NSE: INDHOTEL · BSE: 500850
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. 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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
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) | 53.4 | 25.7 | 49 of 57 | 14% |
| P/B | 7.7 | 1.6 | 55 of 57 | 4% |
| ROCE | 16.2 | 4.9 | 9 of 65 | 88% |
| ROE | 15.0 | 6.3 | 10 of 57 | 84% |
| Debt / Equity | 0.0 | 0.2 | 15 of 57 | 75% |
| 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 | 114612 | 246 | 1 of 66 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · IHCL raises FY27 revenue growth guidance to 15-17% | investor communications | medium | — | — |
| 22 Oct 2026 · Indian Hotels schedules London-Frankfurt investor roadshow | board shareholder meetings | low | — | — |
| 22 Oct 2026 · September 2026 financial results published in newspapers | compliance | minimal | — | — |
| 21 Oct 2026 · IHCL quarterly conference call recording available | investor communications | low | — | — |
| 21 Oct 2026 · IHCL Q2FY27: Revenue Guidance Upgraded, Strong Margin Expansion | investor communications | medium | — | — |
| 21 Oct 2026 · IHCL reports record Q2 and raises FY2027 revenue guidance | compliance | low | — | — |
| 21 Oct 2026 · Indian Hotels Q2 standalone PAT up 36 percent, revenue up 26 percent | results | high | — | — |
| 16 Oct 2026 · Taj Hotels receives Rs 10 lakh penalty order from BMC over estate NOC issue | regulatory legal | high | — | — |
| 15 Oct 2026 · Indian Hotels informs exchange about schedule of meeting | board shareholder meetings | low | — | — |
| 12 Oct 2026 · IHCL clocks 47 hotel signings and 20 openings in H1 FY2027, portfolio reaches 670 | business updates | high | — | — |
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 |
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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.