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India Ratings Affirms UltraTech Cement's 'IND AAA/Stable' Rating; Capacity to Reach 197.5 mnt
India Ratings has reaffirmed UltraTech Cement’s highest credit rating of ‘IND AAA/Stable’, citing its dominant 27% market share and robust financial profile. The company reported a 19% YoY revenue growth to INR 627 billion in 9MFY26, with absolute EBITDA rising 44% to INR 114 billion. Despite a planned annual capex of INR 100-110 billion for FY26-27, net leverage remains comfortable at 1.1x. The rating also factors in the successful integration of India Cements and Kesoram, alongside a strategic foray into the wires and cables segment.
Key Highlights
Affirmed 'IND AAA/Stable' rating for issuer and debt, reflecting a dominant 27% domestic capacity share.
Consolidated 9MFY26 revenue grew 19% YoY to INR 627 billion, while absolute EBITDA surged 44% to INR 114 billion.
Cement capacity reached 194.1 mnt in Dec 2025, with targets of 197.5 mnt by FY26 and 240.8 mnt by FY28.
Net leverage improved to 1.1x in Dec 2025 from 1.4x in FY25, despite significant expansion and acquisition spends.
Planned capex of INR 100-110 billion annually for FY26 and FY27 to be funded largely through internal accruals.
💼 Action for Investors
Investors should view the 'AAA' affirmation as a sign of superior credit quality and balance sheet strength during an aggressive expansion phase. The company's ability to maintain low leverage while scaling capacity makes it a resilient leader in the cement sector.
RailTel Secures ₹35.55 Crore Railway Signalling Order from North Central Railway
RailTel Corporation of India has bagged a domestic order worth approximately ₹35.55 crore from North Central Railway. The project involves the provision of Multi-Section Digital Axle Counters (MSDAC) and other associated indoor alterations at various stations in the Prayagraj Division. The contract is scheduled for execution over a 24-month period, with a completion deadline set for February 17, 2028. This win reinforces RailTel's strong presence in the specialized railway signaling and infrastructure segment.
Key Highlights
Total order value is ₹35,54,82,968 (approx. ₹35.55 crore)
Scope includes MSDAC provision and associated indoor alterations in EI/RRI/PI stations
Project execution timeline is 24 months, ending February 17, 2028
Awarded by Dy. Cste/P/Cnb, North Central Railway (NCR)
💼 Action for Investors
Investors should view this as a positive addition to RailTel's order book, providing steady revenue visibility over the next two years. Continue to monitor the company's execution efficiency and its ability to secure larger-scale infrastructure projects.
Mukand Ltd Seeks Approval for Re-appointment of CMD and Material Related Party Transactions
Mukand Limited has issued a postal ballot notice seeking shareholder approval for the re-appointment of Shri Niraj Bajaj as Chairman and Managing Director for a 3-year term starting July 5, 2026. The company is also proposing the re-appointment of Shri Nirav Bajaj as Whole-Time Director for 3 years effective May 16, 2026. Additionally, resolutions are being presented for material related party transactions for FY 2026-27 involving the company and its subsidiary, Mukand Heavy Engineering Limited. The e-voting period for these resolutions runs from February 20 to March 21, 2026.
Key Highlights
Proposed re-appointment of Shri Niraj Bajaj as CMD for 3 years starting July 5, 2026
Proposed re-appointment of Shri Nirav Bajaj as Whole-Time Director for 3 years starting May 16, 2026
Approval sought for material related party transactions for FY 2026-27
Remote e-voting period scheduled from February 20, 2026, to March 21, 2026
Results of the postal ballot to be declared on or before March 24, 2026
💼 Action for Investors
Investors should review the proposed remuneration and the nature of the material related party transactions to ensure they align with corporate governance standards. Eligible shareholders should participate in the e-voting process before the March 21 deadline.
Alembic Pharma Completes USFDA Inspection at Karakhadi Facility with 2 Observations
Alembic Pharmaceuticals has concluded an unannounced USFDA inspection at its Karakhadi Injectable Facility (F-3). The inspection, which took place from February 9 to February 18, 2026, resulted in two observations. Crucially, the company stated that none of the observations are related to data integrity, which is often a major concern for regulators. The company intends to respond to these observations within the required timeframe to maintain its compliance status.
