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A crumbling distribution network and whimsical decision-making combine to bring the insurer to a sorry pass. A failure to take hard decisions hereon can only make the situation worse.

FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
Telecom and retail both continue with their ‘hit and miss’, while O2C delivers an unsurprisingly poor performance in Q4. This is a year RIL will be glad to see the back of.
Its lending business is doing the heavy lifting while payments and asset management lag, raising questions over its full-stack narrative.