Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 Oct - IHCL reached 670 hotels, with 47 signings and 20 openings in H1 FY2027.
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result22 Jul, 12:35 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
63Bullishfull bull SMA stack · SMA20 +1.1% / mo · MACD + · near 52W high · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 81
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
INDHOTELD candles · FIT view+19.6%Latest close ₹760.00 on 2026-10-19
Bar
-1.7%
RSI
61
MACD hist
4.52
52W pos
92%
2026-10-19O ₹773.15H ₹775.00L ₹756.55C ₹760.00Vol 37.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INDHOTELNifty Consumer DurablesNifty 500
- INDHOTEL
- +4.8%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +10.4 pp
Chart stats
19 Oct 2026- From 52W high
- -2.1%
- 52W range position
- 92%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.92x
- Avg traded value
- ₹296 Cr
- 20D price channel
- ₹704.6 - ₹776.2
₹776.2
₹565 - ₹776.2
₹17.9
Latest completed session
20-session average
27.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST41
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +14.6% · PAT +18.8% YoY
Technical
Bullish63
Price trend and sector-relative-strength timing.
Valuation
Legacy model-51.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +15% YoY · PAT +19% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 56.60
- P/B
- 8.42
- EV/EBITDA
- 28.79
- Market Cap
- 109903.00Cr
Profitability
- ROE
- 14.20%
- ROCE
- 17.10%
- ROA
- 11.42%
- Dividend Y
- 0.42%
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
- 0.55%
- FCF Positive Y
- 7/5
- OCF
- 2471.00 Cr
- EPS TTM
- 15.07
Shareholding
- Promoter Hold
- 38.12%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 98%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 9,689+16.2% vs prev
Net Profit
₹ CrLatest: 2,309+2.8% vs prev
Return on Equity
%Latest: 17.7-12.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 61.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~1.1% over last month) — short-term momentum positive.
- RSI(14) at 61 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
75
RS percentile
Stage 2 UptrendEstablished S2
1M return
+3.7%
3M return
+4.8%
6M return
+15.2%
1Y return
+2.5%
RS 1D
+2
RS 20D
+18
Sector rank
#8
Industry rank
#11
Stage evidence
- Price is 9.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +1.7%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
20 Aug 2026
S2 age
41 trading sessions
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 110.33-0.55%
RS vs Nifty 500110
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 41 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth15/25
Quality10/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
41
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
41/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -51.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
56.6
PB
8.4
EV/EBITDA
28.8
ROE
14.2%
ROCE
17.1%
FCF Yield
0.6%
Debt/Equity
0.2
MoS
-51.4%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
41
Previous: 41
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-51.4%
Previous: -51.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
41
41
41
41
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹176.33
-331.0% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹501.83
-51.4% MoS
PEG
2.02
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ITCHOTELS
Large
ITC Hotels Limited
Hospitality
match 156
31
35.5
7.9%
-14%
OVERVALUED
THELEELA
Large
Leela Palaces Hotels & Resorts Limited
Hospitality
match 155
32
43.9
8.2%
-35%
WATCHLIST
EIHOTEL
Large
EIH Limited
Hospitality
match 155
50
26.0
14.5%
+20%
FAIR VALUE
CHALET
Large
Chalet Hotels Limited
Hospitality
match 155
54
34.8
19.0%
-5%
FAIR VALUE
LEMONTREE
Large
Lemon Tree Hotels Limited
Hospitality
match 155
44
34.5
19.2%
-13%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-22T03:11:13.810Z
Management commentary snapshot
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.
Current business mix
IHCL Consolidated Hotel Segment Operating Revenue Q1FY27
Latest issuer-disclosed distribution across 4 reported categories.
Room Revenue48.6%
F&B Revenue31.4%
Other Operating Income11.7%
Management Fees8.2%
Growth engines
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.
Capacity and execution
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).
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
161 docs text-extracted · 32 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Consumer: 91st pctile, median 66 · Large: 70th pctile, median 73
Evidence depth
Financial-only
161 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
80
strong · quarterly consistency
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.
Continue researching The Indian Hotels Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 2 Oct - Newspaper advertisement regarding the special window for re-lodgement of transfer request of physical shares.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 27 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Scheme of Arrangement 24 Aug - IHCL board approved amalgamation of Oriental Hotels; 25 IHCL shares for 117 OHL shares, subject to approvals.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 24 Aug - IHCL and Oriental Hotels approve merger; 25 IHCL shares per 117 OHL shares, completion targeted H2 FY2028.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug - Indian Hotels schedules investor meetings on August 10 and 18, 2026, in physical mode.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Jul - Newspaper advertisement regarding the special window for re-lodgement of transfer request of physical shares
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Jun
Source: Bse
Annual report
Physical Letter To Shareholders Of The Indian Hotel Company Limited 5 Jun - Sent physical letters to shareholders sharing FY2025-26 Integrated Annual Report web-link.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 4 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 May - Newspaper advertisement regarding opening of another special window for re-lodgement of transfer request of physical shares.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.