Terms of Use

Alliance Equity Research produces fundamental equity research concerning publicly traded companies, industries, markets and investment themes.

AER's research may include:

• Independent Research;
• Company Sponsored Research Coverage;
• initiation reports;
• research updates;
• earnings updates;
• flash notes;
• financial forecasts;
• financial models;
• valuation analysis;
• fair value estimates;
• industry research;
• thematic research;
• market commentary;
• Insights; and
• other analytical publications.

AER frequently focuses on undercovered public companies, smaller-capitalization companies, emerging businesses and specialized industries where detailed institutional research may be limited.

AER research is prepared primarily for institutional, professional and sophisticated investors capable of independently evaluating financial information, valuation assumptions, investment risks and specialized industry information.

Certain content may be publicly accessible. Public accessibility does not mean that the content is appropriate for every investor.

Retail investors should independently investigate any security discussed by AER, review the relevant issuer's filings and risk disclosures, evaluate their own circumstances and obtain professional advice where appropriate.

You may use the website only if you:

• are legally capable of entering into a binding agreement;
• are at least 18 years old;
• use the website in accordance with applicable law; and
• comply with these Terms.

If you access the website or AER research on behalf of a company, investment firm, institution, fund, partnership or other organization, you represent that you are authorized to do so on behalf of that organization.

AER research is general and impersonal.

It is not prepared with regard to the:

• financial circumstances;
• investment objectives;
• risk tolerance;
• investment horizon;
• liquidity requirements;
• portfolio construction;
• tax circumstances; or
• other individual circumstances

of any particular recipient.

AER does not determine whether a security or investment strategy is suitable for any particular person.

Nothing on the website creates a personalized investment-advisory relationship between AER and any user.

AER research and website content do not constitute:

• an offer to sell a security;
• a solicitation of an offer to purchase a security;
• an invitation to participate in a securities offering;
• personalized investment advice; or
• an execution or brokerage service.

AER does not execute securities transactions through the website.

References to securities, valuations, potential returns, fair value estimates or corporate developments should not be interpreted as an offer or solicitation.

Investing in securities involves risk.

Many companies covered by AER are smaller, undercovered, early-stage, emerging, development-stage, capital-constrained or exposed to specialized industries and may involve substantially greater risk than larger and more established businesses.

Such investments may involve:

• substantial price volatility;
• limited liquidity;
• financing risk;
• dilution;
• regulatory risk;
• technological risk;
• scientific risk;
• commodity exposure;
• project-development risk;
• customer concentration;
• operating losses;
• negative cash flow;
• limited operating histories; and
• binary or event-driven outcomes.

Investors may lose all or substantially all of their invested capital.

Potential investment upside should always be considered together with the risk of substantial or complete capital loss.

Further information appears in AER's Research Disclosures, Conflicts of Interest & Important Risk Information.

AER publishes both Independent Research and Company Sponsored Research Coverage.

Company Sponsored Research Coverage involves a commercial relationship between AER and the company being covered and therefore creates a potential conflict of interest.

AER maintains policies intended to preserve editorial independence and manage such conflicts.

Users should review the applicable research publication together with AER's full Research Disclosures & Risk Information before relying on any AER analysis.

If there is an inconsistency between a general statement in these Terms and a specific disclosure contained in a research publication concerning the nature of that research engagement, the specific disclosure should be considered together with these Terms.

AER may publish fair value estimates.

A fair value estimate represents an analytical conclusion derived from assumptions, forecasts, information and valuation methodologies considered relevant by AER.

A fair value estimate is not a guarantee, promise or prediction that a security will trade at that value.

It does not mean that:

• the market price will reach the estimate;
• the estimate will be reached within a particular period;
• downside is limited;
• the assumptions will prove correct;
• the issuer will achieve forecast results; or
• an investor will earn a particular return.

Market prices may remain materially above or below AER's fair value estimate for extended periods.

