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H1 FY27 Net Profit Rises 9.4% YoY to Rs 11.03 Cr; Revenue Up 13.9% to Rs 71.19 Cr
Bright Outdoor Media reported unaudited standalone revenue from operations of Rs 71.19 Cr for the half year ended September 30, 2026, representing a 13.9% YoY growth from Rs 62.51 Cr in H1 FY26. Standalone net profit reached Rs 11.03 Cr, up 9.4% YoY compared to Rs 10.08 Cr in the corresponding period last year. Profit before tax rose 7.7% YoY to Rs 14.62 Cr, driven largely by advertising revenue of Rs 70.43 Cr. Net cash generated from operating activities stood at Rs 0.59 Cr compared to Rs 3.61 Cr for FY26.
Confidence: HIGH
What changedBright Outdoor Media reported its half-yearly financial results for the period ended September 30, 2026.
Why it mattersDemonstrates moderate double-digit top-line expansion in core outdoor advertising, though margins experienced mild pressure due to rising direct operational costs.
H1 FY27 Revenue from Operations: Rs 7,119.36 lakhsH1 FY27 PAT: Rs 1,102.71 lakhsH1 FY27 PBT: Rs 1,461.66 lakhsH1 Revenue vs TTM Revenue: ~25.3%
📅 Short termTrading sentiment is likely to remain steady as results show stable, mid-teens revenue growth and modest earnings expansion.
📈 Long termLong-term scaling depends on management's ability to drive DOOH revenue beyond 25% of the mix and successfully scale contracts beyond Mumbai.
⚠ Risk flags
- Compression in segment results for advertising (Rs 16.91 Cr vs Rs 18.13 Cr YoY)
- Significant working capital drain with operating cash flow down to Rs 0.59 Cr
Key Highlights
Revenue from operations grew 13.9% YoY to Rs 7,119.36 lakhs (Rs 71.19 Cr) vs Rs 6,250.67 lakhs in H1 FY26
Net profit after tax increased 9.4% YoY to Rs 1,102.71 lakhs (Rs 11.03 Cr) from Rs 1,007.52 lakhs
Advertising segment contributed Rs 7,042.51 lakhs (98.9% of operational revenue), while Real Estate added Rs 76.85 lakhs
Basic EPS for the half-year stood at Rs 10.25 compared to Rs 11.54 in H1 FY26, reflecting share capital dilution to Rs 2,182.32 lakhs
👀 What to Watch
Track the pace of DOOH conversion permissions from BMC and subsequent margin impact in H2 FY27 results.
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Arihant Academy Approves ₹81 Lakh Bolt-on Acquisitions; H1 FY27 PAT at ₹4.50 Cr
Arihant Academy approved its H1 FY27 financial results reporting consolidated revenue of ₹38.48 Cr and PAT of ₹4.50 Cr, compared to PAT of ₹4.01 Cr in H1 FY26. Concurrently, the Board approved the acquisition of two proprietorship coaching entities in Bhayander, Thane: Arihant Tutorials for ₹60 lakh and Rajguru Academy for ₹21 lakh, effective April 1, 2027. Together, the acquisitions total ₹81 lakh (approx. 1.2% of TTM revenue of ₹67 Cr) and will be funded entirely in cash on a slump sale basis.
Confidence: HIGH
What changedBoard approved H1 FY27 unaudited financial results alongside 100% cash slump-sale acquisitions of Arihant Tutorials and Rajguru Academy.
Why it mattersThe acquisitions bolster local coaching presence in the Thane/Mumbai suburban belt, though their financial magnitude (₹81 lakh total consideration) represents a small bolt-on relative to the company's ₹67 Cr TTM revenue.
H1 FY27 Revenue: ₹3,848.10 lakhsH1 FY27 Consolidated PAT: ₹449.79 lakhsCombined Acquisition Outlay: ₹81.00 lakhsAcquisition Outlay vs TTM Revenue: ~1.2%
📅 Short termMarket reaction is likely to focus on the H1 earnings performance and modest local market consolidation.
📈 Long termSupports the company's stated strategy of inorganic regional expansion across Maharashtra, though integration and retention of teaching talent remain critical.
⚠ Risk flags
- Execution and faculty retention risks during integration of acquired proprietorship centers
- Long lead time with effective acquisition date set for April 1, 2027
Key Highlights
H1 FY27 consolidated revenue from operations reached ₹3,848.10 lakhs (₹38.48 Cr) with net profit after tax of ₹449.79 lakhs (₹4.50 Cr).
Acquisition of Arihant Tutorials approved for ₹60.00 lakhs (₹48.00 lakhs lump-sum plus ₹12.00 lakhs advisory fee).
Acquisition of Rajguru Academy approved for ₹21.00 lakhs (₹16.80 lakhs lump-sum plus ₹4.20 lakhs advisory fee).
Combined turnover of acquired businesses was ₹57.87 lakhs for FY 2025-26, funded via 100% cash with effective date of April 1, 2027.
👀 What to Watch
Track integration milestones leading up to the April 1, 2027 effective date and monitor student enrollment trends in subsequent quarterly operational updates.
Transworld Subsidiary Buys Two Vessels for $42.78 Million in Related-Party Deal
Transworld Shipping Lines announced that its wholly owned subsidiary, Transworld Sea-Connect IFSC Private Limited, signed a Memorandum of Agreement to acquire two vessels for a combined consideration of US$ 42.78 million (~Rs 355+ Cr). The subsidiary will purchase 'OEL Surya' for US$ 22.03 million and 'OEL Varun' for US$ 20.75 million from Orient Express Lines Inc., Panama. The transaction is a related-party deal conducted on an arm's length basis, as buyer and seller share common ultimate ownership/control. At approximately Rs 355-360 Cr, the acquisition outlay is substantial compared to the company's market cap of Rs 361 Cr and TTM revenue of Rs 465 Cr.
Confidence: HIGH
What changedTransworld's IFSC subsidiary entered into an MOA on October 24, 2026, to acquire two vessels ('OEL Surya' and 'OEL Varun') for $42.78 million.
Why it mattersThe capex represents roughly 100% of Transworld's market capitalization (Rs 361 Cr) and ~77% of TTM revenue, significantly expanding operational fleet capacity but adding substantial financial commitments in a related-party deal.
