VIP reported very poor Q2FY26 results, significantly missing our expectations. We believe the disappointing performance is primarily driven by the change in ownership and ongoing management transition. Revenue declined 25% YoY to Rs4.1bn, with gross margins contracting from 45.1% to 30.6% in Q2FY26, indicating a sharp clean-up of the books. Consequently, EBITDA loss widened to Rs1bn, despite a reduction in employee cost and other overheads. Adj. net loss increase to Rs1.4bn, compared to Rs366mn in Q2FY25, primarily due to higher depreciation costs (12% YoY), partially offset by lower finance cost and a significant increase in...