AER research may contain:

• forecasts;
• financial models;
• projections;
• estimates;
• assumptions;
• scenarios;
• sensitivity analyses;
• expectations; and
• other forward-looking information.

Such information is inherently uncertain.

Actual financial results, operating performance, financing terms, regulatory outcomes, commodity prices, market conditions or other developments may differ materially from AER's assumptions.

A detailed financial model should not be interpreted as increasing the certainty of future outcomes.

Models and forecasts may be revised without prior notice when new information becomes available or AER's assumptions change.

AER may rely on information obtained from sources including:

• regulatory filings;
• company disclosures;
• financial statements;
• investor presentations;
• management discussions;
• government agencies;
• regulators;
• exchanges;
• market-data providers;
• scientific publications;
• industry organizations;
• financial databases;
• commodity-data providers;
• news organizations; and
• other third-party sources.

AER seeks to use sources it considers reliable, but AER cannot independently verify every item of information obtained from third parties.

Information may contain errors, omissions, delays or subsequent revisions.

AER does not warrant that all information is complete, accurate or current.

Users should independently verify information material to an investment decision.

Research represents AER's analysis as of the date indicated in the relevant publication.

Market prices, commodity prices, exchange rates and other point-in-time information should be understood in the context of the relevant date or time.

Events occurring after publication may render prior research partially or entirely obsolete.

AER does not undertake a general obligation to update every research publication continuously.

The absence of an update should not be interpreted as confirmation that AER's prior forecasts, assumptions or fair value estimates remain unchanged.

AER may, at its discretion:

• initiate coverage;
• increase or reduce coverage;
• change publication frequency;
• suspend coverage;
• resume coverage;
• revise research; or
• discontinue coverage.

AER does not guarantee that any company, industry or theme will continue to be covered.

Unless otherwise stated, the website and AER content, including its original:

• research;
• written analysis;
• reports;
• financial models;
• forecasts;
• valuation analysis;
• tables;
• charts;
• graphics;
• databases;
• compilations;
• page layouts;
• methodologies as expressed in AER content;
• presentation;
• branding;
• logos; and
• other original materials

are owned by or licensed to Alliance Equity Research and may be protected by copyright, trademark and other intellectual-property laws.

Publicly available facts, issuer information and third-party material remain subject to the rights applicable to those materials.

Nothing in these Terms transfers ownership of AER intellectual property to any user.

Subject to these Terms, AER grants you a limited, revocable, non-exclusive, non-transferable right to access and use AER content for:

• your personal investment research; or
• legitimate internal research, investment or business purposes within your organization.

You may download or print reasonable copies of research made available for download for such permitted purposes.

Institutional and professional users may circulate AER research internally within their own organization where reasonably necessary for internal research or investment purposes, subject to any separate agreement or third-party platform restrictions applicable to that research.

No other rights are granted.

You may quote limited excerpts from publicly available AER content where:

• the quotation is reasonable in context;
• Alliance Equity Research is clearly identified as the source;
• the quotation does not materially reproduce the publication;
• the quotation is not misleading or taken out of context; and
• the use complies with applicable law.

You may link to publicly accessible pages of the AER website.

A link or citation must not imply that AER endorses, sponsors or is affiliated with you or your organization unless AER has expressly agreed in writing.

Nothing in these Terms is intended to restrict rights that cannot lawfully be restricted under applicable law.

Unless AER has provided prior written permission or a separate agreement expressly permits it, you may not:

• reproduce a substantial portion of AER research;
• republish AER reports;
• publicly distribute AER reports;
• resell AER content;
• sublicense AER content;
• commercially redistribute AER research;
• upload complete reports to public websites or repositories;
• remove copyright or proprietary notices;
• modify AER research and represent the modified version as an AER publication;
• create unauthorized derivative research products substantially based on AER content; or
• make AER content available to third parties as part of another commercial research product.

Internal use expressly permitted under Section 14 is not prohibited by this section.

AER supports the legitimate discovery, indexing and retrieval of its publicly accessible content by search engines, AI search services, research discovery platforms and other information-retrieval services.

