The Indian Hotels Company / Q4-FY24

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Positive2024-04-30Back to INDHOTEL

Revenue

₹1,905 Cr

verified against source

Revenue YoY

17%

reported change

EBITDA

₹2,340 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
10 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 459 · Positive source sentiment · 2023-07-20Q1 FY24Q2 FY24: 402 · Positive source sentiment · 2023-10-27Q2 FY24Q3 FY24: 772 · Positive source sentiment · 2024-02-01Q3 FY24Q4 FY24: 2,340 · Positive source sentiment · 2024-04-30Q4 FY24Q1 FY25: 496 · Positive source sentiment · 2024-07-18Q1 FY25Q2 FY25: 565 · Positive source sentiment · 2024-10-24Q2 FY25Q1 FY26: 637 · Positive source sentiment · 2025-08-05Q1 FY26Q2 FY26: 653 · Positive source sentiment · 2025-11-15Q2 FY26Q3 FY26: 1,134 · Positive source sentiment · 2026-01-31Q3 FY26Q4 FY26: 1,052 · Positive source sentiment · 2026-05-15Q4 FY262,340402
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

IHCL delivered a record Q4 FY24, with consolidated revenue of INR 6,952 crore (+17% YoY), EBITDA of INR 2,340 crore (+20% YoY), and PAT of INR 1,259 crore (+26% YoY). EBITDA margin expanded 100 bps to 33.7%, achieving the Ahvaan 2025 target a year early. The portfolio crossed 310 hotels, with a 60/40 capital-light/heavy mix. New businesses (Ginger, Qmin, amã, etc.) grew 35% to INR 1,600 crore, while TajSATS clocked INR 900 crore (+40%). Management guided for double-digit revenue growth, 25+ hotel openings in FY25, and new business growth of 30%. The Gateway brand was relaunched targeting 100 hotels by 2030. Risk: supply additions from competitors could pressure pricing in key micro-markets.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects consistent double-digit top-line growth, with average north of 10% for the year.
  • Target to open at least 25 hotels in the current fiscal year, up from 20 guided last year.
  • New business verticals (Ginger, Qmin, amã, etc.) expected to grow at over 30% in the next fiscal.
  • Reimagined Gateway brand launched with 15 hotels; target to reach 100 hotels by 2030.

Risks flagged

  • International chains announced 400-450 new hotels over 3-5 years, which could pressure pricing if realized.
  • High growth in capital-light hotels and new properties like Ginger Mumbai Airport dilute reported ARR growth.
  • Other expenses included one-off items that inflated costs; management expects normalization next year.
  • Ongoing elections may temporarily impact occupancy and ARR in tier 1-3 cities.

Key quotes

  • We promised and we have delivered on all fronts.
  • The hospitality industry upcycle is expected to be a long and sustained one.
  • The margin for us is an outcome rather than a target.

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