ICRA – The Indian Hospitality Industry, May 2025

The main theme of the report is the analysis of the Indian hospitality industry, including revenue growth forecasts and operational indicators.

The industry is expected to grow by 11-13% in the 2025 fiscal year and by 6-8% in the 2026 fiscal year. Revenue growth is stabilizing, and the industry's outlook has been revised from 'Positive' to 'Stable'. Increased business activity has strengthened the industry's capital structure and debt metrics. Supply growth is expected to lag behind demand over the next 12-18 months. The average occupancy of premium hotels across India is projected to be 72-74% in the 2026 fiscal year.