Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 15 Oct - Allotment of Shares under ITC Hotels - Special Purpose Employee Stock Option Scheme.
Source: Bse
ITC Hotels Limited (ITCHOTELS)
Large CapConsumer stocks · Large cap · NSE
ITC Hotels Limited is a leading Indian hospitality company focused on luxury and upscale segments. It operates an 'Asset-Right' growth strategy, expanding its owned and managed portfolio while emphasizing Responsible Luxury and Sustainability credentials, including numerous LEED certifications.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Jul, 02:16 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
33Bearishfull bear SMA stack · MACD + · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 32
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
ITCHOTELSD candles · FIT view+0.1%Latest close ₹158.50 on 2026-10-19
Bar
-3.0%
RSI
49
MACD hist
0.35
52W pos
24%
2026-10-19O ₹163.40H ₹163.41L ₹157.87C ₹158.50Vol 11.4L 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
ITCHOTELSNifty Consumer DurablesNifty 500
- ITCHOTELS
- -5.1%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- +0.5 pp
Chart stats
19 Oct 2026- From 52W high
- -30.1%
- 52W range position
- 24%
- ATR (14)
- 2.6%
- Volume vs 20D
- 0.63x
- Avg traded value
- ₹27.1 Cr
- 20D price channel
- ₹152.9 - ₹165.4
₹226.6
₹137.3 - ₹226.6
₹4.2
Latest completed session
20-session average
28.5% 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 argues for patience, 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 · OVERVALUED31
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good70
Revenue +14.7% · PAT +35.8% YoY
Technical
Bearish33
Price trend and sector-relative-strength timing.
Valuation
Legacy model-14.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
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 · 70/100Rev +15% YoY · PAT +36% YoY · margin expansion · operating leverage
Filed 16 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹936 Cr | +14.7% | -25.4% |
| EBITDA | ₹292 Cr | +19.2% | -37.3% |
| Operating margin | 31.0% | +100 bps | -600 bps |
| PAT | ₹182 Cr | +35.8% | -42.6% |
| PAT margin | 19.4% | +302 bps | -584 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 35.50
- P/B
- 2.80
- EV/EBITDA
- 17.34
- Market Cap
- 32677.00Cr
Profitability
- ROE
- 7.89%
- ROCE
- 11.20%
- ROA
- 6.45%
- Dividend Y
- 0.64%
Growth (CAGR)
- Revenue 5Y
- 24.19%
- EPS 5Y
- 27.02%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 7.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 183.88×
- Altman Z
- 8.18
- Book Value
- 56.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 1110.00 Cr
- EPS TTM
- 4.16
Shareholding
- Promoter Hold
- 39.85%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 4,139+16.3% vs prev
Net Profit
₹ CrLatest: 821+28.7% vs prev
Return on Equity
%Latest: 7.0+17.9% 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
Mixed signalsSignals are conflicting — long-term trend down. RSI 49. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 49 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 30% off 52W high · 15% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
29
RS percentile
Stage 1 Base / Transition
1M return
-0.2%
3M return
-5.1%
6M return
-3.1%
1Y return
-27.9%
RS 1D
-2
RS 20D
+14
Sector rank
#8
Industry rank
#11
Stage evidence
- Price is within 1.6% of the 30-week proxy.
- The 30-week proxy changed -0.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 70.88-1.43%
RS vs Nifty 50071
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 31 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth15/25
Quality1/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
31
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
31/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 15/25 to the score.
- Balance sheet contributes 9/15 to the score.
Main drags
- Fair-value margin of safety is negative at -14.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; 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
35.5
PB
2.8
EV/EBITDA
17.3
ROE
7.9%
ROCE
11.2%
FCF Yield
—
Debt/Equity
0.0
MoS
-14.4%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
31
Previous: 31
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-14.4%
Previous: -14.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
31
31
31
32
32
31
31
31
31
31
31
31
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
₹72.4
-118.9% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹138.53
-14.4% MoS
PEG
1.87
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
CHALET
Large
Chalet Hotels Limited
Hospitality
match 170
54
34.8
19.0%
-5%
FAIR VALUE
THELEELA
Large
Leela Palaces Hotels & Resorts Limited
Hospitality
match 160
32
43.9
8.2%
-35%
WATCHLIST
ASIANHOTNR
Small
Asian Hotels (North) Limited
Hospitality
match 160
26
106.0
0.6%
-218%
OVERVALUED
AHLEAST
Small
Asian Hotels (East) Limited
Hospitality
match 160
30
20.6
-3.1%
+48%
OVERVALUED
EIHAHOTELS
Small
EIH Associated Hotels Limited
Hospitality
match 160
23
155.0
11.5%
-2049%
OVERVALUED
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 2026-07-17T07:15:01.216Z
Management commentary snapshot
ITC Hotels reports sustained growth in Q1 FY27 with consolidated revenue up 15% and PAT up 36%, driven by strong RevPAR and management fees, alongside accelerated 'Asset-Right' expansion.
