Motilal Oswal Financial Services

Sector Update |3 March 2025

Hotels

Steady growth ahead!

Number of Muharat days

Indian hospitality industry anticipates a strong 4QFY25 performance

The Indian hotel industry is poised to continue its strong recovery in 4QFY25, fueled by

healthy traction in MICE (meetings, incentives, conferences, and exhibitions) activities,

cultural events, and a strong wedding season. According to our recent channel checks, key

hospitality players are likely to witness 12-14% YoY RevPAR growth in 4Q (similar to

3QFY25), primarily driven by growth in ARR (11-13%) and higher occupancy levels.



The strong end to 3Q set the stage for a robust Jan’25 and Feb’25, where key

hospitality players are witnessing healthy RevPAR growth, led by a double-digit ARR

growth and higher occupancy.



4QFY24

4QFY25E

Mumbai and Delhi NCR would continue to experience RevPAR growth in 4Q, in line

with 3QFY25, supported by a strong lineup of MICE and cultural activities. Key metro

cities in the southern region (Bangalore and Hyderabad) and Pune are likely to

continue the strong traction aided by a pickup in business activities. The business

activities are improving sequentially due to fewer holidays.

RevPAR YoY Growth



We expect the overall hotel industry to maintain its growth rates in 4Q, supported by

industry tailwinds, favorable demand-supply dynamics, and corporate rate hikes

leading to higher ARR and high occupancy levels. This, coupled with incremental

contributions from inventory addition, stabilization of key hotels, and reopening

renovated hotels with additional keys, will lead to healthy earnings for most of the

hospitality companies in 4QFY25.

4QFY24

3QFY25

4QFY25E

Note: Refer Exhibit 5

Strong 4Q ahead; outlook remains optimistic



The strong end to 3Q has set the stage for an uninterrupted Q4FY25, which is

likely to see a robust performance thanks to similar wedding Muhurats YoY (~29

days in 4QFY25 vs. ~30 in 4QFY24; refer to Exhibit 5) and continued healthy

traction in MICE activities (sports events, concerts, business expos, cultural

events, etc.; refer to Exhibit 6).

The unprecedented scale of Coldplay’s India tour in Jan’25 led to a surge in hotel

room rates and occupancy in Mumbai and Ahmedabad. These concerts

highlighted

India’s untapped potential for hosting large-scale international

events,

reinforcing the country’s attractiveness as a destination for global

entertainment and tourism-driven economic activity.

According to our channel checks, most of the hospitality companies expect

RevPAR growth (~12-14%) to be in line with the strong growth witnessed in

3QFY25. Jan and Feb’25 maintained high occupancy rates with double-digit ARR

growth (11-13%) led by numerous concerts, MICE events, and the number of

higher wedding dates.

With large events (domestic and international) and MICE activities consistently

increasing in India, we expect the hospitality industry to continue its growth

momentum over a longer tenure.

Sumant Kumar - Research Analyst

(Sumant.Kumar@MotilalOswal.com) |

Research Analyst: Meet Jain

(Meet.Jain@MotilalOswal.com) |

Nirvik Saini

(Nirvik.Saini@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Hotels

Favorable macroeconomic scenario



A series of decisions taken in the Union Budget 2025 is expected to boost the

hospitality sector by creating new possibilities, boosting growth, and building a

more inclusive ecosystem.

The Central government announced the development of 50 Indian tourist spots,

with a special focus on spiritual and medical tourism, in conjunction with the

state governments.

Along with developing the infrastructure to boost tourism, the central

government has announced measures to boost tourism by streamlining the e-

visa process for select foreign tourist groups. These efforts are aimed at

accelerating the steady recovery of FTAs, which have yet to reach the pre-

pandemic levels (~9.2m in CY23 vs ~10.9m in CY19).

Further, with currency devaluation vs. USD

(~2% decline YoY in INR/USD in

3QFY25),

India is being considered a cheaper tourist destination for foreign

tourists, offering luxury and world-class hotels. This can drive up the FTA over

the pre-Covid levels in the near term.

Key metro cities to continue their outperformance led by a pick-up in MICE



Key cities such as Mumbai and Delhi are expected to continue their robust

performance (ARR up 10-15% in Dec’24) led by the continued traction for larger

convention centers and other key events lined up in the cities, with a majority of

the companies already witnessing higher RevPAR and occupancy rates.

With India hosting the 2025 Asia Cup in Oct'25, along with other sporting

competitions such as the IPL and the FIH Hockey Junior World Cup, ARR growth

is anticipated to improve significantly.

Key leisure markets like Goa experienced marginal growth in OR YoY while

commanding higher than average ARR in the country in Dec’24. We anticipate

the OR to remain stable, while high ARRs to witness a gradual increase, spurred

by rising discretionary income of the middle class following the tax reliefs

offered in the union budget.

Spiritual tourism too has witnessed robust traction, primarily fueled by the

Mahakumbh in Prayagraj, with hotels, Dharamshala, and homestays in the

region likely to experience over a 300% surge in bookings and business worth

INR28b for the hospitality and travel industry.

With Indian hotels already having a strong presence in 60 locations across 50

spiritual cities (majorly through management contracts), plans to open more

than 2,800 rooms across brands in locations such as Ayodhya, Hampi,

Vrindavan, Ujjain, Prayagraj, and Makkah in the next three to five years.