OEL Surya consideration: US$ 22,030,000OEL Varun consideration: US$ 20,750,000Total acquisition value: US$ 42,780,000Total value vs Market Cap: ~98-100%
📅 Short termMarket focus will center on financing terms, balance sheet leverage impact, and the necessary shareholder/audit committee clearances for large-scale related-party vessel purchases.
📈 Long termAdding two vessels expands earning fleet capacity and aligns with the strategy to grow maritime operational assets, though return metrics will hinge on charter deployment and debt costs.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Related-party transaction under common ultimate control
- High capital outlay relative to market cap (Rs 361 Cr) and cash flow
- Funding method not detailed, risking higher debt for an already loss-making TTM balance sheet
Key Highlights
Purchase of vessel 'OEL Surya' for US$ 22,030,000 from Orient Express Lines Inc.
Purchase of vessel 'OEL Varun' for US$ 20,750,000 from Orient Express Lines Inc.
Combined transaction value stands at US$ 42,780,000 (~Rs 355-360 Cr)
Executed via 100% subsidiary Transworld Sea-Connect IFSC Private Limited
Related-party transaction under common ultimate ownership, undertaken at arm's length
👀 What to Watch
Track shareholder and regulatory approval requirements for this large related-party transaction, along with the funding structure (debt vs cash) and the vessels' expected delivery schedule.
Popees Baby Care to Issue Shares & Warrants at ₹142.44 via Share Swap to Acquire Target Company
Popees Baby Care India Ltd's board approved issuing up to 2,58,89,023 equity shares and 98,31,758 convertible warrants on a preferential basis at ₹142.44 each via a share swap arrangement. The transaction involves acquiring shares of Popees Baby Care Products Limited (Target Company) for consideration other than cash. The total transaction value across shares and warrants exceeds ₹500 crore, significantly altering the company's capital base relative to its current net worth of ₹7 crore. The EGM to approve the proposal is scheduled for December 12, 2026, with November 11, 2026 set as the relevant date.
Confidence: HIGH
What changedThe board approved a massive preferential allotment of 2.59 crore shares and 0.98 crore warrants at ₹142.44 each for a share swap with Popees Baby Care Products Limited.
Why it mattersThis reverse-merger-style consolidation or major acquisition brings Popees Baby Care Products Limited into the listed entity, expanding the equity base massively compared to existing capital.
Issue Price per Share/Warrant: ₹142.44Equity Shares to be Issued: 2,58,89,023Convertible Warrants to be Issued: 98,31,758EGM Date: December 12, 2026Relevant Date: November 11, 2026
📅 Short termShareholder voting and regulatory scrutiny will be the key focus leading up to the EGM on December 12, 2026.
📈 Long termConsolidating Popees Baby Care Products Limited into the listed entity could structurally scale operations, though existing public shareholders face extreme equity dilution.
⚠ Risk flags
- Severe equity dilution from issuing over 3.57 crore shares and warrants
- Related-party and promoter-concentration transaction
- Requires regulatory and minority shareholder approvals
Key Highlights
Issuance of up to 2,58,89,023 equity shares at ₹142.44 per share via share swap
Issuance of up to 98,31,758 convertible warrants at ₹142.44 per warrant, convertible within 18 months
Acquisition consideration other than cash to swap shares of Popees Baby Care Products Limited
Relevant date set for November 11, 2026, and EGM convened for December 12, 2026
👀 What to Watch
Track the outcome of shareholder voting at the EGM on December 12, 2026, along with regulatory and exchange approvals for the substantial equity dilution and share swap.
Popees Baby Care to Issue Shares & Warrants at ₹142.44 via Share Swap to Acquire Target Company
Popees Baby Care India Ltd's board approved issuing up to 2,58,89,023 equity shares and 98,31,758 convertible warrants on a preferential basis at ₹142.44 each via a share swap arrangement. The transaction involves acquiring shares of Popees Baby Care Products Limited (Target Company) for consideration other than cash. The total transaction value across shares and warrants exceeds ₹500 crore, significantly altering the company's capital base relative to its current net worth of ₹7 crore. The EGM to approve the proposal is scheduled for December 12, 2026, with November 11, 2026 set as the relevant date.
Confidence: HIGH
What changedThe board approved a massive preferential allotment of 2.59 crore shares and 0.98 crore warrants at ₹142.44 each for a share swap with Popees Baby Care Products Limited.
Why it mattersThis reverse-merger-style consolidation or major acquisition brings Popees Baby Care Products Limited into the listed entity, expanding the equity base massively compared to existing capital.
Issue Price per Share/Warrant: ₹142.44Equity Shares to be Issued: 2,58,89,023Convertible Warrants to be Issued: 98,31,758EGM Date: December 12, 2026Relevant Date: November 11, 2026
📅 Short termShareholder voting and regulatory scrutiny will be the key focus leading up to the EGM on December 12, 2026.
📈 Long termConsolidating Popees Baby Care Products Limited into the listed entity could structurally scale operations, though existing public shareholders face extreme equity dilution.
⚠ Risk flags
- Severe equity dilution from issuing over 3.57 crore shares and warrants
- Related-party and promoter-concentration transaction
- Requires regulatory and minority shareholder approvals
Key Highlights
Issuance of up to 2,58,89,023 equity shares at ₹142.44 per share via share swap
Issuance of up to 98,31,758 convertible warrants at ₹142.44 per warrant, convertible within 18 months
Acquisition consideration other than cash to swap shares of Popees Baby Care Products Limited
Relevant date set for November 11, 2026, and EGM convened for December 12, 2026
👀 What to Watch
Track the outcome of shareholder voting at the EGM on December 12, 2026, along with regulatory and exchange approvals for the substantial equity dilution and share swap.
Popees Baby Care to Issue Shares & Warrants at ₹142.44 via Share Swap to Acquire Target Company
Popees Baby Care India Ltd's board approved issuing up to 2,58,89,023 equity shares and 98,31,758 convertible warrants on a preferential basis at ₹142.44 each via a share swap arrangement. The transaction involves acquiring shares of Popees Baby Care Products Limited (Target Company) for consideration other than cash. The total transaction value across shares and warrants exceeds ₹500 crore, significantly altering the company's capital base relative to its current net worth of ₹7 crore. The EGM to approve the proposal is scheduled for December 12, 2026, with November 11, 2026 set as the relevant date.
