*over or under performance to benchmark index Kajaria delivered resilient operational performance in Q3FY26, due to efficient margins and strategic improvements. 'Kajaria 2.0' emphasises SKU rationalisation to improve plant efficiency, shift toward value-added products through the conversion of manufacturing facilities and tighter go-to-market model via dealer unification that enables cross-selling across product verticals. But sluggish demand, increased freight rates and ongoing geopolitical issues are concerns. Hence, we reiterate our...