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Royal Orchid Hotels reported strong Q3 FY26, with consolidated income up 26.6% YoY and room revenue surging 45% YoY. ICONIQA Mumbai, a highlight, generated 17.4 Cr in initial operations and is expected to hit 23-24 Cr revenue and profitability in Q4. An asset-light growth strategy drives expansion, with 47+ hotels in pipeline. Four revenue-share hotels are set to add ~100 Cr revenue when fully operational. FY26 revenue forecast is ~420 Cr, targeting ~500 Cr for FY27. Management is confident in achieving its 2030 vision of 22,000 rooms, emphasizing operational excellence and brand power.