Chalet Hotels Ltd.'s (Chalet) Q1FY26 result beat to our estimates on key parameters. The company included sale from residential property in Koramangala, Bengaluru in Q1FY26 which further boosted the earnings. Despite external disruption in Q1, the sector remained resilient, with demand continuing to outpace supply in India. Structural demand drivers are seen as strong and more resilient than in past cycles. The management aims to reach 5,000 room inventory by end of FY26 and they expect Sahar, Powai, Hyderabad and Bengaluru to witness increasing average room rates. We have included sale...