IPO Listing Gains in 2026
Year in progress: mainboard and SME, updated as new IPOs list.
- IPOs listed
- 187
- ₹8,950 Cr raised
- Median listing gain
- +0.80%
- average +11.82%
- Listed above issue
- 54.0%
- 101 above · 30 at · 56 below
- Trading below issue now
- 98
- 52.4% of 187 priced
- Median return since issue
- −4.58%
- 26 doubled · 35 halved
187 SME IPOs listed on NSE and BSE in 2026 as of 5 Nov 2026. Across them, the average listing-day gain was +11.82% (median +0.80%), and 101 of the 187 IPOs with a listing price (54.0%) listed above their issue price.
98 of the 187 SME IPOs with a current price (52.4%) traded below their issue price at the close of 4 Nov 2026, 29 of them after listing above it. The median return since issue is −4.58%; 26 have doubled or more and 35 have lost half or more.
By the same date in 2025 (5 Nov 2025), 220 SME IPOs had listed, with an average listing-day gain of +11.41% (median +3.02%) and 60.9% above issue price.
Trading below issue: SME IPOs listed in 2026
Showing 98 of 187 · latest listing 4 Nov 2026
| IPO | Listed | Issue price | Listing price | Listing gain | Current price | Since issue |
|---|---|---|---|---|---|---|
| Ajwa Projects | 4 Nov 2026 | ₹203.00 | ₹203.00 | 0.00% | ₹192.85 | −5.00% |
| Wiscon Industries | 3 Nov 2026 | ₹204.00 | ₹204.00 | 0.00% | ₹203.85 | −0.07% |
| Core4 Engineers | 30 Oct 2026 | ₹93.00 | ₹74.40 | SME floor −20.00% | ₹88.62 | −4.71% |
| Shellz | 23 Oct 2026 | ₹179.00 | ₹179.00 | 0.00% | ₹168.00 | −6.15% |
| Ravita Engineering Services | 22 Oct 2026 | ₹112.00 | ₹112.00 | 0.00% | ₹105.25 | −6.03% |
| RK Fashion Accessories | 12 Oct 2026 | ₹82.00 | ₹80.00 | −2.44% | ₹29.55 | −63.96% |
| Acme India Industries | 9 Oct 2026 | ₹196.00 | ₹221.00 | +12.76% | ₹168.15 | −14.21% |
| Paramount Syntex | 9 Oct 2026 | ₹127.00 | ₹115.00 | −9.45% | ₹63.08 | −50.33% |
| TNA Solutions | 9 Oct 2026 | ₹70.00 | ₹56.00 | SME floor −20.00% | ₹43.25 | −38.21% |
| Dove Soft | 8 Oct 2026 | ₹111.00 | ₹110.30 | −0.63% | ₹97.43 | −12.23% |
| Eventions | 8 Oct 2026 | ₹118.00 | ₹111.00 | −5.93% | ₹57.00 | −51.69% |
| EverestIMS Technologies | 8 Oct 2026 | ₹85.00 | ₹126.00 | +48.24% | ₹84.30 | −0.82% |
| Black Opal Consultants | 7 Oct 2026 | ₹197.00 | ₹200.00 | +1.52% | ₹144.00 | −26.90% |
| Green Asia Impex | 7 Oct 2026 | ₹89.00 | ₹89.00 | 0.00% | ₹73.00 | −17.98% |
| Papadmalji Agro Foods | 7 Oct 2026 | ₹72.00 | ₹72.30 | +0.42% | ₹40.85 | −43.26% |
| Pind Hospitality | 6 Oct 2026 | ₹99.00 | ₹79.20 | SME floor −20.00% | ₹23.33 | −76.43% |
| Shivchem Agro | 6 Oct 2026 | ₹62.00 | ₹62.00 | 0.00% | ₹26.47 | −57.31% |
