IHCL's lease liabilities, totaling Rs 2,947 crore as of September 30, significantly exceed its consolidated borrowings of Rs 279 crore. Analysts note this substantial lease footprint, despite IHCL's capital-light strategy focusing on management contracts. Lease liabilities represent future rental payments for properties used but not owned, differing from traditional debt. While generally viewed as less risky, these long-term contractual obligations remain a significant balance sheet component.