Subject to AER's technical access controls and applicable crawler directives, automated systems may access publicly available AER webpages for legitimate purposes including:

• search-engine indexing;
• AI search and discovery;
• user-directed information retrieval;
• citation and attribution;
• generation of search snippets or summaries;
• retrieval-augmented responses;
• grounding of AI-generated responses in AER's publicly available content; and
• helping users locate and navigate to AER research.

AER encourages services that surface its research to provide clear attribution and, where technically practicable, a link to the original AER publication.

This permission does not authorize automated systems to:

• circumvent authentication or access controls;
• access non-public or restricted research;
• bypass email-gated or other controlled-access mechanisms;
• conduct excessive or disruptive crawling;
• bulk-download AER's research archive for redistribution;
• reproduce substantial portions of AER content as a substitute for the original publication;
• create an unauthorized commercial database of AER research;
• resell or commercially redistribute AER content; or
• use automated access in a manner that materially interferes with the operation or security of the website.

AER may implement reasonable technical measures, rate limits and crawler policies to protect website security and availability while supporting legitimate search and discovery.

AER recognizes that artificial-intelligence systems increasingly function as research, search and information-discovery tools.

AER permits publicly accessible AER content to be discovered, indexed, retrieved, cited, linked to, summarized and used for grounding or retrieval in response to user queries by legitimate search engines, AI assistants and AI-powered research or discovery services, subject to applicable technical controls and these Terms.

Such use should, where reasonably practicable, identify Alliance Equity Research as the source and direct users to the original AER publication.

Permission for search, retrieval, citation, summarization or grounding does not by itself constitute permission to use AER's research corpus for unrestricted model training or commercial model development.

Unless separately authorized by AER or otherwise permitted through AER's applicable technical policies, AER content may not be systematically collected primarily for the purpose of:

• training a proprietary foundation model;
• fine-tuning a commercial machine-learning model;
• creating a substantial training, validation or evaluation dataset from AER's research archive;
• building a competing research database or research product;
• reproducing AER's research corpus through embeddings or another representation for commercial redistribution; or
• developing a service whose primary purpose is to substitute for access to AER's original research.

Nothing in this section prohibits normal search indexing, AI-assisted discovery, user-directed retrieval, citation, summarization or other uses expressly permitted above.

You may not:

• bypass or attempt to bypass access controls;
• circumvent email-gated report access;
• manipulate signed links or access tokens;
• attempt to obtain restricted research without authorization;
• share credentials or access mechanisms in a manner intended to defeat access restrictions;
• probe the website for vulnerabilities without authorization;
• interfere with website security;
• intentionally overload AER infrastructure;
• introduce malware or malicious code;
• attempt unauthorized access to administrative systems, databases or storage; or
• use the website in a manner that interferes with other users.

AER may restrict, suspend or terminate access where it reasonably believes these Terms or applicable law have been violated.

Certain reports may require an email address or other access step before the full publication can be viewed.

Access permission is provided to the user for the purposes described by AER and does not transfer ownership of the research.

A user may not circumvent access controls or redistribute restricted files merely because that user has been granted access.

AER may change, restrict or discontinue report-access mechanisms at any time.

AER research may be available through third-party research platforms, databases, aggregators or information services.

Your use of a third-party platform may also be governed by that platform's terms and contractual arrangements.

A third party's distribution of AER research does not mean that the third party:

• endorses AER;
• endorses AER's fair value estimates;
• verifies AER's research;
• accepts responsibility for AER's analysis; or
• guarantees the accuracy of AER content.

Where a separate written agreement governs use or redistribution of AER research, that agreement may contain additional or different rights and restrictions.

Some AER publications may contain or reference third-party information, trademarks, market data, company materials or other content.

Such material remains subject to the rights of its respective owner.

Access to an AER publication does not grant users an independent license to extract, reproduce or redistribute third-party data contained in that publication.