According to HVS Anarock, as of early CY24, there were ~5,700 branded hotel

keys across major religious destinations, with an additional ~4,700 keys likely to

be added over the next four to five years.

Further, as per our channel checks, key metro cities in southern India (Bengaluru

and Hyderabad) continue to witness better occupancy and an increase in rates,

led by higher MICE and a pickup in business activities as 4Q has fewer holidays

compared to 3Q. We expect these cities to witness RevPAR growth in 4QFY25 in

line with 3QFY25.

3 March 2025

Hotels

Strong performance by the hospitality basket



According to HVS Anarock, industry RevPAR rose 6% YoY to INR4,920 in 9MFY25,

as the ARR growth (up ~6% YoY to INR7,733) was supported by a marginal

increase in occupancy (up 10bp YoY to 63.2%).

Despite a challenging beginning to the year owing to heatwaves and the general

election, the earlier commencement of the festive season, additional wedding

dates, and demand spikes from high-selling shows (the Dil Luminati tour and the

Music of Sphere tour by Coldplay) significantly improved ARRs.

Air traffic growth remained stable (the number of domestic air passengers grew

8% YoY to 122.2m in 9MFY25), highlighting the strong demand for domestic travel.

In 3QFY25, aggregate revenue/EBITDA for the hospitality basket (includes IH,

LEMONTRE, EIH, CHALET, SAMHI, JUNIPER, PARK, OBER, BRGD, PHNX, and ITC)

grew 17%/21% YoY to INR61b/INR24.6b, while Adj. PAT (excluding OBER, BRGD,

PHNX, and ITC – as segmental PAT is not available) grew 32% YoY to INR11b

(refer to Exhibits 7 and 8).

In 9MFY25, aggregate revenue/EBITDA for the hospitality basket (includes IH,

LEMONTRE, EIH, CHALET, SAMHI, JUNIPER, PARK OBER, BRGD, PHNX, and ITC)

grew 17%/19% YoY to INR150.9b/INR53.1b.

Adj. PAT (excluding OBER, BRGD, PHNX, and ITC – as their segmental PAT is not

available) grew 33% YoY to INR18.9b (Refer to Exhibits 9 and 10) in 9MFY25.

Lemon Tree and Samhi outpaced their peers with the highest revenue growth in

9MFY25 (up 23%/20% YoY), while Samhi recorded an EBITDA growth of 57%

YoY, followed by IHCL (up 28% YoY) in 9MFY25.

Valuation and view: ARR growth and high occupancy to propel the

hospitality sector going forward



The outlook for the hospitality sector remains strong with OR to be stable at

high levels, and ARR is expected to continue trending higher in 4QFY25/FY26,

backed by favorable demand-supply dynamics and a healthy lineup of MICE

activities and other cultural activities.

The medium-term and long-term structural demand drivers, such as buoyant

economic activities, new convention centers in New Delhi and Mumbai, and

improved connectivity driven by new airports and roads, are intact with the

recovery in FTA and rising trends of spiritual, wildlife, and medical tourism to

support growth.

We anticipate hotel companies to post healthy growth in FY26/FY27, aided by:

1) an increase in ARR across hotels, due to corporate rate hikes and room

upgrades through renovations; 2) healthy occupancy levels propelled by

favorable demand-supply dynamics; and 3) a strong room addition pipeline.

We reiterate our

BUY

rating on

(TP: INR960) and

LEMONTRE

(TP: INR190).

3 March 2025

Hotels

Exhibit 1: IH – SoTP

Particulars

IHCL- ex JV/ Associate

Less: Net Debt

Less: Minority Interest

Sub Total

JV/Associate

Taj GVK (IHCL's share - 25.5%) - JV

Oriental Hotel (IHCL's share -

35.7%) - Associate

Taj Sats

Sub Total

Target Price



Methodology

EV/EBITDA (x)



Metrics

EBITDA

FY27

38,111

Multiple

Value

(INRm)

1,205,070

80,881

-7,819

1,278,131

5,091

8,827

Value/

share (INR)

847

-5

898



20% discount to MCAP



20% discount to MCAP



P/E (x)



Attributable Mcap

6,364

0.8

Attributable Mcap 11,034

PAT (51% holding)

1,474

73,705

87,624

1,365,755

960

Source: MOFSL

Exhibit 2: LEMONTRE – SoTP

Particulars

Standalone EBITDA

EV/EBITDA Multiple

Less: Standalone Net Debt

Target Value

Carnations EBITDA (Management Contract)

EV/EBITDA Multiple

Fluer's EBITDA

LemonTree's Share of Fluer EBITDA (58.91%)

EV/EBITDA Multiple

Less: LemonTree's Share of Fluer Net Debt

Target Value

Total Target Value

No. of shares

Target Price

INRm

INR

FY27

2,070

40,987

4,681

36,306

1,130

50,872

5,437

3,203

63,422

128

63,295

150,472

792

190

Source: MOFSL

Exhibit 3: IH – One-year forward EV/EBITDA (x)

EV/EBITDA (x)

Min (x)

Avg (x)

+1SD

Max (x)

-1SD

Exhibit 4: LEMONTRE – One-year forward EV/EBITDA (x)

EV/EBITDA (x)

Min (x)

40.8

27.5

14.3

Avg (x)

+1SD

Max (x)

-1SD

72.7

42.0

34.0

26.0

18.0

10.0

36.8

26.5

22.3

18.1

15.5

31.1

13.4

14.9

Source: MOFSL

3 March 2025

Hotels

Exhibit 5: Expecting continued healthy momentum in RevPAR for 4QFY25

RevPAR YoY Growth

13-15%

12-14%

8%-9%

4QFY24

3QFY25

4QFY25E

Note: RevPAR growth calculated by taking revenue weighted average of major listed companies

– IH-Standalone, EIH, Chalet, Lemontree, Samhi, Park, OBER, Juniper, PHNX.

