Board Meeting Details

The Board of Directors meeting was held on November 12, 2026, starting at 15:30 hours and concluding at 19:10 hours. The financial results were reviewed by the Audit Committee and approved by the Board.

Financial Results - Standalone (₹ in Lakhs)

Quarterly Performance (Q2 FY2026)

  • Revenue from Operations: ₹10,683.71
  • Other Income: ₹1,064.61
  • Total Income: ₹11,748.32
  • Total Expenses: ₹9,299.04
  • Profit before tax: ₹2,449.28
  • Tax Expense: ₹634.38 (Current Tax) + (₹83.90) (Deferred Tax) = ₹550.48
  • Net Profit from Continuing Operations: ₹1,898.80
  • Net Loss from Discontinued Operations: (₹10.79)
  • Net Profit for the quarter: ₹1,888.01
  • Earnings per Share (Basic): ₹2.20
  • Earnings per Share (Diluted): ₹2.20

Half-Yearly Performance (H1 FY2026)

  • Revenue from Operations: ₹19,547.08
  • Other Income: ₹1,819.17
  • Total Income: ₹21,366.25
  • Total Expenses: ₹17,489.77
  • Profit before tax: ₹3,876.48
  • Tax Expense: ₹1,065.58 (Current Tax) + (₹94.37) (Deferred Tax) = ₹971.21
  • Net Profit from Continuing Operations: ₹2,905.27
  • Net Loss from Discontinued Operations: (₹22.96)
  • Net Profit for half-year: ₹2,882.31
  • Earnings per Share (Basic): ₹3.36
  • Earnings per Share (Diluted): ₹3.36

Year-over-Year Comparison (Q2 FY2026 vs Q2 FY2025)

  • Revenue decreased by 8.8% from ₹11,715.09 to ₹10,683.71
  • Net Profit increased by 12.6% from ₹1,676.50 to ₹1,888.01
  • EPS increased from ₹1.95 to ₹2.20

Segment-wise Performance - Standalone (Q2 FY2026)

Revenue by Segment

  • Hotel Division: ₹8,997.36 (76.6% of total)
  • International Trade Division: ₹375.34 (3.2%)
  • Travels & Tours: ₹242.91 (2.1%)
  • Engineering Consultancy Projects: ₹152.91 (1.3%)
  • Event Management & Others: ₹1,979.80 (16.8%)

Profit by Segment (before tax and interest)

  • Hotel Division: ₹2,173.99
  • International Trade Division: ₹31.50
  • Travels & Tours: (₹7.01)
  • Engineering Consultancy Projects: ₹67.79
  • Event Management & Others: ₹200.78

Assets and Liabilities - Standalone (as of September 30, 2026)

Total Assets: ₹79,546.30 Lakhs

  • Non-Current Assets: ₹11,033.09
  • Current Assets: ₹68,513.21
  • Cash and Cash Equivalents: ₹1,953.34

Total Equity and Liabilities: ₹79,546.30 Lakhs

  • Equity: ₹46,351.83
  • Paid-up Equity Share Capital: ₹8,576.94
  • Other Equity: ₹37,774.89
  • Non-Current Liabilities: ₹618.81
  • Current Liabilities: ₹32,575.66

Cash Flow Statement - Standalone (H1 FY2026)

  • Net Cash from Operating Activities: (₹316.51)
  • Net Cash from Investing Activities: (₹560.00)
  • Net Cash from Financing Activities: (₹2,530.20)
  • Net Decrease in Cash: (₹3,406.71)
  • Cash at Beginning: ₹5,353.71
  • Cash at End: ₹1,953.34

Consolidated Financial Results (₹ in Lakhs)

Quarterly Performance (Q2 FY2026)

  • Revenue from Operations: ₹10,817.23
  • Total Income: ₹11,841.09
  • Profit before tax: ₹2,389.14
  • Net Profit for the quarter: ₹1,819.55
  • Earnings per Share (Basic): (₹0.77)
  • Earnings per Share (Diluted): (₹0.77)

Half-Yearly Performance (H1 FY2026)

  • Revenue from Operations: ₹19,827.61
  • Total Income: ₹21,565.88
  • Profit before tax: ₹3,757.79
  • Net Profit for half-year: ₹2,758.79
  • Earnings per Share (Basic): ₹0.32
  • Earnings per Share (Diluted): ₹0.32

Emphasis of Matter by Auditors

Khandelwal Jain & Co., Chartered Accountants, issued a limited review report with the following emphasis matters:

1. Balances Subject to Confirmation and Reconciliation

Certain balances of Trade Receivables, Trade Payables, Claims Receivable, Security Deposits, Advances, TDS Receivable and GST Receivable are pending external confirmations and/or reconciliation. Management is in process of obtaining confirmations.

