[Watch the Video] Decoding PLIs: Looking Back, Moving Forward

Research evidence excerpt

[Watch the Video] Decoding PLIs: Looking Back, Moving Forward

c recommendations or

views expressed in this research report.

I, Saurabh Kulkarni, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and

subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or

Registration of non-US analysts: Sonali Salgaonkar is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/

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not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by

a research analyst.

Registration of non-US analysts: Saurabh Kulkarni is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/

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Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published July 15, 2026 3:04 A.M.

Recommendation Distributed July 15, 2026 3:04 A.M.