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Company: The Indian Hotels Company Ltd. (Taj Hotels) Business: Hospitality, hotels, resorts, food & beverage and related businesses. 1. Fundamental view — Positive 🟢 IHCL delivered a strong FY26. Consolidated revenue was about ₹9,971 crore, versus ₹8,565 crore in FY25, while consolidated profit attributable to owners was about ₹2,084 crore. The latest Q1 FY27 performance was also strong: Consolidated revenue: ₹2,419 crore, +15% YoY EBITDA: ₹753 crore EBITDA margin: 31.1% PAT: about ₹358 crore, +20.8% YoY Domestic like-for-like RevPAR growth: 14% Portfolio: 645 hotels / 66,000+ keys Pipeline: 263 hotels So fundamentally, growth remains intact. 2. Major growth triggers The biggest positive is IHCL's continued expansion. The company added 20 signings and 11 openings in Q1 FY27. Another important development is the proposed Oriental Hotels merger, which would add around 825 rooms and is expected to improve scale and operating efficiency. The transaction is expected to cause roughly 1.6% dilution to existing IHCL shareholders. 3. Valuation — Important caution 🟠 The stock is not cheap on conventional valuation parameters. One recent market-data source showed a TTM P/E around 59x, with market capitalization above ₹1 lakh crore. Therefore, the story is excellent, but valuation leaves less room for disappointment. 4. Technical view For the technical analysis, I would specifically look at: Support: recent swing low + 50 DMA Major support: 200 DMA Resistance: previous all-time high / recent swing high I would not recommend buying merely because the company is fundamentally strong. For a technical entry, I would prefer either: Breakout above major resistance with strong volume, or Pullback toward major support followed by a bullish reversal.