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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹2,425 Cr
verified against source
Revenue YoY
23%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IHCL delivered a record FY2025 with consolidated revenue of INR 8,565 crore (+23% YoY) and EBITDA margin expansion of 140 bps to 35%. PAT (excluding exceptional gain) grew 27% to INR 1,603 crore. The hotel segment posted 13% revenue growth and 230 bps margin expansion in Q4. Key drivers: strong domestic demand outpacing supply (6% demand vs 3% supply growth), mega events, and capital-light expansion (74 signings, 26 openings). Management guides for double-digit revenue growth in FY2026, with April 2025 revenue up 17% YoY. Risks include potential global tariff impacts on business travel and rising competition from international chains.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit revenue growth for FY2025-26, supported by strong domestic demand, recovery in foreign arrivals, and over 70 auspicious wedding dates.
- Target to open 30-plus hotels in FY2026, with only three on balance sheet, continuing the capital-light strategy.
- Planned capital expenditure of over INR 1,200 crore, with 60-65% allocated to renovations and digital, and the rest to greenfield projects.
Risks flagged
- Analyst raised concern about global tariff uncertainty affecting business sentiment and foreign tourist arrivals; management downplayed risk, citing potential benefits for India.
- Analyst noted IHG and Accor's aggressive expansion plans; management acknowledged competition but emphasized IHCL's first-mover advantage and strong pipeline.
- Management noted Goa RevPAR was flat in Q4 due to a high base, though it remains the highest RevPAR region; could indicate peaking in some markets.
Key quotes
- We promised and gave a guidance of double-digit revenue growth at the beginning of the year, and we are happy to share that we comfortably achieved the same despite Q1 being a muted quarter.
- With the cash that we have generated and the reserves that we have and the expected cash that we will have, it does not make sense to partner. That's a very luxury position to have.
- We are not in the business of counting rooms only. We have certain legacy. We have certain commitment through our businesses to the nation, and we will keep doing what we think is right and not follow blindly some other thing.
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