Source: Companies, MOFSL

Exhibit 6: No. of Muhurats (auspicious wedding days in FY26/FY25/FY24)

Month

April

May

June

July

August

September

October

November

December

January

February

March

Total Muhurat Days

Muhurat Days

FY26

FY25

FY24

Source: Astro Yogi, Drik Panchang, Company, MOFSL

Period

Jan'25

Feb'25

Mar'25

Jan'25-Mar'25

Feb'25

Starting Mar'25

Sep'24 - Apr'25

Oct'25

Jan'25-Feb'25

Mar'25

Jan'25

Feb'25

Mar'25

Apr'25

Jun'25

Jul'25

Location

Mumbai and Ahmedabad

Multiple cities

Mumbai

Multiple cities

Prayagraj

Jaipur

Pan India

New Delhi

Bangalore

New Delhi

Mumbai

Chennai

New Delhi

Source: Company, MOFSL

Exhibit 7: Key events

Key Events

Concerts

--Coldplay India Tour

--ED Sheeran

-- Lollapalooza India

--Zomaland

Sports Events

--Men's Hockey Pro League

--IPL 2025

--Indian Super League

-- Asia Cup 2025

Cultural festivals

-- Mahakumbh

--IIFA Weekend

-- Holi festival

Expo's

-- Bharat Mobility Global Expo

-- Aeroindia 2025

-- India Energy Week

--Bharat Global Expo

--India Steel Expo

--India EV 2025 Expo and Conference

--Medical Chennai

-- International Drone Expo

3 March 2025

Hotels

Exhibit 8: Aggregate revenue trend

(INR m)

IH – standalone

IH – consolidated

EIH – consolidated

CHALET*

LEMONTRE

SAMHI

PARK

JUNIPER

OBER*

BRGD*

PHNX*

ITC*

Ventive Hospitality *

Aggregate (ex-IH standalone and

Ventive Hospitality)

3QFY24

12,806

19,638

7,413

3,437

2,887

2,678

1,589

2,363

492

1,227

1,513

8,725

675

51961

4QFY24

13,417

19,053

7,413

3,829

3,273

2,791

1,557

2,453

485

1,256

1,610

9,310

53030

1QFY25

9,313

15,502

5,265

3,255

2,680

2,499

1,351

1,997

420

1,180

1,178

7,133

42460

2QFY25

10,353

18,261

5,890

3,352

2,844

2,655

1,416

2,145

438

1,247

1,290

7,892

1,627

47429

3QFY25

14,736

25,331

8,002

4,001

3,552

2,958

1,775

2,525

537

1,428

1,675

9,220

4,200

61002

Change

YoY

15%

29%

16%

23%

10%

12%

16%

11%

17%

Change

QoQ

42%

39%

36%

19%

25%

11%

25%

18%

23%

14%

30%

17%

29%

9MFY24

30,640

48,634

17,699

9,103

7,381

6,782

4,244

5,724

1,288

3,385

3,846

21,220

129306

9MFY25

34,402

59,094

19,157

10,608

9,076

8,112

4,541

6,667

1,394

3,855

4,143

24,245

150891

Change

YoY

12%

22%

17%

23%

20%

16%

14%

17%

*Hospitality Business only; Source: MOFSL

Exhibit 9: EBITDA performance

(INR m)

IH – standalone

IH – consolidated

EIH – consolidated

CHALET*

LEMONTRE

SAMHI

PARK

JUNIPER

OBER*

BRGD*

PHNX*

ITC*

Ventive Hospitality *

Aggregate (ex-IH

standalone and

Ventive Hospitality)

3QFY24

5,584

7,324

3,244

1,589

1,397

850

559

966

205

446

680

3,158

20418

4QFY24

5,861

6,598

3,041

1,832

1,715

854

536

911

208

456

750

3,557

20457

1QFY25

3,271

4,496

1,349

1,341

1,151

821

381

627

168

222

494

2,725

13774

2QFY25

3,445

5,013

1,746

1,387

1,307

922

416

644

163

295

528

2,344

14765

3QFY25 Change YoY

6,820

9,617

3,568

1,847

1,842

1,103

633

928

226

371

793

3,680

1,470

24608

22%

31%

10%

16%

32%

30%

13%

-4%

10%

-17%

17%

Change

QoQ

98%

92%

104%

33%

41%

20%

52%

44%

39%

26%

50%

57%

9MFY24

11,261

14,973

6,228

3,971

3,461

1,811

1,400

2,199

491

1,229

1,616

7,187

9MFY25 Change YoY

13,536

19,126

6,662

4,575

4,300

2,845

1,430

2,200

557

888

1,815

8,749

20%

28%

15%

24%

57%

13%

-28%

12%

22%

21%

67%

44565

53146

19%

*Hospitality Business only; Source: MOFSL

Exhibit 10: EBITDA margin trend

IH – standalone

IH – consolidated

EIH – consolidated

CHALET*

LEMONTRE

SAMHI

PARK

JUNIPER

OBER*

BRGD*

PHNX*

ITC*

Aggregate (ex-IH

standalone and

Ventive Hospitality)

