The Indian hotel and tourism ecosystem has benefitted from the post-Covid travel urge. Occupancies were high, room rates firm, supply is, in fact, still tight. But the bull case rested on an assumption: That households and companies would keep spending freely on travel, conferences, weddings, offsites, and premium stays. In hospitality, demand does not disappear first. The ability to pay does. Will higher inflation and trouble in the Gulf region change this equation? Check out Stock Reports Plus, powered by Refinitiv, for price targets of over 4,000 listed stocks, along with detailed company analysis focusing on five key components – earnings, fundamentals, relative valuation, risk, and price momentum – to generate standardised scores. SR+ Reports is a complimentary offering to ETPrime members.