Accumulate Chalet Hotels Ltd., target price Rs 850: Emkay Global Financial Services

We cut FY25E/26E EBITDA by 1.6%/4.2% on margin miss. We maintain our ADD recommendation on Chalet, with SOTP-based TP of Rs850/share vs. Rs900/share earlier (SOTPbased Mar-26E EV/EBITDA of 20.5x for hotels and of 16x for rental assets).