Key Highlights
USFDA conducted an unannounced cGMP inspection at the Karakhadi (F-3) injectable facility.
The inspection spanned 10 days from February 9th to February 18th, 2026.
The audit concluded with 2 observations, none of which pertain to data integrity.
The company will submit a formal response to the observations within the stipulated time.
💼 Action for Investors
Investors should monitor for further updates regarding the nature of the observations and the subsequent issuance of an Establishment Inspection Report (EIR). The absence of data integrity issues is a positive sign, suggesting the observations may be procedural.
Hilton Metal Forging Sets Feb 24 as Record Date for 29:60 Rights Issue
Hilton Metal Forging Limited has officially fixed February 24, 2026, as the record date for its upcoming Rights Issue. Eligible shareholders will be entitled to receive 29 new equity shares for every 60 fully paid-up equity shares held as of the record date. This corporate action is part of the company's capital raising strategy and will lead to an expansion of the equity base. Investors should note that the record date determines who receives the rights entitlements in their demat accounts.
Key Highlights
Record date for the Rights Issue is Tuesday, February 24, 2026
Rights entitlement ratio is 29 shares for every 60 shares held
The issue is conducted under Regulation 42 of SEBI (LODR) Regulations, 2015
The move will result in equity dilution for shareholders who do not subscribe to the rights
💼 Action for Investors
Existing shareholders should check the rights issue price once announced to determine if it is at a discount to the market price. If you wish to participate, ensure you hold the shares before the ex-date to be eligible for the 29:60 entitlement.
Hilton Metal Forging to Raise Rs 27.97 Cr via Rights Issue; Ratio 29:60
Hilton Metal Forging Limited has approved a Rights Issue of 1,67,70,000 equity shares at a price of Rs 16.68 per share. The total fundraise is valued at approximately Rs 27.97 crore to support the company's capital requirements. The board has fixed February 24, 2026, as the record date for determining eligibility. Existing shareholders will be entitled to 29 new shares for every 60 shares they hold, leading to significant equity dilution.
Key Highlights
Issue price of Rs 16.68 per share includes a premium of Rs 6.68 over face value
Rights entitlement ratio set at 29 shares for every 60 shares held as of Feb 24, 2026
Total equity shares to increase from 3.47 crore to 5.15 crore assuming full subscription
Authorized share capital increased from Rs 55 crore to Rs 85 crore to accommodate the issue
Full payment of Rs 16.68 per share is required at the time of application
💼 Action for Investors
Investors should compare the issue price of Rs 16.68 with the current market price to assess the attractiveness of the offer before the record date of February 24.
Vipul Limited Sells 50% Stake in Associate High Class Projects for Rs 4.37 Crore
Vipul Limited has signed a definitive agreement to sell its entire 50% equity and preference shareholding in its associate company, High Class Projects Limited. The stake is being acquired by Expertpro Realty Private Limited for a total cash consideration of Rs 4.375 crore. The associate company was loss-making, contributing a loss of Rs 3.38 crore against a turnover of Rs 3.37 crore in the last financial year. Following this transaction, High Class Projects Limited will cease to be an associate of Vipul Limited.
Key Highlights
Divestment of 50% equity and preference shares in associate High Class Projects Limited
Total consideration received for the sale is Rs 4,37,50,000 (Rs 4.375 crore)
Target company reported a loss of Rs 338.08 lakhs on a turnover of Rs 337.04 lakhs in the last FY
Buyer Expertpro Realty Private Limited is a non-promoter entity
Transaction completed on February 18, 2026, resulting in immediate exit from the associate
💼 Action for Investors
This is a positive development as the company is exiting a loss-making associate and generating liquidity. Investors should monitor the company's utilization of these funds for debt reduction or core project execution.
Midwest Ltd Q3 FY26: New 10.9-Hectare Mine Acquisition and Quartz Phase 2 Expansion
Midwest Limited reported strong demand in its granite segment, particularly from domestic and Chinese markets, bolstered by the acquisition of a new 10.9-hectare Black Galaxy mine with superior unit economics. The company has resolved previous technical integration challenges in its Quartz vertical and is proceeding with Phase 2 expansion, targeting commissioning by late FY27. Management is also aggressively pivoting to green operations by converting its mining fleet to EVs and planning a 150,000-ton HMS plant in Sri Lanka following regulatory improvements.
