VIP reported weak Q3FY26 performance, significantly missing our expectations. We believe the disappointing performance is primarily driven by intense price competition in the industry and aggressive discounts offered on Carlton brand during the quarter. Revenue declined 9% YoY but improved by 12% sequentially to Rs4.5bn. Gross margins contracted by 117bps to 29.5%. Consequently, VIP reported EBITDA loss of Rs768mn, although a significant reduction in losses compared to Q2FY26. Adj. net loss increase to Rs1.2bn, compared to Rs124mn in Q3FY25, primarily due to operating loss and higher depreciation costs (+6% YoY). We value the stock at...