tickertape.in

Essential Investment Managers Private Limited (EIMPL; a wholly-owned subsidiary of CPPL and incorporated as a Private Limited Company under the Companies Act, 2013) is registered with SEBI as a non-individual Investment Adviser with INA000017912, as the SEBI registration number. The said registration is valid perpetually from April 24, 2023. EIMPL is also enlisted with BSE Limited as a member having membership ID 1981. In addition, EIMPL is registered as a corporate agent (composite) with Insurance Regulatory and Development Authority of India with registration no CA1071, registration valid till September 15, 2028. The CIN number of EIMPL is U66190KA2021PTC145058 with its registered office address as: No 51, 3rd Floor, Le Parc Richmonde, Richmond Road, Shanthala Nagar, Bangalore – 560025

Telephone number: 080 29915553

E-mail address: support@essentialadviser.com

Nexum Finvest Private Limited (NFPL; a wholly-owned subsidiary of CPPL and incorporated as a Private Limited Company under the Companies Act, 2013) bearing CIN U64990KA2023PTC172732 with its registered office address as: No 51, 3rd Floor, Le Parc Richmonde, Richmond Road, Shanthala Nagar, Bangalore – 560025. NFPL is registered with the NSE as an Authorized Person (AP) of Zerodha Broking Limited (ZBL). Being an AP, NFPL refers potential clients to ZBL for opening a demat & trading account with ZBL.

Telephone number: NA

E-mail address: help@nexumfinvest.in

Zerodha Asset Management Private Limited (ZAMPL; incorporated as a Private Limited Company under the Companies Act, 2013) bearing CIN: U67190KA2021PTC155726 with its registered office address as: INDIQUBE PENTA New No. 51 (Old No.14), Richmond Road, Bangalore - 560025. CPPL is a shareholder in ZAMPL. ZAMPL is an asset manager to Zerodha Mutual Fund, a SEBI-registered mutual fund house bearing registration number MF/080/23/06, valid perpetually from Aug 11, 2023.

Telephone number: NA

E-mail address: support@zerodhafundhouse.com

Research Analyst Disclosures:

We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No
We or our associates have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months: No
We or our associates have engaged in market making activity in relation to the subject company(ies): No
We or our associates have association with subject companies (including AMCs that manage mutual funds schemes that form part of research recommendations provided by WCPL) as disclosed below:

HDFC Asset Management Company Ltd - Associate company is a tech vendor and receives compensation for such service
Motilal Oswal Financial Services Ltd - Associate company is a tech vendor and receives compensation for such services
Nippon Life India Asset Management Ltd - Associate company is a tech vendor and receives compensation for such services
UTI Asset Management Company Ltd - Associate company is a tech vendor and receives compensation for such services
Bajaj Finance Ltd - Associate company is a referral service provider and receives compensation for such services
ICICI Prudential Asset Management Company Ltd - Associate company is a tech vendor and receives compensation for such services
Motilal Oswal Asset Management Company Ltd - Associate companies are tech & marketing vendors and receive compensation for such services
SBI Funds Management Ltd - Associate company is a tech vendor and receives compensation for such services
Axis Asset Management Company Ltd - Associate company is a tech vendor and receives compensation for such services
DSP Asset Managers Private Ltd - Subject Company is a shareholder in the associate company
Zerodha Asset Management Private Ltd - Associate company is a shareholder. The Company may also invest its own funds in schemes of Zerodha Mutual Fund
Computer Age Management Services Ltd - Associate company is a tech vendor and receives compensation for such services
Aditya Birla Sun Life AMC Ltd - Associate company is a tech vendor and receives compensation for such services
Prudent Corporate Advisory Services Ltd - Associate company is a tech vendor and receives compensation for such services
Angel One Ltd - Associate company is a tech vendor and receives compensation for such services
Kfin Technologies Ltd - Associate company is a tech vendor and receives compensation for such services
360 One Wam Ltd - Associate company is a tech vendor for the company's asset management division and receives compensation for such services
Edelweiss Asset Management Ltd - Associate company is a tech vendor and receives compensation for such services
Kotak Mahindra Asset Management Company Ltd - Associate company is a tech vendor and receives compensation for such services
Sundaram AMC Ltd - Associate company is a tech vendor and receives compensation for such services
PGIM India Asset Management Private Ltd - Associate company is a tech vendor and receives compensation for such services
Invesco Asset Management (India) Private Ltd - Associate company is a tech vendor and receives compensation for such services
Whiteoak Capital Asset Management Ltd - Associate company is a tech vendor and receives compensation for such services
Tata Asset Management Private Ltd - Associate company is a tech vendor and receives compensation for such services
Baroda BNP Paribas Asset Management India Private Ltd - Associate company is a tech vendor and receives compensation for such services
Bandhan AMC Ltd - Associate company is a tech vendor and receives compensation for such services
Bajaj Finserv Ltd - Associate company is a tech vendor for the company's asset management division and receives compensation for such services
South Indian Bank Ltd - Associate company is a tech vendor and receives compensation for such services
Tata Capital Ltd - Associate company is a tech vendor for the company's broking division and receives compensation for such services
Aditya Birla Capital Ltd - Associate company is a tech vendor for the company's lending division and receives compensation for such services
Billionbrains Garage Ventures Ltd - Associate company is a tech vendor for the company's broking and asset management division and receives compensation for such services
HSBC Asset Management (India) Pvt Ltd - Associate company is a tech vendor and receives compensation for such services
ITI Asset Management Ltd - Associate company is a tech vendor and receives compensation for such services
Mahindra Manulife Investment Management Pvt Ltd - Associate company is a tech vendor and receives compensation for such services
Union Asset Management Company Pvt Ltd - Associate company is a tech vendor and receives compensation for such services

