Mumbai, Jan. 7 -- The brokerage said Indian Hotels Company has built a strong hospitality ecosystem by leveraging the Taj brand, delivering industry-leading return ratios and healthy free cash flow generation. However, it noted that while the current revenue per available room (RevPAR) cycle remains strong, the scope for further upside surprises appears limited.

The brokerage expects domestic hotel RevPAR growth of around 9-10% in Q3 FY26, with EBITDA likely to rise about 10% year-on-year. It, however, reduced its earnings per share estimates for FY26-28 by 2-3%, citing slightly lower RevPAR assumptions and margin expectations. The brokerage added that the stock's FY27 enterprise value to EBITDA multiple of 27.5x fairly captures the risk...