ICICI Securities's research report on Indian Hotels
Indian Hotels (IH IN) has reported a resilient H1FY26 performance with enterprise RevPAR up 9%, consolidated revenue up 20% and EBITDA up 21% despite being impacted by domestic/international geopolitical factors. With a robust demand outlook heading into H2FY26 led by higher MICE, wedding dates and renovated keys, the company is on track to deliver double digit revenue growth in H2FY26. We build in a 15% revenue CAGR and 17% EBITDA CAGR over FY25-28E, considering hotel industry demand CAGR of 9-11% over FY25-29E vs. supply CAGR of 6-7% over the same period.
Outlook
We retain BUY with SoTP-based unchanged TP of INR 941, based on 32x Sep’27E EV/EBITDA. Key risks: Fall in occupancy and slowdown in discretionary consumption.
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