ICICI Securities initiates Brigade Hotel with 'buy', 43% upside target

Lemon Tree Hotels

12/09/2025 09:42

** Shares of Brigade Hotel Ventures BRIA.NS rise 0.5% to 83.93 rupees

** ICICI Securities initiates with "buy" rating, 117 rupees PT implying 43% upside to last close

** Brokerage highlights plans to 2x operational rooms by FY30 with 9 new hotels, 34 billion rupees ($385.09 million) capex

** Forecast 17% revenue, 20% EBITDA CAGR over FY25-28 on premium hotel ramp-up, margin expansion

** BRIA has strong growth potential as new high-end hotels open and start contributing more meaningfully to profits - ICICI Securities

** Says, co's valuation at around 20% discount to peers Lemon Tree LEMO.NS and Chalet Hotels CHAL.NS

** BRIA up around 3% since listing on July 31

($1 = 88.2900 Indian rupees)

 (Reporting by Nishit Navin in Bengaluru)

 ((nishit.navin@thomsonreuters.com))