Despite geopolitical headwinds and initial demand softness, the company demonstrated resilience with robust financial performance and continued strategic execution. Strong RevPAR growth, margin expansion, and aggressive 'Asset-Right' expansion, including key acquisitions and new signings, support the long-term growth thesis. Focus on sustainability and digital transformation are positive differentiators.
Current business mix
Q1 FY27: Revenue from Operations (Consolidated, Ex-Branded Residences)
Latest issuer-disclosed distribution across 4 reported categories.
Rooms47.9%
F&B40.2%
Management Fees5.5%
Others6.4%
Growth engines
Asset-Right Expansion
Managed Portfolio surpasses 200 Hotels with ~16,000 keys. 8 new signings in Q1 FY27, including the 25th Storii property.
Inorganic Expansion & Asset Enhancement
Kumarakom Resort & Spa acquisition completed, undergoing renovation to open as an 'ITC Hotels' branded luxury resort & spa by Q3 FY27.
Digital First Ecosystem
Scaling Data & AI Capabilities, strengthening governance & security, driving revenue & profitability through CRM personalization and loyalty programs.
Sustainability Leadership
Commissioned 1.5 MWp Solar Power Plant at ITC Grand Bharat, taking total renewable energy capacity to 52.4 MW, reducing carbon footprint and enhancing cost efficiency.
Capacity and execution
Kumarakom Resort & Spa Acquisition
Acquisition completed in Q1 FY27; comprehensive renovation underway; property to open as an 'ITC Hotels' branded luxury resort & spa by Q3 FY27 (72 keys).
New Hotel Signings
8 new signings in Q1 FY27 across Jaipur, Manesar, Bhubaneswar, Sonipat, Shirdi, Shahjahanpur and Zirakpur. Managed Portfolio reaches 74 hotels with over 7200 keys in pipeline.
Fortune Bhimtal Opening
Fortune Bhimtal (63 Rooms & Suites) opened, strengthening presence in the fast-growing leisure segment.
Welcomhotel Ahmedabad Acquisition (Planned)
Acquisition of GHK Hospitality (Welcomhotel Ahmedabad, 130 keys) planned for Q2 FY27, a value-accretive acquisition of an existing managed hotel.
Tailwinds
Strong Indian Economic Growth
India remains the world’s fastest-growing major economy; IMF estimates FY28 Real GDP growth revised upward to 6.7%.
Rising Discretionary Spending
India's strong consumption fundamentals, rising urban affluence, and increasing discretionary spending provide a favourable long-term foundation for travel.
Infrastructure & Connectivity Improvement
Government thrust on infrastructure and connectivity improvement supports the hospitality sector outlook.
Favourable Supply-Demand Dynamics
Favourable supply-demand dynamics in the hospitality segment, particularly in Tier I cities, underpin a positive industry outlook.
Headwinds
Geopolitical Conflict & Air Travel Disruption
Operating environment marked by heightened uncertainty and volatility due to West Asia conflict, disrupting air travel and causing demand softness in April'26.
Inflationary Pressures
West Asia conflict added to inflationary pressures; RBI raised FY27 inflation forecast to 5.1% amid emerging food and fuel price pressures.
Sri Lanka Tourism Moderation
Sri Lanka's tourism sector witnessed moderation in foreign tourist arrivals during the quarter, reflecting geopolitical developments and softer travel demand.
Indian Rupee Depreciation
Depreciation of the Indian Rupee is identified as a key monitorable, potentially impacting costs.
Risk radar
Geopolitical Developments
Developments in West Asia are a key monitorable, given their impact on air travel and demand.
Higher Input Costs
Higher input costs for energy, food & fuel are identified as a key monitorable.
Normalization of Air Traffic & Inbound Travel
Normalization of air traffic and inbound travel is a key monitorable for demand recovery.