Confidence: HIGH
What changedThe board approved a massive preferential allotment of 2.59 crore shares and 0.98 crore warrants at ₹142.44 each for a share swap with Popees Baby Care Products Limited.
Why it mattersThis reverse-merger-style consolidation or major acquisition brings Popees Baby Care Products Limited into the listed entity, expanding the equity base massively compared to existing capital.
Issue Price per Share/Warrant: ₹142.44Equity Shares to be Issued: 2,58,89,023Convertible Warrants to be Issued: 98,31,758EGM Date: December 12, 2026Relevant Date: November 11, 2026
📅 Short termShareholder voting and regulatory scrutiny will be the key focus leading up to the EGM on December 12, 2026.
📈 Long termConsolidating Popees Baby Care Products Limited into the listed entity could structurally scale operations, though existing public shareholders face extreme equity dilution.
⚠ Risk flags
- Severe equity dilution from issuing over 3.57 crore shares and warrants
- Related-party and promoter-concentration transaction
- Requires regulatory and minority shareholder approvals
Key Highlights
Issuance of up to 2,58,89,023 equity shares at ₹142.44 per share via share swap
Issuance of up to 98,31,758 convertible warrants at ₹142.44 per warrant, convertible within 18 months
Acquisition consideration other than cash to swap shares of Popees Baby Care Products Limited
Relevant date set for November 11, 2026, and EGM convened for December 12, 2026
👀 What to Watch
Track the outcome of shareholder voting at the EGM on December 12, 2026, along with regulatory and exchange approvals for the substantial equity dilution and share swap.
Evexia Lifecare Q2 Standalone Revenue at ₹23.83 Cr; Auditor Raises Disclaimer of Conclusion
Evexia Lifecare reported standalone revenue from operations of ₹23.83 Cr for Q2 FY27 (quarter ended September 30, 2026), down 4.8% YoY from ₹25.03 Cr, while net profit rose to ₹0.38 Cr from ₹0.32 Cr. Critically, the statutory auditors issued a disclaimer of conclusion citing inability to verify loans of ₹7.35 Cr and trade receivables of ₹29.44 Cr with heightened credit risk and no ECL provisions. Additionally, the auditor highlighted unverified investments of ₹0.87 Cr and going concern risks at its suspended subsidiary Kavit Edible Oil Limited. During the quarter, the company allotted 34.07 Cr equity shares following the conversion of 50 FCCBs.
Confidence: HIGH
What changedEvexia reported Q2 FY27 results and completed the conversion of 50 FCCBs into 34.07 Cr equity shares, significantly expanding share capital.
Why it mattersThe company trades at an extreme valuation (P/E > 800) on thin profitability, and severe audit qualifications on recoverability of ₹36.8 Cr in loans/receivables pose substantial balance sheet risks.
Q2 Standalone Revenue: ₹2,383.40 LakhsQ2 Standalone Net Profit: ₹38.12 LakhsQuestioned Trade Receivables: ₹2943.89 LakhsQuestioned Loans Receivables: ₹735.13 LakhsShares Allotted on FCCB Conversion: 34,07,14,286
📅 Short termAdverse auditor commentary regarding inability to verify documentation, material misstatements, and lack of ECL provisions may weigh heavily on sentiment.
📈 Long termWeak core margins, low promoter holding (3.4%), heavy debt of ₹380 Cr, and auditor governance flags limit fundamental comfort.
⚠ Risk flags
- Auditor disclaimer of conclusion due to lack of audit evidence and missing documentation
- Unassessed credit risk on ₹29.44 Cr trade receivables and ₹7.35 Cr loans
- High dilution from FCCB conversions (34.07 Cr new shares allotted)
- Extremely low promoter holding at ~3.4%
Key Highlights
Standalone Q2 revenue stood at ₹23.83 Cr compared to ₹25.03 Cr in Q2 FY26 and ₹29.66 Cr in Q1 FY27
Net profit for the quarter reported at ₹38.12 Lakhs (₹0.38 Cr) vs ₹31.52 Lakhs in Q2 FY26
Auditor issued disclaimer of conclusion over ₹29.44 Cr in trade receivables and ₹7.35 Cr in loans without ECL assessment
Company allotted 34,07,14,286 equity shares of ₹1 face value at ₹0.40 premium upon conversion of 50 FCCBs
Subsidiary Kavit Edible Oil Limited operations remain suspended since March 2019, carrying ₹1.28 Cr exposure
👀 What to Watch
Track management's provisioning against questioned receivables (₹29.44 Cr) and loans (₹7.35 Cr), and monitor whether future auditor reports continue to issue disclaimers.
Evexia Lifecare Q2 Standalone Revenue at ₹23.83 Cr; Auditor Raises Disclaimer of Conclusion
Evexia Lifecare reported standalone revenue from operations of ₹23.83 Cr for Q2 FY27 (quarter ended September 30, 2026), down 4.8% YoY from ₹25.03 Cr, while net profit rose to ₹0.38 Cr from ₹0.32 Cr. Critically, the statutory auditors issued a disclaimer of conclusion citing inability to verify loans of ₹7.35 Cr and trade receivables of ₹29.44 Cr with heightened credit risk and no ECL provisions. Additionally, the auditor highlighted unverified investments of ₹0.87 Cr and going concern risks at its suspended subsidiary Kavit Edible Oil Limited. During the quarter, the company allotted 34.07 Cr equity shares following the conversion of 50 FCCBs.
Confidence: HIGH
What changedEvexia reported Q2 FY27 results and completed the conversion of 50 FCCBs into 34.07 Cr equity shares, significantly expanding share capital.
Why it mattersThe company trades at an extreme valuation (P/E > 800) on thin profitability, and severe audit qualifications on recoverability of ₹36.8 Cr in loans/receivables pose substantial balance sheet risks.
Q2 Standalone Revenue: ₹2,383.40 LakhsQ2 Standalone Net Profit: ₹38.12 LakhsQuestioned Trade Receivables: ₹2943.89 LakhsQuestioned Loans Receivables: ₹735.13 LakhsShares Allotted on FCCB Conversion: 34,07,14,286
📅 Short termAdverse auditor commentary regarding inability to verify documentation, material misstatements, and lack of ECL provisions may weigh heavily on sentiment.
📈 Long termWeak core margins, low promoter holding (3.4%), heavy debt of ₹380 Cr, and auditor governance flags limit fundamental comfort.
