Broker research reports for stocks which have been downgraded by brokers. Both recommendation downgrades,
as well as share price target downgrades are available for companies in Industry - Hotels.
Broker Research reports: latest Downgrades
for Industry - Hotels
Chalet Hotels Ltd.'s (Chalet) Q2FY26 result was below our estimates on key parameters as increased competitive intensity in MMR region weighed on net sales. However, on YoY basis, the company reported yet another robust quarterly performance. The management is very optimistic of a strong operating performance in the second half of the year for both business and leisure locations. The dip in Q2 occupancy was a temporary "blip" due to the addition of 166 new rooms. The company expects to be back to the occupancies they have been delivering in the past very quickly. The company introduced the new...
SAMHI IN reported a miss at operating level with EBITDA margin of 33.2% (PLe 34.7%) as revenue growth in May-25 dropped to mid-single digit due to geopolitical events. However, recovery was swift in June-25 with same-store RevPAR registering a growth of 10.3% YoY to Rs4,760 in 1QFY26. We expect top-line CAGR of 13% over the next 2 years led by addition of 245 keys with an EBITDA margin of 37.5%/38.8% in FY26E/FY27E. After the fund infusion by GIC...
RevPAR increases 19.4% YoY to Rs4,523 in 1QFY26 We cut our EBITDA estimates by ~2% over FY25-FY27E as we fine tune our fee income assumptions amid delays in opening timelines of managed & franchised hotels. LEMONTRE IN's operational performance was marginally better than our estimate with EBITDA margin of 44.5% (PLe 43.2%) led by 19.4% growth in RevPAR to Rs4,523 and 6.3% YoY fall in power & fuel cost amid investments...
Apeejay Surrendra Park Hotels Ltd.'s (ASPHL) Q1FY26 was in-line with our estimate on net sales and EBITDA front, while net profitability disappointed. The company during the quarter witnessed an increase of 13% YoY in ARR at Rs7,335, and 11.5% in RevPAR at Rs6,751. While occupancy for Q1FY26 stood at 92%. Total Revenue from the F&B segment stood at Rs660mn during Q1FY26, contributing 42% to the total revenue. Revenue from management contracts in Q1FY26 was Rs40mn. This division is expected to generate over Rs200mn in revenue by year-end, potentially reaching Rs250mn with new additions. The...
Chalet Hotels Ltd.'s (Chalet) Q1FY26 result beat to our estimates on key parameters. The company included sale from residential property in Koramangala, Bengaluru in Q1FY26 which further boosted the earnings. Despite external disruption in Q1, the sector remained resilient, with demand continuing to outpace supply in India. Structural demand drivers are seen as strong and more resilient than in past cycles. The management aims to reach 5,000 room inventory by end of FY26 and they expect Sahar, Powai, Hyderabad and Bengaluru to witness increasing average room rates. We have included sale...
handed over at Koramangala, Bangalore in 1QFY26. on YoY basis or with our estimates. Excluding the residential business, CHALET IN's operating performance was better than our estimates with EBITDA margin...
Indian Hotels (IH) reported strong consolidated revenue growth of 32% YoY in 1QFY26, led by healthy RevPAR growth of 11% (ARR up 12% and OR down 90bp YoY) in its standalone business. Like-for-like consol hotel revenue/TajSATS grew ~13%/20% YoY.
IHCL reported a good start to FY26 delivering strong double-digit revenue and PAT growth. Consolidated revenues grew by 31.7% y-o-y to Rs. 2,041 crore beating ours and the average street’s expectation of Rs. 1,992 crore and Rs. 1,980 crore, respectively.
LEMONTRE's operational performance was broadly in-line our estimate with EBITDA margin of 53.9% (PL 53.0%), led by 14.9% growth in RevPAR to Rs5,462 while PAT was aided by a lower tax rate of 11.5%. Aurika, MIAL's performance showed an improvement with an occupancy of 80% and EBITDA margin of 67% in 4QFY25. Led by stabilization of Aurika, MIAL and improvement in RevPAR amid the ongoing renovation exercise, we estimate revenue/EBITDA CAGR of...
Apeejay Surrendra Park Hotels Ltd.'s (ASPHL) Q4FY25 result was broadly in-line with our estimates on net sales and EBITDA front, while net profitability disappointed. The company witnessed an increase of 13% YoY in both ARR at 8,758, and RevPAR at 8,074, while occupancy stood at 92%. The management reiterated high teens growth for FY26E, which is encouraging. ASPHL intends to double its key count to about 5400 keys in the next 5 years including 1,011 keys of its own. In Q4FY25 ASPHL signed a binding MoU for the acquisition 60 service apartment under Zillion Hotels and Resorts at Juhu, Mumbai. Further, the...
*over or under performance to benchmark index Founded in 1902, Indian Hotels Company Ltd. (IHCL) is a leading hospitality player with a portfolio of 381 hotels across 14 countries. It owns popular brands like Taj,...
IHCL’s Q4FY25 numbers were strong with consolidated revenues rising 27% y-o-y to Rs. 2,425 crore (in line with expectation of Rs. 2,440 crore) driven by growth across all businesses, EBITDA margin rising 70 bps y-o-y to 35.3% (in line with 35.4% expected) and adjusted PAT growing by 38% y-o-y to Rs. 542 crore (in line with expectation of Rs. 540 crore).
Indian Hotels (IH) reported strong consolidated revenue growth of 27% YoY in 4QFY25, led by healthy RevPAR growth of 16% (ARR up 14% and OR up 100bp YoY) in its standalone business. Like-for-like consol hotel revenue/TajSats growth stood at ~13% each YoY. Management contract revenue rose 10% YoY to INR1.6b.
Indian Hotels’ (IH) transformational journey over the past decade is marked by bold strategic moves—embracing an asset-light model, reimagining Ginger Hotels, and expanding into new segments.
With its hospitality category growing 15.3 y/y and revenue, 29% y/y to Rs25.3bn, Indian Hotels reported a strong Q3. EBITDA rose 31.3% y/y to ~Rs9.6bn with a flat 38% margin y/y
