ITC Hotels Limited submitted its unaudited financial results for the quarter and six months ended 30th September 2026 to the National Stock Exchange of India Ltd. and BSE Ltd. The submission included a Media Statement and a Presentation on the company's financial performance.

Financial Performance - Consolidated

For Q2 FY27, Consolidated Total Income reached ₹1,106 crore, representing a 25% year-on-year (YoY) increase. Consolidated Revenue from Operations stood at ₹1,054 crore, up 26% YoY. EBITDA was ₹337 crore, a growth of 37% YoY, with an EBITDA margin of 32% (an expansion of 274 basis points). Profit After Tax (PAT) surged 52% YoY to ₹203 crore.

Excluding Branded Residences, Consolidated Revenue from Operations was ₹983 crore (up 17% YoY) and EBITDA was ₹314 crore (up 28% YoY), with a margin of 32% (expansion of 263 bps).

For H1 FY27, Consolidated Total Income was ₹2,101 crore (up 20% YoY), Revenue from Operations was ₹1,990 crore (up 20% YoY), EBITDA was ₹630 crore (up 28% YoY), and PAT was ₹385 crore (up 44% YoY).

Financial Performance - Standalone

For Q2 FY27, Standalone Total Income was ₹937 crore (up 16% YoY). Standalone Revenue from Operations was ₹885 crore (up 16% YoY). EBITDA was ₹301 crore (up 28% YoY), with a margin of 34% (expansion of 319 bps). PAT was ₹207 crore (up 37% YoY). Standalone Operating ROCE (excluding other income & treasury investments, trailing 4 quarters) was 20%, an increase of 310 bps.

For H1 FY27, Standalone Total Income was ₹1,796 crore (up 13% YoY), Revenue from Operations was ₹1,693 crore (up 13% YoY), EBITDA was ₹563 crore (up 19% YoY), and PAT was ₹384 crore (up 28% YoY).

Operational Metrics (Consolidated Owned Hotels - Same Store)

In Q2 FY27, Occupancy rose 481 basis points YoY to 76%. Average Room Rate (ARR) grew 14% YoY to ₹12,900. Revenue Per Available Room (RevPAR) increased 21% YoY to ₹9,800. The company maintained a RevPAR premium of 44% over the industry (Luxury, Upper-upscale and Upscale segments).

In H1 FY27, Occupancy was 76% (up 328 bps YoY), ARR was ₹12,100 (up 9% YoY), and RevPAR was ₹9,200 (up 14% YoY).

Revenue Breakdown (Q2 FY27 Consolidated ex-Branded Residences)

Revenue from Operations of ₹983 crore comprised:

  • Rooms Revenue: ₹501 crore, up 22% YoY.
  • Food & Beverage (F&B) Revenue: ₹380 crore, up 12% YoY.
  • Management and Operating Fees: ₹43 crore, up 25% YoY.
  • Others: ₹58 crore, up 9% YoY.

The company served as the exclusive food & beverage service provider at the 'BRICS' India 2026 Summit in New Delhi.

Expansion and 'Asset-Right' Strategy

Acquisitions: The company completed the acquisition of the 130-key Welcomhotel Ahmedabad, which commenced operations as an owned hotel effective 1st September 2026.

Land Bank: The Lucknow Development Authority allotted a 2.8-acre land parcel to the company for developing a 200+ key luxury hotel with banqueting spaces.

Signings: During H1 FY27, the Group signed 20 new hotels with over 1,600 keys, expanding its managed pipeline to 84 hotels with approximately 8,200 keys. Signings included spiritual, wildlife, leisure, and business destinations.

Renovation: Over 200 keys were renovated in H1 FY27 across owned hotels in Kolkata, Bengaluru, Chennai, and Delhi.

Subsidiary Performance - WelcomHotels Lanka (Private) Limited

ITC Ratnadipa in Sri Lanka sustained its RevPAR leadership position in Colombo. Q2 FY27 RevPAR was 1.8x over FY25 levels. The hotel delivered positive EBITDA during Q2 FY27 and for H1 FY27. Progressive handover of Sapphire Residences continued during the quarter. Retail & Office space rentals are scheduled to commence from Q4 FY27.

As of September 2026, 20 apartments (101 k sqft.) in Sapphire Residences had been handed over, with average realizations exceeding ₹31,600 per sqft. Four apartments (20 k sqft.) were handed over in Q2 FY27, generating revenue of ₹71 crore and EBITDA of ₹23 crore.

Sustainability and Awards

Certifications: ITC Narmada became the company's 13th hotel to achieve LEED® Zero Carbon certification. Welcomhotel Bay Island secured LEED Platinum® certification, becoming the 25th hotel in the portfolio to attain this distinction.

Awards: The F&B portfolio won multiple honors at the Travel + Leisure Delicious Dining Awards 2026, including Best Family Restaurant (Bukhara, ITC Maurya), Best South Indian Restaurant (Avartana, ITC Grand Chola), and Best Sustainable Kitchen (Royal Vega, ITC Royal Bengal). Avartana, ITC Grand Chola, was recognised among Tatler's Best 20 Restaurants in India 2026. ITC Grand Chola was featured in the Top 10 Sustainable Hotels in the World by Sustainability Magazine.

Cost Management (Consolidated ex-Branded Residences)

The company demonstrated improved cost efficiency across key line items as a percentage of Revenue from Operations.

Macro-Economic & Operating Context

The document notes that India remains the fastest-growing major economy, with RBI projecting FY27 real GDP growth at 7.1%. However, inflationary pressures, geopolitical tensions, and disruptive climate events were highlighted as key monitorables. Global travel demand witnessed moderation, and domestic air passenger traffic declined by 6% in Aug-Sept'26. Despite this, India's hospitality industry demonstrated resilience supported by strong domestic demand.

Current and Projected Footprint

As of 30th September 2026, the company had 156 operational hotels with over 14,300 keys (41% owned / 59% managed). The managed pipeline stands at 84 hotels with ~8,200 keys. The company is targeting an operational footprint of over 22,000 keys by 2031 (33% owned / 67% managed).

Board Approval

The Board of Directors approved the financial results for the Quarter and Half Year ended 30th September 2026 at its meeting on 26th October 2026.