⚠ Risk flags
- Auditor disclaimer of conclusion due to lack of audit evidence and missing documentation
- Unassessed credit risk on ₹29.44 Cr trade receivables and ₹7.35 Cr loans
- High dilution from FCCB conversions (34.07 Cr new shares allotted)
- Extremely low promoter holding at ~3.4%
Key Highlights
Standalone Q2 revenue stood at ₹23.83 Cr compared to ₹25.03 Cr in Q2 FY26 and ₹29.66 Cr in Q1 FY27
Net profit for the quarter reported at ₹38.12 Lakhs (₹0.38 Cr) vs ₹31.52 Lakhs in Q2 FY26
Auditor issued disclaimer of conclusion over ₹29.44 Cr in trade receivables and ₹7.35 Cr in loans without ECL assessment
Company allotted 34,07,14,286 equity shares of ₹1 face value at ₹0.40 premium upon conversion of 50 FCCBs
Subsidiary Kavit Edible Oil Limited operations remain suspended since March 2019, carrying ₹1.28 Cr exposure
👀 What to Watch
Track management's provisioning against questioned receivables (₹29.44 Cr) and loans (₹7.35 Cr), and monitor whether future auditor reports continue to issue disclaimers.
Jio Platforms IPO Issue Price Finalised at ₹1,119 per Share; Raises ~₹30,213 Cr
Reliance Industries subsidiary Jio Platforms Limited (JPL) has finalised its IPO issue price at ₹1,119 per equity share (face value ₹10). The fresh issue comprises up to 27,00,00,000 equity shares, representing an aggregate fresh fundraise of approximately ₹30,213 crore (~1.6% of Reliance's ₹19,01,177 Cr market cap). The IPO closed on October 23, 2026, and the final prospectus was filed with the RoC, Gujarat on October 24, 2026.
Confidence: HIGH
What changedJio Platforms Limited has officially concluded its IPO bidding and priced its fresh issue at ₹1,119 per share, filing its final prospectus with the RoC.
Why it mattersThe IPO unlocks significant value for Reliance Industries' digital and telecom subsidiary and injects ~₹30,213 crore of primary capital directly into JPL.
Issue Price per Share: ₹1,119Fresh Issue Shares: 27,00,00,000Total Fresh Issue Amount: ~₹30,213 CrIssue Size vs Market Cap: ~1.59%
📅 Short termMarket sentiment will focus on the subscription numbers, anchor allotment details, and final listing day premium for Jio Platforms Limited.
📈 Long termEstablishes an independent market valuation benchmark for Reliance's digital business and enhances JPL's balance sheet for future 5G and AI expansions.
⚠ Risk flags
- Post-listing market volatility for JPL shares
- Minor dilution of RIL's ownership stake in JPL
Key Highlights
Final issue price set at ₹1,119 per Equity Share of face value ₹10
Fresh issue size of up to 27,00,00,000 equity shares amounting to ~₹30,213 crore
IPO opened for subscription on October 21, 2026 and closed on October 23, 2026
Filed final Prospectus dated October 24, 2026 with RoC, Gujarat at Ahmedabad
👀 What to Watch
Track the listing date and initial trading performance of Jio Platforms Limited on the stock exchanges, as well as the deployment details of the fresh proceeds in telecom and 5G infrastructure.
Shangar Decor Q2 FY27 Net Profit Jumps to ₹1.05 Cr; Revenue Up 302% YoY to ₹10.84 Cr
Shangar Decor reported standalone revenue of ₹10.84 Cr for Q2 ended September 30, 2026, marking a 302% surge from ₹2.70 Cr in the year-ago period. Net profit rose more than sixfold YoY to ₹1.05 Cr compared to ₹0.16 Cr in Q2 FY26. For H1 FY27, net revenue stood at ₹16.12 Cr with a net profit of ₹1.75 Cr, compared to ₹0.29 Cr in H1 FY26. However, the statutory auditors issued an Emphasis of Matter noting pending third-party confirmations for receivables, payables, and loans, along with lack of supporting documentation for investments.
Confidence: HIGH
What changedShangar Decor reported its unaudited Q2 and H1 FY27 results showing substantial top-line and bottom-line growth, alongside an auditor Emphasis of Matter.
Why it mattersA sharp rise in quarterly revenue and net profit improves earnings visibility, but audit reservations around ledger balances and investments warrant caution.
Q2 Revenue: 1,084.30 lacsQ2 Net Profit: 105.38 lacsH1 Revenue: 1,612.11 lacsH1 Net Profit: 174.69 lacsCash and Cash Equivalents: 417.78 lacs
📅 Short termEarnings show operational scale-up, but markets may scrutinize the auditor's qualification on trade balances and investments.
📈 Long termSustainability of margins and resolution of working capital verification are critical for long-term credibility given low promoter holding of 2.94%.
⚠ Risk flags
- Auditor emphasis of matter on unconfirmed trade receivables, payables, and loans
- Lack of reliable supporting documents for investment valuations noted by auditor
- Extremely low promoter holding at 2.94%
Key Highlights
Q2 revenue from operations surged 302% YoY to ₹1,084.30 lakhs (₹10.84 Cr) from ₹269.70 lakhs
Net profit for Q2 increased to ₹105.38 lakhs (₹1.05 Cr) versus ₹16.44 lakhs in Q2 FY26
H1 FY27 net profit reached ₹174.69 lakhs compared to ₹28.67 lakhs in H1 FY26
Statutory auditor highlighted unconfirmed balances for trade receivables, payables, loans, and lack of investment verification documents
👀 What to Watch
Track subsequent audit reports to see if external balance confirmations and investment documentation issues flagged by the auditor are resolved.
Shangar Decor Q2 FY27 Net Profit Jumps to ₹1.05 Cr; Revenue Up 302% YoY to ₹10.84 Cr
Shangar Decor reported standalone revenue of ₹10.84 Cr for Q2 ended September 30, 2026, marking a 302% surge from ₹2.70 Cr in the year-ago period. Net profit rose more than sixfold YoY to ₹1.05 Cr compared to ₹0.16 Cr in Q2 FY26. For H1 FY27, net revenue stood at ₹16.12 Cr with a net profit of ₹1.75 Cr, compared to ₹0.29 Cr in H1 FY26. However, the statutory auditors issued an Emphasis of Matter noting pending third-party confirmations for receivables, payables, and loans, along with lack of supporting documentation for investments.
