Express business has secured new monthly orders of ~5,000 MT to lower demand in core 3PL segment, operating performance was broadly inline with EBITDA margin of 5.0% (PLe 4.6%). Though EBITDA losses in B2B express business have narrowed from Rs803mn in FY24 to Rs511mn in FY25, a complete turnaround in near term continues to remain a cause of concern. While management expects EBITDA break-even by 2QFY26E, incremental...