Chalet Hotels Ltd.'s (Chalet) Q4FY26 result was in line with our estimates on key parameters. Q4FY26 results remained resilient, with consolidated revenue reaching Rs 5,582 Mn. Management emphasized structural industry strength driven by domestic travel and wedding demand. Although the West Asia crisis caused 9,000 lost room nights in March, the portfolio crossed 5,000 keys with new projects in Udaipur and Hyderabad. Athiva Khandala showed positive early stabilization with ADRs exceeding Rs 15,000. Despite aggressive expansion, disciplined capital allocation helped reduce net debt. We upgrade our rating to...