Jefferies on Leela Palaces ; Buy, TP Rs 735

Leela reported Sep-Q beat with Revenue/EBITDA/PAT up 33%/36%/27% YoY. Growth was driven by 30% RevPAR growth, entirely ARR-led, supported by favorable domestic travel tailwinds & strong MICE demand. Mgmt raised guidance, now expects high teens EBITDA growth in H2, implies mid-20s% EBITDA growth for FY27 Raise EBITDA/PAT ests by 3-7% Continue to see Leela as a high-quality luxury hospitality play & forecast 21-23% Revenue/EBITDA/PAT CAGR over FY26-29e.

LEELA PALACES HOTEL LTD

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