3QFY24

44%

37%

44%

46%

48%

32%

35%

41%

42%

36%

45%

36%

39%

4QFY24

44%

35%

41%

48%

52%

31%

34%

37%

43%

36%

47%

38%

39%

1QFY25

35%

29%

26%

41%

43%

33%

28%

31%

40%

19%

42%

38%

32%

2QFY25

33%

27%

30%

41%

46%

35%

29%

30%

37%

24%

41%

30%

31%

3QFY25

46%

38%

45%

46%

52%

37%

36%

37%

42%

26%

47%

40%

Change

YoY

212

103

-560

-126

-409

904

-227

-621

335

-1868

293

430

Change

QoQ

-856

-563

-1541

-664

-946

224

-627

-573

-286

-1748

-465

-614

9MFY24

37%

31%

35%

44%

47%

27%

33%

38%

36%

42%

34%

9MFY25

39%

32%

35%

43%

47%

35%

31%

33%

40%

23%

44%

36%

35%

Change

YoY

259

158

-41

-50

838

-150

-542

182

-1328

179

222

*Hospitality Business only; Source: MOFSL

3 March 2025

Hotels

Exhibit 11: PAT trend

(INR m)

3QFY24

4QFY24

1QFY25

2,088

2,484

938

607

198

-24

117

4362

2QFY25

2,570

3,241

1,314

-1,385

296

126

268

-278

3582

3QFY25

4,688

5,823

2,660

965

625

228

322

325

10948

Change

YoY

23%

29%

12%

37%

77%

847%

17%

819%

32%

Change

QoQ

82%

80%

102%

111%

81%

20%

206%

9MFY24

7,492

8,413

4,340

2,041

815

-1,691

504

-218

14205

9MFY25

9,346

11,548

4,912

187

1,119

396

565

164

18892

Change

YoY

25%

37%

13%

37%

12%

33%

IH – standalone

3,804

3,990

IH – consolidated

4,520

4,178

EIH – consolidated

2,372

2,105

CHALET*

706

885

LEMONTRE

354

670

SAMHI

PARK

274

184

JUNIPER

468

Aggregate

8285

8566

*Consolidated level; Source: Company, MOFSL

Exhibit 12: ARR trend

(INR)

IH – standalone

EIH – Including managed

CHALET

LEMONTRE

SAMHI

PARK*

JUNIPER

OBER

BRGD

PHNX

3QFY24

18,111

19,985

10,974

6,333

5,939

7,286

10,983

13,269

6,503

15,061

4QFY24

17,546

19,713

11,862

6,605

6,286

7,463

11,110

14,810

7,054

14,866

1QFY25

12,906

13,771

10,446

5,686

5,719

6,473

9,667

12,224

6,233

12,755

2QFY25

14,321

14,973

10,532

5,902

5,964

6,888

9,879

12,630

6,180

13,690

3QFY25

Change YoY Change QoQ

20,440

13%

43%

22,526

13%

50%

12,944

18%

23%

6,763

15%

7,034

18%

8,387

15%

22%

11,714

19%

16,396

24%

30%

17,345

15%

27%

NA - Data not available, Source: Company, MOFSL

Exhibit 13: Occupancy trend

(%)

IH – standalone

EIH – including managed

CHALET

LEMONTRE

SAMHI

PARK

JUNIPER

OBER

BRGD

PHNX

3QFY24

77%

79%

71%

66%

72%

90%

75%

82%

73%

83%

4QFY24

79%

81%

76%

72%

77%

92%

80%

83%

75%

88%

1QFY25

76%

70%

71%

67%

75%

94%

71%

83%

75%

78%

2QFY25

77%

72%

74%

68%

76%

93%

71%

82%

79%

3QFY25

78%

79%

70%

74%

72%

91%

75%

79%

84%

Change YoY Change QoQ

120

100

700

-132

-400

830

583

-360

-200

400

-300

102

458

Source: Company, MOFSL

Exhibit 14: RevPAR trend

(INR)

IH – standalone

EIH – including managed

CHALET

LEMONTRE

SAMHI

PARK

JUNIPER

OBER

BRGD

PHNX

3QFY24

13,918

15,788

7,826

4,173

4,248

6,562

8,244

11,112

4,747

12,449

4QFY24

13,885

15,968

9,015

4,756

4,830

6,847

8,850

12,348

5,291

13,082

1QFY25

9,810

9,640

7,364

3,787

4,276

6,053

6,832

10,190

4,675

9,921

2QFY25

11,163

10,781

7,794

4,035

4,529

6,440

7,034

10,407

10,828

3QFY25

Change YoY

Change QoQ

15,996

15%

43%

17,796

13%

65%

9,061

16%

5,018

20%

24%

5,088

20%

12%

7,658

17%

19%

8,760

25%

12,910

16%

24%

14,512

17%

34%

NA - Data not available, Source: Company, MOFSL

3 March 2025

Hotels

Exhibit 15: Expected supply addition across key cities

Source: Horwath HTL, Company, MOFSL

Exhibit 16: 3QFY25 industry data

Source: Company, MOFSL

3 March 2025

Hotels

IH – Financials & Valuations

Consolidated - Income Statement

Y/E March

Total Income from Operations

Change (%)

Food and beverages consumed

Employees Cost

Power & Fuel Cost

Licence Fees

Other Expenses

Total Expenditure

% of Sales

EBITDA

Margin (%)

Depreciation

EBIT

Int. and Finance Charges

Other Income

PBT bef. EO Exp.

