India’s Hotels are playing the long game
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In today’s edition of The Daily Brief:
The long bets of India’s hotel heavyweights
TRAI wants to change how telecom industry operates
The long bets of India’s hotel heavyweights
We’re going to look at the results of three major hotel companies today — Indian Hotels, Chalet Hotels, and Lemon Tree Hotels.
The hotel business is deeply vulnerable to volatility. A hotelier runs absolutely massive properties, incurring huge fixed costs. Meanwhile, a lot of the demand is driven by things it has no control over — everything from the ebb and flow of travel, to the state of the economy, to regulation can change the game overnight. A good quarter can be lifted by a new corporate hub, a calendar packed with weddings, or a blockbuster tourist season. Equally, a quarter can unravel with a sudden regulatory squeeze, a geopolitical flare-up, or simply too much new supply hitting the market.
Through all this short-term noise, hoteliers must make long-term bets — on locations, brands, and business models. The hotel business, in other words, is a study in balancing long-term optimism with the constant risk of short-term shocks.
Against this backdrop, we’ve picked three of India’s leading hotel players to get a sense of how the industry is shaping up. Each occupies its own corner of the market. IHCL, the largest of the three, is a behemoth that straddles every segment, from budget to luxury, with a reach that few can match. Chalet Hotels, by contrast, is a more focused player — it has an urban, premium-heavy portfolio with a steady rental income on the side. And Lemon Tree, the smallest of the lot, has carved a niche with its mid-market focus and asset-light growth model. Together, these three offer very different lenses to look at the same industry.
The hard numbers
The Indian hotel sector, as a whole, delivered a strong quarter.
IHCL’s sheer scale, of course, dwarves the other two. Last quarter, its hotel revenue crossed ₹2,200 crore, growing 20% since last year. Of that, ₹848 crore translated into its EBITDA, while profits increased 25% year-on-year to ₹666. The company saw an average occupancy of 80% over the quarter — the best of the three in a rather good quarter.
Lemon Tree’s performance reflects solid, steady growth. Last quarter, its revenue rose 15% year-on-year to ₹379 crore, with EBITDA expanding 17% to ₹205 crore. Profits were up 29% at ₹108 crore. Their margins were enviable — its EBITDA margin was 54% in Q4, driven by a steady increase in occupancy, now at 77.6%. Notably, the company is steadily paying off its debt — with its FY 2025 debt 10% lower than it was a year ago.
Chalet Hotels, meanwhile, moves in a different orbit, leaning heavily into premium city hotels and high-margin rentals. The company saw its quarterly revenue climb 27% year-on-year to ₹537 crore. Its EBITDA rose 36% to ₹257 crore over the quarter, while profits jumped 50% to ₹124 crore. Average occupancy held steady at 76%, while its Average Daily Rate (or ADR) was the highest of the pack at ₹14,345 — nearly double Lemon Tree’s.
By the way, here’s an interesting tidbit we picked up while researching for this piece: in the shorter term, if you want a quick-and-dirty metric to understand how premier Indian hotels are doing, look at flight data. Airlines and hotels share a customer profile — both serve rich travellers that are headed away from home, for either business or tourism. Of course, this can only give you a very rough picture — not everyone that takes a flight books a hotel. But directionally, there’s a lot of overlap between the two.
Over much of the last year, India’s air passenger traffic has seen steady growth — often in excess of 10% year-on-year. This might be what was reflected in the excellent results of all three hotels.
All hotels take long-term bets
Broadly speaking, Hotels cater to two classes of customers: people travelling for business, and people travelling for leisure.
Different hotels are built with different cohorts of customers in mind.
For instance, if a hotelier is evaluating a city that draws in many business customers, it might go for a large hotel with as many rooms as it can fit in. The same hotelier, at a tourist destination, might build a leisure hotel that is much more sprawled out, with a smaller number of rooms, but more amenities. Here’s how Chalet’s management explained things:
“... business hotels are typically larger, and so, you get the benefit of scale on their cost side. Leisure hotels are typically smaller — in the range of about 120 to 180–200 rooms, max. So you don't get that much benefit of scale. But the average room rates are typically higher in leisure hotels. Occupancy is slightly lower in leisure hotels. On a blend, the RevPAR in a mature leisure hotel is higher than most city hotels, but costs also slightly higher.”
