ELARA CAPITAL ON INDIAN HOTELS ; UPGRADE TO BUY FROM ACCUMULATE | TP RAISED TO ₹922 FROM ₹786

• Structural demand-supply mismatch expected to drive RevPAR growth over the next 18 months. • Revenue grew 22%, beating estimates by ~6 percentage points. • Strong operating momentum supports the rating upgrade. • Target price based on SOTP valuation with earnings rolled forward to H1 FY29E.

THE INDIAN HOTELS CO. LTD

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