里拉宫殿酒店及度假村 | 亚太：研究战术性观点

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M

Idea

August 19, 2026 03:21 AM GMT

Leela Palaces Hotels & Resorts | Asia Pacific

Morgan Stanley India Company Private Limited+

Binay Singh

Equity Analyst

Research Tactical Idea

We believe the share price will rise relative to the country index over the next 60

days.

The July STR data was strong and should support outperformance for Leela stock.

On a YoY basis, India's ARR and RevPAR grew ~12.4% and 17.6%, respectively. Delhi

market (key for Leela): RevPAR growth of 26.6% YoY (two-year CAGR: 12.8%) vs.

+20.1% YoY growth in June 2026. The stock trades at F28e EV/EBITDA of 20x vs

peers in the 23x range.

We estimate that there is about an 80%+ (or "highly likely") probability for the

scenario.

Leela Palaces Hotels & Resorts (LEEA.NS, THELEELA IS)

India Leisure & Lodging | India

Stock Rating

Industry View

Price target

Shr price, close (Aug 18, 2026)

52-Week Range

Sh out, dil, curr (mn)

Mkt cap, curr (mn)

EV, curr (mn)

Avg daily trading value (mn)

Overweight

Attractive

Rs600.00

Rs519.15

Rs527.00-384.50

334

Rs173,374

Rs200,052

Rs183

Estimated probabilities are illustrative and assigned subjectively based on our

assessment of the likelihood of the scenario.

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investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.