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IDBI Capital Report
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Chalet Hotels Ltd. delivered a strong Q3 FY26 performance, surpassing IDBI Capital's estimates across key operating parameters. The brokerage highlighted that management commentary remains upbeat, with Indian hospitality demand seen as structurally robust, supported by rising disposable incomes, experiential travel trends, weddings, MICE activity, and improving infrastructure.
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Across markets, average daily rate growth continued in healthy double digits, with Bangalore, Hyderabad, Pune, and MMR posting solid momentum. Notably, MMR delivered high single‑digit RevPAR growth despite operational headwinds at Powai and Vashi, outperforming the broader Mumbai market.
Chalet's newly launched Athiva Khandala resort brand also impressed, recording multiple sold‑out days within its first 45 days, backed by strong guest reviews and rising traction in weddings and MICE‑led bookings.
IDBI Capital has rolled forward its valuation to FY28E, maintaining a Hold rating with a revised target price of Rs 1,007 (earlier Rs 1,025), assigning a 21x EV/Ebitda multiple on FY28E.
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