INDHOTEL
The Indian Hotels Company share price & financials
- Price
- ₹727.9
- Market cap
- ₹1.0L Cr
- Sector
- Consumer Services
- Calls analysed
- 7
The Indian Hotels Company Limited Q1 FY27
What went well
- Consolidated Revenue grew 15% YoY to INR2,419 crores, marking the 17th consecutive quarter of record performance.
- Consolidated EBITDA grew 18% YoY to INR753 crores, yielding an EBITDA margin of 31.1%.
- Consolidated PAT grew 21% to INR358 crores, demonstrating strong bottom-line performance.
What to watch
- The international business faced headwinds due to geopolitical tensions in West Asia, supply chain disruptions, and asset-specific issues, impacting properties in London, New York, Dubai, and Maldives.
- TajSATS (air catering segment) revenue grew only 3% while EBITDA was down 1% YoY, primarily due to airline capacity cuts and a less favorable volume mix.
What The Indian Hotels Company Limited does
The Indian Hotels Company Limited (IHCL) is South Asia's largest hospitality company, developing, owning and managing hotels, resorts and palaces under a multi-brand architecture spanning luxury, upper-upscale, experiential and midscale segments, led by the flagship Taj brand alongside Vivanta, SeleQtions, Gateway and the midscale Ginger chain. It earns revenue from room stays, food & beverage and management/brand fees across owned, leased and managed (capital-light) properties, and separately runs TajSATS, an airline and airport in-flight catering business. Newer growth verticals include amã Stays & Trails (luxury villas/bungalows), Qmin (F&B outlets), Tree of Life (boutique leisure) and wellness resorts added through the Brij and Atmantan acquisitions.
Segments
- Hotel Segment
- Air Catering (TajSATS)
- New Businesses
- Hotel portfolio (incl. pipeline)
- 630 hotels (375 operating + 255 in pipeline)
- Total keys (rooms)
- 33,000+ operating; 31,000+ in pipeline
- Countries of presence
- 15
- Destinations served
- 250+ across 4 continents
- Hospitality brands
- 14 major brands
- amã Stays & Trails portfolio
- 375 villas/bungalows
Guidance record · Q1 FY27
what the last two calls moved 24 tracked 7 delivered 1 missed 16 open- Q1 FY27 Revenue Growth delivered said Q4 FY26 Promised: above 12% Q1 FY27: Consolidated Revenue grew 15% YoY to INR 2,419 crores.
- FY26 Hotel Openings went quiet said Q3 FY25 Promised: 30 hotels Q1 FY27: No update provided on the final FY26 hotel opening count. The promise remains unaddressed.
- Taj Bandstand (Sea Rock) Construction Timeline delayed said Q3 FY25 Promised: construction could commence in the second half of this year (FY25) Q1 FY27: Management provided a new timeline for commissioning in 2030-2031, representing a significant delay from the original construction start target.
All 24 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 14.6%, net profit up 18.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,826 | 2,533 | 2,425 | 2,041 | 2,041 +12% | 2,842 +12% | 2,765 +14% | 2,339 +15% |
| EBITDA | 501 | 962 | 857 | 576 | 570 +14% | 1,076 +12% | 973 +14% | 673 +17% |
| Net profit | 583 | 633 | 563 | 329 | 318 −45% | 954 +51% | 645 +15% | 391 +19% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −7.4% 1Y
1Y: ₹775.5 on 10 Sept 2025 → ₹718.5. High ₹790.85 (15 Sept 2025), low ₹570.95 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +0.9%
- 27 Jul
- Q4 FY26
- +2.0%
- 14 May
- Q3 FY26
- +0.6%
- 12 Feb
- Q2 FY26
- −0.5%
- 4 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 18.6% a year over 3 years, FY23 to FY26. Operating margin widened to 33.0%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹5.8k Cr | ₹6.8k Cr | ₹8.3k Cr | ₹9.7k Cr |
| Operating profit | ₹1.8k Cr | ₹2.2k Cr | ₹2.8k Cr | ₹3.2k Cr |
| Operating margin | 31.0% | 31.9% | 33.2% | 33.0% |
| Interest | ₹236 Cr | ₹221 Cr | ₹208 Cr | ₹222 Cr |
| Depreciation | ₹417 Cr | ₹454 Cr | ₹518 Cr | ₹605 Cr |
| Net profit | ₹1.1k Cr | ₹1.3k Cr | ₹2.0k Cr | ₹2.2k Cr |
| Net margin | 18.1% | 19.7% | 24.5% | 23.2% |
| ROCE | 13.0% | 15.0% | 17.0% | 17.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹119 Cr | ₹142 Cr | ₹142 Cr | ₹142 Cr | ₹142 Cr | ₹142 Cr |
| Reserves | ₹3.5k Cr | ₹6.9k Cr | ₹7.8k Cr | ₹9.3k Cr | ₹11.4k Cr | ₹12.9k Cr |
| Borrowings | ₹5.5k Cr | ₹3.9k Cr | ₹3.1k Cr | ₹2.7k Cr | ₹3.2k Cr | ₹2.8k Cr |
| Other liabilities | ₹2.3k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹3.6k Cr | ₹4.3k Cr |
| Total liabilities | ₹11.4k Cr | ₹13.0k Cr | ₹13.5k Cr | ₹14.7k Cr | ₹18.4k Cr | ₹20.2k Cr |
| Fixed assets | ₹8.4k Cr | ₹8.4k Cr | ₹8.8k Cr | ₹9.3k Cr | ₹11.2k Cr | ₹12.2k Cr |
| Capital work in progress | ₹165 Cr | ₹194 Cr | ₹332 Cr | ₹256 Cr | ₹862 Cr | ₹787 Cr |
| Investments | ₹1.5k Cr | ₹2.0k Cr | ₹1.9k Cr | ₹2.3k Cr | ₹3.3k Cr | ₹3.6k Cr |
| Other assets | ₹1.3k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.9k Cr | ₹3.1k Cr | ₹3.6k Cr |
| Total assets | ₹11.4k Cr | ₹13.0k Cr | ₹13.5k Cr | ₹14.7k Cr | ₹18.4k Cr | ₹20.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +6.08 pp while FIIs trimmed −5.47 pp. The shareholder count grew 3% to 6,38,645.