Monsoon Spread
Monsoon spread is listed as a key monitorable, which can impact travel and agricultural output.
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 BOTH
YoY comparison is essential for assessing overall growth against the previous year, especially given the seasonal nature of the hospitality business. However, QoQ momentum is also relevant as the document highlights a swift recovery in occupancy and room rates in May & June'26 after April's softness, indicating sequential improvement in demand.
Sector KPIs management disclosed
Consolidated Revenue from Operations
Consolidated Revenue from Operations at ₹ 936 cr. up 15% YoY.
Consolidated PAT
PAT at ₹ 182 cr. up 36% YoY.
Consolidated EBITDA Margin (ex-Branded Residences)
EBITDA margin (ex-Branded Residences) expanded by 125 bps to 31% YoY.
RevPAR Growth (ex-Branded Residences)
Overall RevPAR grew 8% YoY, driven by ADRs up 4% and Occupancy expanded by 290 bps YoY.
Management forward view
Accelerated 'Asset-Right' Growth
Company is committed to accelerating scale through a capital-efficient growth model while deepening its market reach and network strength, targeting 22,000+ keys by 2031.
Continued Investment in Brand Equity
Strategic pillars include continued investment to enhance brand equity through quality, operating efficiencies, and superior competitive performance.
Digital First Strategy
Focus on a 'Digital First' ecosystem to enhance guest experience, drive revenue & profitability, and strengthen governance & security.
Leadership in Responsible Luxury & Sustainability
Sustained investments in renewable energy and environmental stewardship, aiming for all owned hotels to be LEED Zero Carbon and Zero Water by 2030.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| RevPAR Premium over Industry | 33% over industry (Luxury, Upper Upscale & Upscale) YTD May'26. | Sustained or expanding premium, indicating continued brand strength and guest preference. |
| Managed Portfolio Growth | Managed Portfolio surpasses 200 Hotels with ~16,000 keys; 74 hotels in pipeline with 7,200+ keys. | Continued acceleration in new signings and operationalization of managed hotels, aligning with the 'Asset-Right' strategy. |
| EBITDA Margin Expansion | EBITDA margin (ex-Branded Residences) expanded by 125 bps to 31% YoY. | Further margin expansion driven by higher management fees, cost management, and stabilization of new properties. |
| Input Cost Trends | Higher input costs (energy, food & fuel) are a key monitorable. | Impact of inflation and crude oil prices on operating costs and profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited 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 59th percentile of the scored universe and 63rd percentile within Consumer. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
22 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Consumer: 63rd pctile, median 66 · Large: 35th pctile, median 73
Evidence depth
Financial-only
22 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
Acceptable, but check the weakest sub-score before increasing exposure.
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
43
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.01.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸4/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸ROE is low at 7.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching ITC Hotels Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep - ITC Hotels will attend a one-on-one non-deal roadshow in Hong Kong on 24 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 1 Sep - ITC Hotels acquired 100% of GHK Hospitality for ₹155 crore; GHK becomes wholly owned subsidiary from 1 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Acquisition 16 Jul - ITC Hotels to acquire 100% of GHK Hospitality for ₹155 crore, completing in Q2 FY27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 22 Sep - Allotment of Shares under ITC Hotels - Special Purpose Employee Stock Option Scheme.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 14 Sep
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 13 Aug - ITC Hotels will attend Motilal Oswal 22nd Annual Global Investor Conference on 19 August 2026 in Mumbai.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 6 Aug - Members approved Ramakrishnan Chander as Non-Executive Director for three years from 6 August 2026, representing LIC.
Source: Bse
Annual reportAug 2026
Aug 2026 · Notice Of 3Rd Annual General Meeting 11 Jul - ITC Hotels filed FY2025-26 annual report and called 3rd AGM on 6 August 2026.
Source: Bse
Annual reportAug 2026
Aug 2026 · Reg. 34 (1) Annual Report. 11 Jul - ITC Hotels filed FY26 report and accounts; AGM scheduled for 6 August 2026.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jun - Publication of Notice re: 3rd Annual General Meeting of the Company to be held on 6th August, 2026 through Video Conferencing / Other Audio Visual …
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Dividend Updates 15 May - ITC Hotels approved FY26 audited results, recommended ₹1 dividend, fixed 21 May record date, AGM on 6 Aug 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.