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IDBI Capital Report
The brokerage IDBI Capital has reiterated its Buy rating on The Indian Hotels Company Ltd. with a target price of Rs 869, assigning 28 times EV/Ebitda to FY28E
The brokerage also highlighted that Indian Hotels reported a record quarterly performance for Q4 FY26 with consolidated revenue growing 14% YoY. This was primarily driven by a 10% increase in consolidated RevPAR to Rs 13,250, supported by pricing power across brands.
Brand-wise RevPAR growth was led by Taj at 10% (Rs 20,700), while Upper Upscale brands (Vivanta, SeleQtions, Gateway) grew 6% and Ginger increased 5%.
IDBI Capital remains positive on Indian Hotels given its accelerated transition toward a capital-light model, with 93% of its 31,300-key pipeline now under managed or asset-light contracts. New business verticals, including Ginger, Qmin, and amã, continue to scale rapidly, recording 25% revenue growth to reach Rs 753 crore in fiscal year 2026.
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