Hotels, Restaurants & Tourism share price target

In our monthly Hotels update, we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in August, 2026. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). ADR on MoM witnessed gradual recovery, aided by higher ADR across the industry around Independence Day weekend. Further, the industry is gearing up for travel related to festive and weddings season ahead, apart from pick up in corporate travel and increased MICE activities. The management commentary post Q1FY27 result was...

In our monthly Hotels update, we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in May, 2026. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). May month, which is a seasonally weak period for hospitality due to extreme heat wave in the country, further witnessed muted demand amid global chaos. Increasing airfare cost is keeping occupancy under pressure, leading ADR correction in key markets. FTAs have come in lately, which is further deteriorating the situation. The management...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in April, 2026. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry which witnessed cancellations amid on-going war, also faced challenges on ADR, which declined for second consecutive month on a MOM basis. Further, the scorching heat further dented domestic travelers and weighed on demand and pricing. The industry veterans reiterated concerns over global chaos and cautioned further...

What do we make of Adani's entry into hospitality? Adani Airport City Ltd, a step down wholly owned subsidiary of Adani Enterprises Ltd, has incorporated 7 wholly owned subsidiaries (for complete list check exhibit 1 below) that would engage in the business of real estate activities including hotels....

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in March, 2026. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry witnessed yet another month of surge in ADR over YoY, however, on MoM ADR weakened. We believe this could be owing to ongoing global turmoil, which has impacted overall travel cost as well as some caution on discretionary spending. There is no respite on war front yet and continuation of it will further deteriorate the industry...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in February, 2026. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). After a good start on ADR front last month, this month reported improved ADR in the selected markets. Apart from planned events (AI Summit in Delhi), overall demand has been encouraging across the key markets. Post Q3FY26 results, the management commentary has been positive on the industry growth, primarily supported by healthy...

W&C Sector Data centre led growth opportunity India's data center industry is witnessing strong capacity expansion, which is emerging as a meaningful growth driver for the cables segment within the wires & cables (W&C) industry. Based on data center EPC cost structures, electrical cables consistently account for around 10% of total cost per MW. With total EPC cost ranging from Rs200225mn per MW depending on project scale, cable...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in January, 2026. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The month witnessed higher ADR on YoY, a promising start to the year. However, on MoM basis, ADR was a mixed bag. ADR growth reflects sustained demand-supply imbalance, limited new hotel supply in key micro-markets, and strong pricing power, especially in premium business and leisure destinations. International travel recovery...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities in December, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The month witnessed mixed trend on ADR front on YoY, while on MoM ADR increased marginally. With the airlines fiasco in the start of the month, hotels witnessed booking cancellations. However, later demand improved with year-end travel plans and Christmas vacations. We remain optimistic on domestic hospitality growth story over...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for October, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry witnessed yet another month of improved ADR aided by festive season. Despite prolonged rainfall in many states, domestic travel picked up during festive season. We anticipate the uptrend in ADR to continue for upcoming months as wedding season will kick start post Diwali. We remain positive on domestic hospitality space led...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for September, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry witnessed yet another month of improved ADR. Though it is a seasonal phenomenon of firming up ADRs on the onset of festive, we anticipate better than expected ADR growth, primarily supported by domestic travel boost and wedding season. The ADR growth was impressive on lower price bracket in select markets...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for August, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry had another month of ADR improvement on both YoY as well as MoM in key selected markets. We anticipate further strengthening of ADR aided by festive season followed by wedding season. We remain positive on domestic hospitality space led by demand-supply mismatch, FTA, increased corporate travel, and MICE will aid...

With a strong start to FY26, the Indian hospitality industry is well poised to continue its growth momentum, with healthy RevPAR growth in FY26.

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for July, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry witnessed improvement in ADR on YoY as well as MoM in key selected markets. After decline in ADR in earlier months (due to seasonality), the trend reversal in ADR is on expected line. We anticipate further strengthening of ADR aided by festive season and long weekends in upcoming months. We remain positive on domestic...

terror attack. However, the sector's pricing power remained resilient, with panIndia ARRs holding firm in the Rs7,3007,500 range, reflecting inherent pricing power. The aviation sector also witnessed a notable slowdown in traffic growth, with May-25 recording just 1.9% YoY pax growth, lowest in recent quarters, reaching 14.1mn passengers. As for the luggage sector, while it was relatively less affected by geopolitical developments, the overall environment remained challenging and competitive intensity continues to persist. Within our hospitality coverage universe, we expect RevPAR growth of 2%/16%/15% for CHALET IN, LEMONTRE IN and SAMHI IN respectively. As for INDIGO IN, we...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for June, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 18). After a healthy growth in ADR, the industry witnessed decline in ADR, primarily led by seasonality. Early monsoons in various parts of the country further dented travel plans and weighed on ADR. We anticipate the softness in ADR to continue for a couple of more months. However, we attribute this as a seasonal factor and overall positive momentum of the industry to continue led by demand-supply mismatch,...

In our monthly Hotels update we have summarized key events of the domestic hotel industry, new hotels signing/addition by key players during the month and pricing trend of key cities for May, 2025. We have analyzed pricing of 171 hotels with ~33,000 keys across 8 cities to understand the trend over last 24 months (Exhibit 1-8). The industry had another month of healthy ADR growth on YoY basis. However, on MoM prices declined as a seasonal phenomenon. We anticipate moderation in ADR as Q1 is a soft quarter compared to rest owing to extreme summer in the country. However, we maintain our positive outlook on domestic...

Jan/Feb registering double digit growth in monthly traffic to 14.6mn/14.0mn luggage sector, given price environment continues to remain competitive, growth is likely to be driven by volumes. Overall, aviation and hospitality are key beneficiaries of Maha Kumbh. Within our hospitality coverage universe, we expect RevPAR growth to be in mid-teens for Chalet and Lemon Tree. As for Indigo, we expect yields to remain flat with a top-line of Rs218bn and EBITDAR margin of 28.5% (excluding FX loss/gain). We prefer Indigo and VIP at current levels and have upgraded IRCTC to a BUY....