Confidence: HIGH
What changedShangar Decor reported its unaudited Q2 and H1 FY27 results showing substantial top-line and bottom-line growth, alongside an auditor Emphasis of Matter.
Why it mattersA sharp rise in quarterly revenue and net profit improves earnings visibility, but audit reservations around ledger balances and investments warrant caution.
Q2 Revenue: 1,084.30 lacsQ2 Net Profit: 105.38 lacsH1 Revenue: 1,612.11 lacsH1 Net Profit: 174.69 lacsCash and Cash Equivalents: 417.78 lacs
📅 Short termEarnings show operational scale-up, but markets may scrutinize the auditor's qualification on trade balances and investments.
📈 Long termSustainability of margins and resolution of working capital verification are critical for long-term credibility given low promoter holding of 2.94%.
⚠ Risk flags
- Auditor emphasis of matter on unconfirmed trade receivables, payables, and loans
- Lack of reliable supporting documents for investment valuations noted by auditor
- Extremely low promoter holding at 2.94%
Key Highlights
Q2 revenue from operations surged 302% YoY to ₹1,084.30 lakhs (₹10.84 Cr) from ₹269.70 lakhs
Net profit for Q2 increased to ₹105.38 lakhs (₹1.05 Cr) versus ₹16.44 lakhs in Q2 FY26
H1 FY27 net profit reached ₹174.69 lakhs compared to ₹28.67 lakhs in H1 FY26
Statutory auditor highlighted unconfirmed balances for trade receivables, payables, loans, and lack of investment verification documents
👀 What to Watch
Track subsequent audit reports to see if external balance confirmations and investment documentation issues flagged by the auditor are resolved.
Fluidomat Elevates Radhica Sharma to MD, Appoints Pramila Jain as Executive Director
Fluidomat Ltd has approved significant leadership realignments at its board meeting on October 24, 2026. Mrs. Radhica Sharma has been elevated from Joint Managing Director to Managing Director for the remainder of her term until February 9, 2028. Additionally, Mr. Kunal Jain has been redesignated as Joint Managing Director until April 30, 2029, and Mrs. Pramila Jain has been inducted as an Additional Whole-time Director (Executive Director) for a 3-year term ending October 23, 2029. The changes signify formal succession and continuity within the promoter-led executive team for the Rs 368 Cr market cap company.
Confidence: HIGH
What changedMrs. Radhica Sharma takes over as Managing Director, Mr. Kunal Jain becomes Joint Managing Director, and Mrs. Pramila Jain enters the board as Executive Director.
Why it mattersThe realignment formalizes executive responsibilities among the core promoter family without changing underlying operations or capital structure.
Pramila Jain tenure: 3 years (24th October, 2026 to 23rd October, 2029)Radhica Sharma tenure expiry: 9th February, 2028Kunal Jain tenure expiry: 30th April, 2029Company TTM Revenue context: Rs 46 Cr
📅 Short termNeutral; operational continuity is expected as the elevated executives are internal family promoters already managing key functions.
📈 Long termSolidifies promoter leadership structure and long-term succession planning for the company's industrial coupling business.
⚠ Risk flags
- High family concentration on the board (MD, Jt MD, Executive Director, and CFO are immediate relatives)
Key Highlights
Mrs. Radhica Sharma redesignated as Managing Director effective October 24, 2026, until February 9, 2028
Mr. Kunal Jain redesignated from Executive Director to Joint Managing Director with tenure ending April 30, 2029
Mrs. Pramila Jain appointed as Additional Whole-time Director for a 3-year term from October 24, 2026, to October 23, 2029
Pramila Jain appointment is subject to member approval within 3 months
👀 What to Watch
Track the upcoming shareholder resolution for Mrs. Pramila Jain's appointment within 3 months and observe if the leadership transition impacts operational execution and product R&D roadmap.
Panache Digilife Q2 FY27 Revenue Surges 232% YoY to ₹129.6 Cr; PAT Jumps 5.5x to ₹7.7 Cr
Panache Digilife released its Q2 FY27 investor presentation, reporting consolidated Revenue from Operations of ₹12,960 lakhs (₹129.60 cr), a sharp increase of 231.8% YoY and 154.9% QoQ. Operating EBITDA surged 393.5% YoY to ₹1,238 lakhs (₹12.38 cr) with margins expanding 313 bps YoY to 9.6%. PAT for the quarter rose 450.8% YoY to ₹770 lakhs (₹7.70 cr), driven by scale benefits and an improved mix towards higher-margin, design-led manufacturing. Working capital cycles also improved, with the cash conversion cycle shortening to 68 days in September 2026 from 83 days in March 2026.
Confidence: HIGH
What changedPanache published its Q2 and H1 FY27 investor presentation detailing sharp operational growth and margin expansion across business lines.
Why it mattersDemonstrates rapid scaling in high-margin contract manufacturing and telecom segments, validating operating leverage and working capital optimization.
Q2 FY27 Revenue: ₹12,960 lakhsQ2 FY27 Operating EBITDA: ₹1,238 lakhsQ2 FY27 PAT: ₹770 lakhsH1 FY27 Annualised ROCE: 25.8%Cash Conversion Cycle (Sep 2026): 68 days
📅 Short termStrong sequential and YoY acceleration in operational numbers is likely to support positive market sentiment in the near term.
📈 Long termExpansion into AI compute, smart devices, and telecom hardware positions the company to benefit structurally from India's ESDM tailwinds if execution continues.
⚠ Risk flags
- Supplier concentration risk in ICT hardware components
- Competition from unorganized players in telecom and hardware assembly
Key Highlights
Q2 FY27 Revenue from Operations grew 231.8% YoY to ₹12,960 lakhs (₹129.6 cr)
Operating EBITDA rose 393.5% YoY to ₹1,238 lakhs, with operating margin expanding 313 bps to 9.6%
PAT surged 450.8% YoY (5.5x) to ₹770 lakhs with PAT margin at 5.9%
Cash conversion cycle reduced from 83 days in March 2026 to 68 days as of September 2026
H1 FY27 Revenue stood at ₹18,044 lakhs (up 163.0% YoY) and PAT reached ₹1,150 lakhs (up 407.8% YoY)
👀 What to Watch
Track whether the strong quarterly run-rate of ~₹130 Cr revenue is sustained in the second half of FY27 and monitor margin stability amid raw material price fluctuations.
