We project revenue grew 11.1% year over year to $161 million in 1Q:F26. The upfront operating costs and higher depreciation and interest expense tied to the company's data center expansion will result in a net loss of $3 million, up from $1.6 million a year earlier. While the upfront costs of Sify's infrastructure investments are curbing its profitability, we think the company's investments are creating a long runway for growth that will yield stronger margin and earnings growth as revenue from new data center capacity continues to increase. Given the company's cash on hand, organic cash generation, and the remainder of its Kotak investment, we think Sify has the liquidity to fund its capital plans for the next 12 months. At the end of 4Q:F25, net debt was $448 million, or 3.7x trailing 12-month EBITDA. We maintain our $14 price target, based on 75x our F2027 EPS forecast of $0.03 multiplied by six (shares per ADR exchange ratio). We maintain our moderate risk rating, which considers Sify's track record of growth and positive earnings and cash generation.