Nomura on Leela Palaces ; Buy, TP Rs 650

Robust 2QFY27 despite a volatile quarter; improved visiblity Lift FY27F/28F EPS by 3%/5% 2QFY27 consolidated revenue/ EBITDA up 33%/36% y-y, beating consensus by ~10% Domestic owned key portfolio likely to grow 63% by FY31F High-teens EBITDA growth in 2HFY27F; 17-18% EBITDA CAGR between FY27F and FY29F

LEELA PALACES HOTEL LTD

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