Q2FY27 revenue surged 16% YoY to INR13.3bn, yet EBITDA barely moved (~1% to INR 4.08bn) as margin slid ~470bps to 30.6%, because catering costs rose 31% against revenue growth of 25%, and other expenses jumped 34%. Catering segment profit therefore slipped ~4% despite the sales boom, while internet ticketing that earns ~80% of segment profit at a ~84% margin, grew just 1%YoY (revenue INR ~3.9bn, profit INR ~3.3bn). Tourism was the bright spot, with revenue up 28% and profit up ~32%. The headline damage came from a oneoff INR 1.16bn Rail Neer provision (GSTAT anti-profiteering order) that...