On consolidated basis
Quarter ended December
2025 compared with Quarter ended December 2024.
Net sales (including other operating income) of Indian Hotels Co has increased
12.20% to Rs 2841.96 crore. Sales of Hoteliering segment has gone up
11.44% to Rs 2,522.76 crore (accounting for 88.71% of total
sales). Sales of Air Catering segment has gone up 18.29% to Rs
321.15 crore (accounting for 11.29% of total sales). Inter-segment
sales came down from Rs 2.13 crore to Rs 1.95 crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 11.26% to Rs 927.95
crore. PBIT of Hoteliering segment rose 11.63% to Rs 859.75 crore
(accounting for 92.65% of total PBIT). PBIT of Air Catering segment
rose 6.76% to Rs 68.20 crore (accounting for 7.35% of total PBIT).
PBIT margin of
Hoteliering segment rose from 34.02% to 34.08%. PBIT margin of Air
Catering segment fell from 23.53% to 21.24%. Overall PBIT margin
fell from 32.90% to 32.63%.
Operating profit margin
has declined from 37.97% to 37.85%, leading to 11.87% rise in operating profit
to Rs 1,075.82 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 9.89% to 9.74%. Employee cost
decreased from 22.88% to 22.57%. Other expenses rose from 29.27% to
29.83%.
Other income fell 0.70%
to Rs 58.27 crore. PBIDT rose 11.15% to Rs 1134.09
crore. Provision for interest rose 6.55% to Rs 55.82
crore.
PBDT rose 11.39% to Rs
1078.27 crore. Provision for depreciation rose 12.23% to Rs 150.32
crore.
Profit before tax grew
11.26% to Rs 927.95 crore. Share of profit/loss was 6.47% higher at
Rs 19.92 crore. Provision for tax was expense of Rs 229.11 crore,
compared to Rs 220.21 crore. Effective tax rate was 19.36% compared
to 25.82%.
Minority interest
increased 1.59% to Rs 51.01 crore. Net profit attributable to owners
of the company increased 55.11% to Rs 903.23 crore.
Promoters’ stake was
38.12% as of 31 December 2025 ,compared to 38.12% as of 31 December 2024
.
Year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Indian Hotels Co has increased
17.17% to Rs 6923.93 crore. Sales of Hoteliering segment has gone up
10.22% to Rs 6,034.61 crore (accounting for 87.08% of total
sales). Sales of Air Catering segment has gone up 104.46% to Rs
895.16 crore (accounting for 12.92% of total sales).
Profit before interest,
tax and other unallocable items (PBIT) has jumped 17.40% to Rs 1,820.48
crore. PBIT of Hoteliering segment rose 13.45% to Rs 1,647.51 crore
(accounting for 90.50% of total PBIT). PBIT of Air Catering segment
rose 75.57% to Rs 172.97 crore (accounting for 9.50% of total
PBIT).
PBIT margin of
Hoteliering segment rose from 26.52% to 27.30%. PBIT margin of Air
Catering segment fell from 22.50% to 19.32%. Overall PBIT margin
rose from 26.23% to 26.27%.
Operating profit margin
has declined from 32.36% to 32.09%, leading to 16.18% rise in operating profit
to Rs 2,221.97 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 9.12% to 10.01%. Employee cost
decreased from 26.44% to 26.43%. Other expenses fell from 32.08% to
31.46%.
Other income rose 20.08%
to Rs 202.72 crore. PBIDT rose 16.49% to Rs 2424.69
crore. Provision for interest rose 7.73% to Rs 166.42
crore.
PBDT rose 17.20% to Rs
2258.27 crore. Provision for depreciation rose 16.38% to Rs 437.79
crore.
Profit before tax grew
17.40% to Rs 1,820.48 crore. Share of profit/loss was 41.13% lower
at Rs 31.9 crore. Extraordinary items were decreased to Rs 235.48
crore. Provision for tax was expense of Rs 486.04 crore, compared to
Rs 436.85 crore. Effective tax rate was 23.28% compared to 22.84%.
Minority interest increased
30.13% to Rs 117.30 crore. Net profit attributable to owners of the
company increased 7.16% to Rs 1,484.52 crore.
Promoters’ stake was
38.12% as of 31 December 2025 ,compared to 38.12% as of 31 December 2024
.
Full year results analysis.
Net sales (including other operating income) of Indian Hotels Co has increased
23.13% to Rs 8334.54 crore.
Operating profit margin
has jumped from 31.87% to 33.23%, leading to 28.38% rise in operating profit to
Rs 2,769.33 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 7.69% to 9.28%. Employee cost
decreased from 26.67% to 25.80%. Other expenses fell from 33.77% to
31.68%.