EO Items

PBT after EO Exp.

Total Tax

Tax Rate (%)

Minority Interest

Reported PAT

Adjusted PAT

Change (%)

Margin (%)

Consolidated - Balance Sheet

Y/E March

Equity Share Capital

Total Reserves

Net Worth

Minority Interest

Total Loans

Lease Liability

Deferred Tax Liabilities

Capital Employed

Gross Block

Less: Accum. Deprn.

Net Fixed Assets

Goodwill on Consolidation

Right-of-Use assets

Capital WIP

Total Investments

Current Investment

Curr. Assets, Loans&Adv.

Inventory

Account Receivables

Cash and Bank Balance

Loans and Advances

Curr. Liability & Prov.

Account Payables

Other Current Liabilities

Provisions

Net Current Assets

Appl. of Funds

FY19

45,120

10.0

4,041

14,708

2,736

2,758

12,580

36,823

81.6

8,297

18.4

3,279

5,019

1,901

834

3,951

4,017

1,571

39.1

-422

2,868

2,819

235.4

6.2

FY20

44,631

-1.1

3,706

14,946

2,699

1,459

12,147

34,956

78.3

9,675

21.7

4,042

5,633

3,411

1,324

3,546

410

3,955

448

11.3

-37

3,544

3,237

14.8

7.3

FY21

15,752

-64.7

1,438

8,940

1,729

756

6,506

19,369

123.0

-3,618

-23.0

4,096

-7,714

4,028

1,647

-10,095

1,600

-8,495

-1,553

18.3

259

-7,201

-8,401

-359.5

-53.3

FY22

30,562

94.0

2,572

11,502

2,250

1,681

8,509

26,515

86.8

4,048

13.2

4,061

-13

4,277

1,552

-2,738

156

-2,582

-358

13.9

253

-2,477

-2,594

-69.1

-8.5

FY23

58,099

90.1

4,729

15,823

3,486

12,530

40,054

68.9

18,046

31.1

4,161

13,885

2,361

1,389

12,914

12,946

3,232

25.0

-312

10,026

10,001

-485.5

17.2

FY24

67,688

16.5

5,208

18,052

3,926

3,858

15,072

46,116

68.1

21,571

31.9

4,543

17,028

2,202

1,829

16,655

4,639

27.9

-575

12,591

25.9

18.6

FY25E

84,096

24.2

7,888

21,474

4,878

4,457

17,422

56,119

66.7

27,977

33.3

5,117

22,860

2,045

2,218

23,033

-3,074

26,107

6,626

25.4

348

19,133

16,828

33.7

20.0

FY26E

102,534

21.9

9,618

23,453

5,844

5,332

21,983

66,231

64.6

36,303

35.4

5,177

31,127

2,080

2,484

31,530

9,459

30.0

366

21,705

29.0

21.2

(INRm)

FY27E

113,054

10.3

10,605

25,130

6,444

5,879

22,936

70,993

62.8

42,061

37.2

5,402

36,658

2,080

2,738

37,316

11,195

30.0

384

25,737

18.6

22.8

(INRm)

