Standout Qtr; Raise Estimates

Research evidence excerpt

Standout Qtr; Raise Estimates

across brands, geographies Exhibit 1 - IHCL: Key Financials and

assumptionsand contract types has helped mitigate macro volatility and should continue to support (Rsmn) FY24 FY25 FY26 FY27e FY28e FY29e

domestic growth. In addition, a section of outbound international travel demand appears to RevenueYoY % 67,68817% 83,34523% 96,89216% 110,83614% 124,41512% 140,04313%

be substituting towards domestic destinations, providing a further boost to domestic tourism. EBITDAYoY % 21,57220% 27,69328% 31,94715% 36,81915% 42,05414% 48,09514%

Leisure destinations remain particularly strong, with these properties delivering high-20% MarginPAT (%) 12,59131.9% 16,02833.2% 18,77733.0% 21,46433.2% 24,77633.8% 28,77734.3%

RevPAR growth in 1Q, driven primarily by higher occupancy. EPSYoY % 26%9 27%11 17%13 14%15 15%17 16%20

ROCE (%) 15.3 17.6 17.6 18.1 18.4 18.8

P/B (x) 11 9 8 7 6 6Strong Margin Performance: Recent renovations at key properties such as Taj Aguada, Taj EV/EBITDA (x) 48.8 38.1 32.7 28.1 24.3 20.9 P/E (x) 83 65 55 49 42 36 .

Palace and Lake Palace are aiding operating performance and revenue realization, driving Source: Company; Jefferies

operating leverage. Continued focus on efficiency and disciplined asset management should

Exhibit 2 - Greenfield Projects for IHCL/further support margins. Management fee income remains strong, aided by rapid hotel Subsidiaries

additions, while Ginger (growth business) also at an inflection point for growth. The Brij New Projects Keys Timelines Entity

acquisition is also contributing meaningfully, with management confident of scaling the TajSeleQtionsFrankfurtVaranasi 12640 1QFY27FY29 100%IHCL (SA)Sub

platform over time. TajGingerLucknowMopa Airport 27896 FY29FY29 RootsPEIM

Gateway Bangalore 286 FY29 PEIM