Regulatory moat as default ISTS operator with 84% market share, reinforced by 35+ year execution track record.

FY27 base-case growth 12-15%

Capitalization rate — Capitalization has accelerated sharply from a trough in FY23-FY24 to a record high in FY26, reflecting resolution of execution bottlenecks (ROW guidelines, equipment procurement) and completion of large RE evacuation projects. The ramp signals improving conver