NSE: ITCHOTELS · BSE: 544325
ITC HOTELS LIMITED
Operates a chain of hotels in India across owned and managed models, earning primarily from rooms, food and beverage, and management fees. The Hotels segment was 93.7% of FY26 segment revenue at Rs 3,859.83 crore, Real estate was 5.1% at Rs 210.89 crore and Others 1.1% at Rs 46.9 crore. The FY26 portfolio stood at 155 hotels with 14,294 keys, sitting alongside a managed pipeline of 67 hotels with around 6,700 keys; after the May 2026 acquisition of The Zuri Kumarakom (72 keys), the managed portfolio had crossed 200 hotels with 16,000 keys by Q1 FY27, with a further Rs 155 crore buyout of Welcomhotel Ahmedabad (130 keys) announced. The company is targeting 250 hotels with 22,000-plus keys by 2031 in a 33% owned / 67% managed mix. In Q1 FY27 room revenue grew 8%, F&B 11% and management fees 35%, and RevPAR carried a 33% premium over industry. The business was demerged from ITC Limited effective January 2025. The cost stack is led by other operating expenses at 34.3% of revenue and employee costs at 18.9%, with depreciation at 10.1% and capex at 9.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotels (94%), Real estate (5%), Others (1%). Asset-heavy Indian hotel chain shifting towards a fee-based managed model, post-demerger from ITC Limited in January 2025
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 3,560 | 4,139 |
| EBITDA (ex other income) | 1,211 | 1,344 |
| margin % | 34.0 | 32.5 |
| Owners' profit | 635 | 817 |
| EPS, as reported (₹) | 3.05 | 3.92 |
| ROE % · ROCE % | 5.9 · 7.7 | 7.0 · 9.1 |
| Debt / equity (x) | 0.00 | 0.00 |
| Cash from operations | 803 | 1,110 |
| Capex | (386) | (410) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 1,061 | 816 | 839 | 1,231 | 1,254 | 936 |
| Profit before tax | 349 | 185 | 185 | 326 | 415 | 245 |
| Net profit | 258 | 134 | 133 | 237 | 317 | 182 |
| EPS (₹) | 1.23 | 0.64 | 0.64 | 1.13 | 1.52 | 0.87 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Hotels | 3,860 | 93.7 |
| Real estate | 211 | 5.1 |
| Others | 47 | 1.1 |
| Total, before eliminations | 4,118 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD | 1,14,612 | 53.4 | 7.67 | 30.4 | 15.0 | 16.2 | 43.8 | 32.2 |
| ITC HOTELS LIMITED ◆ | 34,265 | 39.5 | 2.93 | 22.3 | 7.0 | 9.0 | — | 37.5 |
| LEELA PALACES HOTEL LTD | 20,355 | 33.6 | 3.15 | 27.0 | 6.2 | 5.9 | — | 43.2 |
| EIH LIMITED | 18,260 | 25.7 | 3.38 | 17.1 | 12.2 | 14.9 | 42.7 | 31.6 |
| CHALET HOTELS LIMITED | 17,481 | 33.1 | 4.73 | 16.0 | 17.4 | 13.6 | 56.6 | 45.5 |
| VENTIVE HOSPITALITY LTD | 12,684 | 26.4 | 1.88 | 11.2 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,500 | 36.1 | 4.09 | 15.7 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,172 | 63.1 | 12.59 | 42.2 | 20.0 | 26.6 | 24.7 | 17.2 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.5 | 25.7 | 43 of 57 | 25% |
| P/B | 2.9 | 1.6 | 42 of 57 | 27% |
| ROCE | 9.0 | 4.9 | 19 of 65 | 72% |
| ROE | 7.0 | 6.3 | 25 of 57 | 57% |
| Debt / Equity | 0.0 | 0.2 | 9 of 57 | 86% |
| EBITDA margin | 37.5 | 29.5 | 20 of 58 | 67% |
| Revenue growth | 14.8 | 7.6 | 20 of 58 | 67% |
| Profit growth | 36.0 | 11.6 | 21 of 55 | 63% |
| Market cap | 34265 | 246 | 2 of 66 | 99% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 FY27 revenue up 26%, PAT up 52% as expansion accelerates | investor communications | medium | — | — |
| 26 Oct 2026 · Revenue and profit rise strongly in Q2 FY27 | results | high | — | — |
| 26 Oct 2026 · ITC Hotels to set up wholly owned subsidiary in Dubai | strategic transactions | medium | — | — |
| 26 Oct 2026 · Q2 revenue rises 26%, consolidated profit after tax rises 52% | results | high | — | — |
| 19 Oct 2026 · Board meeting on 26 October 2026 to consider Q2 FY27 results | results | low | — | — |
| 15 Oct 2026 · ESOP allotment of 131,990 shares under Special Purpose ESOS | capital market events | low | — | — |
| 9 Oct 2026 · ITC Hotels files quarterly dematerialisation certificate with exchanges | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 22 Sept 2026 · ITC Hotels allots 58,655 shares under ESOP scheme | capital market events | low | — | — |
| 21 Sept 2026 · ITC Hotels to attend Non-Deal Roadshow in Hong Kong on 24 Sept 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.