Key Highlights
Acquired a new 10.9-hectare Black Galaxy mine with lower royalty costs and immediate production potential.
Quartz Phase 2 expansion on track for Q3/Q4 FY27 commissioning after resolving Q3 technical issues.
Planning a 150,000-ton output plant for Heavy Mineral Sands (HMS) in Sri Lanka following policy updates.
Aggressive ESG push with 9 EV trucks currently operational and electric excavators being prototyped this quarter.
Launched a new B2B2C business model for unique Grey Quartzite to compete with premium Brazilian imports.
💼 Action for Investors
Investors should monitor the production ramp-up at the new Black Galaxy mine and the execution timeline of Quartz Phase 2, as these are primary growth drivers. The resolution of technical issues in the Quartz segment suggests improved operational stability for the coming quarters.
ICRA Reaffirms RailTel's Credit Ratings at [ICRA]AA (Stable) and [ICRA]A1+
ICRA Limited has reaffirmed the credit ratings for RailTel Corporation of India Limited's various bank facilities. The long-term rating is maintained at [ICRA]AA with a Stable outlook, while the short-term rating remains at [ICRA]A1+. These ratings cover non-fund based limits, fund-based cash credit, and unallocated limits. The reaffirmation signifies the company's continued financial stability and strong credit profile within the telecom and railway infrastructure sectors.
Key Highlights
Long-term rating reaffirmed at [ICRA]AA with a Stable outlook for fund-based and non-fund based limits.
Short-term rating reaffirmed at [ICRA]A1+ for non-fund based and unallocated limits.
The ratings apply to a variety of facilities including Cash Credit and Interchangeable limits.
Stable outlook indicates ICRA's expectation that the company will maintain its credit position in the medium term.
💼 Action for Investors
The reaffirmation of high-grade credit ratings confirms RailTel's strong financial health and low default risk. Investors should maintain their positions as the fundamental credit profile remains robust and unchanged.
L&T Partners with NVIDIA to Build India's Largest Gigawatt-Scale AI Factory
Larsen & Toubro (L&T) has announced a strategic partnership with NVIDIA to build sovereign, gigawatt-scale AI factory infrastructure in India. The venture will scale NVIDIA GPU clusters at L&T's Chennai data center to 30 MW and is currently executing a new 40 MW data center in Mumbai. This initiative aims to serve global hyperscalers, cloud providers, and domestic enterprises by providing production-grade AI capacity. The move positions L&T as a critical player in the high-growth AI infrastructure market, leveraging its engineering expertise with NVIDIA's advanced computing stack.
Key Highlights
Strategic partnership with NVIDIA to deploy GPUs, CPUs, and networking for sovereign AI infrastructure.
Scaling NVIDIA GPU cluster deployment at Chennai DC up to 30 MW within a 300-acre campus.
Development of a new 40 MW Datacenter in Mumbai currently under execution for AI workloads.
Targeting gigawatt-scale capacity to serve global hyperscalers and India's priority sectors like finance and energy.
Integration of NVIDIA AI Enterprise software stack to enable rapid, secure AI adoption for enterprises.
💼 Action for Investors
Investors should view this as a major strategic pivot into high-margin digital infrastructure that complements L&T's core EPC business. Monitor the progress of the Mumbai and Chennai facilities as key milestones for the company's tech-led growth trajectory.
Bosch Ltd Appoints Tillmann Olsen as CFO; Karin Gilges Resigns for Global Role
Bosch Limited has announced a leadership transition where Mr. Tillmann Olsen will take over as Chief Financial Officer effective June 1, 2026. He succeeds Ms. Karin Gilges, who is resigning effective May 31, 2026, to pursue a global role within the Bosch Group outside India. Mr. Olsen brings significant international experience, currently managing a business unit at Bosch Rexroth AG with sales exceeding 400 million EUR. This planned transition appears to be a routine internal movement within the global Bosch organization.
Key Highlights
Mr. Tillmann Olsen appointed as CFO and Key Managerial Personnel effective June 1, 2026
Current CFO Karin Gilges to step down on May 31, 2026, after serving since May 2022
Incoming CFO Tillmann Olsen currently oversees a global business unit with over 400 million EUR in sales
Olsen has extensive experience in M&A, restructuring, and P&L management across Europe, Africa, and Asia
The transition is part of a global group rotation with no material concerns reported regarding the resignation
💼 Action for Investors
This is a standard leadership transition within a multinational group; investors should monitor if there are any shifts in financial strategy after June 2026, though none are expected.
