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When it was announced, the split was a stellar idea. It still is for the most part, but the fundamentals have changed. What are investors getting into?

The watchmaker dominates the mass segment, but its relevance lies in going upmarket.
FY26 numbers for the three major CV makers show resilience and all-around growth. This doesn’t look anything like the undifferentiated sector it once was.
Record earnings and a cleaner balance sheet offer relief, but muted production growth, delayed projects and a heavy reliance on favourable commodity cycles could weigh on the newly demerged entities of Anil Agarwal’s mining-to-metals group.