Fluidomat Reorganizes Top Leadership: Radhica Sharma Designated MD, Pramila Jain Named Chairperson
Fluidomat Limited announced major leadership changes following its Board meeting on 24th October 2026. Mrs. Radhica Sharma has been elevated from Joint MD to Managing Director until 9th February 2028, while Mr. Kunal Jain was redesignated from Executive Director to Joint Managing Director through 30th April 2029. Additionally, Mrs. Pramila Jain was appointed as an Additional Director, Whole-time Director (Executive Director) for 3 years, and designated as the Chairperson of the company. These appointments remain subject to shareholder approval within 3 months.
Confidence: HIGH
What changedFluidomat has restructured its senior leadership: redesignating its MD and Joint MD and introducing a new Whole-time Director who will also serve as Chairperson.
Why it mattersChanges in top executive management and the Board Chair indicate a leadership succession and realignment, though operational continuity remains high as existing directors were elevated.
MD tenure end date: 9th February, 2028Joint MD tenure end date: 30th April, 2029Chairperson appointment tenure: 3 years (24th October, 2026 to 23rd October, 2029)Shareholder approval timeline: within a period of 3 months
📅 Short termNeutral operational impact in the near term as internal leaders step up; watch for formal shareholder voting results.
📈 Long termSets the executive governance framework for the next 2-3 years as the company pursues growth in industrial coupling solutions.
⚠ Risk flags
- Management transition/reorganization risk
- Requires shareholder approval within 3 months
Key Highlights
Mrs. Radhica Sharma redesignated as Managing Director effective 24th October 2026 till 9th February 2028
Mr. Kunal Jain redesignated as Joint Managing Director effective 24th October 2026 till 30th April 2029
Mrs. Pramila Jain appointed as Whole-time Director/Executive Director for 3 years (24th October 2026 to 23rd October 2029) and designated Chairperson
Shareholder approval for Mrs. Pramila Jain's appointment required within a 3-month window
👀 What to Watch
Track the upcoming shareholder voting within the 3-month statutory window and monitor upcoming Q2 results for operational updates under the reorganized executive team.
Q2 FY27 Net Profit Rises to ₹1.23 Cr; Revenue at ₹160.93 Cr
Damodar Industries reported standalone revenue from operations of ₹160.93 Cr for the quarter ended September 30, 2026, up from ₹124.38 Cr in Q2 FY26. Net profit for the quarter stood at ₹1.23 Cr compared to ₹1.15 Cr in the corresponding quarter of the previous year. For the half-year ended September 30, 2026, total income reached ₹313.71 Cr with a net profit of ₹3.92 Cr. The company operates in a single segment of textile goods, with H1 FY27 EPS reaching ₹1.68.
Confidence: HIGH
What changedDamodar Industries reported its unaudited standalone financial results for Q2 and H1 ended September 30, 2026.
Why it mattersDemonstrates topline expansion in the spinning/textiles division, though net profit margins remain relatively thin at under 1%.
Q2 Revenue from Operations: ₹160.93 CrQ2 Net Profit: ₹1.23 CrH1 Net Profit: ₹3.92 CrQ2 EPS: ₹0.53
📅 Short termTopline growth may provide modest sentiment support, though muted margins remain a focal point for the market.
📈 Long termLong-term trajectory depends on sustained margin improvement from man-made fibers and balance sheet deleveraging.
⚠ Risk flags
- High raw material cost sensitivity and volatile textile demand cycles
- Relatively high leverage with significant debt on the balance sheet
Key Highlights
Q2 revenue from operations grew to ₹160.93 Cr vs ₹124.38 Cr in Q2 FY26
Net profit after tax for Q2 reached ₹1.23 Cr vs ₹1.15 Cr in Q2 FY26
H1 FY27 total revenue stood at ₹313.71 Cr compared to ₹230.77 Cr in H1 FY26
H1 FY27 net profit rose to ₹3.92 Cr from ₹3.47 Cr in H1 FY26
Basic & Diluted EPS for Q2 stood at ₹0.53 and for H1 at ₹1.68
👀 What to Watch
Track capacity utilization in the man-made fiber business and monitor debt reduction metrics given current total debt levels.
Panache Digilife Q2 FY27 Revenue Surges 232% YoY to ₹129.6 Cr; PAT Jumps 5.5x to ₹7.7 Cr
Panache Digilife released its Q2 FY27 investor presentation, reporting consolidated Revenue from Operations of ₹12,960 lakhs (₹129.60 cr), a sharp increase of 231.8% YoY and 154.9% QoQ. Operating EBITDA surged 393.5% YoY to ₹1,238 lakhs (₹12.38 cr) with margins expanding 313 bps YoY to 9.6%. PAT for the quarter rose 450.8% YoY to ₹770 lakhs (₹7.70 cr), driven by scale benefits and an improved mix towards higher-margin, design-led manufacturing. Working capital cycles also improved, with the cash conversion cycle shortening to 68 days in September 2026 from 83 days in March 2026.
Confidence: HIGH
What changedPanache published its Q2 and H1 FY27 investor presentation detailing sharp operational growth and margin expansion across business lines.
Why it mattersDemonstrates rapid scaling in high-margin contract manufacturing and telecom segments, validating operating leverage and working capital optimization.
Q2 FY27 Revenue: ₹12,960 lakhsQ2 FY27 Operating EBITDA: ₹1,238 lakhsQ2 FY27 PAT: ₹770 lakhsH1 FY27 Annualised ROCE: 25.8%Cash Conversion Cycle (Sep 2026): 68 days
📅 Short termStrong sequential and YoY acceleration in operational numbers is likely to support positive market sentiment in the near term.
📈 Long termExpansion into AI compute, smart devices, and telecom hardware positions the company to benefit structurally from India's ESDM tailwinds if execution continues.
⚠ Risk flags
- Supplier concentration risk in ICT hardware components
- Competition from unorganized players in telecom and hardware assembly
Key Highlights
Q2 FY27 Revenue from Operations grew 231.8% YoY to ₹12,960 lakhs (₹129.6 cr)
Operating EBITDA rose 393.5% YoY to ₹1,238 lakhs, with operating margin expanding 313 bps to 9.6%
PAT surged 450.8% YoY (5.5x) to ₹770 lakhs with PAT margin at 5.9%
Cash conversion cycle reduced from 83 days in March 2026 to 68 days as of September 2026
H1 FY27 Revenue stood at ₹18,044 lakhs (up 163.0% YoY) and PAT reached ₹1,150 lakhs (up 407.8% YoY)
👀 What to Watch
Track whether the strong quarterly run-rate of ~₹130 Cr revenue is sustained in the second half of FY27 and monitor margin stability amid raw material price fluctuations.