Viceroy Hotels Q3 PAT Jumps 50% to ₹10.9 Cr; Acquires Marriott Executive Apartments for ₹215 Cr
Viceroy Hotels reported a strong Q3 FY26 with PAT growing 50% YoY to ₹10.9 crores and EBITDA margins expanding to 31.5%. The company announced the strategic acquisition of Marriott Executive Apartments in Gachibowli, Hyderabad, for ₹215 crores, adding 75 premium keys. Operational metrics showed significant improvement with ADRs for Marriott and Courtyard rising by 10.3% and 11.3% YoY respectively. The management is progressing with a ₹120 crore capex plan, aiming to reach a total of 1,000 keys by 2030.
Key Highlights
Q3 FY26 PAT rose 50% YoY to ₹10.9 crores with revenue at ₹38.33 crores.
Acquired 75-room Marriott Executive Apartments in Hyderabad for ₹215 crores, expected to be immediately accretive.
EBITDA margin improved to 31.5% in Q3 FY26 from 30% in the previous year due to higher ADRs.
Average Daily Rate (ADR) for Courtyard property increased 11.3% YoY to ₹8,386.
Company targets 1,000 keys by 2030, currently operating 538 keys following the recent acquisition.
💼 Action for Investors
Investors should view the margin expansion and inorganic growth positively as the company scales its presence in the high-growth Hyderabad market. Monitor the progress of Phase 2 renovations at the Marriott property which could temporarily impact occupancy but drive long-term ADR growth.
MPS Limited Schedules Investor Call on Feb 18 for Unbound Medicine, Inc. Acquisition
MPS Limited has announced an update to its conference call scheduled for February 18, 2026, at 7:00 P.M. IST regarding the acquisition of Unbound Medicine, Inc. The company has added a Zoom audio-video participation option to the existing dial-in facilities to facilitate better investor engagement. The acquisition is being conducted through its wholly-owned subsidiary, MPS North America LLC. Chairman and CEO Rahul Arora will lead the call to discuss the strategic implications of this US-based expansion.
Key Highlights
Conference call scheduled for February 18, 2026, at 7:00 P.M. IST.
Discussion focused on the acquisition of Unbound Medicine, Inc., USA.
Deal executed via MPS North America LLC, a 100% wholly-owned subsidiary.
Management to provide details on the strategic rationale and financial impact of the US acquisition.
💼 Action for Investors
Investors should attend the conference call to understand the valuation and synergy benefits of the Unbound Medicine acquisition. Monitor the impact of this acquisition on the company's North American revenue share and overall margins.
MSTC Q3 FY26: Adjusted PAT Grows 10% YoY; New EPR Exchange and Travel Platform to Launch Soon
MSTC reported a steady 9.87% YoY growth in total revenue for 9M FY26, reaching 302.67 crore INR, primarily driven by its e-commerce segment. While reported PAT fell due to a high base from last year's 273.5 crore INR FSNL disinvestment gain, adjusted PAT grew by approximately 10% to 145.89 crore INR. The company is diversifying into high-margin software platforms, including a first-of-its-kind EPR certificate exchange and a new travel booking vertical launching in April 2026. Losses in the MMRPL joint venture are narrowing sequentially, signaling a potential turnaround in the recycling business.
Key Highlights
9M FY26 EBITDA increased by 9.61% YoY to 199.95 crore INR with a 9.26% rise in e-commerce revenue.
Adjusted PAT (excluding last year's FSNL sale proceeds) grew 10% YoY to 145.89 crore INR.
Successfully completed the first tranche of gold bullion allocation for DGFT; silver and other commodities to follow.
Launching a unified B2B/B2C travel booking platform in April 2026 to diversify digital service revenue.
MMRPL joint venture losses are reducing sequentially following cost rationalization and the relocation of units.
💼 Action for Investors
Investors should monitor the scaling of the new EPR exchange and travel platform as these high-margin digital services could significantly boost future profitability. The stock remains a strong play on government digitalization and the formalization of scrap and commodity markets.
