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

Executive summary

• Achieved record performance for the 15th consecutive quarter, with robust growth across revenue, EBITDA, and PAT on both consolidated and standalone bases, supported by industry-leading signings and openings.

• Strategic acquisitions and partnerships, including ANK & Pride, Brij, SIPL, and Atmantan, are set to unlock further value and drive topline growth in FY26/27.

• Diversified business model and asset-light strategy continue to drive margin expansion and return on capital employed.

• Standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025, were reviewed and approved by the Board on February 12, 2026.

• Statutory auditors issued limited review reports with no material misstatements identified.

Financial highlights

• Q3 FY26 consolidated revenue grew 12% year-over-year to ₹2,900 crore; EBITDA up 11% to ₹1,134 crore with a margin of 39.1%.

• Q3 consolidated PAT before exceptional items grew 15% year-over-year to ₹668 crore, the highest ever quarterly PAT.

• 9MFY26 consolidated revenue at ₹7,127 crore, up 17% YoY; EBITDA at ₹2,425 crore, up 16% YoY, margin at 34.0%.

• Standalone revenue for Q3 FY26 was ₹161,384 lakhs, with PAT at ₹92,060 lakhs, both up significantly YoY.

• Hotel segment quarterly EBITDA crossed ₹1,000 crore for the first time, with a 40.7% margin.

Outlook and guidance

• Double-digit revenue growth expected for FY26 and FY27, with improving earnings quality and sustained margin strength.

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

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

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

• The company continues to monitor regulatory changes, especially regarding new labour codes, and will adjust accounting as needed.