Most of their outlets are rented. This makes them very vulnerable to lease rentals. They face competition from Barista, Bru etc and the competition will only grow. The valuation of the company is high. If you like it, you will almost certainly get it at a lower price. This is the sort of company to look at in a beaten down market, where it can be priced much lower. It can be a good long term growing brand.
I do not agree with someone in this thread who sees the political links of the company as negative. It is impossible for Indian companies to grow to this extent without dealing with politicians. The political link is in fact a positive.