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India Tourism Development Corporation Q4 FY26 results: net profit up 13.9% to ₹28.27 crore, revenue down 29.0%
India Tourism Development Corporation Limited reported consolidated Q4 FY26 revenue of ₹142.01 crore, down 29.0% from Q4 FY25, while net profit rose 13.9% to ₹28.27 crore. EBITDA was ₹30.49 crore and the EBITDA margin increased to 21.5% from 16.1% a year earlier.
Key points
- Consolidated revenue was ₹142.01 crore in Q4 FY26, down ₹57.93 crore or 29.0% from Q4 FY25 and down ₹42.77 crore or 23.1% from Q3 FY26.
- Consolidated net profit was ₹28.27 crore, up ₹3.45 crore or 13.9% year on year and up ₹0.26 crore or 0.9% from Q3 FY26.
- EBITDA was ₹30.49 crore, with the margin at 21.5%, up 5.4 percentage points from Q4 FY25 and 3.7 percentage points from Q3 FY26.
- For FY26, revenue was ₹533.02 crore, down 6.6%, while net profit was ₹82.38 crore, up 1.9%, and basic EPS was ₹9.61.
- The board recommended a dividend of Rs.2.95 per share for FY 2025-26, while the auditors issued a qualified opinion on the standalone results.
How did India Tourism Development Corporation perform in Q4 FY26?
India Tourism Development Corporation reported consolidated revenue of ₹142.01 crore for Q4 FY26, down 29.0% from ₹199.94 crore in Q4 FY25 and down 23.1% from ₹184.78 crore in Q3 FY26. Total income was ₹151.85 crore, against ₹204.5 crore a year earlier and ₹192.59 crore in the previous quarter.
EBITDA was ₹30.49 crore in Q4 FY26, down from ₹32.20 crore a year earlier and ₹32.83 crore in Q3 FY26. The EBITDA margin was 21.5%, compared with 16.1% in Q4 FY25 and 17.8% in Q3 FY26.
Profit before tax was ₹37.94 crore, up 9.1% from ₹34.79 crore a year earlier but down 1.3% from ₹38.43 crore in the previous quarter. Net profit was ₹28.27 crore, up 13.9% from ₹24.82 crore and 0.9% from ₹28.01 crore; basic EPS was ₹3.3, against ₹2.89 and ₹3.26, respectively. On a standalone basis, revenue was ₹140.55 crore and net profit was ₹28.78 crore.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 142.01 | 184.78 | 199.94 | −29.0% | −23.1% |
| Other income | 9.84 | 7.82 | 4.56 | +115.8% | +25.8% |
| Total expenses | 113.91 | 154.17 | 169.71 | −32.9% | −26.1% |
| EBITDA | 30.49 | 32.83 | 32.20 | −5.3% | −7.1% |
| EBITDA margin | 21.5% | 17.8% | 16.1% | +5.4 pp | +3.7 pp |
| Profit before tax | 37.94 | 38.43 | 34.79 | +9.1% | −1.3% |
| Tax | 9.65 | 10.27 | 9.80 | −1.5% | −6.0% |
| Net profit | 28.27 | 28.01 | 24.82 | +13.9% | +0.9% |
| EPS (₹) | 3.30 | 3.26 | 2.89 | +14.2% | +1.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in India Tourism Development Corporation's costs and profit?
Total expenses fell ₹55.80 crore or 32.9% from ₹169.71 crore in Q4 FY25 to ₹113.91 crore. Cost of materials declined ₹41 crore or 50.6% to ₹40.07 crore, employee cost fell ₹3.94 crore or 15.2% to ₹22.05 crore, and other expenses fell ₹11.89 crore or 21.4% to ₹43.80 crore. Finance costs rose ₹0.19 crore or 51.4% to ₹0.56 crore, while depreciation rose ₹0.21 crore or 13.0% to ₹1.82 crore.
Other income rose ₹5.28 crore or 115.8% from ₹4.56 crore to ₹9.84 crore, while tax fell ₹0.15 crore or 1.5% to ₹9.65 crore. There was no exceptional item in either Q4 FY26 or Q4 FY25. EBITDA fell 5.3% year on year, but profit before tax rose 9.1% and net profit rose 13.9%; the filing did not state a further reason.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 40.07 | 81.07 | −41 | −50.6% |
| Employee cost | 22.05 | 25.99 | −3.94 | −15.2% |
| Finance costs | 0.56 | 0.37 | +0.19 | +51.4% |
| Depreciation | 1.82 | 1.61 | +0.21 | +13.0% |
| Other expenses | 43.80 | 55.69 | −11.89 | −21.4% |
| Total expenses | 113.91 | 169.71 | −55.80 | −32.9% |
| Other income | 9.84 | 4.56 | +5.28 | +115.8% |
| Tax | 9.65 | 9.80 | −0.15 | −1.5% |
Source: Company's results filing (XBRL).
