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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hotel Services (88%), Air and Institutional Catering (13%). Cyclical, asset-heavy hospitality business with a growing asset-light management-contract overlay
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,056 | 5,810 | 6,769 | 8,335 | 9,689 |
| EBITDA (ex other income) | 420 | 1,808 | 2,157 | 3,074 | 3,470 |
| margin % | 13.8 | 31.1 | 31.9 | 36.9 | 35.8 |
| Owners' profit | (248) | 1,003 | 1,259 | 1,908 | 2,084 |
| EPS, as reported (₹) | (1.97) | 7.06 | 8.86 | 13.40 | 14.64 |
| ROE % · ROCE % | (3.5) · 1.5 | 12.2 · 13.3 | 13.1 · 14.7 | 16.4 · 17.7 | 15.0 · 17.4 |
| Debt / equity (x) | 0.26 | 0.09 | 0.03 | 0.02 | 0.00 |
| Cash from operations | 672 | 1,619 | 1,935 | 2,194 | 2,471 |
| Capex | (318) | (471) | (637) | (1,074) | (1,037) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,826 | 2,533 | 2,425 | 2,041 | 2,041 | 2,842 | 2,765 | 2,339 |
| Profit before tax | 696 | 834 | 720 | 440 | 453 | 1,203 | 830 | 533 |
| Net profit | 583 | 633 | 563 | 329 | 318 | 954 | 645 | 391 |
| EPS (₹) | 3.89 | 4.09 | 3.67 | 2.08 | 2.00 | 6.35 | 4.21 | 2.51 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Hotel Services | 8,487 | 87.5 |
| Air and Institutional Catering | 636 | 6.6 |
| Air and Institutional catering | 574 | 5.9 |
| Total, before eliminations | 9,697 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| THE INDIAN HOTELS CO. LTD ◆ | 1,02,271 | 47.7 | 6.85 | 27.2 | 15.0 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 27 Aug 2026 · Indian Hotels announces investor meeting schedule for September 2026 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · IHCL Investor Presentation on OHL Merger | investor communications | medium | — | — |
| 24 Aug 2026 · IHCL announces merger with Oriental Hotels; 25:117 share swap ratio | compliance | low | — | — |
| 24 Aug 2026 · IHCL board approves amalgamation of Oriental Hotels into itself | strategic transactions | high | — | — |
| 12 Aug 2026 · Taj Hotels gets extra property tax penalty from BMC for Taj Lands End | regulatory legal | medium | — | — |
| 5 Aug 2026 · Indian Hotels to meet investors at Nirmal Bang and Motilal Oswal conferences | board shareholder meetings | low | — | — |
| 29 Jul 2026 · Newspaper ad on special window for re-lodging physical share transfers | compliance | minimal | — | — |
| 28 Jul 2026 · IHCL receives ESG rating of 77 out of 100 from SES ESG Research | business updates | medium | — | — |
| 27 Jul 2026 · IHCL Q1 FY27 Earnings Call Transcript: Revenue Up 15%, EBITDA Up 18% | investor communications | medium | — | — |
| 22 Jul 2026 · Indian Hotels publishes Q1 FY27 results in newspapers | compliance | minimal | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 16.2 |
| 43.8 |
| 32.2 |
| ITC HOTELS LIMITED | 32,180 | 37.1 | 2.75 | 20.9 | 7.0 | 9.0 | — | 37.5 |
| CHALET HOTELS LIMITED | 19,293 | 36.5 | 5.22 | 17.5 | 17.4 | 13.6 | 56.6 | 45.5 |
| EIH LIMITED | 17,976 | 25.3 | 3.32 | 16.8 | 12.2 | 14.9 | 42.7 | 31.6 |
| LEELA PALACES HOTEL LTD | 17,930 | 29.6 | 2.78 | 24.0 | 6.2 | 5.9 | — | 43.2 |
| VENTIVE HOSPITALITY LTD | 13,431 | 28.0 | 1.99 | 11.8 | 7.4 | 7.4 | — | 37.7 |
| LEMON TREE HOTELS LTD | 8,314 | 35.4 | 4.00 | 15.4 | 13.9 | 9.2 | 41.8 | 44.1 |
| INDIA TOUR. DEV. CO. LTD. | 5,888 | 71.8 | 14.33 | 48.1 | 20.0 | 26.6 | 24.7 | 17.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.7 | 24.1 | 50 of 60 | 15% |
| P/B | 6.8 | 1.9 | 54 of 57 | 5% |
| ROCE | 16.2 | 4.9 | 9 of 65 | 88% |
| ROE | 15.0 | 6.4 | 11 of 59 | 83% |
| Debt / Equity | 0.0 | 0.2 | 17 of 59 | 72% |
| EBITDA margin | 32.2 | 29.5 | 25 of 58 | 58% |
| Revenue growth | 14.6 | 7.6 | 21 of 58 | 65% |
| Profit growth | 18.7 | 11.6 | 26 of 55 | 54% |
| Market cap | 102271 | 274 | 1 of 66 | 100% |
| 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 |
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.
