Sharekhan's research report on Indian Hotels Company
Q2FY2025 to be among the strongest quarters, with July revenues rising by over 20% y-o-y. Despite weak Q1, the company expected to post double-digit growth in H1FY25. Further, H2 will see good growth momentum aided by good domestic demand and recovering foreign tourist arrivals (FTA). The management has guided for 25-30 new hotel openings in FY2025 (opened 6 hotels in Q1), with continued focus on capital-light strategy. With increasing share of capital light inventory, EBIDTA margins and return ratios will see consistent improvement in the coming years.
Outlook
We maintain a Buy on Indian Hotels Company Ltd (IHCL) with a revised PT of Rs. 774 (rolling over to September 2026 earnings). The stock trades at 26x/22x its FY2026E/27E EV/EBIDTA, respectively.
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