Q2FY26 concall transcript released: https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0c4262c4-444a-4a96-ab6b-14e591355288.pdf
The management has revised guidance downward from 30% to 20%. They reiterated content costs to be 25% of revenue meaning down the line the budget for content would be constrained from earlier. Emphasis on quality over quantity is there again for acquisition. As @AbhijeetSakhare mentions, they need to explore other strategies for growth (maybe flat fee to rev share for shorts videos could help).
Disc: At the moment, this goes into the Wait bucket for me as I am not already invested.