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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
₹2,765 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹1,052 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 reported a strong Q4 FY26 with consolidated revenue of INR 2,845 crore (+14% YoY), EBITDA of INR 1,052 crore (+15% YoY) at a 37% margin, and PAT of INR 600 crore (+14% YoY). The quarter was impacted by geopolitical headwinds (West Asia conflict) causing ~INR 40-50 crore revenue loss, but domestic demand remained resilient. Management guided for 12-14% revenue growth in FY27, driven by 60+ hotel openings, recent acquisitions contributing INR 250 crore incremental revenue, and like-for-like RevPAR growth of 7-9%. Risks include prolonged geopolitical tensions and potential slowdown in corporate travel. The company's strong balance sheet (INR 4,300 crore liquidity) and capital-light model (68% of portfolio) provide resilience.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit revenue growth in FY27, with 4-5% from new businesses and 7-9% like-for-like RevPAR growth.
- IHCL plans to open over 60 hotels across brands and geographies in FY27.
- Recent acquisitions (Atmantan, ANK, Pride) expected to contribute over INR 250 crore in incremental revenue in FY27.
- Ginger brand target of 250 hotels (operating + development) by end of FY27.
Risks flagged
- Geopolitical tensions have caused revenue loss of INR 40-50 crore in Q4 and may continue to impact international hotels and outbound travel.
- Analyst raised concern about corporate travel slowdown; management noted no meaningful impact yet but will monitor.
- Prime Minister's suggestion for work-from-home could affect business travel; management said it's too early to assess.
- Mumbai and Delhi have high RevPAR bases, making double-digit growth challenging; management expects high single-digit growth there.
Key quotes
- Dubai is down, Maldives is down, London is okay, and domestic is very strong.
- The foreign tourist arrivals remains a hidden upside in perpetuity.
- We cannot control where the market is going, but we can control our market share.
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