At the end of 3Q:F26, net debt was $553 million, or 3.9x trailing 12-month EBITDA. We maintain our $22 price target based on an unchanged 75x our new F2028 EPS forecast of $0.05 multiplied by six (to reflect the shares per the American Depositary Receipt exchange ratio). We previously valued the stock based on our former F2027 EPS estimate of $0.05. We maintain our Moderate risk rating, which considers Sify's track record of growth and cash generation.