- Promoters
- 38.1%
- FIIs
- 21.7%
- DIIs
- 24.5%
- Government
- 0.1%
- Public
- 15.6%
Since Jun 2025
- DIIs +6.08 pp
- FIIs −5.47 pp
- Public −0.59 pp
How it drifted, 12 quarters
Over this window DIIs went from 23.1% to 24.5% — +1.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 38.2%, FIIs 22.2%, DIIs 23.1%, Government 0.1%, Public 16.4%.Dec '23: Promoters 38.1%, FIIs 23.3%, DIIs 22.2%, Government 0.1%, Public 16.3%.Mar '24: Promoters 38.1%, FIIs 24.5%, DIIs 20.6%, Government 0.1%, Public 16.6%.Jun '24: Promoters 38.1%, FIIs 27.2%, DIIs 18.3%, Government 0.1%, Public 16.3%.Sep '24: Promoters 38.1%, FIIs 27.4%, DIIs 18.7%, Government 0.1%, Public 15.7%.Dec '24: Promoters 38.1%, FIIs 27.8%, DIIs 18.4%, Government 0.1%, Public 15.5%.Mar '25: Promoters 38.1%, FIIs 27.0%, DIIs 19.1%, Government 0.1%, Public 15.7%.Jun '25: Promoters 38.1%, FIIs 27.2%, DIIs 18.4%, Government 0.1%, Public 16.2%.Sep '25: Promoters 38.1%, FIIs 26.1%, DIIs 19.4%, Government 0.1%, Public 16.2%.Dec '25: Promoters 38.1%, FIIs 25.1%, DIIs 20.7%, Government 0.1%, Public 16.0%.Mar '26: Promoters 38.1%, FIIs 23.2%, DIIs 22.6%, Government 0.1%, Public 15.9%.Jun '26: Promoters 38.1%, FIIs 21.7%, DIIs 24.5%, Government 0.1%, Public 15.6%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Balanced Advantage Fund Mutual fund newly disclosed 1.50% held
- Life Insurance Corporation Of India Insurer +0.80 pp 2.64% held
- Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Nifty Midcap 50 Index Fund Mutual fund +0.25 pp 2.20% held
- NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF +0.20 pp 4.74% held
- Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund +0.16 pp 2.36% held
- Artifex Systems Slovakia s. r. o. (formerly known as IAC Group (Slovakia) s.r.o.) newly disclosed 0.00% held
- PT TQCert Indonesia newly disclosed 0.00% held
- TQ Cert Services LLC, Qatar newly disclosed 0.00% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of The Indian Hotels Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tata Sons Private Limited | 35.66% | unchanged |
| NPS Trust- A/C SBI Pension Fund Scheme - State Govt Pension / PF | 4.74% | +0.20 pp |
| Life Insurance Corporation Of India Insurer | 2.64% | +0.80 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Large Cap Fund Mutual fund | 2.53% | −0.09 pp |
| Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund | 2.36% | +0.16 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Nifty Midcap 50 Index Fund Mutual fund | 2.20% | +0.25 pp |
| HDFC Mutual Fund - HDFC Mid-Cap Fund Mutual fund | 1.51% | unchanged |
| ICICI Prudential Balanced Advantage Fund Mutual fund | 1.50% | newly disclosed |
| Tata Investment Corporation Ltd | 1.26% | unchanged |
| Rekha Jhunjhunwala - 2 | 1.00% | unchanged |
| Tata Chemicals Limited | 0.83% | unchanged |
| Ewart Investments Limited | 0.15% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in INDHOTEL
Filings to Aug 2026
0 new, 13 added, 7 trimmed, 0 sold out — net −18.42 L shares (−3.7%).
- Held by funds
- ₹3.5k Cr
- 33 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹575 Cr · 1.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹575 Cr | held | May '21 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹551 Cr | held | Dec '13 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹432 Cr | −23.50 L | May '14 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹307 Cr | +1.98 L | Jan '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹293 Cr | held | Sep '21 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹245 Cr | held | Dec '22 |
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹229 Cr | +1.00 L | Mar '25 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹227 Cr | held | Mar '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
13 added, 7 trimmed — net −18.42 L shares (−3.7%)
- Funds are sitting on
- +85%
- vs est. average cost
- Held by funds
- ₹3.5k Cr
- 33 schemes · ≈ 3.3% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹575 Cr · 1.1% of that fund
- Longest holder
- Nippon India Large Cap Fund
- 12y 9m · since Dec '13
Shares held by these funds −60%
Aug '23 4.99 cr shares Jul '26
What the price assumes
ExpensiveTo justify its price of ₹718, this stock must grow earnings at 32% every year for 7 years. Our analysis caps realistic growth at ~22%. At that growth it is worth ₹445 — downside of 38%.
- Growth the price implies
- 31.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 23.2% a year
- net profit, FY23–FY26 · EPS 21.9%
- The gap
- 0.1 pp
- -38% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse The Indian Hotels Company Limited
Guides on how to read this kind of business and the numbers that matter.