Broker’s call: Indian Hotels (Buy)

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SENSEX 73,249.39

 -460.30

NIFTY 22,687.65

 -123.70

NIFTY 22,687.65

 -123.70

CRUDEOIL 9,451.00

+ 243.00

CRUDEOIL 9,451.00

+ 243.00

GOLD 144,245.00

 -1,834.00

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Axis Securities

By KS Badri Narayanan

Updated - October 22, 2026 at 06:26 PM.

Management remains highly confident about H2FY27, supported by a strong domestic consumption cycle, a packed schedule of MICE/corporate events, and 30 planned new hotel openings

Target: ₹900

CMP: ₹783.30

Indian Hotels Company Ltd (IHCL) delivered an exceptional Q2-FY27, reporting consolidated revenue of ₹2,484 crore (up 21.7 per centy-o-y) and EBITDA of ₹706 crore (up 21 per cent y-o-y). The hotel segment drove this performance, with operating revenue surging 25 per cent y-o-y to ₹2,204 crore and operating EBITDA jumping 30 per cent y-o-y. Domestic RevPAR recorded a robust 28% YoY growth to ₹10,850, driven by an impressive 82 per cent occupancy level and healthy ARR expansion.

Despite headwinds in airline catering from geopolitical events, broad-based demand — including strong MICE activity and events like the BRICS summit — supported growth. Reflecting this sustained momentum, management upgraded its full-year FY27 revenue growth guidance to 15-17 per cent (and 17-19 per cent for the hotel segment).

Management remains highly confident about H2FY27, supported by a strong domestic consumption cycle, a packed schedule of MICE/corporate events, and 30 planned new hotel openings. The full-year revenue growth guidance upgrade to 15-17 per cent factors in ongoing ARR expansion and market share gains in top-tier cities.

While TajSats airline catering remains pressured by global disruptions affecting air travel, IHCL’s diversified revenue streams and rapidly expanding select-service portfolio are poised to drive sustained, double-digit earnings growth and cash generation. Following a robust earnings performance, we are revising our Target price upwards to ₹900 from ₹830.

Published on October 22, 2026

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