The Indian Hotels Company Limited (INDHOTEL)
Large CapConsumer stocks · Large cap · NSE
The Indian Hotels Company Limited (IHCL) is a diversified hospitality company with a strong brandscape, operating a portfolio of 645+ hotels and 382 ama Bungalows. It focuses on expansion through owned, leased, and managed properties across full-service and select-service segments, aiming for long-term growth underpinned by a robust development pipeline.
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.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
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 30 Jun 2026
Good · 55/100Rev +15% YoY · PAT +19% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,339 Cr | +14.6% | -15.4% |
| EBITDA | ₹673 Cr | +16.8% | -30.8% |
| Operating margin | 29.0% | +100 bps | -600 bps |
| PAT | ₹391 Cr | +18.8% | -39.4% |
| PAT margin | 16.7% | +60 bps | -661 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
IHCL reports 17th consecutive best-ever quarter in Q1FY27, with consolidated revenue up 15% YoY to ₹2,419 Cr and PAT up 21% YoY to ₹358 Cr, driven by strong hotel segment performance.
The company delivered strong Q1FY27 results, marking its 17th consecutive best-ever quarter, with robust growth in consolidated revenue and PAT. However, a significant portion of this growth is 'not like for like,' driven by new acquisitions and renovated assets. While domestic demand is strong, international operations and the air catering segment faced headwinds, warranting close monitoring of organic growth drivers.
IHCL Consolidated Hotel Segment Operating Revenue Q1FY27
Latest issuer-disclosed distribution across 4 reported categories.
New Acquisitions
New acquisitions like Brij and Atmantan are set for meaningful contribution, with Brij Sindhudurg and Brij Ranthambore opening this year.
Renovated Inventory
Renovated inventory, including 300+ keys, is driving pricing power and growth in key cities, with Q1FY27 room revenue growth of +24% to +45% YoY.
Management Fee Growth
Management fee growth is backed by new openings momentum and expected to continue at a high teens CAGR with strong 'Not Like for Like' growth.
Strategic Alliance with Oneworld
Alliance with Oneworld aims to extend global footprint, increase brand visibility, and unlock global & local demand, leveraging 240 Mn reach and 15 partner airlines.
FY27 Hotel Openings
60+ hotels are expected to open in FY27, comprising ~800 Leased Keys and ~4,200 Managed Keys.
Taj Hessischer Hof, Frankfurt
A 126-key leased property opened in June 2026, contributing to new openings.
Taj Ganges Varanasi Expansion
100 new keys were added at Taj Ganges Varanasi, opened in March 2026, with the new tower PBT positive from Q1.
Brownfield Projects
Ongoing brownfield projects include 96 keys addition at Taj Lucknow (2028), full upgrade of 75 keys at Gateway Calicut (2028), and 110 keys renovation at Blue Diamond Pune (2028).
Resilient Domestic Demand
Strong domestic demand is driving RevPAR growth across all brands and offsetting localized headwinds.
Limited Supply in Key Cities
The company benefits from limited new hotel supply in key cities, supporting pricing power.
Multiple MICE Events
Upcoming events like BRICS India 2026, Vibrant Gujarat Global Summit 2027, and Aero India 2027 are expected to drive demand.
Auspicious Wedding Dates
40+ auspicious wedding dates in the remaining nine months of FY27 are expected to boost banquet business.
Airline Capacity Reduction
Airline capacity reduction is identified as a temporary headwind impacting the business.
West Asia Conflict
The West Asia conflict is cited as a temporary headwind, impacting travel and UK performance.
Higher Fuel Cost
Higher fuel costs are noted as a temporary headwind, with PNG/Diesel cost increasing by ₹3 Cr.
Air Catering Segment Weakness
The Air Catering segment's performance was impacted by weak air traffic, leading to a 10% YoY EBITDA decline.
Geopolitical Conflicts
Geopolitical conflicts, specifically the West Asia conflict, have impacted international portfolio performance and travel.
Input Cost Inflation
Higher fuel costs and raw material cost increases (e.g., due to lower banquet business mix) could pressure margins.
Execution Risk in Pipeline
The opening schedule for the robust pipeline of 2,000+ keys on the balance sheet is indicative and may change.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 company consistently presents its financial and operational results for Q1FY27 in comparison to Q1FY26, indicating a focus on year-over-year performance trends rather than sequential momentum.
Consolidated Revenue
Consolidated Revenue for Q1FY27 was ₹2,419 Cr, a 15% growth YoY.
Consolidated EBITDA
Consolidated EBITDA for Q1FY27 was ₹753 Cr, an 18% growth YoY, with a margin of 31.1% (+0.8 pp YoY).
Consolidated PAT
Consolidated PAT for Q1FY27 was ₹358 Cr, a 21% growth YoY, with a margin of 14.8%.
Consolidated Hotel Revenue
Consolidated Hotel Revenue for Q1FY27 was ₹2,119 Cr, a 17% growth YoY.
FY27 Growth Outlook
Management is confident on delivering double-digit growth for FY27.
Q2 Momentum
The Q1 growth momentum is expected to continue in Q2.
Management Fee CAGR
Management fee growth is expected to continue at a high teens CAGR.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Domestic RevPAR Growth | +14% YoY (Consol LFL) | Sustained double-digit growth, indicating continued strong domestic demand and pricing power. |
| Pace of New Hotel Openings | 11 hotels (700 keys) opened in Q1FY27; 14 hotels (1,200+ keys) expected in Q2. | Timely commissioning of the 60+ hotels planned for FY27, especially the managed and leased keys. |
| Management Fee Growth | +26% YoY (Consol) | Consistency in high teens CAGR, reflecting successful capital-light expansion strategy. |
| Impact of Geopolitical Events | UK performance impacted by renovations and geopolitical conflicts; Air Catering impacted by weak air traffic. | Resolution of West Asia conflict and recovery in airline capacity to mitigate negative impacts on international and air catering segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48NeutralSMA20 -1.5% / mo · MACD −
Technical chart
INDHOTELdaily · 1Y · AUTO+14.3%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 47. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.6% over last month) — short-term momentum negative.
- RSI(14) at 47 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 9% off 52W high · 27% 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.
Relative Strength & Trend Stage
- Price is 6.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.1%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 43 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 16/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -36.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 86th percentile of the scored universe and 90th 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: 90th pctile, median 66 · Large: 70th pctile, median 73
156 documents have extracted text, 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 0.6%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 52.70
- P/B
- 7.85
- EV/EBITDA
- 26.90
- Market Cap
- 102487.00Cr
Profitability
- ROE
- 14.20%
- ROCE
- 17.10%
- ROA
- 11.42%
- Dividend Y
- 0.45%
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
- 14.69×
- Altman Z
- 8.16
- Book Value
- 91.70
Cash Flow
- FCF Yield
- 0.59%
- FCF Positive Y
- 7/5
- OCF
- 2471.00 Cr
- EPS TTM
- 15.07
Shareholding
- Promoter Hold
- 38.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.