How did India Tourism Development Corporation do in FY26 as a whole?
For FY26, consolidated revenue was ₹533.02 crore, down ₹37.38 crore or 6.6% from ₹570.4 crore in FY25. Total income fell ₹28.43 crore or 4.8% to ₹562.94 crore from ₹591.37 crore.
Profit before tax rose ₹13.73 crore or 13.9% to ₹112.5 crore from ₹98.77 crore. Net profit increased ₹1.55 crore or 1.9% to ₹82.38 crore from ₹80.83 crore, while basic EPS rose from ₹9.42 to ₹9.61, an increase of ₹0.19 or 2.0%.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 533.02 | 570.40 | −6.6% |
| Profit before tax | 112.50 | 98.77 | +13.9% |
| Net profit | 82.38 | 80.83 | +1.9% |
| EPS (₹) | 9.61 | 9.42 | +2.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2026, total assets were ₹762.22 crore, up from ₹721.29 crore at 30 September 2025, and total equity was ₹410.91 crore against ₹353.37 crore. Borrowings were unchanged at ₹0.63 crore, while cash rose to ₹54.75 crore from ₹24.72 crore; inventories were ₹17.96 crore, trade receivables ₹110.43 crore and trade payables ₹79.13 crore.
FY26 operating cash flow was ₹70.44 crore, compared with ₹52.84 crore in FY25. Investing cash flow was negative ₹73.13 crore against negative ₹4.4 crore, financing cash flow was negative ₹24.87 crore against negative ₹21.61 crore, and capital expenditure was ₹10.22 crore against ₹9.62 crore.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 762.22 | 721.29 |
| Total equity | 410.91 | 353.37 |
| Borrowings | 0.63 | 0.63 |
| Cash and equivalents | 54.75 | 24.72 |
| Inventories | 17.96 | 16.79 |
| Trade receivables | 110.43 | 119.31 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | 70.44 | 52.84 |
| Cash from investing | −73.13 | −4.40 |
| Cash from financing | −24.87 | −21.61 |
| Capital expenditure | 10.22 | 9.62 |
Source: Company's results filing (XBRL).
How has India Tourism Development Corporation done over the last 8 quarters?
Revenue peaked at ₹199.94 crore in Q4 FY25 and reached its low of ₹84.91 crore in Q1 FY25. It fell to ₹142.01 crore in Q4 FY26 from ₹184.78 crore in Q3 FY26, although it remained above ₹87.75 crore in Q1 FY26 and ₹118.49 crore in Q2 FY26.
Net profit reached its low of ₹9.75 crore in Q1 FY26 and its high of ₹28.27 crore in Q4 FY26, up from ₹28.01 crore in Q3 FY26. The EBITDA margin also reached its period high of 21.5% in Q4 FY26, compared with its low of 9.2% in Q1 FY25. Profit rose year on year in each of the last 2 quarters.
Which businesses drove the quarter?
The Hotel Division reported revenue of ₹88.17 crore in Q4 FY26, down 11.5% from ₹99.6 crore in the year-ago quarter, while EBIT rose from ₹24.86 crore to ₹44.98 crore. Its reported EBIT margin was 51.0%.
International Trade Division revenue rose 20.2% to ₹4.33 crore from ₹3.6 crore, while EBIT moved from a loss of ₹0.94 crore to a profit of ₹1.56 crore. Travels &Tours reported revenue of ₹11.42 crore and EBIT of ₹3.78 crore, while Engg,Consultancy Projects reported revenue of ₹5.0 crore and EBIT of ₹3.63 crore.
Event Management, Hospitality & Tourism Management Institute & Others reported revenue of ₹39.85 crore and EBIT of negative ₹17.36 crore. Year-ago revenue and EBIT figures were not given for Travels &Tours, Engg,Consultancy Projects, or Event Management, Hospitality & Tourism Management Institute & Others.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Hotel Division | 88.17 | −11.5% | 44.98 | 51.0% |
| Hotel Division | 88.17 | −11.5% | 44.98 | 51.0% |
| International Trade Division | 4.33 | +20.2% | 1.56 | 35.9% |
| International Trade Division | 4.33 | +20.2% | 1.56 | 35.9% |
| Travels &Tours | 11.42 | 3.78 | 33.1% | |
| Travels &Tours | 11.42 | 3.78 | 33.1% | |
| Engg,Consultancy Projects | 5 | 3.63 | 72.6% | |
| Engg,Consultancy Projects | 5 | 3.63 | 72.6% | |
| Event Management, Hospitality & Tourism Management Institute & Others | 39.85 | −17.36 | -43.6% | |
| Event Management, Hospitality & Tourism Management Institute & Others | 39.85 | −17.36 | -43.6% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The audit committee reviewed the audited standalone and consolidated results for the quarter and year ended 31 March 2026, and the board approved them on 21 May 2026. The board also recommended a dividend of Rs.2.95 per share, aggregating Rs. 25,30,19,730, for FY 2025-26. The same-day filings did not report a fund raise or appointment.
