Jefferies has maintained a ‘buy’ rating on Indian Hotels (IHCL), assigning a target price of ₹1,000. The company reported a strong 3Q performance, with like-for-like (LFL) revenue, EBITDA, and profit after tax (PAT) growing 16%, 23%, and 29% year-on-year, respectively. Revenue growth was driven by a 13% increase in domestic RevPAR and a 9% rise in international RevPAR.
Jefferies highlighted favorable industry dynamics, such as demand for weddings, hospitality events, and international travel recovery, as key growth drivers. The management expects RevPAR trends to continue improving, while accelerated room additions and gains from new business verticals are anticipated to drive a 21% EPS CAGR over FY24-FY27.
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