Subex Q3 FY26 Normalized PAT Jumps 97% QoQ to ₹7.68 Cr; Revenue Grows to ₹70.79 Cr
Subex Limited reported a steady sequential revenue growth of 2.7% reaching ₹70.79 crores in Q3 FY26. The company's normalized PAT saw a significant jump to ₹7.68 crores from ₹3.9 crores in Q2, reflecting improved operational discipline and a shift toward high-margin AI products. While reported PAT was ₹2.9 crores, it was impacted by a one-time exceptional cost of ₹4.5 crores due to new labour code liabilities. Management highlighted the successful commercialization of 'FraudZap' and funded GenAI POCs with European customers as key growth drivers.
Key Highlights
Revenue grew 2.7% QoQ to ₹70.79 crores with a normalized EBITDA margin of 13.1%.
Normalized PAT nearly doubled sequentially to ₹7.68 crores, excluding a ₹4.5 crore exceptional labour code charge.
Successfully commercialized 'FraudZap' product within one year and secured a major European fraud management contract.
European customers are currently funding Proof of Concepts (POCs) for Subex's new GenAI agents.
Strengthened governance with two new independent directors and new heads for HR and Legal departments.
💼 Action for Investors
Investors should track the conversion rate of AI-led POCs into long-term contracts as these offer faster revenue realization than traditional models. The operational turnaround and margin expansion are positive signs for long-term recovery.
Ecos Mobility Q3 FY26 Revenue Up 22.5% to ₹206 Cr; EBITDA Margins Compress to 11.3%
Ecos Mobility reported a strong 22.5% YoY revenue growth in Q3 FY26, reaching ₹206.1 crore, driven by a 31.3% surge in trip volumes. However, EBITDA margins contracted to 11.33% from 12.85% due to higher variable costs and investments in onboarding large enterprise clients. The company added 39 new clients, bringing the total active base to 1,734, while maintaining a healthy 9-month revenue growth of 26.1%. Management remains optimistic about long-term growth of 15-20% despite near-term margin pressure from technology and talent investments.
Key Highlights
Q3 FY26 revenue grew 22.48% YoY to ₹206.07 crore, while 9M FY26 revenue rose 26.15% to ₹601.4 crore.
EBITDA margins for Q3 FY26 contracted to 11.33% compared to 12.85% in the previous year's quarter.
Active client base expanded by 34% YoY to 1,734, with 39 new enterprise clients added during the quarter.
Chauffeur-driven Car Rentals (CCR) segment grew 30% YoY, now contributing 43% of total revenue.
Total trip volumes for Q3 reached 1.3 million, representing a significant 31.29% YoY increase.
💼 Action for Investors
Investors should monitor the company's ability to pass on costs and improve margins as new enterprise contracts scale up over the next 2-3 quarters. The strong top-line momentum and digital adoption are positive signs, but margin recovery is essential for valuation re-rating.
Loyal Textile Mills Approves Q3 FY2025-26 Unaudited Financial Results
Loyal Textile Mills Limited has officially approved its standalone and consolidated financial results for the quarter and nine months ending December 31, 2025. The Board of Directors met on February 11, 2026, to adopt these results along with the limited review report from statutory auditors M/s. Brahmayya & Co. While the specific financial figures were not detailed in the cover letter, the approval marks the completion of regulatory compliance for the third quarter. Investors should now focus on the detailed financial tables to assess the company's operational trajectory.
Key Highlights
Board approved unaudited standalone and consolidated financial results for the period ended December 31, 2025.
The statutory audit review was completed by M/s. Brahmayya & Co., Chartered Accountants.
The board meeting was held on February 11, 2026, lasting from 1:50 P.M. to 7:15 P.M.
Compliance maintained under Regulation 33 of SEBI Listing Regulations for the third quarter reporting.
💼 Action for Investors
Investors should review the full financial statements to evaluate revenue growth and margin trends in the textile segment. Compare these results with previous quarters to determine if the company is maintaining its operational efficiency.
All Time Plastics Q3 FY26: PAT Doubles QoQ to ₹9.2 Cr; Revenue Up 8.1% to ₹159 Cr
All Time Plastics reported a strong sequential recovery in Q3 FY26, with revenue growing 8.1% QoQ to ₹159.3 crores and PAT surging 117% QoQ to ₹9.2 crores. While YoY profitability declined due to expansion-related fixed costs and a ₹4.4 crore exceptional labor code provision, margins showed significant improvement with EBITDA margin rising to 14.7% from 11% in Q2. The company is aggressively expanding its Khatalwada facility, targeting a total capacity of 52,500 MT by FY27 to capitalize on the China-plus-one strategy. Exports remain the primary driver, contributing nearly 84% of total revenue.
