The Indian Hotels Company (INDHOTEL) Q2 25/26 earnings summary

Executive summary

• Achieved record performance for the 14th consecutive quarter, with double-digit revenue growth and strong fundamentals despite industry headwinds.

• Expanded operational footprint to 268 hotels, including two new greenfield hotels and the 250th hotel milestone, with a pipeline of 167 hotels and strategic partnerships to accelerate growth.

• Closed significant deals, including the Clarks transaction, adding 135 hotels and 6,800 keys, and signed multi-hotel agreements with Ambuja Neotia Group and Madison Group.

• Major renovations completed at flagship properties, including Taj Mahal Palace, Mumbai, Taj Palace, New Delhi, and others, with new high-yielding projects underway.

• Standalone and consolidated unaudited financial results for the quarter and half year ended September 30, 2025, were reviewed and approved by the Board, with no material misstatements identified.

Financial highlights

• Consolidated revenue grew 12% year-on-year to ₹2,124 crores in Q2 FY26; H1FY26 consolidated revenue up 21% YoY to ₹4,226 crores.

• EBITDA increased 16% year-on-year to ₹653 crores in Q2; H1FY26 EBITDA up 22% YoY to ₹1,291 crores; margin at 30.8%.

• Profit after tax rose 15% to ₹285 crores in Q2; H1FY26 PAT before exceptionals up 17% YoY to ₹581 crores.

• Standalone revenue for Q2 FY26 was ₹106,049 lakhs, up from ₹103,533 lakhs in Q2 FY25; standalone PAT margin at 24.8%.

• Management fee income grew 21% YoY in H1FY26, driven by asset-light expansion.

Outlook and guidance

• Confident of achieving double-digit revenue growth for FY26, supported by strong demand, constrained supply, new hotel openings, and high-profile MICE events.

• 18 hotels expected to open in H2FY26, including 3 owned properties; renovated assets returning to operation and normalization of domestic flights expected to drive H2 growth.

• Forward bookings for Q3 and Q4 indicate continued double-digit top-line growth.

• Management notes ongoing internal restructuring and business simplification initiatives.