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Motilal Oswal Report
Domestic brokerage firm Motilal Oswal remains positive on the Indian hospitality and tourism sector over the near to medium term, led by healthy structural tailwinds, favorable demand-supply dynamics, and rising domestic travel fueled by increasing MICE activity, weddings, cultural events, and leisure and corporate travel.
The brokerage has reiterated Buy rating on Indian Hotels Company and has set a target price of Rs 820, Lemon Tree with a target price of Rs 150, Ventive gets a target price of Rs 780 and Indigo target price of Rs 5,850.
According to the brokerage FY26 witnessed healthy YoY growth of 19%/14% in revenue/Ebitda, driven by ARR growth and an improving occupancy across key markets and players. Demand trends remain healthy across India in Q1 FY27, supporting healthy RevPAR growth (in the range of 12-15%).
The brokerage anticipates hotel companies to deliver healthy growth in FY27-28E (9-11% RevPar growth is expected in FY27), supported by higher ARR, resilient occupancy, and diversified demand drivers.
Its medium-term (two to three years) outlook for the Indian hospitality sector remains positive, underpinned by sustained occupancy at elevated levels and healthy ARR growth. Favorable demand-supply dynamics and rising domestic travel, led by a healthy MICE activity and destination weddings, are expected to drive momentum
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