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The investment firm’s report doesn’t quite reflect optimism in the Indian markets, and runs contrary to the ground reality.

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.
With competition in the segment intensifying, the chief business development officer of India’s largest exchange unpacks the bourse’s strategy going forward.
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.