| Dudani Retail | 5 Oct 2026 | ₹29.00 | ₹25.00 | −13.79% | ₹7.40 | −74.48% |
| Himalayan Solar | 2 Oct 2026 | ₹103.00 | ₹85.00 | −17.48% | ₹84.30 | −18.16% |
| Peshwa Wheat | 1 Oct 2026 | ₹101.00 | ₹100.05 | −0.94% | ₹32.80 | −67.52% |
| Liqvd Digital | 30 Sep 2026 | ₹54.00 | ₹53.73 | −0.50% | ₹26.33 | −51.24% |
| Pooja Logistics | 30 Sep 2026 | ₹115.00 | ₹118.00 | +2.61% | ₹103.00 | −10.43% |
| S K Offset | 30 Sep 2026 | ₹125.00 | ₹126.00 | +0.80% | ₹108.00 | −13.60% |
| Anand Seamless | 29 Sep 2026 | ₹72.00 | ₹72.10 | +0.14% | ₹68.70 | −4.58% |
| Axiom Gas Engineering | 25 Sep 2026 | ₹54.00 | ₹54.75 | +1.39% | ₹38.75 | −28.24% |
| Quanto Agroworld | 22 Sep 2026 | ₹67.00 | ₹66.99 | −0.01% | ₹59.08 | −11.82% |
| Shakti Polytarp | 22 Sep 2026 | ₹59.00 | ₹58.90 | −0.17% | ₹46.02 | −22.00% |
| Vama Wovenfab | 22 Sep 2026 | ₹341.00 | ₹341.00 | 0.00% | ₹77.10 | −77.39% |
| Century Business Media | 21 Sep 2026 | ₹74.00 | ₹74.00 | 0.00% | ₹49.75 | −32.77% |
| Injecto Polymers | 21 Sep 2026 | ₹100.00 | ₹99.00 | −1.00% | ₹93.87 | −6.13% |
| Om Galaxy | 18 Sep 2026 | ₹90.00 | ₹90.20 | +0.22% | ₹85.50 | −5.00% |
| Panchatv Bharat | 18 Sep 2026 | ₹140.00 | ₹128.95 | −7.89% | ₹42.20 | −69.86% |
| Raksan Transformers | 18 Sep 2026 | ₹273.00 | ₹273.00 | 0.00% | ₹229.90 | −15.79% |
| Vinod Texworld | 17 Sep 2026 | ₹94.00 | ₹94.00 | 0.00% | ₹24.50 | −73.94% |
| Apana Logistics | 15 Sep 2026 | ₹60.00 | ₹60.00 | 0.00% | ₹19.16 | −68.07% |
| Farm Peace | 8 Sep 2026 | ₹59.00 | ₹112.10 | SME cap +90.00% | ₹40.23 | −31.81% |
| Fly Hi Maritime Travels | 8 Sep 2026 | ₹102.00 | ₹81.60 | SME floor −20.00% | ₹35.90 | −64.80% |
| Phychem Technologies | 7 Sep 2026 | ₹54.00 | ₹56.00 | +3.70% | ₹41.13 | −23.83% |
| Paluck Technologies | 4 Sep 2026 | ₹48.00 | ₹46.80 | −2.50% | ₹38.00 | −20.83% |
| Sumax Engineering | 2 Sep 2026 | ₹101.00 | ₹111.00 | +9.90% | ₹95.50 | −5.45% |
| ABH Healthcare | 1 Sep 2026 | ₹102.00 | ₹99.00 | −2.94% | ₹40.75 | −60.05% |
| Madhur Knit Crafts | 1 Sep 2026 | ₹100.00 | ₹100.00 | 0.00% | ₹68.70 | −31.30% |
| Dhanwel Hybrid Seeds | 26 Aug 2026 | ₹99.00 | ₹99.00 | 0.00% | ₹36.00 | −63.64% |
| Mopshop Distribution | 26 Aug 2026 | ₹138.00 | ₹137.00 | −0.72% | ₹29.59 | −78.56% |
| Fascinate Textiles | 24 Aug 2026 | ₹151.00 | ₹120.80 | SME floor −20.00% | ₹107.95 | −28.51% |
| Skytech Infinite Platform | 21 Aug 2026 | ₹77.00 | ₹74.00 | −3.90% | ₹31.20 | −59.48% |
| Pramodini Medicare | 19 Aug 2026 | ₹118.00 | ₹120.00 | +1.69% | ₹110.00 | −6.78% |
| Q&T Foods | 19 Aug 2026 | ₹115.00 | ₹115.00 | 0.00% | ₹31.02 | −73.03% |
| Sham Foam | 18 Aug 2026 | ₹130.00 | ₹104.00 | SME floor −20.00% | ₹84.00 | −35.38% |
