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.
India's listed hotel chains—IHCL, EIH, ITC Hotels, Lemon Tree, Leela—posted strong FY26 earnings with RevPAR up 7.4% and occupancy near 65%, despite Operation Sindoor, IndiGo disruptions and West Asia conflict. Stocks corrected 15-35% on compressed valuations.