Travel Food Services Ltd.

“TFS is a legitimate beneficiary of India's structural aviation growth with real captive-audience economics, but its moat is landlord-constrained and every concession renewal is a structural profit-sharing renegotiation with increasingly sophisticated airport operators. At 40x trailing earnings with a probability-weighted 5-year CAGR of ~5.5% and Adani cluster concentration as the primary permanent-impairment mechanism, the current price fully prices the optimistic scenario and offers no buffer. The business deserves a place on the watchlist, not in the portfolio at this price.”