Press release on the financial results for the period ended 30.09.2025
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Benares Hotels (BHL), a subsidiary of Indian Hotels Company (IHCL), reported Q2 FY26 revenue of INR 25.5 Cr vs INR 25.8 Cr last year, a slight decline of about 1%. Q2 EBITDA fell to INR 9.9 Cr (margin ~39%) from INR 11.3 Cr, and profit after tax dropped to INR 6.1 Cr from INR 7.2 Cr. For the first half of FY26, revenue grew to INR 52.3 Cr from INR 50.1 Cr, EBITDA rose modestly to INR 21.7 Cr (margin ~41%), and PAT edged up to INR 13.7 Cr from INR 13.6 Cr. The company announced that a new 100-room wing at Taj Ganges will open in Q4 FY26, expanding its room inventory significantly.
Q2 results were slightly weak with revenue and margin compression, but the half-year picture is stable with modest growth. The upcoming 100-room expansion in Q4 FY26 is a clear revenue-accretion catalyst and should be a positive trigger for the stock. Backed by the strong Taj brand, near-term outlook looks constructive despite the soft Q2.