Reiterate Buy with revised target price of ₹1,700 (earlier ₹1,685)
Consolidated EBITDA declined 2% QoQ (+11% YoY), a 5% miss vs estimate
Weak performance in Retail and O2C
Reduce FY26-27E EBITDA by 1-2% and PAT by 4% due to broad-based cuts
Expect RJio to remain the biggest growth driver with 19% EBITDA CAGR over FY25-28E
Q1 was soft, but remain positive on growth across segments
Build in CAGR of ~11% in EBITDA/PAT over FY25-28E