IKS's Q1FY27 numbers missed consensus, with revenue up 4.2% QoQ/20.7% YoY and EBITDA margins down 200bps QoQ at 33% (including one-time acquisition costs of Rs 200Mn). However, underlying demand remained healthy, driven by strong client mining and expansion across key accounts and growing traction in large health systems. We believe the recent TruBridge acquisition significantly expands IKS' presence in the rural and community healthcare market and strengthens its platform play. While IKS revised TruBridge's revenue run-rate to USD 300mn (vs. USD 340mn earlier), EBITDA remains...