The Indian Hotels Company Limited – Investor Presentation Summary

Key Operational Highlights

  • Strong performance driven by domestic hotel segment demand with Standalone RevPAR growth of +28%
  • Diversified pipeline of 280 hotels across brands and contract types driving resilience
  • 50+ hotel openings planned in FY27, reaching 400 operational hotels in Q3 FY27
  • 100 operating Ginger hotels achieved
  • Tree of Life and amã Bungalows brands expanding
  • Asset management yielding strong results across key assets
  • Select service business achieving milestones

Segment-wise Performance

Hotel Segment:

  • Revenue: ₹2,284 Cr, up 24% YoY
  • Operating EBITDA: ₹735 Cr, up 26% YoY
  • Operating EBITDA Margin: 32.2%
  • Operating Revenue: ₹2,204 Cr, up 25% YoY
  • Resilient growth continues in a volatile geopolitical environment

Air Catering Segment:

  • Revenue: ₹285 Cr, down 1% YoY
  • Operating EBITDA: ₹53 Cr, down 23% YoY
  • Operating EBITDA Margin: 18.4%
  • Operating Revenue: ₹283 Cr, down 1% YoY
  • Performance impacted by temporary softness in Air Traffic

Financial Highlights

Consolidated Q2 FY27:

  • Revenue: ₹2,566 Cr, ↑ 21% YoY
  • EBITDA: ₹788 Cr, ↑ 21% YoY
  • EBITDA Margin: 30.7%
  • Operating Revenue: ₹2,484 Cr, ↑ 22% YoY
  • Operating EBITDA: ₹706 Cr, ↑ 24% YoY
  • Operating EBITDA Margin: 28.4%
  • PAT: ₹349 Cr, ↑ 23% YoY
  • PAT Margin: 13.6%

Standalone Q2 FY27:

  • Revenue: ₹1,441 Cr, ↑ 24% YoY
  • EBITDA: ₹625 Cr, ↑ 31% YoY
  • EBITDA Margin: 43.4%
  • Operating Revenue: ₹1,336 Cr, ↑ 26% YoY
  • Operating EBITDA: ₹520 Cr, ↑ 40% YoY
  • Operating EBITDA Margin: 38.9%
  • PAT: ₹393 Cr, ↑ 36% YoY
  • PAT Margin: 27.2%

Consolidated H1 FY27:

  • Revenue: ₹4,986 Cr, ↑ 18% YoY
  • EBITDA: ₹1,541 Cr, ↑ 19% YoY
  • EBITDA Margin: 30.9%
  • Operating Revenue: ₹4,824 Cr, ↑ 18% YoY
  • Operating EBITDA: ₹1,378 Cr, ↑ 20% YoY
  • Operating EBITDA Margin: 28.6%
  • PAT: ₹707 Cr, ↑ 22% YoY

Sustained Strength: Revenue CAGR 19% | EBITDA CAGR 24%

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

As at September 30, 2026 (₹ crores):

  • Non Current Assets: Not Specified
  • Fixed Assets: ₹9,806
  • Right to use Assets: ₹2,804
  • Goodwill: ₹1,333
  • Investments: ₹1,345
  • Other Non Current Assets: ₹755
  • Cash & Cash Equivalents: ₹4,369
  • Current Assets (Excl. Cash): ₹1,483
  • Total Assets: ₹21,895
  • Equity Share Capital: ₹142
  • Other Equity: ₹13,498
  • Minority Interest: ₹2,123
  • Total Borrowings: ₹116
  • Lease Liability: ₹3,355
  • Other Long Term Liabilities: ₹353
  • Current Liabilities: ₹2,308
  • Total Equity & Liabilities: ₹21,895

Capex & Cash Flow Health

  • Cash position: ₹4,350 Cr+
  • Robust pipeline of 2,000+ keys on balance sheet
  • Investment Rationale: Focus on growth investments including capacity expansion and strategic acquisitions

Strategic & R&D Initiatives

  • Expanding experiential hospitality footprint including branded residences and villas
  • Strategic asset upgrades underway: Taj Mahal Lucknow (96 keys expansion), Gateway Calicut (75 keys), Blue Diamond Pune (83 keys full upgrade & brand migration)
  • Completion of upgrades expected in FY28
  • Active asset enhancement creating new moats
  • The Chambers expansion with two iconic new addresses: Taj Palace, Lucknow and Taj Hessischer Hof, Frankfurt (11 locations total)
  • Strategic transaction announced during the quarter that unlocks operational synergies, expands direct asset ownership, and accelerates long-term earnings growth

