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Revenue
₹2,041 Cr
verified against source
Revenue YoY
32%
reported change
EBITDA
₹637 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IHCL delivered a record 13th consecutive quarter of growth, with consolidated revenue rising 32% YoY to INR 2,102 crore and EBITDA up 29% to INR 637 crore, yielding a 30.3% margin. PAT grew 19% to INR 296 crore. Performance was resilient despite geopolitical headwinds (Operation Sindoor, Israel-Iran conflict) that caused cancellations. Domestic like-for-like RevPAR grew 11%, international 13%. Management fees rose 17% to INR 133 crore. The company signed 12 hotels and opened 6, nearing 400+ hotels. Guidance: double-digit revenue growth for FY26, 30+ hotel openings, sustained margins. Risk: further geopolitical disruptions or supply normalization in key cities could pressure pricing.
Colored figures show movement against the previous available record.
Guidance to track
- Management is extremely confident of delivering double-digit revenue growth for the hotel segment for the full year, despite temporary headwinds.
- IHCL is on track to open 30-plus new hotels this fiscal year, with momentum accelerating from September 2025.
- Despite airline sector turbulence, management is confident of delivering 20% top-line growth in the airline catering business for the year.
- IHCL expects to invest INR 1,200 crore in FY26 for assets under construction, renovations, expansions, and digital initiatives.
Risks flagged
- Operation Sindoor and Israel-Iran conflict caused cancellations and airspace closures, impacting Q1 demand. Further geopolitical tensions could affect future performance.
- Analyst raised concern about new supply from competitors (e.g., Indigo's hotel plans) potentially pressuring ARIs. Management argued supply is mostly in tier 2/3 cities, not top 10 markets.
- Pull-forward of wage hike cycle (from July to April) added INR 11 crore impact in Q1. Industry-wide talent shortage could lead to further wage pressure.
- July had five auspicious wedding dates last year, creating a high base. Management remains confident but this could temper Q2 growth.
Key quotes
- We are extremely confident of delivering on double-digit growth for the hotel segment for the year.
- Taj is rated again as World's Strongest Hotel Brand and India's Strongest Brand across all sectors by Brand Finance.
- We are very pleased to have another platform and another source of capital. And I think it's a very important strategic step for both the group as well as IHCL.
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