Hotels Q4 Results Preview: RevPAR Growth Sustainability Key, Says Dolat Capital; Lemon Tree Among Top Picks

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Dolat Capital Report

The hospitality industry experienced robust growth during FY23-FY25E. Stock prices and valuations broadly capture this optimism. However, maintaining RevPAR growth in FY26 (projected at mid-to-high single-digit) will be crucial for sustaining current positivity, especially as growth starts to moderate on a high base, supply starts catching up, and broader economic uncertainty (both domestic and more importantly global) poses a key risk in our view.

The impact of heatwaves and an extended summer in Q1 FY26 could lead to softer demand, particularly in leisure travel, affecting occupancy rates. While corporate and business travel may provide some stability, transient travel patterns could see a temporary dip.

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