| Optimystix Entertainment | 14 Aug 2026 | ₹175.00 | ₹180.00 | +2.86% | ₹131.25 | −25.00% |
| G V Electricals | 12 Aug 2026 | ₹130.00 | ₹158.00 | +21.54% | ₹95.33 | −26.67% |
| H R Hygiene Products | 5 Aug 2026 | ₹88.00 | ₹90.00 | +2.27% | ₹59.51 | −32.38% |
| Advance Technoforge | 3 Aug 2026 | ₹95.00 | ₹94.00 | −1.05% | ₹72.60 | −23.58% |
| Silverstorm Parks & Resorts | 31 Jul 2026 | ₹133.00 | ₹132.90 | −0.08% | ₹117.10 | −11.95% |
| Shree Balaji (Mala) Textiles | 29 Jul 2026 | ₹70.00 | ₹133.00 | SME cap +90.00% | ₹51.00 | −27.14% |
| Gulf Lloyds | 27 Jul 2026 | ₹100.00 | ₹100.00 | 0.00% | ₹41.50 | −58.50% |
| Seemax Resources | 7 Jul 2026 | ₹141.00 | ₹112.80 | SME floor −20.00% | ₹108.42 | −23.11% |
| Teja Engineering Industries | 7 Jul 2026 | ₹220.00 | ₹418.00 | SME cap +90.00% | ₹219.15 | −0.39% |
| Vinit Mobile | 7 Jul 2026 | ₹158.00 | ₹155.00 | −1.90% | ₹47.50 | −69.94% |
| Jivial Industries SME | 1 Jul 2026 | ₹196.00 | ₹156.80 | SME floor −20.00% | ₹76.50 | −60.97% |
| Riyaasat Lifestyle SME | 1 Jul 2026 | ₹106.00 | ₹84.80 | SME floor −20.00% | ₹102.50 | −3.30% |
| Anubhav Plast SME | 29 Jun 2026 | ₹80.00 | ₹80.00 | 0.00% | ₹48.00 | −40.00% |
| Clay Craft SME | 24 Jun 2026 | ₹203.00 | ₹211.00 | +3.94% | ₹168.00 | −17.24% |
| Leapfrog Engineering Services | 24 Jun 2026 | ₹23.00 | ₹22.00 | −4.35% | ₹19.75 | −14.13% |
| Liotech Industries SME | 24 Jun 2026 | ₹321.00 | ₹257.00 | −19.94% | ₹99.55 | −68.99% |
| Utkal Speciality SME | 17 Jun 2026 | ₹66.00 | ₹66.00 | 0.00% | ₹45.40 | −31.21% |
| Genxai Analytics SME | 12 Jun 2026 | ₹116.00 | ₹92.80 | SME floor −20.00% | ₹84.60 | −27.07% |
| UHM Vacation SME | 11 Jun 2026 | ₹166.00 | ₹132.80 | SME floor −20.00% | ₹28.54 | −82.81% |
| Vahh Chemicals SME | 11 Jun 2026 | ₹60.00 | ₹70.00 | +16.67% | ₹46.10 | −23.17% |
| SMR Jewels SME | 8 Jun 2026 | ₹128.00 | ₹102.95 | −19.57% | ₹87.00 | −32.03% |
| Aureate Tradde SME | 5 Jun 2026 | ₹70.00 | ₹70.00 | 0.00% | ₹49.00 | −30.00% |
| Rajnandini Fashion | 3 Jun 2026 | ₹63.00 | ₹63.00 | 0.00% | ₹24.75 | −60.71% |
| Harikanta Overseas | 2 Jun 2026 | ₹91.00 | ₹79.75 | −12.36% | ₹58.00 | −36.26% |
| Yaashvi Jewellers SME | 2 Jun 2026 | ₹83.00 | ₹83.00 | 0.00% | ₹75.50 | −9.04% |
| M R Maniveni Foods | 1 Jun 2026 | ₹52.00 | ₹42.55 | −18.17% | ₹23.00 | −55.77% |
| NFP Sampoorna Foods | 25 May 2026 | ₹55.00 | ₹54.50 | −0.91% | ₹19.25 | −65.00% |
| Goldline Pharmaceutical | 19 May 2026 | ₹43.00 | ₹59.75 | +38.95% | ₹29.98 | −30.28% |
| Value 360 Communications | 11 May 2026 | ₹98.00 | ₹78.40 | SME floor −20.00% | ₹80.10 | −18.27% |