Hotels take similar calls with price points. In fact, most hotels create entirely different brands to cater to different categories of customers. For instance, Lemon Tree targets upscale customers with Aurika or Lemon Tree Premier, while it might offer brands like Red Fox and Lemon Tree for its more budget conscious customers. Similarly, Indian Hotels’ flagship Taj hotels cater to upscale customers, while brands like Taj Vivanta or Ginger look lower down the socio-economic ladder.
The properties you focus on are long-term bets. Projecting what you want to build can be a tricky business. After all, setting up a hotel takes years, and then caters to customers for the decades that come afterwards. And so, hoteliers can’t work off the demand they see today — they’re making projections for what might play out years, or even decades, in the future. Sample Lemon Tree’s long-term reasoning for why middle-market hotels will pick up:
“India is at a kind of an inflection point. I think the number of customers who will start using mid-market hotels — which typically starts at ₹36 lakhs per household, which, on a total base of 330 odd million households in India was a very small number — is poised for a big increase. Now, this big increase is based on a very small base. So, when that starts happening — as has happened in every other country in the world that is moving from lower income towards middle income — the discretionary consumption of items becomes non-discretionary. Hotels are in the, I would say, the 70 percentile — which means, after a bunch of other discretionary items like athletic wear, footwear, all these become non-discretionary, then hotels and travel come in. So, retail naturally will pick up for all hotels in India in the next 5 to 6 years.”
So what different brands are betting on, in a sense, tells you how they see the future. Here are a few nuggets we picked up:
Indian Hotels, for instance, is dedicating most of its attention towards expanding the newer brands across its portfolio. Its mid-ranged brand, Ginger, has crossed over 100 hotels. It’s also expanding lines like Tree of Life, which are located in serene locations outside major cities. These new lines are slated to contribute ~40% to its revenues.
Lemon Tree is betting big on smaller Indian cities. It’s building new properties in cities that don’t have any large hotels. Apart from capturing a decent chunk of this market, it hopes that this will give it greater brand recognition in India’s emerging cities.
Chalet, meanwhile, is continuing to bet on large, luxury hotels. For instance, it’s on its way to acquiring a 15 acre beachfront in Goa, where it’s developing a 170-room luxury hotel.
Brands are also spending large amounts on locking in customers into their own ecosystem. Both Taj and Lemon Tree, for instance, are making major spends on their own websites. Lemon Tree also wants to replicate a Marriott-like loyalty program. These are aimed at creating habits. The hope is that customers will eventually go to their proprietary platforms to make bookings, instead of using tools like MakeMyTrip, which could feature rooms from rivals.
Will these bets actually play out as expected? Who knows.
Who houses the assets?
You could look at a hotel as a giant, extremely expensive asset — usually built on prime real estate, and full of luxuries that require constant repair and upkeep. If you’re building a hotel, you’re basically signing up to lock in a huge amount of capital into that single asset. The asset may be worth a lot, but it’s going to gobble up capital.
If your hotel does well, it also generates a lot of capital. But that’s not an easy proposition. For most customers, hotel rooms are a big expense. If you want people to put down what sort of money, you need to give them the confidence that their stay will be top-notch. This is a game of reputation. You get there by delivering quality management for years at an end. But a strong brand can carry you a long way. Even if people know nothing about your property, your brand alone can set people’s expectations for the experience your property will give them.
And so, you can think of the hotel business as a marriage of two very different ingredients. It’s a coming together of hard assets: giant, luxurious properties in a fantastic location, and soft assets: a company’s management chops, and the brand or reputation that comes with it.
If you’re trying to understand a hotel business, think of which of these ingredients a company is bringing to the equation. Because how you arrange these ingredients is one of the most important questions to a hotelier.
Both Indian Hotels and Lemon Tree have already built strong brands for themselves over the years. They’re now leveraging those brands for an “asset light” model. While they own some hotels, increasingly, they’re taking hotels built by others, managing them, and lending their own name to the operation. If you’re looking to quickly expand the number of hotels in your network without tying up a ridiculous amount of money — as both brands are doing — this model is your best bet.
Consider Indian Hotels. 95% of the new hotels in its pipeline are ‘asset light’. A majority of its ₹1,200+ crore capital expenditure for the current year will go into renovating the older hotels the company owns.
