StockWatch
·
Filing
Q4

INDIAN HOTELS CO.LTD.

INDHOTELFY2611 May 2026
Revenue-2.7%
Net Profit-32.4%
OPM35.17%

P&L

Quarterly Consolidated

Revenue
-2.7%2.8K
Expenditure
+2.2%2.0K
Net Profit
-32.4%645.43
NPM 22.69%-31.0%EPS ₹4.21-33.7%

vs Q3 FY26

IHCL FY26: Revenue Up 16% YoY to ₹9,971 Cr, PAT at ₹2,084 Cr

11 May 2026 · 11 May, 6:02 pm

Summary

The Indian Hotels Company Limited (IHCL) announced robust financial results for Q4 and the full year FY2026, marking its sixteenth consecutive quarter of record performance. For FY2026, consolidated revenue reached INR 9,971 crores, demonstrating a 16% year-on-year growth, which led to an all-time high EBITDA of INR 3,477 crores and a best-ever PAT of INR 2,084 crores. Q4 FY2026 alone contributed INR 2,845 crores in consolidated revenue, up 14% over the previous year, with a strong EBITDA margin of 37%. Management attributed the consistent performance to a diversified business model, a capital-light growth strategy, significant brand and portfolio expansion, and maintained a healthy balance sheet, further bolstered by an upgraded credit rating. The company also proposed a dividend at 25% of Consolidated PAT before exceptional items.

Key Highlights

  1. 1

    IHCL marked its sixteenth consecutive quarter of record performance during Q4 FY2026.

  2. 2

    For the full year FY2026, consolidated revenue grew by 16% year-on-year to INR 9,971 crores, achieving an all-time high EBITDA of INR 3,477 crores and a best-ever PAT of INR 2,084 crores.

  3. 3

    Q4 FY2026 consolidated revenue stood at INR 2,845 crores, a 14% growth over the previous year, with an EBITDA of INR 1,052 crores and an EBITDA margin of 37%.

  4. 4

    The company proposed a dividend at 25% of Consolidated PAT before exceptional items, including a special dividend to commemorate IHCL's 125th AGM.

  5. 5

    IHCL achieved a record of 250 signings, expanding its portfolio to 630 hotels with an industry-leading pipeline of 255 hotels, and added three new brands taking the total count to fourteen.

  6. 6

    IHCL Consolidated maintains a healthy balance sheet with a gross cash balance of INR 4,345 crores as on March 31, 2026, and its credit rating was upgraded to AAA+ by ICRA.

  7. 7

    Over FY23-FY26, IHCL Consolidated delivered a double-digit CAGR across all metrics, with Revenue at 19%, EBITDA at 21%, and PAT at 28%.

Management Comments

P

Puneet Chhatwal

Q4 FY2026 marks sixteenth consecutive quarter of record performance with a Consolidated revenue of INR 2,845 crores, a 14% growth over the previous year, EBITDA of INR 1,052 crores and an EBITDA margin of 37%, notwithstanding the impact of West Asia conflict. For FY2026, the company delivered on its guidance of double-digit revenue growth despite macro-headwinds with revenue of INR 9,971 crores, a growth of 16% leading to an all-time high EBITDA of INR 3,477 crores, EBITDA margin of 34.9% resulting in the best ever PAT of INR 2,084 crores. IHCL, led by its multi-brand presence across segments coupled with a balanced growth strategy focused on capital light with select investments has delivered consistent performance over sixteen quarters. This diversification strategy by brand, by nature of contract and by geography has driven operating leverage, grown high margin fee-based businesses and built resilience, delivering a double digit CAGR (FY23 – FY26) across all metrics of IHCL Consolidated - Revenue 19%, EBITDA 21% and PAT 28%. This fiscal year we added three new brands taking the count of our major brands to fourteen and marking a record of 250 signings reaching a portfolio of 630 hotels with an industry leading pipeline of 255 hotels. We opened/on-boarded 130+ hotels through inorganic and sustained organic growth, expanding IHCL’s brandscape in the luxury and experiential leisure segments and scaling its footprint in the mid-scale segment. IHCL Consolidated continues to maintain a healthy balance sheet with a gross cash balance of INR 4,345 crores as on 31st March 2026. The company has proposed a dividend at 25% of Consolidated PAT before exceptional items including special dividend to commemorate IHCL’s 125th AGM. FY26 was a year of building a Resilient, Scalable and Future Ready Hospitality Ecosystem.

A

Ankur Dalwani

For FY2026, IHCL Standalone reported a revenue of INR 5,640 crores, driven by RevPAR growth of 12% in Q4, clocking a strong EBITDA margin of 45.1%, an expansion of 120 basis points and a PAT of INR 2,012 crores. IHCL Consolidated clocked a double-digit revenue growth this fiscal reflective of a broad-based performance - led by RevPAR growth of 9% from same store hotels, 16% in airline and institutional catering, 25% in New Businesses and 22% in management fee. In FY2026, we invested over INR 1,000 crores across greenfield projects like Vivanta and Ginger at Ekta Nagar, 100 keys expansion at Taj Ganges, Varanasi, renovation of key assets like Taj Palace, New Delhi, St. James Court, A Taj Hotel, London and The Taj Mahal Palace & Tower, Mumbai as well as in digital initiatives. The year also saw the completion of majority stake acquisition in ANK & Pride Hospitality, Atmantan and Brij Hospitality, all significant revenue levers for the future. The Company maintained a healthy pre-tax ROCE of 17% despite investments for acquisitions & capital expenditure. Additionally, IHCL’s credit rating was upgraded in the current fiscal to AAA+ by ICRA.

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