| Amba Auto Sales and Services | 5 May 2026 | ₹135.00 | ₹134.50 | −0.37% | ₹99.25 | −26.48% |
| Emiac Technologies | 13 Apr 2026 | ₹98.00 | ₹107.80 | +10.00% | ₹83.70 | −14.59% |
| Safety Controls & Devices | 13 Apr 2026 | ₹80.00 | ₹83.00 | +3.75% | ₹74.00 | −7.50% |
| Striders Impex | 6 Mar 2026 | ₹72.00 | ₹70.00 | −2.78% | ₹50.90 | −29.31% |
| Yaap Digital | 5 Mar 2026 | ₹145.00 | ₹127.00 | −12.41% | ₹111.35 | −23.21% |
| Kiaasa Retail | 2 Mar 2026 | ₹127.00 | ₹123.00 | −3.15% | ₹40.00 | −68.50% |
| Manilam Industries India | 27 Feb 2026 | ₹69.00 | ₹55.20 | SME floor −20.00% | ₹33.10 | −52.03% |
| Yashhtej Industries (India) | 25 Feb 2026 | ₹110.00 | ₹88.00 | SME floor −20.00% | ₹46.77 | −57.48% |
| Fractal Industries | 24 Feb 2026 | ₹216.00 | ₹229.00 | +6.02% | ₹198.00 | −8.33% |
| Biopol Chemicals | 13 Feb 2026 | ₹108.00 | ₹111.00 | +2.78% | ₹43.75 | −59.49% |
| PAN HR Solution | 13 Feb 2026 | ₹78.00 | ₹78.35 | +0.45% | ₹45.00 | −42.31% |
| Brandman Retail | 11 Feb 2026 | ₹176.00 | ₹183.00 | +3.98% | ₹140.50 | −20.17% |
| Kanishk Aluminium India | 4 Feb 2026 | ₹73.00 | ₹58.40 | SME floor −20.00% | ₹24.80 | −66.03% |
| Aritas Vinyl | 23 Jan 2026 | ₹47.00 | ₹47.00 | 0.00% | ₹14.30 | −69.57% |
| Armour Security (India) | 22 Jan 2026 | ₹57.00 | ₹45.60 | SME floor −20.00% | ₹27.05 | −52.54% |
| Narmadesh Brass Industries | 21 Jan 2026 | ₹515.00 | ₹495.00 | −3.88% | ₹323.00 | −37.28% |
| Defrail Technologies | 19 Jan 2026 | ₹74.00 | ₹95.00 | +28.38% | ₹69.99 | −5.42% |
| Victory Electric Vehicles International | 14 Jan 2026 | ₹41.00 | ₹34.45 | −15.98% | ₹12.60 | −69.27% |
| Yajur Fibres | 14 Jan 2026 | ₹174.00 | ₹139.20 | SME floor −20.00% | ₹34.20 | −80.34% |
| Modern Diagnostic & Research Centre | 7 Jan 2026 | ₹90.00 | ₹99.50 | +10.56% | ₹57.00 | −36.67% |
Listing price is the opening price on listing day. Current price is the latest close (4 Nov 2026); since issue is adjusted for any later split or bonus. Click a column to sort.
How 2026 SME IPOs listed
Listing-day gain of the 187 issues with a listing price, in fixed bands.
- −20% or worse 20 10.7%
- −20% to −10% 10 5.3%
- −10% to 0% 26 13.9%
- At issue price 30 16.0%
- 0% to 10% 43 23.0%
- 10% to 25% 19 10.2%
- 25% to 50% 17 9.1%
- 50% to 90% 9 4.8%
- 90% or more 13 7.0%
Hatched: opened at the SME price limit (+90% cap or −20% floor).
13 SME issues opened at exactly +90%, the most an SME listing may open above its issue price, and 20 at exactly −20%, the lowest it may open. An open at a limit is the cap, not the price trading would otherwise have settled on, which is one reason the median is a better guide to a typical listing than the average.