FY27E

1,423

156,302

157,726

7,819

2,605

24,247

1,437

193,834

114,710

47,262

67,448

6,623

19,703

3,198

22,611

7,242

107,096

2,140

8,363

76,244

20,350

32,846

7,975

19,219

5,653

74,250

193,834

FY19

1,189

42,291

43,480

7,999

23,260

3,768

78,506

69,051

10,663

58,388

5,835

1,162

13,351

2,112

17,102

804

3,214

2,409

10,675

17,331

3,253

11,579

2,500

-229

78,507

FY20

1,189

42,379

43,568

7,649

26,020

18,987

1,869

98,093

73,316

14,706

58,610

6,146

15,833

2,441

14,266

4,362

17,887

936

2,900

3,156

10,895

17,090

3,893

10,441

2,756

798

98,093

FY21

1,189

35,295

36,484

6,346

36,328

18,464

781

98,403

81,772

18,802

62,970

6,110

15,297

1,650

14,832

4,486

14,269

929

2,198

1,536

9,605

16,724

3,178

10,921

2,625

-2,456

98,403

FY22

1,420

69,202

70,623

5,930

19,848

18,604

876

115,880

85,655

22,863

62,792

6,229

15,134

1,933

19,668

9,025

25,139

1,008

2,553

11,878

9,700

15,016

3,873

8,233

2,909

10,123

115,880

FY23

1,420

78,399

79,820

6,601

8,183

22,760

1,567

118,930

89,962

27,023

62,939

6,536

18,789

3,242

18,910

7,573

26,271

1,092

4,465

10,534

10,180

17,757

4,766

9,732

3,259

8,514

118,930

FY24

1,423

93,143

94,567

6,721

2,605

24,247

1,437

129,576

98,598

31,566

67,032

6,623

19,703

2,310

22,611

7,242

30,279

1,164

4,765

14,855

9,495

18,983

5,194

10,389

3,400

11,296

129,576

FY25E

1,423

111,137

112,561

7,069

2,605

24,247

1,437

147,918

103,696

36,683

67,014

6,623

19,703

3,712

22,611

7,242

53,060

1,691

6,221

30,011

15,137

24,805

6,304

14,296

4,205

28,255

147,918

FY26E

1,423

131,704

133,127

7,435

2,605

24,247

1,437

168,851

109,416

41,859

67,556

6,623

19,703

3,492

22,611

7,242

78,862

1,996

7,585

50,825

18,456

29,997

7,440

17,431

5,127

48,865

168,851

3 March 2025

Hotels

IH – Financials & Valuations

Ratios

Y/E March

Basic (INR)

EPS

Cash EPS

BV/Share

DPS

Payout (%)

Valuation (x)

P/E

Cash P/E

P/BV

EV/Sales

EV/EBITDA

Dividend Yield (%)

FCF per share

EV/ Adj Rooms (INRm)

EBITDA/ Room (INR)

Return Ratios (%)

RoE

RoCE

RoIC

Working Capital Ratios

Fixed Asset Turnover (x)

Asset Turnover (x)

Inventory (Days)

Debtor (Days)

Creditor (Days)

Leverage Ratio (x)

Current Ratio

Interest Cover Ratio

Net Debt/Equity

Consolidated - Cash Flow

Statement

Y/E March

OP/(Loss) before Tax

Depreciation

Interest & Finance Charges

Direct Taxes Paid

(Inc)/Dec in WC

CF from Operations

Others

CF from Operating incl EO

(Inc)/Dec in FA

Free Cash Flow

(Pur)/Sale of Investments

Others

CF from Investments

Issue of Shares

Inc/(Dec) in Debt

Interest Paid

Dividend Paid

Others

CF from Fin. Activity

Inc/Dec of Cash

Opening Balance

Closing Balance

FY19

2.0

4.3

30.6

0.4

25.3

366.2

169.3

23.7

23.5

127.9

0.1

1.4

106.2

5,193

6.6

5.9

5.2

0.7

0.6

1.0

2.6

0.4

FY20

2.3

5.1

30.7

0.4

20.5

318.9

141.8

23.7

23.8

109.6

0.1

1.7

102.8

6,039

7.4

6.8

7.1

0.6

0.5

1.0

1.7

0.4

FY21

-5.9

-3.0

25.7

0.4

-9.6

-122.9

-239.8

28.3

68.0

-296.1

0.1

-7.6

103.8

-7,214

-21.0

-5.7

-7.9

0.2

0.9

-1.9

0.8

FY22

-1.8

1.0

49.7

0.4

-28.0

-397.9

704.1

14.6

34.0

256.8

0.1

1.7

99.8

4,374

-4.8

1.3

0.0

0.4

0.3

1.7

0.0

FY23

7.0

10.0

56.2

0.6

8.5

103.2

72.9

12.9

17.7

57.1

0.1

7.4

98.5

10,456

13.3

11.5

12.4

0.6

0.5

1.5

5.9

-0.1

FY24

8.9

12.1

66.6

0.8

9.0

82.0

60.2

10.9

15.1

47.4

0.1

7.5

89.5

10,652

14.4

13.6

14.0

0.7

0.5

1.6

7.7

-0.2

FY25E

11.8

15.4

79.2

0.8

6.0

61.3

47.0

9.2

12.0

36.0

0.1

11.3

85.5

14,318

16.2

15.8

18.8

0.8

0.6

2.1

11.2

-0.3

FY26E

15.3

18.9

93.7

0.8

5.2

47.6

38.4

7.8

9.6

27.2

0.1

15.1

80.2

15,325

17.7

18.0

23.7

0.9

0.6

2.6

15.0

-0.4

FY27E

18.1

21.9

111.0

0.8

4.4

40.1

33.1

6.5

8.5

22.9

0.1

18.2

75.7

16,815

17.7

17.8

27.9

1.0

0.6

3.3

17.6

-0.5

FY19

4,017

3,279

1,068

-1,571

323

7,115

7,114

-5,067

2,048

2,614

-1,428

-3,882

-1,010

-1,901

-725

110

-3,527

-294

2,704

2,409

FY20

3,955

4,042

2,087

-448

-1,402

8,235

-5,855

2,380

-915

1,750

-5,019

2,760

-3,411

-725

-1,093

-2,470

746

2,409

3,156

FY21

-10,095

4,096

2,381

1,553

-2,722

-4,786

1,600

-3,187

-7,629

-10,816

-566

6,998

-1,197

10,308

-4,028

-695

-2,822

2,764

-1,619

3,156

1,536

FY22

-2,738

4,061

2,725

358

2,155

6,560

156

6,716

-4,286

2,431

-4,836

-7,303

-16,425

231

-16,481

-4,277

-695

41,271

20,050

10,342

1,536

11,878

FY23

12,914

4,161

972

-3,232

1,633

16,447

16,480

-5,922

10,557

758

3,719

-1,446

-11,665

-2,361

-854

-1,498

-16,378

-1,344

11,878

10,534

FY24

16,655

4,543

373

-4,639

1,539

18,470

-7,792

10,679

-3,701

1,829

-9,663

-5,578

-2,202

-1,139

4,429

-4,486

4,321

10,534

14,855

FY25E

23,033

5,117

-173

-6,626

-1,803

19,548

3,074

22,621

-6,500

16,121

2,218

-4,282

-2,045

-1,139

-3,184

15,156

14,855

30,011

FY26E

31,530

5,177

-404

-9,459

205

27,049

-5,500

21,549

2,484

-3,016

-2,080

-1,139

-3,219

20,814

30,011

50,825

(INRm)

