Chalet Hotels Ltd.'s (Chalet) Q3FY26 result was ahead of our estimates on key parameters. The management guided that the Indian hospitality demand remains structurally strong, driven by rising disposable incomes, experiential travel preferences, weddings, MICE activity, and improving infrastructure. ADR growth continues at healthy double-digit levels across most markets. Bangalore, Hyderabad, Pune, and MMR delivered strong performance, with MMR achieving high single-digit RevPAR growth despite operational headwinds at Powai and Vashi, outperforming the broader Mumbai market. New resort brand Athiva...