The Indian Hotels Company LimitedQ2 FY27 Results & Financial Update
The Indian Hotels Company Limited: Q2 FY27 consolidated results and company financials – revenue ₹2,484.32 Cr, PAT ₹379.85 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore The Indian Hotels Company Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
The Indian Hotels Company Limited recorded its eighteenth consecutive record quarter in Q2 FY27, delivering consolidated revenue of INR 2,566 crores, representing a 21% increase over the previous year. The hotel segment grew at a faster pace of 24%, underpinning the robust top-line expansion across domestic operations.
Consolidated EBITDA for the quarter reached INR 788 crores, up 21% year-on-year, accompanied by an EBITDA margin of 30.7%. Profit after tax (PAT) rose 23% to INR 349 crores (reported on an absolute statutory basis as INR 379.85 crores total PAT before minority adjustments, while the company press release highlights INR 349 crores), reflecting strong operating efficiency and higher contribution from premium properties.
On a standalone basis, IHCL reported operating revenue of INR 1,336 crores, up 26% year-on-year, and operating EBITDA of INR 520 crores, up 40%. The standalone operating EBITDA margin expanded by 400 basis points to reach 38.9%, driven by high demand and effective cost management. Standalone PAT for the quarter stood at INR 393 crores, reflecting a 36% increase.
Growth drivers across the portfolio included a 25% increase in RevPAR (Revenue Per Available Room) for domestic same-store hotels, a 25% increase in management fee income supported by new hotel openings, a 25% increase in revenue within the Select Service business, and inorganic contributions from recent acquisitions including Brij and Atmantan.
Standalone performance was further bolstered by a 28% RevPAR growth in full-service same-store hotels, aided by marquee events hosted in the national capital and successful post-renovation asset contributions in key destinations such as Goa, Delhi, Bengaluru, and Udaipur.
The company maintained a robust financial position, reporting a consolidated gross cash balance of INR 4,369 crores as of September 30, 2026. Capital allocation and corporate restructuring remained active, highlighted by the announcement of the merger of OHL with IHCL to simplify the group holding structure and accelerate long-term revenue growth.
The Indian Hotels Company Limited recorded consolidated revenue of INR 2,484.32 crore for the quarter ended September 30, 2026 (Q2 FY27). Total income for the period stood at INR 2,566.17 crore, incorporating other income of INR 81.85 crore.
Profit before tax (PBT) for Q2 FY27 was reported at INR 544.75 crore, while profit after tax (PAT) reached INR 379.85 crore, yielding a PAT margin of approximately 15.29% for the quarter.
01 · Business model
What does The Indian Hotels Company do?
The Indian Hotels Company Limited (IHCL) is India's largest hospitality company by market capitalisation, operating an extensive portfolio of hotels, resorts, palaces, and wellness retreats across four continents, fifteen countries, and over 300 locations. Founded by Jamsetji Tata with the opening of The Taj Mahal Palace in Mumbai in 1903, the company offers a diverse brandscape that spans luxury, upscale, mid-scale, and experiential segments.
The brand portfolio features iconic luxury flagships under the Taj brand—recognised globally as a premier hospitality name—alongside Claridges Collection, Brij experiential offerings, Atmantan wellness destinations, SeleQtions named collections, Clarks retreats, Gateway full-service destinations, Vivanta sophisticated upscale hotels, Tree of Life private escapes, and Ginger, which drives scale in the mid-scale segment.
IHCL's revenue engines combine owned and leased hotel assets, management fees from operating third-party properties under its brands, select service operations, and holistic wellness and culinary offerings. The company employs a scalable and diversified operating model designed to expand its footprint rapidly while preserving operating leverage and margin strength.
02 · Historical context
What shaped the business before this quarter
Founded by Jamsetji Tata, the company opened its first hotel, The Taj Mahal Palace in Bombay, in 1903.
The company expanded its operational footprint through systematic brand diversification, establishing platforms such as Ginger, SeleQtions, Vivanta, and recent acquisitions including Brij and Atmantan.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q2 FY27 |
|---|---|
| Revenue from operations | ₹2,484.32 Cr |
| Total income | ₹2,566.17 Cr |
| Profit before tax | ₹544.75 Cr |
| Profit after tax | ₹379.85 Cr |
| EPS | ₹2.46 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Domestic same-store hotels registered a 25% increase in RevPAR, while full-service same-store hotels in the standalone entity achieved 28% RevPAR growth driven by marquee events in Delhi and renovated assets in key markets.
Management fee income grew by 25% year-on-year, propelled by ongoing new openings momentum and an expanding operating footprint.
Consolidated revenue from operations reached INR 2,484.32 crore during Q2 FY27, driven by core hospitality activities across room sales, food and beverage outlets, and management services.
Total income reached INR 2,566.17 crore, supported by INR 81.85 crore in other income alongside INR 69.15 crore in recorded interest income.
What drove margins
Standalone operating EBITDA margin expanded by 400 basis points to 38.9%, supported by strong same-store revenue growth and high-margin management fee expansion.
