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ICICI Securities Report
Brokerage firm ICICI Securities has retained Buy on ITC Hotel Ltd. with a revised target price of Rs 235 from earlier Rs 229, as it rolls forward to 25 times Mar'28E hotel business EV/Ebitda (earlier Dec'27E).
Adding net cash of Rs 1,210 crore (as of Mar'28E), the Dwarka hotel lease premium and the Sri Lanka residential project net asset value of Rs 910 crore, the brokerage derives an equity value of Rs 48,900 crore or Rs 235/share.
ITC Hotels Q1 Results Highlights
In Q1 FY27, ITC Hotels reported 10% YoY hotel revenue growth and 13% YoY hotel Ebitda growth, in spite of geopolitical factors impacting its Apr'26 performance. While Q2 FY27 is expected to be a quarter of continued recovery, ITC Hotels is confident of a demand bounce-back in H2 FY27.
ICICI Securities estimates a 9% revenue per available room compound annual growth rate with a management fees CAGR of 16%, over FY26–29E, led by new hotel openings.
Hence, the brokerage estimates a 11% revenue CAGR on a consolidated basis with a 14% Ebitda CAGR over FY26–29E.
Key risks: Slowdown in hotel occupancies/average room rates; and delay in the execution of upcoming hotel assets.
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