Day 23/100

Lemon Tree Hotels is arguably one of India's most misunderstood hospitality plays right now. While many investors are still anchored to backward-looking P/E ratios and consolidated financials, they're missing the structural shift that's already underway.

The real story is the demerger. The business has been split into two distinct entities: a real estate heavy ownership vehicle backed by a fresh ₹960 crore injection from Warburg Pincus, and a pure play, asset light management and brand platform. By ring-fencing roughly ₹1,300 crore of debt into the ownership vehicle, the management entity emerges essentially debt-free, & free to scale through high margin franchise fees the way Marriott and Hilton do, without the weight of owned real estate on its books.

The timing matters too. India's mid market hospitality segment is serving roughly 300 million strong and fast growing middle class, remains chronically underserved by quality branded hotels. Lemon Tree is positioning itself as the franchise infrastructure layer for exactly that demand.

Applying a trailing P/E to a company going through this kind of structural transformation is simply the wrong tool. My latest deep dive breaks down the demerger mechanics, the macro tailwinds, and why this looks like a once in a lifecycle inflection point for the business.

Full analysis below 👇

https://spicapitalresearch.substack.com/p/the-lemon-tree-indias-most-interesting?r=5uwf28

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NOTE: This analysis is for educational purposes and is not investment advice. Please consult a qualified financial advisor before making any investment decisions.

#IndianStockMarket #EquityResearch #LemonTreeHotels #IndiaHospitality #StockAnalysis #InvestingInIndia #CapitalAllocation #ValueInvesting

Day 22/100

India's AI and cloud boom is generating enormous investment hype, but the physical reality underneath it is far more interesting than the headline numbers suggest.

Strip away the tech narrative and a data center is essentially a hard asset business that operates like a utility. The real competitive moats aren't the buildings, they're securing the right land, navigating 18 month power allocations from DISCOMs and deploying liquid cooling to handle AI racks pulling 30 to 50 kW each.

My latest piece digs into the hidden mechanics of this sector, past the hype and into the actual grid bottlenecks, the structural demand drivers and how listed players like Anant Raj, E2E Networks, Netweb, and Techno Electric are each carving out a very different position in the same opportunity.

If you're tracking or investing in India's digital infrastructure, the physical constraints are the story, not the MW pipelines and hyperscaler LOIs.

Full breakdown below, now also available as a podcast on Spotify and YouTube. 👇

https://spicapitalresearch.substack.com/p/the-race-to-own-indias-digital-spine

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#DataCentres #IndiaTech #CloudComputing #Hyperscalers #Investing #StockMarket #finance #EquityResearch

Day 21/100

Ever notice how we obsess over solar parks, data centers, and EVs, but completely ignore what connects them all?

Today, I published a new deep dive: “The Wire Behind Everything: A Deep Dive Into India's Cable Sector”

This ₹92,000 crore market is the literal nervous system of India’s modernization. But investing here isn’t simple. As many investors fall for a classic valuation trap, mistaking copper driven price inflation for actual volume growth.

In this piece, I break down: Why cables aren’t just “copper wrapped in plastic”. The crucial difference between Polycab’s retail moat and KEI’s B2B playbook. Why EBITDA per kg and ROCE are the metrics that actually matter.

If you want to know where the smart money has been quietly building positions, give it a read. The podcast version is also live on Spotify and YouTube!

Let me know your thoughts below! 👇

https://spicapitalresearch.substack.com/p/the-wire-behind-everything-a-deep?r=5uwf28

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