Indian Hotels (IH IN): Buy: Healthy 1QFY27, with upside risk to FY27 guidance

研报英文原文证据摘录

Indian Hotels (IH IN): Buy: Healthy 1QFY27, with upside risk to FY27 guidance

22 July 2026

Indian Hotels (IH IN) EquitiesHotels Restaurants & Leisure

Buy: Healthy 1QFY27, with upside risk to FY27

guidance India

◆ 1QFY27 results beat consensus on the back of strong domestic MAINTAIN BUY

demand; leisure continued to outperform business cities

TARGET PRICE (INR) PREVIOUS TARGET (INR)

◆ Indian Hotels maintained its guidance of double-digit revenue

829.00 800.00 growth (12-14%); we see an upside risk to the growth

◆ Increase TP to INR829 (from INR800); high air fares boosted SHARE PRICE (INR) UPSIDE/DOWNSIDE

demand for hotels; IHCL benefited from strong brand & network 731.60 +13.3%

(as of 21 Jul 2026)

1QFY27 results beat consensus: Revenue grew 15% YoY, while adjusted EBITDA MARKET DATA

Market cap (INRm) 1,041,383 Free float 57%

grew 18% YoY to INR7.5bn, 6% higher than VA consensus. EBITDA margin rose 80bps Market cap (USDm) 10,797 BBG IH IN

YoY to 31.1%. LfL domestic RevPAR increased 14% YoY and adjusted EPS rose 21%. 3m ADTV (USDm) 20 RIC IHTL.BO

Full-year outlook maintained, July trends strong: Indian Hotels reiterated its 12-14% FINANCIALS AND RATIOS (INR)

YoY revenue growth guidance for FY27, with sustained margins supported by resilient Year to 03/2026a 03/2027e 03/2028e 03/2029e HSBC EPS 12.71 16.09 19.80 23.64

domestic demand and strong start to 2QFY27. It noted that July trends are strong and HSBC EPS (prev) 12.71 15.91 19.55 23.37

ahead of 1QFY27. In India, leisure destinations continue to outperform business cities. Change (%) 0.0 1.1 1.3 1.2 Consensus EPS 13.23 15.76 18.38 20.61

It expects the MICE business to pick up in 2HFY27, while normalisation of the PE (x) 57.6 45.5 37.0 30.9

international business could be significantly positive for full-year earnings.