INDHOTEL
Large CapThe Indian Hotels Company Limited
Consumer
The Indian Hotels Company Limited (IHCL) operates a multi-brand hospitality portfolio across luxury, upper upscale, experiential, and midscale segments. It is India's largest hospitality network, focused on capital-light growth, digital engagement, and a resilient, scalable, and future-ready ecosystem.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 32/100margin compression · Rev +14% YoY · PAT +15% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,765 Cr | +14.0% | -2.7% |
| EBITDA | ₹973 Cr | +13.5% | -9.6% |
| Operating margin | 35.0% | +0 bps | -300 bps |
| PAT | ₹645 Cr | +14.6% | -32.4% |
| PAT margin | 23.3% | +11 bps | -1024 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
IHCL achieves FY26 revenue guidance with 16% YoY growth, PAT up 15%, and strong Q4 performance despite temporary global disruptions. RevPAR growth sustained across all brands.
IHCL delivered robust FY26 financial results, meeting its revenue guidance and expanding margins. The company's strategic focus on capital-light expansion, digital transformation, and a strong pipeline positions it for continued growth. While Q4 faced temporary geopolitical headwinds, domestic demand resilience and upcoming events are expected to drive FY27 momentum.
Capital-Light Expansion
93% of the pipeline is capital-light, with 68% of the operating portfolio also capital-light, demonstrating scalable business models.
Ginger & New Business
Ginger and new businesses (amã, Qmin, Soulinaire) are at an inflection point, with Ginger Consol. revenue up 25% YoY in FY26.
Strategic Acquisitions
Strategic acquisitions of Brij and Atmantan are driving growth in boutique leisure and integrated wellness segments.
F&B Segment Scaling
F&B segment is scaling up with strong brand recall, with 4 new F&B concepts under development.
FY26 Portfolio Expansion
The company signed 132 hotels and opened 250 hotels in FY26, reaching 375 operating hotels and 33,000+ operating keys.
Robust Pipeline
The pipeline consists of 255 hotels and 31,000+ keys, with 93% being capital-light contracts.
FY27 Expected Openings
60+ hotels (5,000 keys) are expected to open in FY27, including 750+ owned/leased keys and 4,250+ managed keys.
Q1FY27 Openings
11 hotels, totaling approximately 900 keys, are expected to open in Q1FY27, including Taj Hessischer Hof, Frankfurt.
Resilient Domestic Demand
Strong domestic demand continues to power performance, offsetting global disruptions.
Wedding-Led Demand
FY27 is positioned for strong wedding-led demand with 70+ auspicious days.
Limited Supply in Key Markets
Supply is expected to remain tight across key markets in FY27, with a ~5% supply CAGR from FY25-FY27.
Key Events in FY27
Multiple MICE events, sporting events, and summits like BRICS India 2026 and Vibrant Gujarat Global Summit 2027 are expected.
Temporary Global Disruptions
Q4 was impacted by last-minute MICE cancellations, airline route suspensions, and the West Asia conflict, reducing Dubai hotel occupancy to 25%.
Airport Levy Method Change
A change in the airport levy method negatively impacted Air Catering Operating Margins by 1.1pp in Q4FY26 and 2.3pp in FY26.
LPG Supply Disruptions
The company managed LPG supply disruptions through the use of alternative fuels in domestic hotels.
Geopolitical Conflicts
Geopolitical conflicts, such as the West Asia conflict, can impact inbound travel and fee income from international properties.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The hospitality business is seasonal, and the presentation consistently uses year-over-year comparisons for both quarterly and annual financial results and key performance indicators, which is appropriate for assessing underlying business trends.
Consolidated RevPAR (Q4FY26)
Consolidated RevPAR was ₹13,250/night, showing a 10% growth YoY.
Consolidated RevPAR (FY26)
Consolidated RevPAR was ₹11,750/night, showing a 9% growth YoY.
Consolidated Occupancy (Q4FY26)
Consolidated Occupancy was 82%.
Consolidated Occupancy (FY26)
Consolidated Occupancy was 78%.
FY27 Outlook
Management is confident on delivering double-digit revenue growth in FY27.
Year of Transformation
FY27 is envisioned as a 'Year of Transformation' across brands and geography.
Future Investments
₹150+ Cr is planned for employee training and community skilling centers, and ~₹250 Cr for IT & Digital spends between FY25-FY27.
FY27 Capex Plan
The overall capex plan for FY27 is ₹1,100 – 1,300 Cr, in line with previous guidance.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Management Fee Growth | FY26 CAGR of 20%. | Continued double-digit growth in management fees driven by new openings. |
| Net Unit Growth (Managed Hotel Rooms) | FY26: 11,400 managed hotel rooms. | Progress towards the FY27e target of 24,000+ managed hotel rooms. |
| Pipeline Openings | 255 hotels in pipeline. | Execution of plans to open 100+ hotels in the next 24 months. |
| Domestic RevPAR Growth | FY26 domestic RevPAR growth of 9% YoY. | Sustained RevPAR growth, particularly in key domestic markets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -3.8% / mo
Technical chart
INDHOTELweekly · 3Y-9.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 52.
- SMA20 falling (~4.0% over last month) — short-term momentum negative.
- RSI(14) at 52 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 17% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 41.7%.
- Growth contributes 16/25 to the score.
Main drags
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Valuation is weaker at 13/30; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 85th percentile of the scored universe and 84th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 84th pctile, median 67 · Large: 66th pctile, median 74
173 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸7 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 53.90
- P/B
- 7.11
- EV/EBITDA
- 25.18
- Market Cap
- 92872.00Cr
Profitability
- ROE
- 14.20%
- ROCE
- 17.10%
- ROA
- 11.11%
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 44.00%
- EPS 5Y
- 32.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.22
- Interest Coverage
- 14.46×
- Altman Z
- 8.13
- Book Value
- 91.70
Cash Flow
- FCF Yield
- 0.65%
- FCF Positive Y
- 7/5
- OCF
- 2471.00 Cr
- EPS TTM
- 14.64
Shareholding
- Promoter Hold
- 38.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.