Indian Hotels share price: targets and FY27 guidance

Share price snapshot and what moved the stock

Indian Hotels Company Ltd. (IHCL) shares were reported up 2.07% from the previous close of ₹635.35, with the stock last traded at ₹648.50. Another data point in the same set shows IHCL at ₹648.30 as on 27 Apr, 2026 (11:47 AM IST), up 2.04% versus ₹639.45. The last 12 months trend cited in the data shows the stock moved down 17.56%, while a separate performance grid lists 1Y at -11.83%. The numbers indicate the stock has seen volatility across time windows, even as brokerages continue to publish optimistic medium-term views.

Broker recommendations and the range of target prices

The data shows “Mean Recos by 28 Analysts” with Buy-leaning sentiment. Recent recommendations listed include Axis Securities with a Buy call and target of ₹900, and Motilal Oswal Financial Services with a Buy call and target of ₹960. Separately, several global broker notes in March-April 2026 show target prices clustered around ₹800-₹805.

HSBC maintained a Buy rating on 08 Apr 2026 but revised its target price to ₹800 (from ₹874). Nomura maintained a Buy rating on 18 Mar 2026 and cut its target price to ₹800. JPMorgan reduced its September 2026 price target to ₹805 from ₹890 while maintaining an Overweight rating, citing weaker H1 FY26 performance and sector valuation de-rating.

What brokerages cited: demand, revenue growth, and valuations

HSBC expects low-double-digit Q4 revenue growth, driven by strong domestic leisure demand, and said the FY27 outlook remains healthy with new hotels in Germany, the Vivanta at Ekta Nagar, a Varanasi expansion, and acquisitions planned. Nomura flagged “limited war impact” on Q4FY26 and projected FY26-28F EBITDA CAGR of 13-14%, with Q4FY26F revenue and EBITDA growth of 11% and 12% year-on-year.

JPMorgan’s note highlights valuation adjustments rather than operational issues. It trimmed FY26-FY28 earnings forecasts by 1-3% and reduced its EV/EBITDA multiple assumption to 30x from 33.5x. Even after that cut, the ₹805 target was described as implying 12.5% upside potential in the note.

Management guidance for FY27: growth, margins, and capex

IHCL’s forward-looking targets for FY27 in the data set include a revenue growth target of 12% and implied PAT growth of 15%. Operating profit margin (OPM) guidance is listed at 39.5%, along with a capex plan of ₹500 crore. The “management tone” is described as cautious.

Milestones referenced alongside the guidance include completion of 120 newly onboarded hotels and integration of Ginger brand acquisitions. The same section flags a key risk as “over-reliance on one-time gains.”

Q3FY26 operating trends: ARR, occupancy, RevPAR

The Q3FY26 commentary in the material describes performance as “relatively soft,” with 12% year-on-year revenue growth. Consolidated RevPAR growth is stated at 9% YoY, led by a 7% increase in ARR to ₹17,700, while occupancy remained high at about 78% (up 1.2 percentage points).

Brand mix details are also provided. Taj is described as the lead revenue generator, contributing 69% of operating revenue. TajSATS and the Upscale segment (Vivanta, SeleQtions, and Gateway) accounted for 13% and 10% of total revenue, respectively.

Expansion plan: keys, pipeline, and the 2030 target

IHCL is described as operating over 32,000 rooms and remaining on track for a 700-hotel target under the “Accelerate 2030” strategy. Another section states the company is targeting over 700 hotels by 2030 through an asset-light strategy that shifted the portfolio from 75% asset-heavy to 65% asset-light operations. The same note claims “industry-leading margins above 40%” on a standalone basis.

On operational details, the data says IHCL had a base of 32,296 keys across 361 operational hotels, with a mix of 55% managed and 45% owned. It also lists a pipeline of around 30,200 keys across 256 hotels (owned about 5,940 keys and managed about 24,360 keys). In Q3 FY26, the company opened 89 new hotels (3,747 keys) and planned to open 10 hotels (around 850 keys) in Q4 FY26.

Acquisitions and marquee projects mentioned

The text states IHCL acquired a 51% stake in Atmantan resort and is in the process of acquiring a 51% stake in Bridge hotel, with a combined FY27E revenue potential of ₹200 crore (INR 2bn). It also highlights Taj Bandstand, Mumbai as an upcoming luxury asset with around 450 keys, expected to generate ₹1,000 crore in revenue upon stabilisation (INR 10bn) with a 50% EBITDA margin.

Market impact: what the numbers imply for investors

The data set mixes near-term share price moves with longer-horizon broker assumptions. It also points to a valuation reset: one note says the stock corrected by around 13% over two quarters and references valuation at 25x FY28 EV/EBITDA for a target price of ₹801. Another valuation snippet says the stock traded at 38 times FY27 estimated earnings at around ₹610, and at 23.4 times one-year forward EV/EBITDA, stated as a 19% discount to its 5-year average of 28.9x.

On fundamentals, the material repeatedly ties the outlook to demand outpacing supply in key markets and an expansion model that leans toward management contracts. The operational pipeline conversion and new openings are positioned as core drivers of room growth going forward.

Key data table: price, targets, guidance, and operating metrics

Motilal Oswal technical levels and a separate ₹640 target note

A separate Motilal Oswal Research excerpt in the data projects a revised target price of ₹640 per share and also provides technical levels. It describes a “current price range” of ₹545-₹560, support at ₹530 and ₹505, and resistance at ₹580 and ₹610. The same section includes Fibonacci retracement levels from a swing high of ₹598 and swing low of ₹502, with the 50% level at ₹550.

This Motilal excerpt sits alongside another Motilal listing that shows a Buy call with a ₹960 target, indicating that targets in the compiled material vary across reports and timestamps.

Conclusion

IHCL’s share price action in the dataset sits against a backdrop of multiple Buy and Overweight calls, but with several target cuts tied to valuation assumptions rather than demand indicators. Management’s FY27 guidance of 12% revenue growth, 39.5% OPM, and ₹500 crore capex, alongside the stated pipeline of 256 hotels, anchors the near-term narrative. The next set of updates likely to shape expectations will be progress on hotel openings, pipeline conversion, and execution on acquisitions referenced in broker notes.