Listing gains by subscription
Overall times subscribed at the close of bidding. A historical pattern, not a predictor of how any one issue will list.
| Subscribed | IPOs | Median listing gain | Listed above issue | Now below issue |
|---|---|---|---|---|
| Under 2x | 58 | 0.00% | 32.8% | 42 of 58 |
| 2x to 10x | 43 | +1.69% | 55.8% | 23 of 43 |
| 10x to 50x | 14 | +12.95% | 78.6% | 4 of 14 |
| 50x to 100x | 7 | +1.52% | 57.1% | 5 of 7 |
| 100x and over | 28 | +61.19% | 92.9% | 7 of 28 |
| Not recorded | 37 | 0.00% | 45.9% | 17 of 37 |
Listing gains and "listed above issue" cover issues with a listing price; "now below issue" and the return since issue cover issues with a current price.
Listing gains by issue size
Total offer as disclosed.
| Issue size | IPOs | Median listing gain | Listed above issue | Now below issue |
|---|---|---|---|---|
| Under ₹50 Cr | 127 | +2.09% | 55.1% | 65 of 127 |
| ₹50 Cr to ₹250 Cr | 60 | +0.25% | 51.7% | 33 of 60 |
Listing gains and "listed above issue" cover issues with a listing price; "now below issue" and the return since issue cover issues with a current price.
Mainboard vs SME IPO listing gains
Mainboard: 116 listings, average +13.90%, median +6.67%, 69.3% above issue price. SME: 187 listings, average +11.82%, median +0.80%, 54.0% above issue price.
| Segment | Listed | Average gain | Median gain | Above / at / below issue | Above issue |
|---|---|---|---|---|---|
| Mainboard | 116 | +13.90% | +6.67% | 79 / 12 / 23 | 69.3% |
| SME | 187 | +11.82% | +0.80% | 101 / 30 / 56 | 54.0% |
| SME | 187 | +11.82% | +0.80% | 101 / 30 / 56 | 54.0% |
Listing gains by month
By listing date. Averages cover issues with a recorded listing price.
| Month | Listed | Average gain | Median gain | Above issue |
|---|---|---|---|---|
| Jan 2026 | 15 | +7.28% | 0.00% | 6 of 15 |
| Feb 2026 | 14 | +1.63% | +1.51% | 8 of 14 |
| Mar 2026 | 11 | +1.12% | 0.00% | 4 of 11 |
| Apr 2026 | 7 | +7.06% | +4.17% | 7 of 7 |
| May 2026 | 12 | +10.99% | +4.94% | 7 of 12 |
| Jun 2026 | 19 | +9.55% | 0.00% | 7 of 19 |
| Jul 2026 | 20 | +22.28% | +5.65% | 14 of 20 |
| Aug 2026 | 22 | +14.41% | +3.60% | 14 of 22 |
| Sep 2026 | 37 | +17.14% | +0.80% | 22 of 37 |
| Oct 2026 | 27 | +10.89% | 0.00% | 11 of 27 |
| Nov 2026 | 3 | +4.17% | 0.00% | 1 of 3 |
Highest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Vans Electroengineerings SME | 7 Oct 2026 | ₹118.00 | ₹224.20 | SME cap +90.00% |
| Roopa Screen SME | 1 Oct 2026 | ₹64.00 | ₹121.60 | SME cap +90.00% |
| Robokidz Eduventures SME | 28 Sep 2026 | ₹106.00 | ₹201.40 | SME cap +90.00% |
| Spectraa Technology Solutions SME | 24 Sep 2026 | ₹118.00 | ₹224.20 | SME cap +90.00% |
| Farm Peace SME | 8 Sep 2026 | ₹59.00 | ₹112.10 | SME cap +90.00% |
Lowest listing-day gains
| IPO | Listed | Issue price | Listing price | Listing gain |
|---|---|---|---|---|
| Yajur Fibres SME | 14 Jan 2026 | ₹174.00 | ₹139.20 | SME floor −20.00% |
| Armour Security (India) SME | 22 Jan 2026 | ₹57.00 | ₹45.60 | SME floor −20.00% |
| Digilogic Systems SME | 28 Jan 2026 | ₹104.00 | ₹83.20 | SME floor −20.00% |
| Kanishk Aluminium India SME | 4 Feb 2026 | ₹73.00 | ₹58.40 | SME floor −20.00% |
| Yashhtej Industries (India) SME | 25 Feb 2026 | ₹110.00 | ₹88.00 | SME floor −20.00% |
Highest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| Grover Jewells SME | 11 Feb 2026 | ₹88.00 | ₹430.85 | +389.60% |
| Apsis Aerocom SME | 18 Mar 2026 | ₹110.00 | ₹475.75 | +332.50% |
| Vans Electroengineerings SME | 7 Oct 2026 | ₹118.00 | ₹433.55 | +267.42% |
| Shreedhar Spinners SME SME | 1 Jul 2026 | ₹53.00 | ₹164.95 | +211.23% |
| Vegorama Punjabi Angithi SME | 27 May 2026 | ₹77.00 | ₹239.50 | +211.04% |
Lowest return since issue
| IPO | Listed | Issue price | Current price | Since issue |
