Nuvama

IHCL's consolidated revenue/EBITDA/PAT grew 12%/14%/15% YoY. The Hotel segment grew at a muted 7% YoY due to heavy rains, a high base, geopolitical/flight issues, and renovations at key properties (Taj Palace Delhi,

Sector Update

Leisure & Hotels

August 25, 2025

Sustained growth, strong demand

Q1FY26 marks continued traction with industry RevPAR growing 11.3% YoY backed by ARR growth, despite additional headwinds—geopolitical tensions as well as aviation disruptions. The real test though lies ahead with base

Kicks off growth through acquisition

Indian Hotels (IHCL) is set to acquire a 51% stake in ANK Hotels and Pride Hospitality, operators of the Clarks Hotels’ properties. This move will significantly expand IHCL’s presence in the midscale segment, adding 135

Result Update

Lemon Tree Hotels Ltd

Strong showing across segments

Lemon Tree’s growth in Q1FY26 was driven by improving ARRs and occupancies across portfolio brands. This growth is particularly strong given the backdrop of geopolitical tensions and disruptions in air travel. Renovation

Strong showing; measured optimism

IHCL achieved Q1FY26 RevPAR growth of 11% YoY in its domestic portfolio despite geopolitical challenges and flight disruptions that trimmed its overall performance by 2–2.5%. Occupancy dipped only 90bp YoY, whereas ARR

Sector Update

Leisure & Hotels

June 13, 2025

RevPAR climbs in another strong quarter

Hotels had an outstanding Q4FY25 marked by strong RevPAR growth across most Indian cities and initial signs of strengthening foreign tourist traffic. Hoteliers expect this to sustain in Q1FY26E, though May's

Result Update

Lemon Tree Hotels Ltd

Robust growth; INR9bn EBITDA in sight

Aurika Mumbai continues to accelerate, leading to strong revenue and top-line expansion. This growth is mirrored by a healthy performance across all micromarkets and sub-brands. Notably, management fees increased 22% YoY

Strong performance even as base catching up

IHCL sprung a positive surprise with 15.5% YoY LFL RevPAR growth in Q4FY25, and April '25 began strong at 17% YoY—potentially helping with a tough Q2 comparison. The company met its double-digit annual revenue growth

Sector Update

Leisure & Hotels

February 25, 2025

Promising quarter on high base

For the hotels sector, Q3FY25 experienced strong growth driven by rising ARRs across the board. ITC Hotels (not rated) was the top performer among larger companies. IHCL’s mid-teens growth was supported by double-digit

Result Update

Lemon Tree Hotels Ltd

Aurika’s occupancy scale-up lifts results

Return of recently renovated rooms and a strong ramp-up in Aurika Skycity’s occupancy helped Lemon Tree (LT) post a strong operating performance in Q3. Margins were higher YoY led by uptick in occupancy across

Mid-teen growth with double-digit opex

IHCL continued to report a robust set of Q3FY25 numbers driven by strong tailwinds in demand and faster growth in F&B, which also drove double-digit opex growth. LFL growth in FY25E is expected to be in early teens, in

Sector Update

Leisure & Hotels

December 05, 2024

Leisure & Hotels – Q2FY25 Results Review – Q2 offsets Q1 deficit

For the hotels sector, a pickup in growth was visible across the board in Q2FY25 driven by strong occupancies and improvement in ARRs. The near-term outlook appears mixed with a deceleration in broader markets while key

Takeaways from Capital Market Day—2024

IHCL in its 2024 Capital Market Day laid out its plan to double its portfolio by 2030. We reckon this may involve accelerated leasing and possibly a few M&As. Notably, the guidance excludes ~980 keys (including 400 key

Result Update

Lemon Tree Hotels Ltd

Lemon Tree Hotel (LEMONTRE IN, INR 122, BUY) - In-line performance; bright outlook; Result Update

Lemon Tree Hotel (Lemon Tree) reported solid growth in Q2FY25 driven by higher RevPARs and consolidation of Aurika Mumbai Skycity. Margins were higher on a YoY basis driven by an uptick in productivity. They would have

In-line performance; valuation rich

In light of another strong guidance of 16%-plus RevPAR growth in the hotel segment, we believe IHCL’s LFL growth may be capped in early teens in FY25E, which is lower than our previous estimate. We have also been

Thematic

Leisure & Hotels

September 05, 2024

Leisure & Hotels - Premium outbound cohort’s travel trends; Sector Update

The number of Indians travelling abroad has already surpassed pre-covid peaks in Jul-23 and has been hitting like-for-like monthly peaks every month since. Even for 6MCY24, it has grown 14% YoY. To compare this with

Weak Q1FY25 results on aggregate masked the strong sub-segment flavours. TAJ business hotels outperformed with double-digit RevPAR growth (exhibit 8). Chalet's F&B excelled too.

Result Update

Lemon Tree Hotels Ltd

Renovations and Aurika hurt margins

Lemon Tree (LT) posted Q1FY25 results that were impacted on four counts i) Renovation of legacy high-performing assets. ii) Lower scale up in Aurika Skycity occupancy (47%). iii) Increase in employee expenses. iv)

Soft performance; guidance unchanged

Indian Hotels (IHCL) posted weak revenue growth in Q1FY25 as seen in slower MICE activity owing to elections and extreme heatwave. However, management hopes to meet its double-digit FY25 growth guidance, partly aided by

Result Update

Lemon Tree Hotels Ltd

Performance in line; stable showing

Lemon Tree (LT) reported an in-line Q4FY24 performance. RevPAR ex-Keys grew 9% YoY. Management highlighted demand in the mid-market segment remains elastic on price hikes. Increased renovation expenses, expansion of the

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