Target: ₹925CMP: ₹725.05FY26 saw Indian Hotels Company (IHCL) delivering resilient performance, with 16 per cent/15 per cent revenue/EBITDA growth against the backdrop of geopolitical disruptions in Q1FY26 and in March 2026. FY26 marked a record of 250 signings, expanding the company’s portfolio to 630 hotel. Reflective of the rising affluence and accompanying demand, the company strengthened its presence in the luxury segment, with the: Onboarding of Claridges Collection acquisition of a controlling stake in Atmantan and acquisition of Brij Hospitality. Ginger acquired a majority stake in ANK Hotels and Pride Hospitality.The company opened/onboarded 130+ hotels, taking IHCL’s operating hotels to 375 hotels. As of April 2026, IHCL has about 33,100 operational keys at an entity level, with a pipeline of another 31,300 keys set to open over the next four-five years.Apart from acquisitions, the company incurred capex of ₹1,040 crore in FY26, and with a strong net cash position of ₹4,300 crore as of March 2026, the company plans to incur ₹1,100-1,300 crore of capex in FY27 with additional room for growth through inorganic expansion.We believe the company’s strong keys pipeline, coupled with high single-digit RevPAR growth at an industry level and contribution from new business and management fees, could enable mid-teens revenue/EBITDA growth in the medium term. Retain BUY with a revised TP of ₹925 (earlier ₹916), valuing the company on 30x Jun’28E EV/EBITDA. Published on June 23, 2026