India Hotels and Malls - 1QFY27F preview

Research evidence excerpt

India Hotels and Malls - 1QFY27F preview

Global Markets Research

5 July 2026India Hotels and Malls

EQUITY: GAMING, HOTELS & LEISURE

1QFY27F preview Research Analysts

India Property

Leela and Indian Hotels – strong; ITC Hotels and Chalet – resilient; Phoenix Mills – strong Akash Gupta - NFASL

consumption, miss on earnings akash.gupta3@nomura.com

+ 91 22 40374043

Domesticdemandacrosshotelswasfairlyresilientandlargelyhelpedtosetoffthe

negativeimpactoninternationaldemandduetotheconflictintheMiddle-East.

Particularly,domesticluxurysegmenthotelsarebenefitingfromleisuredemand.Evenfor

malls,weseefairlystrongdomesticdemand,whereweexpectPhoenixMills(PHNXIN,

Neutral)toreportconsumptiongrowthof25-30%y-yin1QFY27F.

1. Hotelresults: weexpectastrongsetofnumbersfromLeela(THELEELAIN,Buy;

revenue/EBITDAgrowthof14%y-y/16%y-y) in1QFY27F followedby IndianHotels

(IHIN,Buy;revenue/EBITDA growth of13%y-y/13%y-y).Weexpectarelatively

resilientsetofnumbersfromChalet(CHALETIN,Neutral; revenue/EBITDA growth

of10%y-y/12%y-y(ex-residential))andITCHotels (ITCHOTELIN,Buy;revenue/

EBITDA growth of 8%y-y/8%y-yforthehospitalitysegment,and22%y-y/22%y-y

includingrevenuerecognitionfromtheresidentialsegment).

2. PhoenixMills(PHNXIN,Neutral): weexpectconsumptiongrowthof27%y-y.

However,weexpectrevenue/EBITDA growth ofonly 14%/15%y-yasretailincome

lagsconsumptiongrowth,similartothepasttwoquarters.

3. Ourtoppicks: LEELA> IndianHotels >ITCHotel;weremainNeutralonPhoenix

Mills.

Below are our key takeaways by company:

• Indian Hotels: Management had guided to +12% y-y revenue growth for 1QFY27E

and 12-14% y-y revenue growth in FY27E in its 1QFY26 earnings call. Overall, we

estimate its actual performance towards the upper end of the guidance range as: 1)