India hotel room rate growth softens in March as US-Iran conflict weighs, Jefferies says

ITC Hotels

21/04/2026 08:08

** Brokerage Jefferies says hotel industry revenue per available room (RevPAR) in India grew about 4% YoY in March, compared to 16% growth in February

** Says growth softened mainly due to disruptions in foreign tourist arrivals amid the conflict in West Asia

** Brokerage expects negative RevPAR growth for Chalet Hotels CHAL.NS in Q4, amid sharp deceleration in key markets

** Estimates stronger Q4 growth for ITC Hotels ITCT.NS, with healthy top-line and bottom-line expansion, aided by India hotels and Sri Lanka residence sales

** For Indian Hotels Company IHTL.NS, brokerage expects a "decent Q4", with Revenue and PAT growth of 12-13% YoY

** "We have built softening in 1QFY27, with recovery thereafter, benefiting from domestic tourism tailwinds," - Jefferies

** Shares of IHTL up 0.8%, ITCT rises 2.3% and CHAL up 2.2% in afternoon trading

 (Reporting by Abhinav Parmar in Bengaluru)

 ((Abhinav.Parmar@thomsonreuters.com;))