That doesn’t mean this is the only model it’s going for. Occasionally, it might still build a hotel from scratch. For instance, in Ekta Nagar, near the Statue of Unity, the company’s getting land at decent prices, while the statue will probably draw tourists for years. The “payback period”, here, could be under seven years — that is, the company will make back the money it spends within 7 years. That’s a decent business proposition, which is why the company’s willing to put its own money down to set up hotels here. But this isn’t how the majority of its expansion will take place.
Lemontree is doing something similar. It has moved a lot of its asset development and ownership to a subsidiary, Fleur Hotels — and it might soon list that entity on the markets. The parent entity, on the other hand, will concentrate on managing hotels.
The decision to go asset-light does mean both groups will forgo a lot of earnings on those hotels — an asset-light company only makes a ‘management fee’ for the work it puts in. Taj, for instance, earned ₹562 crore in fees across the last fiscal year — 20% more than it did the year before. While a big amount by itself, this is a small fraction of the overall revenue those hotels earn. This is a point that Lemon Tree’s management makes emphatically:
“... the growth in EBITDA will be 10% of the announced rooms. One must understand that because most of the [revenue] remains with the owner, only the managed income comes to us … So, let me give you an example. If we hit 20,000 rooms and we open all of them in the next 3 years, and 6,000 are owned, the other 14,000 will give me EBITDA equal to only 2,000–2,500 owned rooms. So even at 70% managed portfolio, my own EBITDA will be 3x of the managed EBITDA.”
But the money that does come in has few strings attached. You can make that fee without spending a lot of capital upfront, and your expenses are minimal. Fundamentally, as companies transition to an asset-light model, you should expect their overall earnings per room to fall, even as they manage better returns on the capital they invest.
On the other hand, a company like Chalet exclusively sets up the hard assets, while borrowing the brand of businesses like Marriott or Sheraton — or even the Taj brand itself. It’s looking at this question very differently. To its mind, at the moment, the market is skewed in the favour of those who bring hard assets. There are very few major players that are investing in new hotel projects, while there are many hotel brands that are trying to expand. This puts it in the driver’s seat. Here’s what the company says:
“Chalet is on the asset owning side of the business, there are not too many people who are actually investing in new hotel projects at multiple — or rather multiple hotel projects in one company. So from the institutional investors, there are not too many. On the brand side, of course, there are many, and therefore, it's a crowded brand space. Given that the demand and supply gap continues to be favorable for investments in Hospitality going forward, we have a visibility of next 3 to 4 years where the arbitrage will be positive on the demand-supply side, we believe we stand very well.”
A long tail of things outside one’s control
The hotel business lives at the mercy of external forces. Shifts in infrastructure, policy, or even global sentiment can tilt the fortunes of an entire portfolio overnight. A new road, for instance, can improve connectivity to a hotel — as Taj might soon see with its Bandstand and Land’s End hotels in Mumbai. An airport upgrade, similarly, could bring in a lot more customers — as Chalet indicated might happen with its Mumbai property.
Here are a few more examples we picked up:
Regulation
If you’re dealing with huge assets in India, you can bet that the government is a big factor in how well you do. That’s true of the hotel business as well. Hotels need permits and approvals for all sorts of activity: from construction, to giving people lodging, to selling food, to running a swimming pool, to selling alcohol, and so on. Sometimes, factors entirely outside a company’s control can set new projects back.
For instance, because of a new rule change, all new hotels near a forest now require environmental approvals from the centre, rather than from state governments. As a result, many projects in Mumbai were suddenly stalled. Here’s a nugget from Chalet:
“Just to clarify, there's actually been a regulation change and what the approvals that were coming through from the MoEF (Ministry of Environment and Forests) locally out of Maharashtra has because of the change by NGT (National Green Tribunal) — where, if you are within 5 kilometer radius of protected forest, which in this case would be the Sanjay Gandhi National Park, means that the file will actually have to move to the center for approval. And basically the file is caught between the center and the state as of now. And because of the change, there is a lot of load that has come through to the center. So there is some delay in getting the approvals. It's just that from informal numbers we hear that there are about 200 projects in Mumbai alone that have been impacted.”
Geopolitical events
All three companies pointed to the recent India-Pakistan tensions as a big factor to watch out for. These tensions, combined with the recent spike in COVID cases, have hurt May numbers for all three companies. And interestingly, that’s not merely true for hotels in North-Western India — when things like this happen, travel takes a hit as a whole.
