Juniper is well positioned to embark on its next phase of growth and plans to add c. 2,000 rooms over the next 3-4 years primarily through ROFO assets, organic expansion and new acquisitions. We estimate revenue CAGR of c.14% and EBITDA CAGR of c.22% over FY25-28E, with EBITDA margin expected to reach 43% by FY28E. We maintain a BUY rating with a TP of INR 410, valuing the company at 18x Mar’27E EBITDA