Considering where India stands in terms of air travel and lounge access as a status symbol for lower middle class and middle class–this segment will keep growing for a decade
Margins may come down, but volume growth will keep the company growing
Entry into railway lounges + Opening up of new lounges + expansion of existing lounges are good tailwinds
Any other company coming and dislodging needs big incentive which can be tackled by cutting prices by Dreamfolks, so that could be one deterrent to new company coming in
Moreover Space is big enough to accomodate 2-3 companies if we see this sector for a decade or so
Just my thoughts, Invested from lower levels, hence may be biased
But every visit to Airport and lounge gave me confidence that this sector is going to grow
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