Motilal Oswal's research report on Indian Hotels
Indian Hotels (IH) reported strong consolidated revenue growth of 27% YoY in 4QFY25, led by healthy RevPAR growth of 16% (ARR up 14% and OR up 100bp YoY) in its standalone business. Like-for-like consol hotel revenue/ TajSats growth stood at ~13% each YoY. Management contract revenue rose 10% YoY to INR1.6b. IH maintains its double-digit revenue guidance, supported by strong structural tailwinds in the industry, with demand consistently outpacing supply. Growth is further driven by rising Foreign Tourist Arrivals (FTAs), increased MICE activity, expanding leisure tourism, and IH’s robust development pipeline.
Outlook
We expect IH to continue its upward trajectory, with revenue/EBITDA/adj. PAT CAGR of 16%/22%/22% over FY25-27E . We broadly maintain our FY26/FY27 EBITDA estimates and reiterate BUY with our SoTP-based TP of INR940.
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