FY27E

37,316

5,402

-658

-11,195

30,900

-5,000

25,900

2,738

-2,262

-2,080

-1,139

-3,219

25,419

50,825

76,244

3 March 2025

Hotels

LEMONTRE – Financials & Valuations

Consolidated - Income Statement

Y/E March

Total Income from Operations

Change (%)

F&B Consumed

Employees Cost

Other Expenses

Total Expenditure

% of Sales

EBITDA

Margin (%)

Depreciation

EBIT

Int. and Finance Charges

Other Income

PBT bef. EO Exp.

EO Items

PBT after EO Exp.

Total Tax

Tax Rate (%)

MI/ share of profit from associates

Reported PAT

Adjusted PAT

Change (%)

Margin (%)

Consolidated - Balance Sheet

Y/E March

Equity Share Capital

Eq. Share Warrants & App. Money

Preference Capital

Total Reserves

Net Worth

Minority Interest

Total Loans

Lease Liability

Deferred Tax Liabilities

Capital Employed

Gross Block

Less: Accum. Deprn.

Net Fixed Assets

Goodwill on Consolidation

Capital WIP

Total Investments

Current Investment

Curr. Assets, Loans&Adv.

Inventory

Account Receivables

Cash and Bank Balance

Loans and Advances

Curr. Liability & Prov.

Account Payables

Other Current Liabilities

Provisions

Net Current Assets

Misc Expenditure

Appl. of Funds

FY19

5,495

13.5

498

1,205

2,104

3,807

69.3

1,688

30.7

541

1,146

847

145

445

-111

-25.0

529

271.9

9.6

FY20

6,694

21.8

570

1,553

2,137

4,260

63.6

2,434

36.4

922

1,512

1,565

109

2220.8

-9

-95

-118.0

-1.4

FY21

2,517

-62.4

178

704

1,022

1,905

75.7

613

24.3

1,076

-463

1,817

133

-2,147

-322

15.0

-555

-1,271

1,232.4

-50.5

FY22

4,022

59.8

279

973

1,432

2,683

66.7

1,339

33.3

1,043

296

1,740

140

-1,304

153

-1,456

-72

5.0

-510

-874

-760

-40.2

-18.9

FY23

8,750

117.5

499

1,497

2,230

4,226

48.3

4,524

51.7

966

3,557

1,772

1,822

-48

1,774

377

21.3

251

1,146

1,182

-255.5

13.5

FY24

10,655

21.8

628

1,878

2,973

5,479

51.4

5,176

48.6

1,121

4,054

2,016

113

2,151

341

15.9

325

1,485

25.7

13.9

FY25E

12,841

20.5

758

2,184

3,641

6,584

51.3

6,257

48.7

1,399

4,858

2,014

2,888

664

23.0

460

1,764

18.8

13.7

FY26E

15,294

19.1

887

2,432

4,041

7,360

48.1

7,934

51.9

1,411

6,523

1,578

153

5,098

1,172

23.0

881

3,045

72.6

19.9

(INRm)

FY27E

16,544

8.2

960

2,597

4,349

7,906

47.8

8,638

52.2

1,426

7,212

1,174

165

6,203

1,426

23.0

1,185

3,593

18.0

21.7

(INRm)

FY27E

7,918

10,152

18,071

8,323

6,891

4,423

37,708

43,862

11,419

32,443

951

151

6,674

195

1,088

2,083

3,309

2,580

1,256

1,158

165

4,094

37,708

FY19

7,893

857

8,750

4,322

12,042

25,114

18,068

2,054

16,014

6,639

373

287

4,693

844

314

3,475

2,605

958

1,592

2,088

25,114

FY20

7,903

1,986

9,889

5,559

15,775

4,619

35,841

35,073

2,977

32,097

951

1,896

164

2,521

503

408

1,528

1,786

842

877

734

35,841

FY21

7,904

1,272

9,176

6,174

16,850

4,671

36,870

35,016

4,052

30,964

951

2,418

3,737

308

1,411

1,945

1,278

788

412

2,459

36,870

FY22

7,908

404

8,312

5,676

16,986

4,247

35,223

34,637

5,096

29,542

951

2,968

114

2,776

291

543

1,861

1,128

585

319

224

1,648

35,223

FY23

7,916

621

8,537

5,597

17,457

4,253

35,844

34,666

6,062

28,605

951

4,822

2,873

105

560

275

1,933

1,479

668

730

1,394

35,844

FY24

7,918

1,750

9,669

5,795

18,891

4,423

38,779

42,627

7,183

35,444

951

254

151

3,531

138

715

537

2,140

1,552

859

601

1,979

38,779

FY25E

7,918

3,515

11,433

6,256

16,391

4,423

38,504

42,950

8,582

34,368

951

331

151

4,777

162

844

1,202

2,568

2,073

1,046

899

128

2,703

38,504

FY26E

7,918

6,560

14,478

7,138

11,891

4,423

37,930

43,335

9,993

33,342

951

346

151

5,534

181

1,006

1,288

3,059

2,393

1,169

1,071

153

3,141

37,930

3 March 2025

Hotels

LEMONTRE – Financials & Valuations

Ratios

Y/E March

Basic (INR)

