The Indian Hotels Company Limited has informed the Exchange about Credit Rating- Revision

ICRA has upgraded Indian Hotels Company Limited's (IHCL) long-term credit rating from AA+ (Stable) to AAA (Stable) on its Rs 15 crore fund-based facility, while reaffirming the short-term rating at A1+. The upgrade reflects IHCL's strengthening business and financial profile as a dominant player in Indian hospitality, with consolidated operating income growing at a 40% CAGR to Rs 8,334.5 crore in FY2025 and reaching Rs 6,923.9 crore in 9M FY2026 (17.2% YoY growth). Operating margins improved to 33.2% in FY2025 from 21.7% pre-Covid, supported by an asset-light expansion strategy and strong brand portfolio across Taj, Vivanta, Ginger and other brands. The company has strong liquidity with over Rs 3,500 crore in cash and investments, comfortable debt metrics, and benefits from Tata Group parentage (Tata Sons holds 35.66%). A pending lease dispute with Mumbai Port Trust over a Rs 1,874 crore rent claim remains a key risk.