Individuals employed as research analysts by us (Research Analyst(s)) may have served as an officer, director or employee of the subject company(ies) in the past.
Research Analyst and/or his/her relative's may have financial interest and/or actual/beneficial ownership in the subject company(ies).
Research Analyst or his/her relatives 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 sharing of products or reports created by us: No

Disclosures with respect to compliance audit of WCPL conducted in terms of SEBI (Research Analysts) Regulations 2014 and applicable circulars issued by SEBI and/or BSE Ltd.

For the Financial Year ending 31 March 2025:

Status of the compliance audit report: Complete

Adverse findings: Nil

Action taken on adverse findings: Not applicable

Link to the compliance audit report: Here

For the Financial Year ending 31 March 2026:

Status of the compliance audit report: Complete

Adverse findings: Nil

Action taken on adverse findings: Not applicable

Link to the compliance audit report: Here

Details of the Board of Directors / Key Managerial Personnel:

Mr. Anugrah Shrivastava (DIN 07044041) holds an M.Sc. in Economics from IIT, Kharagpur.
Mr. Vasanth Sanoor Kamath (DIN 07214307) holds an M.Sc. in Economics from IIT, Kharagpur.
Mr. Naveen K R (DIN 10384003) holds an M.B.A. in Finance from the NUS Business School. Mr Naveen K R is also the Principal Officer of the Company.
Mr. Abhishek Jadon (DIN 08787673) holds a degree in Master of Science under the Integrated Programme in Economics with a Minor in Mathematics and Computing, from IIT, Kharagpur.

Support - Contact us at support@windmill.capital for any queries and assistance.

All grievances should be addressed to our grievance officer Mr Mayank Bansal using compliance@windmill.capital

Grievance Redressal / Escalation Matrix:

1) Customer Care:

Physical address: No 51, 3rd Floor, Le Parc Richmonde, Richmond Road, Shanthala Nagar, Bangalore – 560025, Karnataka, India

Email-ID: support@windmill.capital

2) Head of Customer Care: Please contact the Compliance Officer or the Principal Officer on the contact details given below

3) Compliance Officer:

Contact Person Name: Mayank Bansal

Physical address: No 51, 3rd Floor, Le Parc Richmonde, Richmond Road, Shanthala Nagar, Bangalore – 560025, Karnataka, India

Contact No: 08296014433

Email-ID: compliance@windmill.capital

Working hours when complainant can call: 10:00 AM to 6:00 PM (Mon-Fri)

4) CEO: Please contact the Principal Officer/Director on the contact details given below

5) Principal Officer/Director:

Contact Person Name: Naveen KR

Physical address: No 51, 3rd Floor, Le Parc Richmonde, Richmond Road, Shanthala Nagar, Bangalore – 560025, Karnataka, India

Contact No: 08041207234

Email-ID: support@windmill.capital

Working hours when complainant can call: 10:00 AM to 6:00 PM (Mon-Fri)

User Terms & Conditions for Free Services of Windmill Capital

This User Terms and Conditions (“Terms”) sets out the terms on which Windmill Capital Private Limited (“WCPL” or “RA”) [(SEBI Reg. No.: INH200007645 (Research Analyst)] makes its free research available to you (“User”, or “you”), including the content, recommendations or any other ancillary services related to the same (“Free Services”). Please read these Terms carefully before accessing or using any Free Services. This disclosure is made voluntarily by the RA in furtherance of investor protection and in the spirit of the SEBI (Research Analyst) Regulations, 2014 (“RA Regulations”), and not because it is required to do so under the RA Regulations in respect of such Free Services.

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The free recommendations are research reports prepared by the RA in its capacity as a SEBI-registered Research Analyst. They constitute research services under the RA Regulations.
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Please refer further disclosures on the website

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Park Cash - 1 Week

Park Cash - 3 Months

Equity & Gold Asset Allocation

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