India's listed hotels post resilient FY26 despite travel shocks; stocks slide 15-35%

IHCL, EIH, ITC Hotels, Lemon Tree and Leela delivered FY26 growth with industry RevPAR up 7.4% to ~₹5,700 and occupancy near 65%. IHCL revenue rose 16% to ₹9,689 cr; Leela PAT jumped to ₹406 cr from ₹47 cr. Yet sector m-cap (~₹1.5 trn) corrected 15-35% as valuations compressed.

— Source publishedSun, 7 Jun, 2026, 14:58 IST·First seen Sun, 7 Jun, 2026, 15:02 IST·Source Mint · Companies

What happened

Indian Hotels Co. (IHCL) · India's listed hotel chains—IHCL, EIH, ITC Hotels, Lemon Tree, Leela—posted strong FY26 earnings with RevPAR up 7.4% and occupancy

Key facts

  • IHCL revenue ₹9,689 cr +16%
  • IHCL PAT ₹2,247 cr +10.2%
  • Lemon Tree revenue +13%, profit +19%
  • ITC Hotels PAT +29%
  • Leela PAT ₹406 cr from ₹47 cr
  • Leela same-store RevPAR +14%
  • Industry RevPAR +7.4% to ~₹5,700
  • Occupancy ~65%
  • EIH RevPAR +10.4%, PAT -14%
  • Sector m-cap ~₹1.5 trillion
  • Stocks down 15-35%

Why this matters

Compressed valuations across IHCL, EIH, ITC Hotels, Lemon Tree and Leela open a window to acquire single-asset or regional portfolios at cyclically softer multiples while operating fundamentals remain intact.