We like IHCL amongst the domestic hospitality space considering its diverse product offerings, improving balance sheet strength and declining losses from international operations. We estimate net sales/EBITDA/PAT growth of 7.3%/23.3%/34.7% over FY19-21E. Maintain BUY with a TP of Rs 200 valuing the stock at 20x EV/EBITDA and per share value in Taj GVK and Oriental Hotels at current market capitalization. Key Highlights and Investment Rationale Strong inventory pipeline to support healthy sales growth IHCL recently reached milestone of 200 hotels with 25,000+ rooms, while 50 new...