Indian Hotels Company Limited (IHCL), announces its consolidated financial results for the third quarter and nine months ended December 31, 2025, marking its fifteenth consecutive quarter of record performance.
Consolidated Performance – Q3 FY2026
IHCL reported consolidated revenue of INR 2,900 crores for Q3 FY2026, reflecting a 12% year-on-year growth. EBITDA stood at INR 1,134 crores with a strong EBITDA margin of 39.1%. The hotel segment delivered revenue of INR 2,579 crores, resulting in its best-ever quarterly EBITDA of INR 1,050 crores.
Profit After Tax (PAT) for the quarter includes exceptional items, primarily comprising profit on sale of the entire equity stake in a joint venture company amounting to INR 327 crores (net of tax) and an impact of INR 37 crores (net of tax) on account of New Labour Codes. In the previous year, nine-month PAT included a one-time exceptional gain of INR 307 crores relating to TajSATS consolidation.
Puneet Chhatwal, Managing Director & CEO, IHCL, said, “Q3 FY2026 marks the fifteenth consecutive quarter of record performance driven by strong same-store growth, not-like-for-like growth, 17% growth in airline and institutional catering and 31% growth in New Businesses.”
He further highlighted IHCL’s expansion momentum under Accelerate 2030, noting 239 hotel signings during the year, taking the portfolio to 617 hotels. IHCL opened and onboarded 120 hotels, led by strategic partnerships and acquisitions. The company expanded its brandscape with a controlling stake acquisition in Atmantan, entered definitive agreements to acquire a 51% stake in Brij, and scaled the Ginger brand through a 51% acquisition in ANK & Pride Hospitality. IHCL maintained a healthy balance sheet with a gross cash balance of INR 3,877 crores as of December 31, 2025.
Standalone Performance
IHCL Standalone reported revenue of INR 1,654 crores in Q3 FY2026 with an EBITDA margin of 48.2%, an expansion of 40 basis points year-on-year. Standalone PAT stood at INR 921 crores post exceptional items.
Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL, stated that during the nine months ended December 2025, IHCL Consolidated generated cash of approximately INR 1,600 crores and invested INR 750 crores in capital expenditure. Investments included greenfield projects at Ekta Nagar and Taj Frankfurt, brownfield expansion at Taj Ganges Varanasi, the upcoming Taj Bandstand project, and renovations at key hotels such as Taj Palace Delhi, Taj Fort Aguada Goa, President Mumbai and St James Court London.
Q3 Operational Highlights
Consolidated same-store hotels delivered 9% RevPAR growth during the quarter. Management fee income grew 15% year-on-year to INR 203 crores, supported by not-like-for-like growth.
Portfolio Growth
IHCL signed 239 hotels across its brandscape, including strategic acquisitions and partnerships with Clarks Group, Madison, Rajdarbar Group, Ambuja Neotia and Atmantan. The company opened and onboarded 120 hotels during the year, taking total operating hotels to 361 with an inventory exceeding 32,000 rooms.
New and Reimagined Businesses
The Air & Institutional Catering segment, TajSATS, recorded revenue of INR 323 crores, a 17% year-on-year growth, with an EBITDA margin of 26%.
New Businesses comprising Ginger, Qmin, amã Stays & Trails and Tree of Life reported Enterprise revenue of INR 316 crores, up 39% year-on-year, and Consolidated revenue of INR 215 crores, up 31%.
Ginger delivered Enterprise revenue of INR 232 crores with a strong EBITDAR margin of 47%. Qmin expanded to 110 outlets across multiple formats. amã Stays & Trails reached a portfolio of 351 bungalows with 176 in the pipeline, while Tree of Life operates 27 resorts with nine additional properties in the pipeline.
With a diversified topline across brands, geographies and contract types, IHCL remains well positioned to deliver sustained growth and long-term value creation.
