GOLDMAN SACHS ON INDIAN HOTELS ; BUY | TP RAISED TO ₹890 FROM ₹870

• Q2 saw a large RevPAR beat; FY27 revenue guidance raised. • Better H2 visibility should ease investor concerns. • Management likely to provide detailed long-term hotel addition guidance in November. • Earlier target of 700 portfolio hotels by FY30 is expected to be achieved well ahead of schedule.

THE INDIAN HOTELS CO. LTD

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