Consider this, for instance: when hostilities broke out between the two countries, many foreign nations issued travel advisories against visiting India. Even if a property isn’t directly affected by the violence, this may have led to a sudden drop in foreign tourists. And given just how much these hotels rely on foreign travellers, that can be a big deal.
For Chalet hotels, for instance, 42% of room bookings come from foreign travellers. Over the month of May, the geopolitical tensions pulled the company ~9% short of its revenue target. Sample this note of caution from its management:
“The foreigners have a slightly longer time to recalibrate the travel plans. Domestic travel happens with a shorter lead time. So foreigners may take a little longer coming back.”
The bottomline
There are many angles, here, that we haven’t gone into. All these companies run massive, diversified businesses. They do everything from running restaurants, to developing residential real estate, to catering food to airlines. If we were to break everything down, this would be a much longer post.
But when you strip away the complexity, each of these companies is placing its bets on what the future of Indian travel and hospitality could look like. From Indian Hotels’ broad portfolio, to Chalet’s focus on premium urban assets, to Lemon Tree’s push into mid-market India, they are all navigating the same fundamental question: how do you build for an unpredictable future, while delivering in the present?
TRAI wants to change how telecom industry operates
Lately, at The Daily Brief, we've been rather adventurous. We’ve been stepping out of our comfort zone, and chatting about things we honestly don't know much about — stuff like specialty chemicals, pharmaceuticals, and even engineering projects. Today, we're at it again.
While digging around, we stumbled upon a headline from a sector we've rarely talked about: telecommunications. Here’s what it said:
“TRAI begins consultation for modalities of spectrum assignment in backhaul bands”
If you're anything like us, you probably didn’t understand a single word of that headline — let alone having enough context to know why it matters. But we were still curious, so we decided to roll up our sleeves and get to the bottom of how the telecom sector actually works.
Our goal was to answer one simple question: What exactly happens when you pick up your phone and call your best friend for that long, juicy gossip session over chai?
Along the way, we stumbled upon a large bunch of other businesses quietly supporting the telecom industry behind the scenes. We always knew that it's not just Airtel or Jio magically connecting us. But what caught us totally off guard was realizing just how many companies and businesses work behind the scenes to make sure your calls connect seamlessly. It's mind-blowing how much effort goes into something we barely even notice.
Hopefully, this will give you fresh ideas on where to look as an investor, or maybe just help you understand how our world actually works a tiny bit better. But our caveat is that we’re complete beginners here — we might have oversimplified things throughout the piece, to maintain our sanity, and yours as well.
So, without further ado, let’s dive right in!
How does telecommunication work?
At its core, telecom is simply about moving data from one point to another. This "data" can be anything — your voice on a call, messages, or even a video you're watching online. To make this happen, telecom companies rely on tons of infrastructure — both wired (think cables) and wireless (think signals through the air).
Let's simplify this with an example.
Say, you want to call your friend. When you dial their number and hit “Call”, your phone instantly sends out a signal, using radio waves, to the nearest cell tower. That tower picks up that signal and passes it on to the wider telecom network. This network then quickly figures out exactly where your friend's phone is — using databases that keep track of their nearest tower — and connects both your phones together.
Once connected, your voice is first turned into digital data, which travels wirelessly through radio waves to your nearest cell tower. From there, it moves through fibre-optic cables. It finally reaches your friend's nearest cell tower, which converts the data back into radio waves. Your friend's phone receives these waves, converts them back into sound, and voilà — they hear your voice clearly and instantly.
All this while, it feels like you're speaking right into their ear.
Something similar happens when you're using the internet:
When you open a website or stream a video, your phone sends a data request (again via radio waves) to your nearest cell tower. From there, the data moves through your telecom provider's network to the broader internet, often traveling through fibre-optic cables. There, the request reaches a data center, or the website’s server.
That server responds by sending back the data you’ve requested — the website or video — through the internet network. While it might seem like this happens in an instant, this data can often travel internationally. Sometimes, it traverses entire oceans through undersea cables. This data makes its way back to your operator’s network, then to the nearest cell tower, and finally wirelessly back to your phone.
It’s helpful to break this process down into smaller chunks to see clearly what's happening, step-by-step.
Cell Towers (Base Stations)
Cell towers are probably the easiest part of the telecom network to spot — they're those tall structures or rooftop antennas you see everywhere, with equipment pointing in all directions. Their main job? Sending and receiving radio signals to your phone.
