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IDBI Capital Report
Chalet Hotels Ltd.'s Q4 FY24 result was in-line with our estimates on key parameters. The company reported healthy improvement in operating metrics resulted in yet another best ever quarterly performance.
The management guided that tailwinds in the domestic market will aid in further RevPAR improvement for organized players, driving sustainable earnings growth.
Chalet's acquisition of Courtyard by Marriott, Aravali, NCR bodes well for geographic expansion and strengthening earnings growth in future.
Further, the greenfield inventory addition continues at a healthy pace, both in hotel and commercial segment. The company has raised Rs 1 billion in QIP, which has been majorly used to repay debt.
Maintain Hold with a revised target price of Rs 871 (earlier Rs 845), assigning 27 times enterprise value/Ebitda on FY26E.
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