Key Highlights
Revenue grew 8.1% QoQ to ₹159.3 crores, driven by improved order traction in core export markets like Europe and the US.
EBITDA increased 44.3% sequentially to ₹23.5 crores, reflecting strong operating leverage as new capacity begins to absorb fixed costs.
Total installed capacity reached 39,000 MT as of Dec 2025, with a target of 52,500 MT by FY27.
Profitability was impacted by a one-time exceptional provision of ₹4.4 crores related to the implementation of the new labor code.
Exports continue to dominate the mix at 83.9% of revenue, with Europe accounting for approximately 60% of total sales.
💼 Action for Investors
Investors should monitor the ramp-up of the Khatalwada facility and the impact of potential EU Free Trade Agreements on export competitiveness. The strong sequential margin recovery suggests that the peak of expansion-related cost pressures may have passed.
Royal Orchid Hotels Q3 Revenue Grows 24% to ₹117.9 Cr; Total Keys Reach 10,700
Royal Orchid Hotels Limited (ROHLTD) reported a 24.3% YoY increase in consolidated revenue to ₹117.9 crore for Q3 FY26. While EBITDA grew by 13.8% to ₹34.8 crore, consolidated PAT (after associates) declined to ₹9.6 crore from ₹18.1 crore YoY, largely due to higher depreciation and finance costs associated with IndAS accounting and the launch of Iconiqa Mumbai. The company has aggressively expanded its portfolio to 121 operating hotels and a total of 10,700 keys including signed properties. Iconiqa Mumbai showed strong initial traction with ₹17.4 crore in Q3 revenue and a target annual run-rate of ₹80-100 crore.
Key Highlights
Consolidated revenue increased 24.3% YoY to ₹117.9 crore in Q3 FY26.
Total keys reached 10,700 across 168+ hotels (including upcoming), with 121 currently operational.
Iconiqa Mumbai contributed ₹17.4 crore in Q3 revenue, achieving a No. 1 TripAdvisor rating within 4 months.
Average Room Rate (ARR) for JLO hotels grew 10.3% YoY to ₹6,972, while Managed hotels ARR rose 4.7% to ₹4,454.
Consolidated PAT was significantly impacted by a ₹19.48 crore notional increase in depreciation and finance costs due to IndAS adoption.
💼 Action for Investors
Investors should monitor the scaling of the Iconiqa Mumbai property and the company's transition toward a capital-light managed-hotel model. While net profit is currently suppressed by lease accounting and expansion costs, the strong top-line growth and increasing ARR indicate healthy underlying demand.
Royal Orchid Hotels Q3 FY26 Revenue Up 24% YoY to INR 117.93 Cr; PAT at INR 9.62 Cr
Royal Orchid Hotels reported a robust 24.3% year-on-year increase in consolidated total income to INR 117.93 crore for Q3 FY26. Consolidated EBITDA reached INR 34.84 crore, while Profit After Tax (PAT) stood at INR 9.62 crore, notably impacted by a non-cash IND AS adjustment of INR 6.42 crore. The company added six new properties during the quarter and is pursuing an aggressive asset-light strategy. With a pipeline of over 1,800 keys planned for the next 6-9 months, the company is well-positioned to capture rising travel demand.
Key Highlights
Consolidated Total Income rose 24.3% YoY to INR 117.93 crore in Q3 FY26 from INR 94.86 crore.
Consolidated PAT for the quarter was INR 9.62 crore, with Earnings Per Share (EPS) at INR 3.29.
Added 6 new properties in Q3, strengthening presence in key corridors like NCR and Mumbai.
Management targets adding 1,800+ keys over the next 6-9 months via an asset-light growth model.
9M FY26 Consolidated PAT stands at INR 25.11 crore on a total income of INR 287.50 crore.
💼 Action for Investors
Investors should view the strong top-line growth and aggressive expansion pipeline as positive indicators of market share gains. While accounting adjustments impact reported PAT, the operational cash flows and asset-light scaling remain the primary value drivers.