THE INDIAN HOTELS CO. LTD

Runs India's largest hospitality portfolio under the Taj brand and adjacent labels — 645 hotels totalling 66,000+ keys, split into 382 operational properties and 263 in the pipeline — earning room revenue, food and beverage, and banquets across owned, leased and managed properties. Two reporting segments: Hotel Services generated ₹8,486.63 crore in FY26 (87.5% of segment revenue, EBIT ₹2,419.21 crore) and Air and Institutional Catering contributed ₹1,210.12 crore (12.5%, EBIT ₹231.14 crore) through in-flight meals for airlines and large institutional contracts. Asset-light expansion is a key earnings driver: management fee income grew 26% year-on-year to ₹168 crore in Q1 FY27, supported by a 263-hotel opening pipeline. Q1 FY27 consolidated revenue was ₹2,419 crore with EBITDA margin of 31.1% (standalone margin 41.8%) and RevPAR of ₹15,800 per night; domestic leisure destinations such as Rajasthan and Goa led growth while business-city and West Asia-dependent flows were softer. Growth brands scale alongside the flagship Taj label — Ginger operates 166 hotels at 39% EBITDA margin, Qmin runs 100+ outlets, ama has 380+ bungalows, and Tree of Life covers 40+ resorts. Employee cost is the single largest expense at 25.7% of revenue, followed by other operating expenses at 31.6% and materials at 9.8%, with capex at 10.7% of revenue and cash reserves above ₹4,400 crore supporting further rollout.