Think of each tower as covering its own little neighborhood — called a "cell." That’s the first point of contact for your phone, whenever you’re trying to reach the wider world.
These towers aren't standalone entities — they're connected to the larger telecom network through high-capacity links, often fibre-optic cables or microwave signals. This connection is called the “backhaul network”.
In India alone, there are hundreds of thousands of cell towers. While companies like Airtel and Jio do build their own towers sometimes, usually, there are specialized tower companies providing this infrastructure.
For example, Indus Towers operates around 249,000 towers across India’s 22 telecom circles. These towers are typically shared — that is, several telecom providers attach their antennas to the same tower, saving everyone the trouble (and cost) of building their own. Think of a cell tower as a tall apartment building. The tower company is like the landlord managing the property, renting out apartments to telecom operators, who then use it to provide wireless coverage to your phone.
Spectrum: the invisible roads in the air
While towers are essential, they're pretty useless on their own if there's no way for your phone to actually communicate with them. That's where spectrum comes into play.
Think of ‘spectrum’ as invisible road lanes in the sky. These are basically radio frequencies that carry wireless signals of all sorts — from the FM radio station you sometimes still hear, to mobile phone calls, to Wi-Fi signals.
Now, not all waves are made alike. Different waves have different “frequencies” — that is, they go up and down at different rates while travelling between two points. In telecom, when we talk about ‘spectrum’, we usually mean specific frequency bands. These are measured in MHz or GHz — your phone's 4G signal, for instance, probably uses the 1800 MHz band, while your home Wi-Fi uses 2.4 GHz or 5 GHz bands.
Now here’s the catch: spectrum isn’t unlimited. There are only so many frequencies we can actually use. And if two operators tried using the same frequency at the same time at the same place, both their signals would keep crashing into each other, causing chaos. To avoid this mess, governments carefully control and distribute these frequencies. In India, for example, the Department of Telecommunications (DoT) allocates specific frequencies and sells licenses to telecom operators. Each operator gets exclusive rights to their own "lanes."
This is what’s given out at the “spectrum auctions” you might have read about.
The more lanes (frequencies) an operator is given, the smoother the traffic flows. More spectrum means operators can offer better quality service, faster internet speeds, and handle more calls or data at the same time.
Backhaul: Connecting towers to the core network
But that just gets your signal to the tower. Then, there’s backhaul.
If spectrum is like a feeder road connecting you to your tower, backhaul is like the highway connecting each cell tower to the telecom company’s central network. This core network manages crucial network tasks. It authenticates users, making sure the call/data is allowed, tracks the charges you incur, and routes your calls or data requests, finding the best path through.
These highways are usually super high-capacity connections — mostly made up of fiber optic cables or sometimes microwave radio links.
Fiber optic cables: High-speed data highways
Fiber optic cables are honestly amazing. Really, they’re why the modern world exists. They’re thin strands of glass or plastic, that carry huge amounts of data at lightning speeds using pulses of light. These cables run underground (or overhead) all across the country, connecting everything — cell towers, telephone exchanges, data centers, and internet hubs. They routinely handle massive amounts of information — gigabits per second — and do so reliably.
India is rapidly expanding its fiber network. Just to give you an idea, we went from about 1.75 million kilometers of fiber in 2018 to over 4 million kilometers by 2024. This rapid expansion is what has allowed us to roll-out faster 4G and 5G networks, and improve broadband access nationwide.
Then, there are undersea cables connecting India to the world
If fiber cables are local highways, undersea cables are like massive expressways that link continents and countries. Over 95% of all international internet and voice traffic travels through these undersea cables. Think about that for a second. There are literal globe-spanning mega-wires that connect you to the entirety of the Earth. This is the hidden backbone of global connectivity.
These huge submarine cables land in India at cities like Mumbai and Chennai, connecting us directly to Europe, the Middle East, Southeast Asia, and even the USA. They stretch thousands of kilometers beneath oceans, carrying terabits of data per second — everything from your international video calls to Netflix streaming from overseas servers.
These undersea cables make global connectivity quick and seamless. Interestingly, global tech giants like Meta and Google are investing heavily to build new mega-cables linking India with other countries. This shows just how crucial these underwater pathways are for India's growing internet needs.
Now, what does the headline actually mean?
With all that out of the way, let’s get to the headline that sent us down this rabbit hole.
