terror attack. However, the sector's pricing power remained resilient, with panIndia ARRs holding firm in the Rs7,3007,500 range, reflecting inherent pricing power. The aviation sector also witnessed a notable slowdown in traffic growth, with May-25 recording just 1.9% YoY pax growth, lowest in recent quarters, reaching 14.1mn passengers. As for the luggage sector, while it was relatively less affected by geopolitical developments, the overall environment remained challenging and competitive intensity continues to persist. Within our hospitality coverage universe, we expect RevPAR growth of 2%/16%/15% for CHALET IN, LEMONTRE IN and SAMHI IN respectively. As for INDIGO IN, we...