Other income rose 25.99%
to Rs 230.46 crore. PBIDT rose 28.19% to Rs 2999.79
crore. Provision for interest fell 5.38% to Rs 208.38
crore. Loan funds rose to Rs 3,084.27 crore as of 31 March 2025 from
Rs 2,736.23 crore as of 31 March 2024. Inventories rose to Rs 135.47
crore as of 31 March 2025 from Rs 116.44 crore as of 31 March
2024. Sundry debtors were higher at Rs 650.88 crore as of 31 March
2025 compared to Rs 476.46 crore as of 31 March 2024. Cash and bank
balance rose to Rs 2,181.56 crore as of 31 March 2025 from Rs 1,485.50 crore as
of 31 March 2024. Investments rose to Rs 2,278.76 crore as of 31
March 2025 from Rs 2,261.20 crore as of 31 March 2024 .
PBDT rose 31.68% to Rs
2791.41 crore. Provision for depreciation rose 14.06% to Rs 518.16
crore. Fixed assets increased to Rs 10,840.00 crore as of 31 March
2025 from Rs 8,904.54 crore as of 31 March 2024. Intangible assets
increased from Rs 662.32 crore to Rs 710.75 crore.
Profit before tax grew
36.49% to Rs 2,273.25 crore. Share of profit/loss was 40.27% lower
at Rs 76.84 crore. Provision for tax was expense of Rs 616.8 crore,
compared to Rs 463.94 crore. Effective tax rate was 23.23% compared
to 25.86%.
Minority interest
increased 83.36% to Rs 130.50 crore. Net profit attributable to
owners of the company increased 51.51% to Rs 1,907.59 crore.
Equity capital stood at
Rs 142.34 crore as of 31 March 2025 to Rs 142.34 crore as of 31 March
2024. Per share face Value remained same at Rs 1.00.
Promoters’ stake was
38.12% as of 31 March 2025 ,compared to 38.12% as of 31 March 2024
.
Cash flow from operating
activities increased to Rs 2,194.37 crore for year ended March 2025 from Rs
1,935.14 crore for year ended March 2024. Cash flow used in
acquiring fixed assets during the year ended March 2025 stood at Rs 1,074.12
crore, compared to Rs 636.96 crore during the year ended March
2024.
Q3 Performance:
Consolidated same store hotels
delivered a 9% RevPAR growth.
Management Fee income grew by 15% to
Rs 203 crores on the back of not like for like growth.
The Air & Institutional Catering
business segment (TajSATS) clocked a revenue of Rs 323 crores, 17% growth over
the previous year and EBITDA margin at 26%
New Businesses comprising of Ginger,
Qmin, amã Stays & Trails and Tree of Life reported an Enterprise revenue of
Rs 316 crores, a growth of 39% and Consolidated revenue of Rs 215 crores, a
growth of 31%.
Enterprise Revenue of Ginger stood
at Rs 232 crores with a strong EBITDAR margin of 47%.
The company signed 239 hotels across
its brandscape including entering into strategic acquisitions and partnerships
with Clarks Group, Madison, Rajdarbar Group, Ambuja Neotia and Atmantan brand.
The company opened and on-boarded
120 hotels taking our operating hotels to 361 with an inventory of over 32,000
rooms.
Management Commentary
Commenting
on the performance, Mr. Puneet Chhatwal, Managing Director & CEO, IHCL,
said, “Q3 FY2026 marks fifteenth consecutive quarter of record performance with
a Consolidated revenue of INR 2,900 crores, a 12% growth over the previous
year, EBITDA of 1,134 crores and an EBITDA margin of 39.1%. The revenue in the
quarter was driven by a strong same store performance, not like for like
growth, supported by a 17% growth in airline and institutional catering and 31%
growth in New Businesses. The hotel segment reported a revenue of INR 2,579
crores resulting in the best ever quarterly EBITDA of INR 1,050 crores.”
He
added, “IHCL continued its growth momentum in FY2026 with 239 signings to reach
a portfolio of 617 hotels and opened and onboarded 120 hotels, led by strategic
partnerships and acquisitions. Under Accelerate 2030, IHCL expanded its
brandscape with the acquisition of controlling stake in Atmantan, an integrated
wellness brand and entered into definitive agreements to acquire 51% stake in
Brij, a boutique experiential leisure offering and scaled the Ginger brand with
51% acquisition in ANK & Pride Hospitality. IHCL Consolidated continues to
maintain a healthy balance sheet with a gross cash balance of INR 3,877 crores
as on 31st December 2025. IHCL is well placed to deliver sustained performance
enabled by a diversified topline across brands, geographies and contract
types.”
Mr.
Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said “For
Q2 FY2026, IHCLStandalone reported a revenue of INR 1,166 crores, clocking an
EBITDA margin of 40.8%, an expansion of 220 basis points and a PAT margin of
24.8%. Planned renovations have been completed in the first seven months of
this fiscal across key assets like Taj Fort Aguada Resort & Spa, Goa, Taj
Palace, New Delhi and The Taj Mahal Palace, Mumbai.”
