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 Sector - Hotels Restaurants & Tourism.
Broker Research reports: latest Downgrades
for Sector - Hotels Restaurants & Tourism
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...
Westlife Foodworld (WESTLIFE) reported revenue growth of 4% YoY to INR6.4b in 2QFY26. Same-store sales growth (SSSG) declined 2.8% YoY (estimate -1.5%) even on a favorable base (-6.5% in 2QFY25), with demand remaining muted in August and September.
Restaurant Brands Asia (RBA) posted revenue growth of 16% YoY for its Indian business (in line), led by a 15% YoY rise in store additions. Same-store sales rose 2.8%, led by healthy traction across both the channels and value offerings.
Sapphire Foods India (SAPPHIRE) reported revenue growth of 7% YoY (in line) in 2QFY26, backed by a 10% YoY increase in store count. KFC sales grew 7% YoY and same-store sales declined 3% (in line).
JFL delivered robust financial results in Q1FY26, marked by healthy top-line growth and disciplined profitability, despite navigating a challenging demand environment. The demand environment is expected to improve on a QoQ basis. The company has accelerated key initiatives, including menu innovation, expansion of digital assets and enhancements to delivery capabilities, with a focus on achieving 20-minute delivery. Concurrently, Popeyes is being scaled up with the aim to establish it as...
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...
JUBI is sustaining focus on aggressive growth through store expansion, digital investment and calibrated price hikes product innovations and digital investments. We expect healthy double digit earnings growth in coming quarters led by 1) improving demand scenario and 2) robust innovation and 3) sustained efforts on providing superior value to...
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...
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...
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...
Sapphire Foods India (SAPPHIRE) reported revenue growth of 8% YoY (in line) in 1QFY26, driven by a 10% YoY increase in store count. KFC’s revenue grew 11% YoY, supported by 15% store expansion.
Westlife Foodworld (WESTLIFE) reported revenue growth of 7% YoY to INR6.5b in 1QFY26, with same-store sales growth (SSSG) of 0.5% YoY (est. 1.5%) on a favorable base (-6.7% in 1QFY25). Average sales per store rose 1% YoY to INR62m (annually) in 1QFY26.
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.