What did the auditors point out?
The auditors issued a qualified opinion on the standalone annual financial results, stating that, except for the possible effects of matters in the basis for qualified opinion, emphasis of matter and other matters, the results complied with Regulation 33 and gave a true and fair view. They could not determine MSME payment delays, interest liability and compliance because requisite audit evidence was unavailable.
The auditors also said that Rs. 1292.59 lakhs of licence fees for 2020-21 had not been invoiced or recorded, leaving sale of services and trade receivables understated to that extent. For ATT's agreement with SPYJ, they could not comment on the final outcome of non-compliance, reconciliation or recoverability because those matters remained pending.
The emphasis of matter covered the Government's process of examining proposals to sell or lease ITDC hotel properties, including those of subsidiaries, and the status of the joint venture company with Aldeasa of Spain. As an other matter, the auditors said differences in GST reconciliation were not properly traced and input tax credit on invoices was not surrendered where payment had not been made within 180 days.
How did India Tourism Development Corporation shares react?
After the after-market filing on 21 May 2026, ITDC rose 0.7% within 5 minutes, 0.6% within 15 minutes and 1.2% within 30 minutes. The stock closed the reaction day up 1.6% from its pre-results close; by the next day's close it was up 2.2% from that close, and by five sessions it was down 1.4%.
The Hotels & Resorts industry median was unchanged on the reaction day and rose 1.1% by the next day's close. ITDC's excess move was 1.6 percentage points on the reaction day, 1.1 percentage points by the next day's close and negative 0.4 percentage points over five sessions. Earlier reaction-day moves were 1.6% on 9 February 2026, 2.4% on 11 November 2025 and negative 4.0% on 12 August 2025.
| After the filing | Stock | Hotels & Resorts median |
|---|---|---|
| 5 minutes | +0.7% | |
| 15 minutes | +0.6% | |
| 30 minutes | +1.2% | |
| Reaction day | +1.6% | +0.0% |
| Next day | +2.2% | +1.1% |
| 5 days | −1.4% | −1.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 9 February 2026 | +1.6% |
| 11 November 2025 | +2.4% |
| 12 August 2025 | −4.0% |
| 30 May 2025 | −0.2% |
| 13 February 2025 | −6.2% |
| 14 November 2024 | −4.2% |
| 13 August 2024 | −3.3% |
| 11 May 2024 | +6.7% |
Source: MarketPing price-reaction measurement.
How did other Hotels & Resorts companies do?
A total of 56 Hotels & Resorts companies filed for the quarter, with a median revenue growth of 7.3%. One other company grew revenue more slowly than India Tourism Development Corporation, while 55 grew faster. Profit increased for 23 peers, with profit compared for 53 companies.
| India Tourism Development Corporation revenue growth (YoY) | −29.0% |
|---|---|
| Median of 56 other Hotels & Resorts companies | +7.3% |
| Companies with slower revenue growth than India Tourism Development Corporation | 1 of 56 |
| Companies with faster revenue growth than India Tourism Development Corporation | 55 of 56 |
| Companies whose net profit rose | 23 of 53 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was India Tourism Development Corporation's revenue in Q4 FY26?
Revenue from operations was ₹142.01 crore, down 29.0% from ₹199.94 crore in Q4 FY25 (consolidated).
Did India Tourism Development Corporation make a profit in Q4 FY26?
Yes. Net profit was ₹28.27 crore, against a net profit of ₹24.82 crore in Q4 FY25.
What was India Tourism Development Corporation's EPS in Q4 FY26?
Basic earnings per share were ₹3.30, against ₹2.89 in Q4 FY25.
How did India Tourism Development Corporation shares react to the Q4 FY26 results?
On the reaction day the stock moved +1.6% from the previous close; the median Hotels & Resorts stock moved +0.0%.
When did India Tourism Development Corporation announce its Q4 FY26 results?
On 21 May 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Audited Financial Results (Standalone And Consolidated) For The Year Ended On 31.03.2026 (BSE, 14 May 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Regarding The Audited Financial Results For The FY Ended 31.03.2026 (BSE, 21 May 2026) · PDF
- Outcome of Board Meeting (NSE, 21 May 2026) · PDF
- Outcome Of The Board Meeting Regarding Audited Financial Results For The Year FY 31.03.2026. (BSE, 21 May 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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