Safari's Q3FY26 profitability was below our expectations. Sales grew 16% YoY to Rs5.1bn, driven by strong volume growth (20% YoY), while realizations declined by 4% YoY due to aggressive price competition. Gross margin expanded by 107bps YoY to 46.5%, aided by operational leverage led gains. EBITDA grew by 10% YoY to Rs329mn, but EBITDA margin contracted by 52bps YoY to 10.9%, owing to increased employee costs, price discounts and higher marketing spends. PAT increased by 6% YoY to Rs329mn, supported by a lower tax rate (21.2% Vs 23.7% YoY). We cut our FY26E/FY27E EPS estimates by 10%/11%,...