Nomura bullish on Indian Hotels' Brij Hospitality acquisition, maintains 'Buy' rating with ₹830 target price, implying 20.64% upside potential.

Nomura maintains a "Buy" rating for Indian Hotels Company with a target price of ₹830, implying a 20.64% upside from the current close price. The brokerage believes the acquisition of Brij Hospitality will continue Indian Hotels' growth inorganically and generate a cash surplus of ₹1,000 crore annually, which can be used for future acquisitions. The deal values Brij Hospitality at 10.5-11.5 times its FY27 EV-to-Ebitda multiple.