Nomura initiates coverage on Indian Hotels Company, ITC Hotels with 'Buy'

ITC Hotels

14/01/2026 05:15

**Nomura initiates coverage on Indian Hotels Company IHTL.NS, which operates Taj chain of luxury hotels, with "Buy" and PT of 830 rupees

**Brokerage also initiates coverage on luxury chain ITC Hotels ITCT.NS with "Buy" and 230 rupees PT

**Nomura says IHTL's high Average Daily Rate growth driven by constrained hotel supply, strong demand, and low ADR base

**Says IHTL seems well positioned to achieve/exceed its 2030 targets for revenue, ROCE, and portfolio hotels

**For ITCT, says there is potential for high single-digit revenue per available room growth, driven by resilient average room rate growth and improved occupancy of recently opened assets

**Expects ITCT's consol revenue to grow at CAGR of 15% and EBITDA to grow at CAGR of 18% over FY25-FY28F

**IHTL rated "Buy" on avg, median PT 870 rupees; ITCT rated "Buy" on avg, median PT 260 rupees - data compiled by LSEG

**IHTL up 1% at 695 rupees; ITCT up 0.3% at 193 rupees

 (Reporting by Mridula Kumar in Bengaluru)

 ((Mridula.Kumar@thomsonreuters.com;))