He
added, “IHCL Consolidated continues to maintain a healthy balance sheet with a
gross cash balance of INR 2,847 crores as on 30th September 2025.”| Indian Hotels Co : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202512 | 202412 | Var.(%) | 202512 | 202412 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,841.96 | 2,533.05 | 12.20 | 6,923.93 | 5,909.40 | 17.17 | 8,334.54 | 6,768.75 | 23.13 | | OPM (%) | 37.85 | 37.97 | -11 bps | 32.09 | 32.36 | -27 bps | 33.23 | 31.87 | 136 bps | | OP | 1,075.82 | 961.68 | 11.87 | 2,221.97 | 1,912.55 | 16.18 | 2,769.33 | 2,157.13 | 28.38 | | Other Inc. | 58.27 | 58.68 | -0.70 | 202.72 | 168.82 | 20.08 | 230.46 | 182.92 | 25.99 | | PBIDT | 1,134.09 | 1,020.36 | 11.15 | 2,424.69 | 2,081.37 | 16.49 | 2,999.79 | 2,340.05 | 28.19 | | Interest | 55.82 | 52.39 | 6.55 | 166.42 | 154.48 | 7.73 | 208.38 | 220.22 | -5.38 | | PBDT | 1,078.27 | 967.97 | 11.39 | 2,258.27 | 1,926.89 | 17.20 | 2,791.41 | 2,119.83 | 31.68 | | Depreciation | 150.32 | 133.94 | 12.23 | 437.79 | 376.16 | 16.38 | 518.16 | 454.3 | 14.06 | | PBT | 927.95 | 834.03 | 11.26 | 1820.48 | 1550.73 | 17.40 | 2273.25 | 1665.53 | 36.49 | | Share of Profit/(Loss) from Associates | 19.92 | 18.71 | 6.47 | 31.9 | 54.19 | -41.13 | 76.84 | 128.65 | -40.27 | | PBT before EO | 947.87 | 852.74 | 11.16 | 1852.38 | 1604.92 | 15.42 | 2350.09 | 1794.18 | 30.98 | | EO Income | 235.48 | 0 | - | 235.48 | 307.36 | -23.39 | 304.8 | 0 | - | | PBT after EO | 1183.35 | 852.74 | 38.77 | 2087.86 | 1912.28 | 9.18 | 2654.89 | 1794.18 | 47.97 | | Taxation | 229.11 | 220.21 | 4.04 | 486.04 | 436.85 | 11.26 | 616.8 | 463.94 | 32.95 | | PAT | 954.24 | 632.53 | 50.86 | 1601.82 | 1475.43 | 8.57 | 2038.09 | 1330.24 | 53.21 | | Minority Interest (MI) | 51.01 | 50.21 | 1.59 | 117.3 | 90.14 | 30.13 | 130.5 | 71.17 | 83.36 | | Net profit | 903.23 | 582.32 | 55.11 | 1484.52 | 1385.29 | 7.16 | 1907.59 | 1259.07 | 51.51 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 903.23 | 582.32 | 55.11 | 1484.52 | 1385.29 | 7.16 | 1907.59 | 1259.07 | 51.51 | | EPS (Rs)* | 5.14 | 4.09 | 25.68 | 9.33 | 8.19 | 14.01 | 11.88 | 8.85 | 34.32 | | | * EPS is on current equity of Rs 142.34 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Indian Hotels Co : Consolidated Segment Results | td>-| | Quarter ended | Year to Date |
|---|
| % of (Total) | 202512 | 202412 | Var.(%) | % of (Total) | 202512 | 202412 | Var.(%) |
|---|
| Sales | | Hoteliering | 88.71 | 2,522.76 | 2,263.69 | 11.44 | 87.08 | 6,034.61 | 5,474.92 | 10.22 | | Air Catering | 11.29 | 321.15 | 271.49 | 18.29 | 12.92 | 895.16 | 437.82 | 104.46 | | Others | 0.00 | 0.00 | 0.00 | - | | Total Reported Sales | 100.00 | 2,843.91 | 2,535.18 | 12.18 | 100.00 | 6,929.77 | 5,912.74 | 17.20 | | Less: Inter segment revenues | | 1.95 | 2.13 | -8.45 | | 5.84 | 0.00 | | Net Sales | 100.00 | 2,841.96 | 2,533.05 | 12.20 | 100.00 | 6,923.93 | 5,912.74 | 17.10 | | PBIT | | Hoteliering | 92.65 | 859.75 | 770.15 | 11.63 | 90.50 | 1,647.51 | 1,452.21 | 13.45 | | Air Catering | 7.35 | 68.20 | 63.88 | 6.76 | 9.50 | 172.97 | 98.52 | 75.57 | | Others | 0.00 | 0.00 | 0.00 | - | | Total PBIT | 100.00 | 927.95 | 834.03 | 11.26 | 100.00 | 1,820.48 | 1,550.73 | 17.40 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | 275.51 | 0.00 | - | | 275.51 | 307.36 | -10.36 | | PBIT Margin(%) | | Hoteliering | | 34.08 | 34.02 | 5.79 | | 27.30 | 26.52 | 77.62 | | Air Catering | | 21.24 | 23.53 | -229.32 | | 19.32 | 22.50 | -317.96 | | Others | | 0.00 | 0.00 | 0.00 | | PBT | 100.00 | 1,203.46 | 834.03 | 44.29 | 100.00 | 2,095.99 | 1,858.09 | 12.80 |
|
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