The website may contain links to:

• issuer websites;
• regulatory filings;
• exchanges;
• government agencies;
• scientific publications;
• news organizations;
• data providers; and
• other third-party resources.

These links are provided for convenience and research context.

AER does not control third-party websites and is not responsible for their:

• availability;
• security;
• accuracy;
• privacy practices;
• terms; or
• content.

The inclusion of a link does not necessarily constitute an endorsement.

If you communicate with AER through:

• contact forms;
• email;
• coverage requests;
• report-access forms;
• feedback mechanisms; or
• other communication channels,

you are responsible for ensuring that the information you provide is lawful and that you are entitled to provide it.

You should not send AER material non-public information, trade secrets or other confidential information that you are not authorized to disclose.

AER does not seek material non-public information for purposes of preparing published research.

Information submitted to AER may be processed in accordance with AER's Privacy Policy.

If you voluntarily provide ideas, suggestions or general feedback regarding the website or AER services, AER may use that feedback for legitimate business and product-improvement purposes without an obligation to compensate you.

This provision does not transfer ownership of confidential documents, securities information or other material provided subject to a separate written agreement.

AER's collection and use of personal information is governed by its Privacy Policy.

The use of cookies and similar technologies is addressed in its Cookie Policy.

Those policies should be read together with these Terms.

AER does not guarantee that the website or any particular research publication will always be available.

AER may:

• modify the website;
• perform maintenance;
• change functionality;
• remove content;
• correct content;
• restrict access;
• replace publications; or
• discontinue features

without guaranteeing uninterrupted availability.

Temporary outages, technical failures, third-party service interruptions and other events may affect availability.

To the fullest extent permitted by applicable law, the website and AER content are provided on an “as available” and “as is” basis.

AER does not make a warranty that:

• the website will be uninterrupted;
• the website will be error-free;
• every item of information will be accurate;
• every forecast will be achieved;
• every valuation will prove correct;
• every third-party source will be reliable;
• defects will always be corrected immediately; or
• access will meet every user's particular requirements.

Nothing in this section excludes any warranty or legal obligation that cannot lawfully be excluded.

To the fullest extent permitted by applicable law, Alliance Equity Research and its analysts, employees, contractors and representatives will not be liable for losses arising solely from a user's decision to rely on AER research as a substitute for independent investment analysis.

To the fullest extent permitted by law, AER will not be liable for indirect, incidental, special or consequential losses arising from use of the website or AER content, including losses resulting from:

• investment decisions;
• trading losses;
• loss of profits;
• loss of opportunity;
• loss of data;
• inability to access content;
• reliance on third-party information; or
• changes in market value.

Where liability cannot lawfully be excluded, it will be limited only to the extent permitted by applicable law.

Nothing in these Terms excludes liability that cannot legally be excluded or limited.

Access to AER research does not, by itself, create a:

• fiduciary relationship;
• investment-advisory relationship;
• agency relationship;
• partnership;
• joint venture;
• employment relationship; or
• client relationship

between AER and the user.

A separate written agreement may establish different rights or obligations between AER and a contracting party.

To the extent permitted by applicable law, you agree to indemnify and hold AER harmless from third-party claims, liabilities, losses and reasonable costs arising directly from your:

• unlawful use of the website;
• unauthorized redistribution of AER content;
• infringement of AER intellectual-property rights;
• deliberate circumvention of access controls;
• malicious interference with the website; or
• material breach of these Terms.

This provision does not require you to indemnify AER for losses caused by AER's own conduct to the extent such liability cannot lawfully be transferred or excluded.

AER may suspend, restrict or terminate a user's access where AER reasonably believes that the user has:

• materially breached these Terms;
• infringed AER intellectual property;
• engaged in unauthorized scraping or redistribution;
• attempted to circumvent security or access controls;
• misused website infrastructure; or
• engaged in unlawful activity involving the website.

Termination of access does not affect provisions that by their nature should survive, including intellectual-property rights, restrictions on previously obtained content, liability provisions and dispute-resolution provisions.

