We expect the company to report 17%/18% CAGR in Revenue/EBITDA over FY25-28E, aided by 10% CAGR in ARR and gradual improvement in occupancy. We forecast Leela to generate a cumulative FCFE of ~INR 18bn during FY26E-FY30E (excluding BKC capex), which will enable it to comfortably fund the BKC expansion