Above, we talked about how most backhaul — what connects your local tower to the core network — relies heavily on fiber optic cables. But recently, TRAI (Telecom Regulatory Authority of India) announced it's looking at ways to assign spectrum specifically for wireless backhaul. In simple terms, they’re exploring options to create wireless connections between cell towers and the central telecom network. This would reduce their dependence on fiber cables.
What will replace them? TRAI is looking at various frequency bands — especially what’s called microwave spectrum.
Now, wireless backhaul is already common. TRAI’s consultation, however, targets newer frequency bands (E-band and V-band), to handle the dramatically larger capacity and speeds needed for 5G networks.
What is pushing them in this direction?
See, while fiber cables are super reliable and fast, installing fiber everywhere — especially in remote or challenging areas — can be expensive and tricky. A wireless alternative, in contrast, would be cheaper and quicker to set up. That said, it’s not a perfect replacement. Wireless backhaul usually can’t match the ultra-high reliability and consistent speeds of fiber optics.
Still, TRAI released a detailed paper asking stakeholders — like telecom companies — questions about how much demand there is for wireless backhaul, what terms should apply, and how spectrum should be assigned (either through direct allocation or auctions) to explore this idea.
So, what does all this mean?
If this moves forward, telecom operators might have more options to efficiently expand their networks, without the heavy upfront cost and time required for laying fiber everywhere. This could speed up network rollouts, especially in less connected areas. Some even think this could bring a lot of relief to a cash-strapped carrier like Vodafone.
In short, the headline signals a small tech change, but one that could replace the backbone of our telecom networks. It could make the network faster to build, cheaper to expand, and easier to maintain — especially as the nation moves towards widespread 5G and beyond.
Tidbits
IndiGo Expands International Ambitions with New Partnerships and Aircraft Orders
Source: Reuters
IndiGo has firmed up its global expansion strategy by announcing partnerships with Air France-KLM, Virgin Atlantic, and Delta Airlines, allowing it to sell tickets under its own brand on select international routes. It will also launch direct flights to Amsterdam and Manchester from July 2025. As part of its fleet enhancement, IndiGo will convert 30 of its 70 Airbus A350 options into firm orders and lease six Boeing 787 aircraft from Norse Atlantic Airways. The airline, currently operating a fleet of over 400 aircraft, plans to scale this up to 600 by 2030. Delta’s partnership marks a new addition, while the existing codeshare with Turkish Airlines will end in August 2025. These steps position IndiGo to broaden its long-haul reach without immediately operating all routes independently.
Coal India to Offload 465.7 Million Shares in BCCL IPO via Offer for Sale
Source: Business Standard
Coal India Ltd (CIL) has filed draft papers with SEBI for an initial public offering of its wholly-owned subsidiary, Bharat Coking Coal Ltd (BCCL). The IPO will be a pure offer for sale of up to 465.7 million equity shares, representing 10% of BCCL’s paid-up capital of 4.657 billion shares. There will be no fresh issue of shares or green shoe option. For FY25, BCCL reported a net profit of ₹1,240.19 crore, marking a 20.7% decline from ₹1,564.46 crore in FY24. Revenue from operations also dipped marginally to ₹13,998.45 crore in FY25, down 0.33% from the previous year. Raw coking coal remained the main revenue contributor, accounting for over 76% of total operational income. The offer structure includes up to 60% of the QIB portion allocated to Anchor Investors, with one-third of that reserved for domestic mutual funds. The IPO remains subject to regulatory approvals and market conditions.
Royal Enfield Posts 26% YoY Sales Growth in May, Led by Export Surge
Source: Business Line
Royal Enfield reported total sales of 89,429 units in May 2025, marking a 26% increase from 71,010 units in the same month last year. Domestic sales stood at 75,820 units, up 19% from 63,531 units in May 2024. The standout performance came from exports, which rose sharply by 82% to 13,609 units, compared to 7,479 units a year ago. The company attributed the growth to steady momentum across both Indian and international markets. CEO B Govindarajan noted that the brand continues to build on its performance globally. This strong showing follows consistent growth trends seen in previous months, reinforcing Royal Enfield’s position in the mid-size motorcycle segment.
- This edition of the newsletter was written by Pranav and Kashish.
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Thank you so much for this work team zerodha .
One request comparing financials among ihcl chalet and lemon would have looked better in a tabular form.
Superb quality
Thanks 👍