Jefferies has maintained its Buy rating on Indian Hotels, setting a target price of ₹785, indicating a potential upside of 14.1% from the current market price of ₹688.30. The company posted a strong set of earnings for Q2, with the hotel business benefiting from cyclical tailwinds driven by demand-supply mismatch. Additionally, Indian Hotels saw improvement in its international operations during the quarter.
Jefferies raised its like-for-like (LFL) EBITDA and PAT estimates by 2-4%, factoring in stronger RevPAR (Revenue Per Available Room) growth of 10% for FY25, up from the earlier estimate of 8%. The company’s new businesses and expanding brand portfolio continue to contribute positively to its performance, with further growth acceleration anticipated in the second half of FY25.
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