Increased integration and competitiveness in today’s fast paced world has led to an amalgamation of people, processes and places. Such engrained integration diminishes both geographical and time-based boundaries. People across different age groups, ethnicity, culture, origin and professions work 24 × 7 and hardly get time for self-analysis, to introspect on thoughts about their existence, purpose and meaning of life. However, these are of utmost importance in determining the quality of life of an individual. Keeping this requirement (for higher societal good) in mind, the present study aims to explore various correlates of the subtle, yet deeply held notion of spirituality. Researchers have chosen to study young adults (postgraduate management students) using Grounded Theory approach, a qualitative analysis technique. Data have been coded and categorized for meaningful analysis to understand the notion of ‘Spirituality’ from the perspective of young adults—budding future corporate managers. Results present details about the nature and diversity of meanings of spirituality. The concept has emerged out as an integrated and ever-evolving ideology, developing out of an appropriate context. The paper also discusses different shades of spirituality with an emphasis on its perceived factors of formation and the corresponding perceived impact.