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Motilal Oswal Report
Indian Hotels Company Ltd. is a frontrunner in the hospitality sector with its strategic vision, operational excellence, and innovative growth avenues. Its ‘Accelerate 2030' plan highlights its ambitious growth strategy, with a focus on doubling its hotel portfolio, driving 14% revenue CAGR, and achieving a balanced revenue mix from traditional and new businesses.
The company's capital-light approach, emphasis on revenue per available room leadership, and expansion into emerging trends like wellness and sustainable tourism will ensure Indian Hotels captures the robust demand.
We believe the company's financial discipline and operational agility position it to achieve its 2030 goals. Over FY24-27, we expect Indian Hotels to deliver a CAGR of 18%/24%/26% in revenue/Ebitda/adjusted PAT.
We have largely maintained our FY26 Ebitda estimates and raised our FY27 estimates by 8% to incorporate healthy average room rate growth (~7% YoY), a robust hotel pipeline and an increase in food and beverage revenue, backed by healthy MICE growth.
We maintain Buy target price with a target price of Rs 880 (based on FY27E SoTP).
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