We have revised out FY26E/FY27E EPS estimates by -28.1%/-25.9% on accountof slower-than-anticipated recovery in media and healthcare, weak revenuevisibility, and a delayed margin normalization trajectory, with EBIT margins nowexpected to remain below FY25 levels over near to medium term. Persistent macro headwinds and muted vertical traction warrant a cautious stance until greater clarity emerges on growth and profitability recovery.