EPS

Cash EPS

BV/Share

DPS

Payout (%)

Valuation (x)

P/E

Cash P/E

P/BV

EV/Sales

EV/EBITDA

EV/Room (INRm)

Dividend Yield (%)

FCF per share

Return Ratios (%)

RoE

RoCE

RoIC

Working Capital Ratios

Fixed Asset Turnover (x)

Asset Turnover (x)

Inventory (Days)

Debtor (Days)

Creditor (Days)

Leverage Ratio (x)

Current Ratio

Interest Cover Ratio

Net Debt/Equity

Consolidated - Cash Flow Statement

Y/E March

OP/(Loss) before Tax

Depreciation

Interest & Finance Charges

Direct Taxes Paid

(Inc)/Dec in WC

CF from Operations

Others

CF from Operating incl EO

(Inc)/Dec in FA

Free Cash Flow

(Pur)/Sale of Investments

Others

CF from Investments

Issue of Shares

Inc/(Dec) in Debt

Interest Paid

Dividend Paid

Others

CF from Fin. Activity

Inc/Dec of Cash

Opening Balance

Closing Balance

FY19

0.7

1.4

11.2

0.0

186

91.9

11.2

20.8

67.6

32.0

0.0

-1.5

6.3

4.4

5.0

0.3

0.2

1.8

1.4

1.3

FY20

-0.1

1.1

12.7

0.0

-1,031

118.9

9.9

17.8

49.0

28.0

0.0

-9.5

-1.0

4.5

4.4

0.2

1.4

1.0

1.5

FY21

-1.6

-0.2

11.7

0.0

-77

-503.8

10.7

47.6

195.6

28.2

0.0

-1.5

-13.3

-0.9

-1.0

0.1

114

2.9

-0.3

1.7

FY22

-1.0

0.4

10.6

0.0

-129

346.8

11.8

29.9

89.9

28.3

0.0

0.9

-8.7

1.1

0.7

0.1

2.5

0.2

2.0

FY23

1.5

2.7

10.9

0.0

45.8

11.5

13.8

26.8

25.1

0.0

2.9

14.0

9.4

8.6

0.3

0.2

1.9

2.0

FY24

1.9

3.3

12.4

0.0

37.7

10.2

11.5

23.6

25.4

0.0

1.6

16.3

10.2

10.0

0.2

0.3

2.3

2.0

1.9

FY25E

2.3

4.0

14.6

0.0

31.1

8.6

9.3

19.1

24.8

0.0

7.2

16.7

11.7

10.0

0.3

2.3

2.4

1.3

FY26E

3.9

5.7

18.5

0.0

22.1

6.8

7.6

14.6

24.1

0.0

8.8

23.5

16.5

13.8

0.4

2.3

4.1

0.7

FY27E

4.6

6.4

23.1

0.0

19.6

5.4

6.7

12.9

22.6

0.0

10.2

22.1

19.3

15.5

0.4

2.6

6.1

0.3

(INRm)

FY27E

6,203

1,426

1,009

-1,426

-159

7,053

1,185

8,238

-250

7,988

165

-85

-5,000

-1,174

-1,185

-7,359

795

1,288

2,083

FY19

445

541

702

111

1,824

1,867

-3,004

-1,138

-228

337

-2,895

1,931

-847

1,131

103

211

314

FY20

922

1,507

-109

-754

1,572

-62

1,510

-8,969

-7,459

210

2,677

-6,082

3,733

-1,565

2,488

4,667

314

408

FY21

-2,147

1,076

1,685

322

-1,009

-74

-635

-709

-465

-1,174

-276

-656

1,750

1,075

-1,817

1,361

2,368

1,003

408

1,411

FY22

-1,446

1,043

1,786

-17

1,394

-41

1,353

-668

685

132

-56

-591

134

-1,400

-372

-1,630

-869

1,411

543

FY23

1,782

966

1,773

-207

-403

3,912

-63

3,849

-1,618

2,231

-1,222

-2,832

471

-1,432

-379

-1,323

-306

543

275

FY24

2,151

1,121

1,903

-341

-523

4,312

339

4,651

-3,393

1,258

-78

-495

-3,965

1,434

-2,016

157

-423

263

275

537

FY25E

2,888

1,399

1,970

-664

-59

5,534

461

5,995

-400

5,595

-355

-2,500

-2,014

-461

-4,975

665

537

1,202

FY26E

5,098

1,411

1,425

-1,172

-351

6,411

882

7,293

-400

6,893

153

-247

-4,500

-1,578

-882

-6,960

1,202

1,288

Investment in securities market are subject to market risks. Read all the related documents carefully before investing

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Explanation of Investment Rating

Investment Rating

BUY

SELL

NEUTRAL

UNDER REVIEW

NOT RATED

Expected return (over 12-month)

>=15%

< - 10%

> - 10 % to 15%

Rating may undergo a change

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take

appropriate measures to make the recommendation consistent with the investment rating legend.

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3 March 2025