Network and brand moats in auto verticals, but OLX moat is less durable with low switching costs.

FY27 base-case growth ~25%

Monthly Active Users (MAU) growth & organic share — Consumer Group MAU grew from ~38 Mn in Q1FY25 to ~55 Mn in Q3FY26, a 46% increase, while maintaining >92% organic share. OLX MAU remained stable around 30 Mn with 100% organic. This indicates strong brand-led customer acquisition without corresponding marketin