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Leela Palaces Rated New 'Buy' At ICICI Securities With 51% Upside — Check Target Price
A strong heritage brand, coupled with limited luxury supply in India’s tier-1 cities, augurs well for Leela’s medium-term growth outlook.
16 Dec 2025, 11:15 AM IST 
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Going forward, The Leela has a visible pipeline to expand its footprint from ~4,090 operational keys, as of Nov’25, to over 5,000 operational keys by FY30.
(Photo: The Leela Palace New Delhi)
Leela is a luxury hospitality company with 4,090 operational keys across 14 hotels, including 1,761 owned keys, along with a pipeline of 763 owned and 283 managed keys over FY25–30E. The brokerage expects the company to deliver 16%/17% revenue/Ebitda CAGRs over FY25–28E backed by same-store RevPAR CAGR of 12% and pipeline keys.