Ritco Logistics Secures ₹119.55 Cr In New Business In Sep 2026, Led By BCPL And HRRL
Ritco Logistics secured new business worth approximately ₹119.55 crore in September 2026, which represents about 7.9% of its TTM revenue of ₹1,510 crore. The wins are headlined by two 3-year contracts: a ₹73.67 crore contract from Brahmaputra Cracker and Polymer Limited (BCPL) and a ₹35.34 crore contract from HPCL Rajasthan Refinery Limited (HRRL, added to an earlier ₹334 crore order). Subsidiary TrucksUp also showed steady traction, registering ₹54 crore FASTag GMV, ₹3.78 crore in vehicle financing disbursements, and ₹80.07 lakh in subscription revenue for the month.
Confidence: HIGH
What changedRitco Logistics added ₹119.55 crore in aggregate contracts in September 2026, expanding its 3-year order visibility with major state/refinery entities BCPL and HRRL.
Why it mattersProvides multi-year revenue visibility (~7.9% of TTM revenue) and cements relationships with Navratna/energy clients, who already account for a significant portion of Ritco's revenue.
Total new business won: ₹119.55 croreBCPL 3-year contract: ₹73.67 croreHRRL 3-year contract: ₹35.34 croreNew business vs TTM revenue: ~7.9%TrucksUp FASTag GMV (Sep): ₹54 Crore
📅 Short termPositive sentiment driver as the company demonstrates regular contract conversion and visibility heading into H2 FY27.
📈 Long termStrengthens long-duration contractual logistics base while building the digital aggregation ecosystem (TrucksUp) to support operating margins.
⚠ Risk flags
- Dependency on third-party fleet owners for fulfillment
- Execution timeline spread over 3 years, moderating the immediate annual impact
Key Highlights
Secured total new business worth approximately ₹119.55 crore in September 2026
Won a 3-year contract worth ₹73.67 crore from BCPL, Dibrugarh (Lapetkata to various destinations)
Bagged an additional 3-year contract of ₹35.34 crore from HRRL Barmer, supplementing an earlier ₹334 crore order
TrucksUp platform recorded ₹54 crore FASTag GMV and onboarded 15,918 truck suppliers during September
👀 What to Watch
Track execution in upcoming quarterly results to observe how these 3-year contracts translate to revenue and whether TrucksUp digital platform revenues meet the annual INR 15 Cr target.
Ramky Bags ₹588.57 Cr EPC Order from RVNL in Chhattisgarh
Ramky Infrastructure has signed a contract agreement with Rail Vikas Nigam Limited (RVNL) worth approximately ₹588.57 crore (inclusive of GST). The domestic EPC project entails constructing residential towers (over 670 units), bungalows, and township infrastructure at the NMDC Township in Bacheli, Chhattisgarh. This single order equals roughly 30.4% of the company's TTM revenue of ₹1,939 crore, significantly boosting order book visibility. The project execution timeline is set for 30 months from the appointed date, followed by a 12-month defect liability period.
Confidence: HIGH
What changedRamky Infrastructure entered into a formal contract agreement with RVNL for civil and township infrastructure works.
Why it mattersThe ₹588.57 crore contract constitutes ~30.4% of Ramky's TTM revenue, providing strong multi-year revenue visibility and helping diversify its order book beyond historical group/state concentration.
Total Contract Price: INR 588.57 Crores (approx.) (inclusive of GST)Order value vs TTM revenue: ~30.4%Construction timeline: 30 months from the Appointed DateDefect liability period: 12 months from date of completion of work
📅 Short termPositive sentiment driver following significant stock drawdowns, confirming operational momentum in order backlog accretion.
📈 Long termEnhances revenue visibility across the next 2.5 to 3 years and supports the company's stated goal of scaling its order backlog towards ₹12,000 crore.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- High non-fund-based limit utilization (~85%) could restrict working capital headroom
- Fixed-price EPC execution risks and raw material cost inflation (steel/cement)
- Project location in remote area (Bacheli, Chhattisgarh) may pose logistics challenges
Key Highlights
Total contract price is approximately ₹588.57 Crores (inclusive of GST)
Contract awarded by Rail Vikas Nigam Limited (RVNL) on an EPC basis
Construction period is within 30 months from the Appointed Date with a 12-month defect liability period
Scope includes 15 Type-III towers (600 units), 1 Type-IV tower (40 units), Type-V tower (30 units), and commercial infrastructure in Bacheli, Chhattisgarh
👀 What to Watch
Track the declaration of the Appointed Date and monitor subsequent quarterly execution progress and margin delivery, particularly given inflationary raw material risks in civil construction.
Q2 FY27 PAT Rises 43% YoY to ₹189.52 Cr; Revenue Up 24% to ₹1,468.26 Cr
Kajaria Ceramics reported strong Q2 FY27 performance, with consolidated revenue rising 24% YoY to ₹1,468.26 crore, supported by 10% YoY volume growth. Consolidated PAT grew 43% YoY to ₹189.52 crore, while EBITDA climbed 35% YoY to ₹286.50 crore with EBITDA margins expanding to 19.51%. The company also announced an ongoing brownfield capex pipeline, including enhanced plans at Srikalahasti (12.50 MSM at ₹340 crore) and Gailpur (11 MSM at ₹180 crore), along with a new ₹34 crore adhesive facility in Durgapur.
Confidence: HIGH
What changedKajaria released its Q2 FY27 financial results and upgraded its ongoing capex plans at Srikalahasti and Gailpur.
Why it mattersDemonstrates robust operational leverage and market share gains, keeping profit growth ahead of revenue growth despite subdued tile exports from Morbi.
Consolidated Revenue Q2 FY27: ₹1468.26 crConsolidated PAT Q2 FY27: ₹189.52 crConsolidated EBITDA Margin: 19.51%Total Planned Capex (Srikalahasti + Gailpur + Durgapur): ₹554 crPlanned Capex vs Net Worth: ~19.1%
📅 Short termLikely positive market reaction following strong margin expansion to 19.51% and 43% YoY net profit growth.
