At the end of 4Q:F26, net debt was $518 million, or 3.3x trailing 12-month EBITDA. We maintain our $22 price target, based on an unchanged 75x our F2028 EPS forecast of $0.05 multiplied by six (to reflect the shares per the American Depositary Receipt exchange ratio). We maintain our Moderate risk rating, which considers Sify's track record of growth and cash generation.