<div id="readability-page-1"><div id="parent_top_div"><p>India’s travel and hospitality sector witnessed a volatile close to FY26, with a strong start in January-February offset by significant disruptions in March due to geopolitical tensions in West Asia. Elevated airfares, widespread flight cancellations, and restricted airspace across key transit routes led to a sharp slowdown in inbound travel, resulting in flat-to-mildly negative occupancy trends and mid-single-digit growth in revenue per available room (RevPAR), largely driven by average room rate (ARR) expansion.</p> <p>  The disruption was particularly pronounced given that the Gulf region accounts for nearly 30 per cent of India’s international travel flows. Over 23,000 flight cancellations and a pause in select international operations significantly impacted foreign tourist arrivals, a key contributor to premium hotel demand. Properties with higher dependence on foreign tourist arrivals saw a sharper decline in occupancy due to cancellations, while those with stronger domestic exposure remained relatively resilient, benefiting from steady local demand and a shift toward domestic travel.</p> <p>  Despite these near-term headwinds, the sector’s underlying fundamentals remain intact. A recently announced ceasefire and ongoing diplomatic efforts are expected to restore air connectivity across major hubs such as Dubai, Abu Dhabi, and Doha, paving the way for a gradual recovery in inbound travel. With foreign tourists accounting for a meaningful share of hospitality revenues and typically driving higher yields, normalisation in this segment is expected to support both occupancy and pricing. Looking ahead, the near-term outlook appears constructive, aided by a low base and improving travel sentiment. Early indicators suggest a sequential recovery in April, with demand likely to strengthen further into Q1FY27.</p> <p>  From a structural standpoint, the Indian hospitality sector continues to benefit from favourable demand-supply dynamics, a robust pipeline of room additions, and sustained growth in domestic travel. Rising activity across MICE (meetings, incentives, conferences, and exhibitions), weddings, and corporate travel is expected to underpin demand over the medium term. Additionally, ongoing brand expansions, asset renovations, and diversification into new formats are supporting revenue growth and operational leverage. With valuations currently trading below historical peaks, the sector offers a compelling medium-term opportunity, supported by strong earnings visibility and resilient demand drivers, even as it navigates short-term volatility.</p> <h3>  Indian Hotels: TP – ₹800</h3> <p>  Indian Hotels’ diversified portfolio across owned, managed, and reimagined brands continues to drive resilient operating performance. Strong traction in core hospitality and new businesses, coupled with scale benefits and a predominantly asset-light pipeline, underpins margin expansion and enhances earnings visibility despite macro volatility. In Q3FY26, consolidated revenue grew 12 per cent Y-o-Y, broadly in line with our estimates, led by 9.5 per cent growth in the standalone segment and 16 per cent growth in subsidiaries. Standalone performance was supported by 13 per cent F&amp;B growth amid strong MICE and wedding demand, while room revenue rose 6 per cent (ARR +7 per cent, occupancy flat). We expect sustained double-digit revenue growth, supported by rising MICE activity, brand scale-up, and partnerships such as ANK, Pride, Brij, and Atmantan, alongside a 30,200-key pipeline (94 per cent asset-light). We model a FY25-28 revenue/EBITDA/adj. PAT CAGR of 14 per cent/18 per cent/16 per cent, with operating leverage driving steady margin expansion.</p> <h3>  Lemon Tree: TP – ₹160</h3> <p>Lemon Tree Hotels’ structural growth strategy is centred on scaling its premium Aurika portfolio, accelerating management contracts, completing renovations, and rebranding assets. This asset-light expansion, alongside improving mix and utilisation, is aimed at lifting ARR, occupancy and return ratios over the medium term. In Q3FY26, revenue rose 14 per cent Y-o-Y, supported by strong 34 per cent growth in food and beverage and 7 per cent growth in rooms. ARR increased 11 per cent to ₹7,487, while occupancy dipped 80 basis points to 73.4 per cent. Ebitda margin remained industry leading at 50.4 per cent, though down 150 basis points due to renovation spends, technology investments and Goods and Services Tax impact. Going ahead, momentum is expected to remain healthy with Aurika Mumbai stabilising, a robust pipeline of 9,364 managed rooms, and benefits from renovations flowing through by mid-FY27. We model a compound annual growth rate of 12 per cent/13 per cent/27 per cent in revenue/Ebitda/adjusted profit after tax over FY25-28.</p></div></div>

旅游科技 ETF -ETFMG

CRUZ

BEDZ

<p>印度的旅游和酒店行业在 FY26 末面临波动，3 月份由于西亚地缘政治紧张局势影响了入境旅游。尽管面临高昂的机票和航班取消等挑战，该行业的基本面依然强劲，预计在停火和改善的旅游情绪的支持下将实现复苏。印度酒店和柠檬树等公司在国内旅游和会议奖励活动的强劲需求支持下，具备增长潜力。该行业的前景乐观，未来几年有望实现两位数的收入增长</p>

Motilal Oswal 本周推荐的行业是旅游与酒店业；查看这里的热门投资选择