Content

• India Hotels & Resorts Sector (Fy26 Focus) — Comprehensive Industry Intelligence Report
• A. Industry Overview & Market Landscape
• A1) What The Sector Is (Scope And Business Models)
• A2) Market Size, Structure, And Penetration (Numbers Explicitly Disclosed In Company Materials)
• A3) Demand Drivers And Segmentation (How Demand Is Composed)
• A4) Geographic Dynamics (Business Cities Vs Leisure; Domestic Vs International)
• A5) Industry Operating Environment In Fy26 (Demand, Supply, Shocks)
• B. Financial & Economic Profile (Sector Unit Economics, Profitability, Capital Intensity)
• B1) Revenue Scale And Growth: What Fy26 Looked Like Across Models
• B2) Profitability Dispersion: Ebitda And Pat Margins (Fy26 Snapshots)
• B3) Return Ratios And Balance Sheet Strength
• B4) Capital Intensity And Capex Cycles
• C. Competitive Structure & Dynamics
• C1) Competitive Set And “Who Wins Where”
• C2) Porter'S 5 Forces (Hospitality-Specific)
• C3) Consolidation And M&A / Platform Building
• D. Operational Characteristics (Kpis, Utilization, Cost Structure, Systems)
• D1) Occupancy, Adr/Arr, Revpar — Where The Market Is Clearing
• D2) Cost Structures And Margin Drivers (Common Line Items)
• D3) Technology, Digital Distribution, Loyalty, And Ai
• E. Growth Dynamics & Drivers (What Is Driving Growth; Where It Comes From)
• E1) Growth Sources: Rate, Occupancy, Mix, And Keys
• E2) Supply Constraint As The Macro Tailwind
• E3) Expansion Pipelines (Keys/Hotels) — The Scale Of Upcoming Supply By Company
• E4) Adjacent Growth Engines Beyond Rooms
• F. Risk Landscape (Industry And Company-Level)
• F1) Macro/Geopolitical And Aviation Disruption (Quantified Impact)
• F2) Regulatory/Tax: “Gst 2.0” And Input Credit Reversals
• F3) Labor Code Provisioning And Wage Inflation
• F4) Execution Risk: Construction, Approvals, Renovation Downtime
• F5) Financial Reporting/One-Off Volatility (Fx, Exceptional Items, Ind As Leases)
• G. Capital Allocation & Investor Returns
• G1) Capex: Maintenance Vs Growth
• G2) Cash Generation And Fcf
• G3) Dividends And Payout Policies
• G4) M&A And Strategic Investments
• H. Future Outlook & Projections (As Guided By Management)
• H1) Sector Growth Outlook (Near-Term)
• H2) Structural Trends (5–10 Years)
• I. Company-By-Company Profiles (Exhaustive, With All Disclosed Metrics)
• I1) Ihcl (The Indian Hotels Company Limited)
• Description And Positioning
• Scale And Portfolio
• Financial Performance (Multi-Year And Fy26)
• Operating Kpis
• Revenue Mix And Fee Growth
• New Businesses And Adjacencies
• Strategy And Initiatives
• Balance Sheet, Cash Flow, And Shareholder Returns
• Guidance
• Esg
• I2) Itc Hotels Limited
• Description And Positioning
• Fy26 Financial Performance
• Competitive Advantages
• Growth Strategy
• Risks And Monitorables
• I3) Eih Limited (The Oberoi Group)
• Description And Positioning
• Fy26 Financials (Consolidated)
• Operating Performance And Positioning
• Capex And Pipeline
• Risks
• I4) Chalet Hotels Limited
• Description And Model
• Fy26 Financials
• Hospitality Kpis (Fy26)
• Balance Sheet And Capex
• Pipeline Highlights
• I5) Leela Palaces Hotels & Resorts Ltd
• Description And Positioning
• Fy26 Financial Performance
• Operating Kpis And Brand Metrics
• Growth Initiatives
• Risks
• I6) Ventive Hospitality Limited
• Description And Model
• Fy26 Financials (Consolidated)
• Segment Performance
• Balance Sheet
• Strategy
• I7) Lemon Tree Hotels Limited
• Description And Strategic Transformation
• Fy26 Financials (Consolidated)
• Portfolio Scale
• Management Fees
• Restructuring: Scheme Details (Key Quantified Points)
• Capex / Renovation Cycle
• Debt
• Outlook And Strategy
• I8) Mahindra Holidays & Resorts India Ltd (Club Mahindra)
• Description And Model
• Fy26 Performance (Standalone)
• I9) Juniper Hotels Limited
• Description And Model
• Fy26 Financials
• Pipeline And Capex
• I10) Samhi Hotels Ltd
• Description And Model
• Fy26 Financials And Kpis
• Strategy And Pipeline
• I11) Apeejay Surrendra Park Hotels Ltd (Park Hotels / Asphl)
• Description And Positioning
• Fy26 Performance (Consolidated)
• I12) Brigade Hotel Ventures Limited (Bhvl)
• Description And Positioning
• Fy26 Performance
• I13) Royal Orchid Hotels Limited
• Description And Model
• Fy26 Financials (Consolidated)
• I14) Taj Gvk Hotels & Resorts Limited
• Description
• Fy26 Performance
• I15) Eih Associated Hotels Limited (Eihahotels)
• Fy26 Performance
• I16) Kamat Hotels (India) Limited
• Fy26 Performance (Consolidated)
• I17) Viceroy Hotels Limited
• Fy26 Performance (Consolidated, ₹ Lakhs)
• I18) Praveg Limited
• Description
• Fy26 Financials
• Cross-Company Comparative Insights (Themes That Matter)
• 1) Pricing Power Is Now Brand + Distribution + Product Quality, Not Just Location
• 2) Asset-Light Pipelines Are Now The Default Scaling Mechanism
• 3) Regulatory/Accounting Changes Are Creating A New “Margin Dispersion Regime”
• 4) Mixed-Use And Annuity Cash Flows Are Becoming Core To Some Platforms
• 5) Balance Sheet Strength Is A Strategic Moat In A Capex-Heavy Upcycle
• Closing View