Anand Rathi's research report on Indian Hotels
With its hospitality category growing 15.3 y/y and revenue, 29% y/y to Rs25.3bn, Indian Hotels reported a strong Q3. EBITDA rose 31.3% y/y to ~Rs9.6bn with a flat 38% margin y/y. The company guided to a strong Q4 (on par with Q3 growth) on account of factors such as large-scale regional events, GDP growth, weddings, sustained transient travel and growth in leisure travel.
Outlook
We introduce FY27e and retain a Hold rating with a 12-mth TP of Rs 840 on a sum-of-parts basis, 30.5x consolidated FY27e EBITDA (in the 2004-08 upturn, the stock traded at a peak 28x EBITDA).
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