Axis Capital On Indian Hotels

Maintain ADD, TP Rs 735 (From Rs 747) IHCL’s FY26 performance was driven by the luxury segment Taj adding 70% of sales, and along with Taj SATS, adding ~80% of EBITDA. Medium-term growth will be driven by RevPAR growth in Taj and incremental revenues from key additions (mostly managed keys, owned in Ginger). Diversified portfolio provides resilience amid macroeconomic uncertainty higher share in midscale (owned), where competition is higher, limits RevPAR growth. The stock trades expensive, limiting upside.

THE INDIAN HOTELS CO. LTD

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