Hotels & Resorts industry

75 companies · ₹2.7 L cr · 21 with AI deep dives · Q2FY27 report

Domestic leisure and occupancy gains absorb the West Asia shock; GST ITC loss and fuel costs hold margins back

In downturnmargin has fallen for 3 quarters to 28.7% and revenue is shrinking

Revenue YoY: -7.3%
EBITDA margin: 28.7%; +320bps YoY
Price, 1 year: -25.8%; 20% of names up
P/E vs own 5y: -9.9%; 29.3x now

Exhibit 1The quarter in numbers

constant panel of 21 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	6,246 cr	7,297 cr	-14.4%	6,739 cr	-7.3%	7,964 cr	-21.6%
EBITDA margin	28.7%	34.4%	-570bps	25.5%	+320bps	35.8%	-710bps

Revenue

Jun 26: 6,246 cr

Exhibit 4Screen

P/E below the sub-industry median of 29.29x, 5y ROCE above its median of 8.13%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 75)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Indian Hotels Co Ltd	₹1.1 L cr	51.1x	30.1x	17.6%	33.0%	+21.7%	Unlock
ITC Hotels Ltd	₹34,246 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-09-30

headwindWest Asia conflict cut foreign arrivals and inbound-heavy hotels13 managements

Almost every management named the conflict. The hit came through fewer foreign tourist arrivals, Gulf carrier cancellations and higher airfares. It fell hardest on hotels that…

EIHOTEL (Q1FY27): “international tourist arrivals, which was actually below by 10% in Q1... In Q2, that we…”

headwind6 managements tailwind5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 50 companies

1-30

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Asian Hotels (North) Ltd	₹1,300 cr	46.5x	-31.7x	2.8%	13.3%	-	Unlock