Ceinsys Tech reported Q1FY27 revenue stood at Rs 1,578 Mn, up 0.76% YoY but down 7.57% QoQ, below our estimate of Rs 1,898 Mn. Gross profit increased 4.9% YoY to Rs 873 Mn, although it declined 8.65% QoQ; gross margin improved to 55.33%, expanding 218 bps YoY but contracting 66 bps QoQ. Despite the revenue miss, EBITDA grew 27.2% YoY to Rs 385 Mn, marginally ahead of our estimate of Rs 378 Mn, with EBITDA margin expanding sharply to 24.39% increased by 507bps YoY and 82 QoQ. Margin expansion is increasingly structural rather than...