UBS has issued a buy rating on Indian Hotels with a target price of Rs 900. Analysts noted that the company reported resilient January-March quarter (Q4FY26) numbers despite geopolitical headwinds. Consolidated revenues rose 14% year-on-year (YoY) to Rs 2,770 crore, while profit after tax (PAT) increased 15% YoY to Rs 600 crore. This performance was underpinned by strong operating metrics, with core hotel revenue per available room (RevPAR) growing 10% YoY (12% YoY on a standalone basis), driven by average room rate (ARR) growth. Occupancies improved by 100 basis points to 78%.
Indian Hotels: Resilient Performance Amid Challenges
The management flagged a Rs 40-45 crore impact from West Asia-related disruptions in March. Analysts highlighted that during Q4FY26, the hospitality major's earnings before interest, taxes, depreciation, and amortisation (EBITDA) margins remained healthy at 35%, supported by cost discipline and a sharp 30% YoY growth in management fees to Rs 220 crore.
Looking ahead, the company's management guided for 12-14% revenue growth in FY27, driven by resilient domestic demand and limited supply additions.
Kotak Maintains Reduce on UPL
Kotak Institutional Equities has a reduce rating on UPL with a target price of Rs 650. Analysts noted that UPL reported an 18% YoY revenue growth for Q4FY26, with a 10 percentage point boost from foreign exchange. However, a Rs 350 crore voluntary provision and a higher tax rate constrained earnings growth. Amid an uncertain outlook, management has restricted guidance to just Q1FY27. The company's reorganization plan remains on the agenda, but an $87 million investment in Sinova to reduce debt at elevated valuations is a concern for analysts.
HSBC Bullish on Oberoi Realty
HSBC has a buy rating on Oberoi Realty with the target price raised to Rs 2,100. Analysts said the company's core strength lies in the Goregaon market of Mumbai, where both residential demand and office occupancy are picking up. They expect an acceleration of new launches and sustained momentum for high-quality residential products. Downside risks include a slowdown in the luxury real estate market and a delay in launches.
CLSA Outperforms on PVR
CLSA has an outperform rating on PVR with a target price of Rs 2,135. Analysts noted that the company's Q4FY26 revenue of Rs 155 crore was up 24% YoY and in line with estimates. Movie ticket sales rose 27% YoY, EBITDA was at Rs 450 crore (up 60% YoY), and reported PAT was Rs 190 crore. FY26 admissions stood at 15 crore, up 10% YoY, along with the highest-ever revenue, EBITDA, average ticket price (ATP), and food & beverages spends per head (F&B SPH). PVR Inox is funding expansion via internal accruals, and its FY26 free cash flow more than doubled to Rs 790 crore.
Citigroup Buy on Nuvama
Citigroup has a buy on Nuvama with a target price of Rs 2,050. Analysts said Nuvama witnessed strong momentum across segments, with sustained traction in net new flows in wealth segments, a sharp recovery in asset servicing revenues, and stable to improving profit before tax (PBT) margins in all segments except AMC in FY2026. The company's PAT was up 6% quarter-on-quarter (QoQ). Nuvama's focus on expanding its business scope and gradual realization of leverage benefits is likely to further aid profitability over the medium term, underpinning a constructive stance.