Industry Trends & Business Environment

  • Multiple demand catalysts in place
  • Supply growth remains constrained in key cities
  • Tier 1 Cities (Bengaluru, Mumbai, New Delhi, Chennai, Hyderabad, Kolkata, Goa, Gurugram) supply CAGR: 5.2% (2025/26 – 2030/31)
  • Tier 2 & 3 Cities supply CAGR: 12.0% (2025/26 – 2030/31)
  • Total supply: 209k rooms with 9.3% CAGR
  • ~60% of total new announced supply NOT in Top 20 cities
  • Only 72% of total new announced supply in active development
  • Strong occupancies across Tier 1 cities
  • Demand expected to outpace supply in near term

Management Commentary & Growth Outlook

  • Upgrading full-year revenue growth guidance to 15-17% YoY (Total Revenue) and 17-19% YoY (Consolidated Hotel Revenue)
  • Management fee growth momentum expected to continue with strong Not Like for Like growth
  • Well positioned to navigate volatile business environment while absorbing multiple headwinds including new hotel stabilization costs, technology investments, brand & talent investments, integration of recent acquisitions, and regulatory changes
  • Hotel Segment Operating EBITDA Margin maintained while absorbing costs

ESG Updates

PAATHYA – 2030 Goals:

  • Waste: 100% operating hotels will have organic waste management system
  • Water: 100% water recycling
  • Energy: 50% energy use from renewables
  • 100% eligible hotels to provide EV charging stations
  • Skilling: 100,000+ Youth Empowered for Livelihood

Progress as of 30th September, 2026:

  • 119 hotels have Organic Waste Composter
  • 92 hotels have bottling plants to eliminate single-use plastic bottles
  • 54% water recycled
  • 41% Renewable energy
  • 361 EV charging stations across 170 locations in India
  • 56,000+ Youth Empowered since 2020

Operational Metrics

Customer Segments & Channel Mix H1FY27: Data for IHCL Domestic Enterprise hotels (Full Service Brands excluding Brij & Atmantan) - Not Specified

Operational Efficiencies:

  • Payroll Costs as % of Operating Revenue: Up 12% vs PY, after adjusting for new hotels
  • Other Expenditure as % of Operating Revenue: Not Specified
  • Fuel & Power Costs as % of Operating Revenue: Not Specified
  • License Fees as % of Operating Revenue: Higher revenue at licensed hotels, and GST 2.0 impact on leased Ginger hotels

Operational Inventory as of 30th September 2026:

  • Total Operational: 390 hotels, 34,213 keys
  • Owned (Standalone & Subsidiary): 136 hotels, 13,399 keys
  • JV/Associates: 20 hotels, 1,723 keys
  • Managed Contracts & Distribution Arrangements: 234 hotels, 19,091 keys

Signed Inventory (Pipeline) as of 30th September 2026:

  • Total Pipeline: 280 hotels, 34,800 keys
  • Owned (Standalone & Subsidiary): 66 hotels, 6,650 keys
  • Managed: 214 hotels, 28,150 keys

Hotels Opened in Q2 FY27: 9 hotels, 680 keys across Taj, SeleQtions, Vivanta, Ginger, and Tree of Life brands

New Hotel Openings in FY27:

  • H1 FY27: 20 hotels, ~1,400 keys
  • H2 FY27: 30+ hotels, ~3,600 keys
  • Total FY27: 50+ hotels, ~5,000 keys
  • Owned/Leased: 10 hotels, ~800 keys
  • Managed: 40 hotels, ~4,200 keys

Awards & Recognition

  • Only hotel brand in India with '3 Michelin Key' hotels
  • Condé Nast Traveller Readers' Choice Awards 2026: 7 IHCL Hotels in the Top 20 Best Hotels in Asia & The Indian Subcontinent
  • Iconic Palaces, City Landmarks, and New Brij acquisition recognized by guests

Loyalty Program

  • Tata Neu enhancing customer loyalty – H1 performance not specified