The Indian Hotels Company (INDHOTEL) Q2 25/26 earnings summary

Executive summary

• Achieved record performance for the 14th consecutive quarter, with double-digit revenue growth and strong fundamentals despite short-term industry headwinds.

• Expanded operational footprint to 268 hotels, with 167 in the pipeline, and closed significant deals including the Clarks portfolio, adding 135 hotels.

• Opened two new greenfield hotels in Ekta Nagar and reached the milestone of 250 operating hotels.

• Major renovations completed at flagship properties, supporting future growth.

• Standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, were reviewed and approved by the Board, with no material misstatements identified.

Financial highlights

• Q2 consolidated revenue grew 12% year-on-year to ₹2,124 Cr; EBITDA up 16% to ₹653 Cr; PAT up 15% to ₹285 Cr.

• H1FY26 consolidated revenue up 21% YoY to ₹4,226 Cr; EBITDA up 22% YoY to ₹1,291 Cr; PAT up 17% YoY to ₹581 Cr.

• Standalone revenue for Q2 FY26 was ₹106,049 lakhs, up from ₹103,533 lakhs in Q2 FY25; standalone net profit for Q2 FY26 was ₹28,912 lakhs, up from ₹25,446 lakhs.

• Hotel segment revenue and EBITDA grew by 7% and 12% respectively in Q2, with margin expansion of 140 basis points.

• Management fee income grew 21% YoY in H1FY26, driven by asset-light expansion.

Outlook and guidance

• Confident of achieving double-digit revenue growth for FY26, supported by strong forward bookings, industry tailwinds, and new hotel openings.

• 18 hotels expected to open in H2FY26, including 3 owned properties; renovated assets returning to operation and normalization of domestic flights expected to drive H2 growth.

• H2 expected to benefit from global events, diplomatic visits, MICE activity, and wedding season.

• No explicit forward-looking guidance in statutory filings, but management notes ongoing internal restructuring and business simplification initiatives.