Consolidated EBITDA margin stood robust at 30.7%, with operating EBITDA margin expanding by 50 basis points due to disciplined cost management across hotel operations.
Depreciation and amortisation expenses of INR 174.03 crore underline the ongoing capital expenditure and depreciation footprint of the company's hotel properties.
Tax outlays of INR 164.87 crore against a PBT of INR 544.75 crore represent the effective tax rate burden shaping the net profit outcome for the quarter.
05 · Demand, customers & order book
Where demand is coming from
IHCL signed 47 new hotels in the first half of FY27, taking its total portfolio to 670 hotels with an industry-leading pipeline of 280 hotels comprising over 32,000 rooms.
H1 signings included 4 Taj hotels, 1 Brij, 1 Atmantan, 19 Ginger and Tree of Life properties, 12 Gateway hotels, and 8 SeleQtions properties.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The hotel segment expanded by 24% year-on-year, outpacing broader consolidated revenue growth of 21%.
Ginger achieved a major milestone by opening its 100th operating hotel, becoming the first brand across hospitality segments in India to reach this scale.
Geography and market mix
IHCL opened 20 new hotels in the first half of FY27, bringing the operational portfolio to 390 hotels, including new properties in Frankfurt, Kruger in South Africa, Lucknow, and Tadoba, alongside key densification in Mumbai, Gurugram, Goa, and Hyderabad.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
With 20 hotel openings in H1 FY27, the operational hotel count reached 390 properties globally across four continents and fifteen countries.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Announced the merger of OHL with IHCL to simplify the group holding structure, expand asset management opportunities, and accelerate long-term revenue growth, with the scheme filed with stock exchanges with an appointed date of April 1, 2027.
09 · Reported developments
What changed operationally
Taj was recognised as India's Strongest Brand Across Sectors for the sixth time in Brand Finance's 'India 100 2026' report and ranked as the World's Strongest Luxury Hotel Brand 2026.
Ginger opened its 100th operating hotel, and the pipeline expanded to 280 hotels totaling more than 32,000 rooms.
10 · Items worth noticing
The line items that can distort a quick read
The company reported provisions amounting to INR 324.13 crore for the quarter ended September 30, 2026.
11 · Management guidance & targets
What management is targeting from here
Management upgraded its consolidated revenue guidance for FY27 from 12-14% to 15-17% growth, driven by an expected 17-19% growth in the hotel segment, seasonally strong upcoming quarters, high demand from social and MICE events, and non-like-for-like growth.
The company remains on track to achieve its Accelerate 2030 target of a 700-hotel portfolio well ahead of schedule, supported by 47 signings in H1 FY27.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Global and Domestic Accolades
Several IHCL properties received major industry awards, including Three Michelin Keys for Taj Lake Palace, Udaipur and Taj Falaknuma Palace, Hyderabad, alongside numerous Michelin One Key ratings and Condé Nast Traveler awards.
13 · Key Q&A
The quarter, answered directly
What does The Indian Hotels Company do?
The Indian Hotels Company Limited (IHCL) is India's largest hospitality company by market capitalisation, operating an extensive portfolio of hotels, resorts, palaces, and wellness retreats across four continents, fifteen countries, and over 300 locations. Founded by Jamsetji Tata with the opening of The Taj Mahal Palace in Mumbai in 1903, the company offers a diverse brandscape that spans luxury, upscale, mid-scale, and experiential segments.
What is the clearest takeaway from Q2 FY27?
The Indian Hotels Company Limited recorded its eighteenth consecutive record quarter in Q2 FY27, delivering consolidated revenue of INR 2,566 crores, representing a 21% increase over the previous year. The hotel segment grew at a faster pace of 24%, underpinning the robust top-line expansion across domestic operations.
What drove revenue or demand?
Domestic same-store hotels registered a 25% increase in RevPAR, while full-service same-store hotels in the standalone entity achieved 28% RevPAR growth driven by marquee events in Delhi and renovated assets in key markets.
What mattered most for margins or profitability?
Standalone operating EBITDA margin expanded by 400 basis points to 38.9%, supported by strong same-store revenue growth and high-margin management fee expansion.
What changed operationally beyond the headline numbers?
With 20 hotel openings in H1 FY27, the operational hotel count reached 390 properties globally across four continents and fifteen countries.
What is management guiding or targeting from here?
Management upgraded its consolidated revenue guidance for FY27 from 12-14% to 15-17% growth, driven by an expected 17-19% growth in the hotel segment, seasonally strong upcoming quarters, high demand from social and MICE events, and non-like-for-like growth.
14 · Scenario calculator
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Merger Progress: Monitor regulatory and exchange approvals regarding the proposed merger of OHL with IHCL with the appointed date of April 1, 2027.
- 02
Guidance Realisation: Track quarterly performance against the upgraded FY27 consolidated revenue growth guidance of 15-17%.
- 03
Portfolio Expansion: Observe the conversion rate of the 280-hotel pipeline into operating properties toward the Accelerate 2030 goal.
- 04
Subsequent Financial Disclosures: Monitor subsequent quarterly filings and financial disclosures for revenue trajectory, margin performance, and capital expenditure execution.
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