Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. </li>
<li>We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.</li>
<li>14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.</li>
</ul>


Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. 
We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.


Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The ongoing US–Israel–Iran conflict has disrupted Middle East aviation hubs, increasing travel costs and reducing inbound tourist flows to India especially high-spending Western travelers.</li>
<li>Luxury hotel operators like EIH Ltd and Indian Hotels Company Limited face near-term pressure on ARR, RevPAR, and MICE revenues due to their reliance on international guests.</li>
<li>Despite inbound weakness, India’s domestic tourism supercycle (corporate travel, weddings, pilgrimage) provides a strong demand floor benefiting domestic-focused players like Lemon Tree Hotels Ltd and SAMHI Hotels Ltd.</li>
</ul>


The ongoing US–Israel–Iran conflict has disrupted Middle East aviation hubs, increasing travel costs and reducing inbound tourist flows to India especially high-spending Western travelers.
Luxury hotel operators like EIH Ltd and Indian Hotels Company Limited face near-term pressure on ARR, RevPAR, and MICE revenues due to their reliance on international guests.
Despite inbound weakness, India’s domestic tourism supercycle (corporate travel, weddings, pilgrimage) provides a strong demand floor benefiting domestic-focused players like Lemon Tree Hotels Ltd and SAMHI Hotels Ltd.


How the Middle East War Is Reshaping Indian Hospitality?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Mid-Market players <a href="https://www.smartkarma.com/entities/samhi-hotels-ltd" target="_blank" data-smartkarma-citation="entities:28359:1" rel="noopener">SAMHI Hotels (SAMHI IN)</a> and <a href="https://www.smartkarma.com/entities/lemon-tree-hotels-ltd" target="_blank" data-smartkarma-citation="entities:26159:1" rel="noopener">Lemon Tree Hotels Ltd (LEMONTRE IN)</a> led FY18-24 revenue and EBITDA growth with 16%/31% and 14%/25% CAGRs respectively, reflecting aggressive expansion. </li>
<li>FY24 saw strong average occupancy of 72% with rising RevPAR across luxury (high ARR) and mid-scale (volume) segments. </li>
<li>
<a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels (IH IN)</a> and Lemon Tree lead the pipeline with 74% and 59% key growth, driven by asset-light strategies for faster scale-up.</li>
</ul>


Mid-Market players SAMHI Hotels (SAMHI IN) and Lemon Tree Hotels Ltd (LEMONTRE IN) led FY18-24 revenue and EBITDA growth with 16%/31% and 14%/25% CAGRs respectively, reflecting aggressive expansion. 
FY24 saw strong average occupancy of 72% with rising RevPAR across luxury (high ARR) and mid-scale (volume) segments. 

Indian Hotels (IH IN) and Lemon Tree lead the pipeline with 74% and 59% key growth, driven by asset-light strategies for faster scale-up.


Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

<ul>
<li>The Indian hotel sector is set for growth, driven by a demand-supply gap with room demand growing 10%, while supply only increased by 7-9%.</li>
<li>MICE tourism is crucial, contributing 15-20% of hotel revenues, with strong future growth driven by increasing corporate events and international conferences.</li>
<li>Key growth triggers for <a href="https://www.smartkarma.com/entities/indian-hotels-co-ltd" target="_blank" data-smartkarma-citation="entities:5774:1" rel="noopener">Indian Hotels (IH IN)</a> include strategic expansion through capital-light models, while <a href="https://www.smartkarma.com/entities/chalet-hotels-ltd" target="_blank" data-smartkarma-citation="entities:27884:1" rel="noopener">Chalet Hotels Ltd (CHALET IN)</a> focuses on asset-heavy growth and prime location investments.</li>
</ul>


The Indian hotel sector is set for growth, driven by a demand-supply gap with room demand growing 10%, while supply only increased by 7-9%.
MICE tourism is crucial, contributing 15-20% of hotel revenues, with strong future growth driven by increasing corporate events and international conferences.
Key growth triggers for Indian Hotels (IH IN) include strategic expansion through capital-light models, while Chalet Hotels Ltd (CHALET IN) focuses on asset-heavy growth and prime location investments.


Thematic Report: India’s Hotel Industry~ How Demand-Supply Gap, Under-Penetration Can Fuel Growth

<ul>
<li>India’s economy is facing a temporary slowdown but there is one sector which ditched the slowdown trend </li>
<li>The leader of sector just said their upcoming quarter Q4FY25 will be similar to Q3FY25.</li>
<li>The hotel sector is slowly turning into a non-cyclical sector from a cyclical sector.</li>
</ul>


India’s economy is facing a temporary slowdown but there is one sector which ditched the slowdown trend 
The leader of sector just said their upcoming quarter Q4FY25 will be similar to Q3FY25.
The hotel sector is slowly turning into a non-cyclical sector from a cyclical sector.


Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

India

Chalet Hotels Limited is an owner, developer, and asset manager of upscale-to-luxury hotels and resorts across major Indian metropolitan areas. The company also operates through an integrated business model that co-locates hospitality assets with commercial spaces. Its portfolio includes branded hotels operated under global franchises such as JW Marriott, Westin, Marriott, and Novotel. Chalet Hotels is headquartered in Mumbai, India, and was founded in 1986.

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Chalet Hotels (CHALET IN)

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

How the Middle East War Is Reshaping Indian Hospitality?

US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...

Nimish Maheshwari

Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Sudarshan Bhandari

Thematic Report: India’s Hotel Industry~ How Demand-Supply Gap, Under-Penetration Can Fuel Growth

Indian hotel sector poised for growth with demand outpacing supply, MICE tourism key revenue driver, Indian Hotels and Chalet Hotels pursuing...

Sudarshan Bhandari

Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

​Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

How the Middle East War Is Reshaping Indian Hospitality?

​US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...

Nimish Maheshwari

Indian Hotel Industry: A Comparative Analysis of Top Hotel Chains

​Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Sudarshan Bhandari

Thematic Report: India’s Hotel Industry~ How Demand-Supply Gap, Under-Penetration Can Fuel Growth

​Indian hotel sector poised for growth with demand outpacing supply, MICE tourism key revenue driver, Indian Hotels and Chalet Hotels pursuing...

Sudarshan Bhandari

Thematic Report: How Indian Hotel Sector Is Bucking the Trend of Slowdown?

​Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.

Nimish Maheshwari

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

US-Israel-Iran conflict disrupts Middle East aviation, impacting luxury hotels in India with reliance on international guests, while domestic...

Mid-Market players SAMHI Hotels and Lemon Tree Hotels show strong revenue and EBITDA growth, with aggressive expansion driving performance in FY18...

Indian hotel sector poised for growth with demand outpacing supply, MICE tourism key revenue driver, Indian Hotels and Chalet Hotels pursuing...

Despite India's temporary economic slowdown, the hotel sector remains resilient and is transitioning into a non-cyclical industry.