Maintain Hold rating at $105.60 as risk/reward is symmetric with ~$3 upside to $108 resistance versus ~$3 downside to the 50 SMA at $102.50; scale in 2% per tranche (max 4% total) only on confirmed pullback to $102–$103 zone with reversal structure, and use December protective puts (~10% OTM) to hedge Q4 FY26/FY27 guide risk.