We cut FY26/FY27 EPS estimates by 0.7/3.5%, factoring in lower other income due to Rs4bn one time dividend paid in 3Q25. Operating parameters are showing an improvement led by 1) better demand conditions, supported by a higher number of wedding days in 1H26. 2) Stable store-level economics, aided by expansion into Tier-2 and Tier-3 cities. 3) BIS-related issues are expected to fully normalize over the next 912 months and 4) peaked out losses in FILA and expected scale up in Foot Locker and FILA from 2H26. Metro Brands Ltd (MBL)'s growth plans remain on track led by 1) Entry into...