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The beleaguered lender outperformed larger rivals—and itself—on several metrics in FY26, but one-offs and a still weak retail engine keep its investors on edge.

Back-to-back strong quarters have reset expectations for the beauty and personal care company. Has the Mamaearth parent truly left its troubled past behind?
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.
Surprisingly strong metrics alongside aggressive expansion mask a lurking balance-sheet risk. Moreover, competition is not going to be kind to the retail giant any time soon.