Buy Indian Hotels; target of Rs 150: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on Indian Hotels

Indian Hotel’s (IHCL) 2QFY19 consolidated performance was in-line and healthy, in a seasonally weak quarter. Revenue/EBITDA at Rs 9.6/1bn grew by 15.3/81.8% YoY. APAT increased to Rs 0.4bn from loss of Rs 0.6bn in 2QFY18 led by higher EBITDA and lower finance costs (-34.8% YoY) owing to Rs 15bn rights issue in 2HFY18. RPAT was -0.1bn owing to M2M loss of Rs 0.5bn on forex derivative contracts.

Outlook

Asset light strategy for expansions and monetization of non-core assets are additional positives. BUY with TP of Rs 150 @ 20x Sep20E EV/E in-line with its historic average.

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