|---|---|---|---|---|
| UHM Vacation SME SME | 11 Jun 2026 | ₹166.00 | ₹28.54 | −82.81% |
| Yajur Fibres SME | 14 Jan 2026 | ₹174.00 | ₹34.20 | −80.34% |
| Mopshop Distribution SME | 26 Aug 2026 | ₹138.00 | ₹29.59 | −78.56% |
| Vama Wovenfab SME | 22 Sep 2026 | ₹341.00 | ₹77.10 | −77.39% |
| Pind Hospitality SME | 6 Oct 2026 | ₹99.00 | ₹23.33 | −76.43% |
SME IPO listing gains, year by year
Listing-day figures for every year covered. The current year runs to date.
Methodology
- Covers every IPO whose shares were listed on NSE or BSE between 1 Jan 2026 and 5 Nov 2026, mainboard and SME, one row per issue. An issue listed on both exchanges counts once.
- Listing-day gain is the listing price (the price at which the shares opened on their first trading day) over the final issue price. The current price is the latest close; the return since issue is adjusted for any split or bonus after listing.
- Averages, medians and the share above issue price cover issues with a recorded listing price; an issue without one is counted in the listings total but not in the averages.
- Mainboard and SME are the two exchange segments; together they make up the total. An issue withdrawn before listing (no shares allotted or traded) is not counted, even if a listing date had been announced.
- Issue size is the total offer in ₹ crore as disclosed. Subscription is the overall times subscribed at the close of bidding; it is recorded for issues from 2026.
- Trading below issue counts issues whose latest close, adjusted for any later split or bonus, is under the issue price. An issue with no close in the last 30 days (suspended, or migrated) has no current price and is left out of those counts.
- On listing day an SME issue opens through a pre-open call auction whose price may be at most 90% above the issue price (NSE from July 2024, BSE likewise) and, since 2025, at most 20% below it. Rows that opened exactly at a limit are marked "SME cap" or "SME floor".
Frequently asked questions
How did IPOs perform on listing day in 2026?
187 SME IPOs listed on NSE and BSE in 2026 as of 5 Nov 2026. Across them, the average listing-day gain was +11.82% (median +0.80%), and 101 of the 187 IPOs with a listing price (54.0%) listed above their issue price.
How many 2026 IPOs are trading below their issue price?
98 of the 187 SME IPOs with a current price (52.4%) traded below their issue price at the close of 4 Nov 2026, 29 of them after listing above it. The median return since issue is −4.58%; 26 have doubled or more and 35 have lost half or more.
How is the listing-day gain calculated?
Listing-day gain is the listing price (the price at which the shares opened on their first trading day) over the final issue price. The current price is the latest close; the return since issue is adjusted for any split or bonus after listing.
Why do so many SME IPOs list at exactly +90% or −20%?
On listing day an SME issue opens through a pre-open call auction whose price may be at most 90% above the issue price (NSE from July 2024, BSE likewise) and, since 2025, at most 20% below it. Rows that opened exactly at a limit are marked "SME cap" or "SME floor".
What does the IPO listing-gains report cover?
Listing-day performance of Indian IPOs by year: average and median listing gain, how many listed above issue, mainboard against SME, and every issue's prices.
Is this investment advice?
Past listing-day performance says nothing about how a future IPO will list or trade. This is historical data, not investment advice and not a recommendation to apply for, buy or sell any security. Tapetide is not a SEBI-registered research analyst or investment adviser.
By Sanjay Mehta, Research lead How we research these reports