Secular trends in India are driving increasing demand for data centers and strong growth in Sify's data center subsidiary, Sify Infinit Spaces. We think the proposed IPO of SISL will unlock the value of this business. At the end of 2Q:F26, net debt was $468 million, or 3.7x trailing 12-month EBITDA. We maintain our $22 price target based on 75x our F2027 EPS forecast of $0.05 multiplied by six (to reflect the shares per the American Depositary Receipt exchange ratio). We maintain our Moderate risk rating, which considers Sify's track record of growth and cash generation.