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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
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IHCL delivered a strong Q4 FY26 with consolidated revenue of ₹2,845 crore (+14% YoY) and EBITDA margin of 37%. PAT grew 14% to ₹600 crore. The quarter was impacted by ~₹40-50 crore revenue loss from West Asia conflict, but domestic demand remained resilient. Standalone RevPAR grew 12% YoY, with margin expansion of 160bps to 49.5%. Management guided for FY27 revenue growth of 12-14%, driven by 60+ hotel openings, acquisitions contributing ₹250 crore incremental revenue, and like-for-like RevPAR growth of 7-9%. New businesses (Ginger, Qmin, Ama) grew 25% in FY26. Key risk: prolonged geopolitical tensions could further suppress international travel and delay recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit revenue growth for FY27, with 12-14% growth driven by like-for-like and new businesses.
- IHCL plans to open over 60 hotels across brands and geographies in FY27.
- Recent acquisitions (including ANK Pride) are expected to contribute over ₹250 crore in incremental revenue in FY27.
- Ginger brand is expected to have a total portfolio of 250 hotels (operating and under development) by end of FY27.
Risks flagged
- Geopolitical tensions have already caused revenue loss of ₹40-50 crore in Q4 and could continue to suppress international travel and MICE business.
- Foreign tourist arrivals remain below pre-COVID levels, and the trend may persist, limiting upside from international demand.
- Rising crude prices could increase airfare, potentially dampening travel demand, though management sees this as manageable.
- While guidance is for 60+ openings, actual numbers may vary due to delays; management acknowledged potential shortfall of ~500 keys.
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 are all waiting for it but one day it will come and it will come by leaps and bounds.
- Every crisis is an opportunity. Some of the brands that you hear today were created in the worst crisis where everything came to a halt.
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