2. Dues Recoverable from Delhi Development Authority (DDA)

₹1,882.09 lakhs recoverable from DDA by Ashok Consultancy & Engineering Services unit related to Commonwealth Games 2010 furnishing contract. Matter referred to Administrative Mechanism for Resolution of CPSEs Disputes (AMRCD). No provision made as management believes amount is recoverable.

3. Property Tax Dispute with NDMC

Dispute concerning property tax assessment for Hotel The Ashok, Hotel Samrat and Hotel Janpath. Company provided ₹164.43 lakh for Q2 and ₹328.96 lakh for H1 based on settlement proposal submitted to NDMC on March 10, 2025.

4. Prior Period Adjustments

Prior-period adjustments aggregating ₹263.28 lakh pertaining to FY2025-26 recognized during H1 FY2026.

5. Status of Disinvestment/Merger

Ongoing disinvestment processes for multiple hotel properties (detailed in notes).

Other Matters Noted by Auditors

  • Company did not have requisite number of Independent Directors throughout reporting period
  • Audit Committee did not have quorum as required under SEBI LODR
  • Previous period results were reviewed by predecessor auditor

Notes to Financial Statements

Note 1: Basis of Preparation

Financial results prepared under Indian Accounting Standards (Ind AS). Due to insufficient Independent Directors, results were forwarded directly to Board without Audit Committee quorum.

Note 3: Prior Period Adjustments

Adjustments of ₹263.28 lakh for FY2025-26 comprising reduction in Revenue of ₹5.83 lakh, increase in Other Expenses of ₹40.61 lakh, and increase in Employee Benefits Expenses of ₹216.84 lakh.

Note 4: Disinvestment Status

Detailed status of disinvestment process for various hotel properties:

a. Hotel Ashok

NMP 2.0 process ongoing with Ministry of Tourism. Industry consultations held on July 22, 2026.

b. Hotel Janpath

Operations closed October 31, 2017. Property handed over to MoHUA May 16, 2019. Compensation of ₹53.40 crore receivable (₹34.25 crore undisputed). IMG approved undisputed compensation on May 27, 2026. Amount not recognized as receivable pending finalization.

c. Hotel Jammu Ashok

Operations closed June 17, 2020. MoU signed with J&K Government February 9, 2023. DIPAM approval received September 22, 2025 for consideration of ₹1.90 crore. Response from J&K Government awaited.

d. Kosi Restaurant

Operations closed October 31, 2017. Matter with UP Government ongoing.

e. Hotel Kalinga Ashok, Bhuvaneshwar

Transfer proposal sent to Odisha Government July 30, 2024. Response awaited.

f. Hotel Nilachal Ashok, Puri (Subsidiary)

Odisha Government expressed interest in takeover. RFP for Transaction Advisor floated September 22, 2026.

g. Hotel Pondicherry Ashok, Puducherry (Subsidiary)

State Government agreed to take over ITDC's equity. RFP for Transaction Advisor floated October 16, 2026.

h. Hotel Anandpur Sahib (Subsidiary)

DIPAM approval received September 15, 2025 for transfer of 51% equity to Punjab Government for ₹9.39 lakh. Share Transfer Agreement under consideration.

i. Hotel Ranchi Ashok (Subsidiary)

MoU signed November 24, 2020. DIPAM approval received July 15, 2025. Outstanding dues of ₹1,173.92 lakh as of September 30, 2026.

Note 5: Merger with Kumarakruppa Frontier Hotels Pvt. Ltd.

In-principal approval granted December 12, 2019. Matter under consideration with Ministry of Tourism/DIPAM.

Note 6: Balances Subject to Confirmation

Certain balances pending confirmation/reconciliation as mentioned in emphasis matter.

Note 7: DDA Receivable

₹1,882.09 lakh recoverable from DDA as detailed in emphasis matter.

Note 8: NDMC Property Tax Dispute

As detailed in emphasis matter, with provision made based on settlement proposal.

Auditor Information

Khandelwal Jain & Co., Chartered Accountants (Firm Registration No: 105049W)

Branch Office: GF-8 & 9, Hans Bhawan, 1 Bahadur Shah Zafar Marg, New Delhi-110002