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Its lending business is doing the heavy lifting while payments and asset management lag, raising questions over its full-stack narrative.

The fintech’s financial services business has done reasonably well in Q4 FY26. But upping its lending game without the NBFC tag will be a tall task.
Slowing growth, weakening store metrics and a puzzling fundraise point to the retailer losing some of its post-Zudio sheen.
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.