ICICI Securities has maintained its bullish stance on Indian Hotels Company Limited (IHCL), recommending a “buy” rating and raising the target price to ₹925, supported by strong growth, expansion plans, and a robust hotel pipeline
On June 22, 2026, brokerage firm ICICI Securities reaffirmed its “buy” recommendation on Indian Hotels Company Limited (IHCL) and set a target price of ₹925 per share. The latest target reflects confidence in the hospitality major’s growth prospects despite geopolitical uncertainties and a challenging business environment in early FY26.
Strong Financial Performance
IHCL delivered solid financial results in FY26, reporting revenue growth of 16% and EBITDA growth of 15%. During FY23–FY26, the company recorded revenue and EBITDA compound annual growth rates (CAGR) of 18.6% and 21%, respectively. The brokerage noted that the company’s consistent operational performance has strengthened its earnings visibility and long-term growth profile.
Expansion Pipeline
A major reason behind the positive outlook is IHCL’s aggressive expansion strategy. As of April 2026, the company operated approximately 33,100 hotel keys in its portfolio. Additionally, it has a pipeline of approximately 31,300 keys that are scheduled to become operational over the next four to five years. This large development pipeline is expected to support continued revenue growth and strengthen the company’s market position in India’s rapidly growing hospitality sector.
Demand Recovery
According to ICICI Securities, demand trends improved significantly during April and May 2026 after a brief disruption due to geopolitical developments. The brokerage expects the company to continue delivering double-digit revenue growth in FY27, supported by strong domestic travel demand, premium hotel occupancy, and expansion across several brands such as Taj, Vivanta, Selections, and Ginger.
Strong Balance Sheet
The brokerage also pointed to IHCL’s strong balance sheet and healthy cash position. The company has invested approximately ₹500 crore in strategic acquisitions to expand its presence in high-growth segments. Furthermore, it maintained a shareholder-friendly approach by delivering a dividend payout of approximately 25% in FY26. These factors have increased investor confidence in the company’s long-term capital allocation strategy.
India Hotels Share Price Target
Indian Hotels shares remain one of the key hospitality stocks tracked by investors. The stock is trading around the ₹730 range, with a revised target price of ₹925 suggesting good upside potential. Analysts believe the company’s asset-light growth strategy, expanding hotel portfolio, and improving travel demand could continue to drive earnings growth in the coming years. However, investors should monitor occupancy trends, room rates, and overall economic conditions impacting travel spending.
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