India's hospitality sector is at the cusp of an up cycle with robust demand and limited supply. FY15-19 has been a watershed phase for IHCL. After a series of value destructive asset acquisitions, co infused capital (twice), shed unproductive assets, tightened operations and adopted a capital-light growth strategy in India. Ginger is now re-positioned in lean-luxury and looks well set to contribute meaningfully to overall EBITDA with the ramp-up in management contracts. IHCL aims to grow margins to ~23-24% by FY23 (25% including other income) vs. 18.5% in FY19. We believe this is feasible, though our estimates are more conservative. IHCL is set to outperform led by its vastly improved balance sheet, strong brand equity, pan India footprint, leadership in luxury segment and performance improvement in subsidiaries (Ginger, US and UK). IHCLs 4QFY19 was in-line. The strong standalone show (primarily domestic) was off-set by a weak performance of subsidiaries (mostly international). Reiterate BUY with TP of Rs 176 (20x FY21E EV/e).