Leela Palaces aims to 2x revenue by FY30 & ₹2,000 cr EBITDA.

aims to double revenue by FY30 and reach ₹2,000 crore EBITDA. CEO Anuraag Bhatnagar reports Q2 as one of the best quarters, with strong growth excluding major conferences. The company plans to increase keys from 4,000 to 5,200 by FY30. Ambitious profitability target: ₹2,000 crore EBITDA by FY30 would be a meaningful step-change in scale and margins versus current reported returns, and would materially influence valuation if achieved. Capacity-led growth: planned +1,200 keys (~30% increase) signals meaningful revenue-driving capex and operating scaling across the portfolio. Capital intensity & financing need: recent/subsequent investments cited in company context (up to ₹185 Cr in subsidiary; acquisition-related outlays noted up to ₹560 Cr) point to sizable near‑term funding requirements. Balance sheet context: reported borrowings ₹1,811 Cr and cash ₹286 Cr imply estimated net debt ≈ ₹1,525 Cr, indicating limited immediate liquidity buffer for large greenfield/ acquisition capex without additional financing. Current returns/valuation: ROE (~8.2%) and ROCE (~8.7%) are modest while P/E (~43.8) implies the market prices growth — execution risk remains material to justify re-rating if targets are missed or delayed, given elevated valuation multiples and low dividend yield (0%).