The Indian Hotels Company (INDHOTEL) Q3 25/26 earnings summary

Executive summary

• Achieved record performance for the 15th consecutive quarter, with robust growth in revenue, EBITDA, and PAT on both consolidated and standalone bases for Q3 FY26, supported by strong brand and geographic diversification.

• Strategic acquisitions and partnerships, including ANK & Pride, Brij, SIPL, and Atmantan, have expanded presence in mid-scale, wellness, and experiential segments, unlocking further value and topline growth in FY26/27.

• Diversified business model and capital-light/asset-light strategy continue to drive margin expansion, stability, and sustainable growth.

• Strong pipeline with 30,200 keys under development, nearly matching current operational keys, ensuring multi-year growth visibility.

• Board reviewed and approved unaudited financial results for Q3 and 9M FY26, with statutory auditors issuing limited review reports with no material misstatements.

Financial highlights

• Q3 FY26 consolidated revenue grew 12% year-on-year to ₹2,900 crore (₹284,196 lakhs), with EBITDA up 11% to ₹1,134 crore and margin at 39.1%.

• PAT before exceptional items for Q3 FY26 was ₹668 crore, up 15% YoY, with a margin of 23.0%.

• Standalone revenue for Q3 FY26 was ₹1,654 crore (₹161,384 lakhs), with EBITDA margin expanding to 48.2%.

• 9MFY26 consolidated revenue at ₹7,127 crore, up 17% YoY, with EBITDA margin at 34%.

• Earnings per share (consolidated, basic and diluted) for Q3 FY26 was ₹6.35, up from ₹4.09 in Q3 FY25.

Outlook and guidance

• Confident in delivering double-digit revenue growth in FY26 and FY27, with continued momentum in management fee and new business revenue.

• Over 60 hotels and 5,500+ keys expected to open in FY27, marking the best-ever year for openings.

• RevPAR growth guidance of 8.5%-10% portfolio-wide, with additional growth from new hotel openings and ancillary revenues.

• Management fee income projected to grow in the high teens, supported by 60+ hotel openings in FY27.

• New business verticals and TajSATS expected to deliver 25%+ revenue growth.