📈 Long termCapacity additions of 23.5 MSM across Srikalahasti and Gailpur slated for FY28 will solidify Kajaria's leadership position in glazed vitrified tiles.
⚠ Risk flags
- Subdued export demand and elevated freight rates in the Morbi hub
- Risk of cost overruns as capex estimates for Srikalahasti and Gailpur have already been revised upward
- Natural gas price volatility impacting production costs
Key Highlights
Consolidated revenue increased 24% YoY to ₹1,468.26 crore in Q2 FY27
Consolidated PAT expanded 43% YoY to ₹189.52 crore vs ₹132.96 crore in Q2 FY26
Consolidated EBITDA grew 35% YoY to ₹286.50 crore with margins at 19.51%
Tile sales volume grew 10% YoY to 31.81 MSM compared to 28.87 MSM in Q2 FY26
Brownfield expansion capex revised upwards: Srikalahasti to 12.50 MSM (₹340 cr) and Gailpur to 11 MSM (₹180 cr)
👀 What to Watch
Track execution milestones for the Srikalahasti (June 2027) and Gailpur (April 2027) expansions, alongside monitoring natural gas pricing trends that could influence elevated margins.
Kajaria Ceramics Q2 PAT Rises 42% YoY to ₹190.7 Cr; Declares ₹12 Dividend & ₹554 Cr Capex
Kajaria Ceramics reported strong Q2 FY27 results with consolidated revenue growing 23.8% YoY to ₹1,468.26 crore compared to ₹1,186.01 crore in Q2 FY26. Consolidated net profit for the quarter rose 42.4% YoY to ₹190.72 crore up from ₹133.98 crore. The Board declared an interim dividend of ₹12 per share with a record date of October 29, 2026. Additionally, the company approved major capex plans totaling ₹554 crore (~11% of TTM revenue), including expanding tile capacities at Srikalahasti (12.5 MSM) and Gailpur (11 MSM), plus a new 9,000 MT/month adhesive plant in Durgapur.
Confidence: HIGH
What changedBoard approved Q2 FY27 earnings, declared a ₹12 interim dividend, and sanctioned revised brownfield expansions totaling 23.5 MSM tile capacity and a new adhesive plant.
Why it mattersThe combined ₹554 crore capex represents ~11% of TTM revenue, significantly expanding presence across Southern, Northern, and Eastern markets as existing tile plants operate at 100% utilization.
Q2 Consolidated Revenue: ₹1,468.26 croreQ2 Consolidated Net Profit: ₹190.72 croreInterim Dividend: ₹12 per shareTotal Approved Capex: ₹554 croreCapex vs TTM Revenue: ~11%
📅 Short termPositive sentiment driven by robust double-digit top-line and bottom-line growth alongside a substantial interim dividend payout approaching on October 29, 2026.
📈 Long termSubstantial capacity expansion of 23.5 MSM tiles reinforces market leadership and provides headroom for double-digit volume growth in core domestic regions through FY28.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution delays or cost overruns across the three capex projects scheduled across 2027
- Input cost sensitivity, especially potential spikes in natural gas prices impacting operating margins
Key Highlights
Consolidated revenue from operations climbed 23.8% YoY to ₹1,468.26 crore in Q2
Net profit from continuing operations increased 41.8% YoY to ₹190.83 crore
Declared an interim dividend of ₹12 per equity share with record date October 29, 2026
Approved revised expansion of Srikalahasti plant to 12.50 MSM tiles at ₹340 crore by June 2027
Approved Gailpur plant expansion of 11 MSM tiles at ₹180 crore and a new Durgapur adhesive facility at ₹34 crore
👀 What to Watch
Track execution timelines for the Srikalahasti and Gailpur capacity additions through 2027, along with the ex-dividend date on October 29, 2026.
Kajaria Ceramics Q2 PAT Rises 42% YoY to ₹190.7 Cr; Declares ₹12 Dividend & ₹554 Cr Capex
Kajaria Ceramics reported strong Q2 FY27 results with consolidated revenue growing 23.8% YoY to ₹1,468.26 crore compared to ₹1,186.01 crore in Q2 FY26. Consolidated net profit for the quarter rose 42.4% YoY to ₹190.72 crore up from ₹133.98 crore. The Board declared an interim dividend of ₹12 per share with a record date of October 29, 2026. Additionally, the company approved major capex plans totaling ₹554 crore (~11% of TTM revenue), including expanding tile capacities at Srikalahasti (12.5 MSM) and Gailpur (11 MSM), plus a new 9,000 MT/month adhesive plant in Durgapur.
Confidence: HIGH
What changedBoard approved Q2 FY27 earnings, declared a ₹12 interim dividend, and sanctioned revised brownfield expansions totaling 23.5 MSM tile capacity and a new adhesive plant.
Why it mattersThe combined ₹554 crore capex represents ~11% of TTM revenue, significantly expanding presence across Southern, Northern, and Eastern markets as existing tile plants operate at 100% utilization.
Q2 Consolidated Revenue: ₹1,468.26 croreQ2 Consolidated Net Profit: ₹190.72 croreInterim Dividend: ₹12 per shareTotal Approved Capex: ₹554 croreCapex vs TTM Revenue: ~11%
📅 Short termPositive sentiment driven by robust double-digit top-line and bottom-line growth alongside a substantial interim dividend payout approaching on October 29, 2026.
📈 Long termSubstantial capacity expansion of 23.5 MSM tiles reinforces market leadership and provides headroom for double-digit volume growth in core domestic regions through FY28.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution delays or cost overruns across the three capex projects scheduled across 2027
- Input cost sensitivity, especially potential spikes in natural gas prices impacting operating margins
Key Highlights
Consolidated revenue from operations climbed 23.8% YoY to ₹1,468.26 crore in Q2
Net profit from continuing operations increased 41.8% YoY to ₹190.83 crore
Declared an interim dividend of ₹12 per equity share with record date October 29, 2026
Approved revised expansion of Srikalahasti plant to 12.50 MSM tiles at ₹340 crore by June 2027
Approved Gailpur plant expansion of 11 MSM tiles at ₹180 crore and a new Durgapur adhesive facility at ₹34 crore
👀 What to Watch
Track execution timelines for the Srikalahasti and Gailpur capacity additions through 2027, along with the ex-dividend date on October 29, 2026.
