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The absence of clarity on the new company’s areas of operation and strategies, going into an unfamiliar and highly competitive space, has left investors confused.

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