This is a freshly listed hospitality platform that just spun out from its parent real estate company in November 2025. The stock’s trading at a premium because investors are betting on India’s luxury hotel boom and this company’s aggressive expansion plans. They’ve got two marquee hotels up and running right now, but the real story is the five massive projects in the pipeline that could quadruple their room count by FY27. The catch? They’re burning through capital, promoters have pledged a chunk of their shares, and the company’s barely profitable today. It’s a long-term growth play, not a value buy.