If you believe that material published by AER infringes your intellectual-property rights, contact:

AER may update these Terms from time to time.

The current version will be published on this page together with the date of the latest revision.

Where a change is material, AER may provide additional notice where reasonably appropriate.

Your continued use of the website after updated Terms become effective constitutes acceptance of the revised Terms to the extent permitted by applicable law.

Where affirmative acceptance is legally required or considered appropriate, AER may request such acceptance separately.

These Terms and any non-contractual obligations arising out of or relating to them are governed by the laws of India, without regard to conflict-of-law principles to the extent such principles would require application of another jurisdiction's law.

Nothing in these Terms overrides any mandatory statutory right or protection that cannot lawfully be waived.

Before commencing arbitration, a party asserting a dispute should provide written notice describing the nature of the dispute and the relief sought.

The parties will use reasonable efforts to resolve the dispute in good faith for 30 days after receipt of the notice.

A party may seek urgent interim or conservatory relief where waiting for completion of this period could materially prejudice its rights.

Subject to any matter that applicable law does not permit to be resolved by arbitration, any dispute, controversy or claim arising out of or relating to:

• these Terms;
• their formation;
• interpretation;
• validity;
• performance;
• breach;
• termination;
• use of the website;
• access to AER research; or
• the rights and obligations arising from such use

that is not resolved under Section 36 shall be finally resolved by arbitration in accordance with the Arbitration and Conciliation Act, 1996, as amended from time to time.

The arbitration shall be conducted by one sole arbitrator.

The parties shall attempt to agree on the sole arbitrator.

If the parties cannot agree on the appointment within 30 days after a valid request for arbitration, the arbitrator shall be appointed in accordance with the Arbitration and Conciliation Act, 1996 by the court or authority having jurisdiction to make that appointment.

Neither party shall have the unilateral right to appoint the sole arbitrator.

The seat and legal place of arbitration shall be Mumbai, Maharashtra, India.

The language of the arbitration shall be English.

Hearings may be conducted physically, virtually or through a combination of both, as agreed by the parties or directed by the tribunal.

A virtual hearing or a hearing conducted elsewhere for convenience will not change the juridical seat of the arbitration.

The arbitral award shall be final and binding, subject to rights available under applicable law.

Subject to applicable law and the arbitration provisions above, the courts having jurisdiction at Mumbai, Maharashtra, India shall have exclusive jurisdiction over:

• applications relating to the arbitration;
• interim or conservatory relief;
• enforcement or challenge of an arbitral award;
• disputes that are not legally capable of arbitration; and
• other court proceedings permitted under applicable law.

Nothing in these Terms prevents a party from seeking urgent interim or protective relief from a court of competent jurisdiction where permitted by law.

If any provision of these Terms is determined to be invalid, unlawful or unenforceable, that provision shall be enforced to the maximum extent legally permitted or, where appropriate, severed.

The remaining provisions will continue in effect to the extent permitted by law.

AER's failure to exercise or enforce a right under these Terms does not constitute a waiver of that right.

A waiver concerning one breach does not constitute a waiver concerning another breach.

You may not assign or transfer rights under these Terms in a manner that would permit another person to obtain access or usage rights that were not granted to that person.

AER may transfer its rights and obligations in connection with a legitimate restructuring, merger, acquisition, transfer of business or similar corporate transaction, subject to applicable law.

If you or your organization has entered into a separate written agreement with AER concerning research, distribution, licensing or another service, that agreement may contain additional terms.

Where a direct conflict exists between these Terms and a separately executed written agreement governing the same subject matter, the separately executed written agreement will control to the extent of that conflict.

These Terms, together with the policies and disclosures expressly incorporated or referred to herein, constitute the general terms governing use of the AER website and publicly accessible AER content.

They do not replace separately executed contractual arrangements between AER and its clients, distribution partners or other counterparties.

Questions concerning these Terms may be directed to: