ICICI Securities has issued a buy rating on Indian Hotels Co. Ltd. (IHCL) with an unchanged target price of ₹925 in its research report dated August 27, 2026. The brokerage values the company on 30x June 2028E EV/EBITDA multiple, maintaining its positive outlook despite current market challenges.
According to ICICI Securities research, Indian Hotels delivered 15% consolidated revenue growth and 17% EBITDA growth in Q1FY27, achieving 14% domestic LTL RevPAR despite facing geopolitical disruptions. The company has demonstrated strong historical performance with 18.6% revenue CAGR and 21% EBITDA CAGR over the FY23-26 period, as reported by ICICI Securities.
As of June 2026, IHCL operates approximately 33,600 keys at the entity level with a substantial pipeline of another 32,600 keys scheduled to open over the next 4-5 years. The company maintains a strong net cash position of ₹44 billion as of June 2026, providing financial flexibility for its expansion plans, according to ICICI Securities research.
ICICI Securities projects consolidated 12% revenue CAGR and 15% EBITDA CAGR over FY26-29E, assuming 7% LTL RevPAR growth. The brokerage expects the company to maintain its resilient performance trajectory despite current market headwinds, as outlined in their research report.
