This article first appeared on GuruFocus .
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Consolidated Revenue:INR 2,124 crores, a 12% year-on-year growth.
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EBITDA:INR 653 crores, a 16% year-on-year increase, with a margin of 30.8%.
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Profit After Tax (PAT):INR 285 crores, a 15% year-on-year growth.
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Hotel Segment Revenue Growth:7% year-on-year.
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Hotel Segment EBITDA Growth:12% year-on-year, with a margin expansion of 140 basis points.
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Stand-alone Revenue Growth:4% year-on-year.
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Stand-alone EBITDA Margin:Expanded by 220 basis points to 40.8%.
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Stand-alone PAT Margin:24.8%.
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Management Fees Growth:21% increase to INR 259 crores in H1 '25-'26.
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New Businesses Growth:22% year-on-year, driven by Ginger and Qmin.
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Gross Cash Reserves:INR 2,850 crores.
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Return on Capital Employed (ROCE):Improved by 160 basis points to 17.3%.
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Return on Equity (ROE):Increased by 70 basis points to 15.5%.
Release Date: November 04, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Indian Hotels Co Ltd ( BOM:500850 ) achieved a record performance for the 14th consecutive quarter, driven by sustained growth and strategic execution.
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The company inaugurated two new greenfield hotels in Ekta Nagar, marking significant expansion in its portfolio.
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Indian Hotels Co Ltd ( BOM:500850 ) achieved the milestone of opening its 250th hotel, reinforcing its position as India's largest hospitality ecosystem.
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The company reported a 12% year-on-year growth in consolidated revenue and a 16% increase in EBITDA, with a margin expansion of 90 basis points.
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The company maintains a strong balance sheet with healthy cash reserves of INR 2,850 crores, supporting its growth and renovation projects.
Negative Points
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The company's revenue growth on a stand-alone basis was impacted by hotels under renovation and a high base from the previous year.
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Despite high occupancy rates in key markets like Mumbai, the RevPAR growth was only 2%, indicating limited pricing power in some areas.
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The company faces short-term industry headwinds, including geopolitical tensions and natural disasters, which could impact future performance.
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There is a potential risk of increased competition in Tier 2 and Tier 3 markets due to higher supply growth.
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Renovations across key properties have temporarily impacted revenue, with some rooms still out of operation, affecting overall performance.
Q & A Highlights
Q: Can you talk more about the forward booking for November and December? A: The business on the books is strong, and despite a high base in Q3 year-on-year, we remain confident that both Q3 and Q4 should witness double-digit growth on the top line. - Puneet Chhatwal, CEO
Q: What is the plan for international business, particularly in the U.S. and U.K.? A: Both U.S. hotels have performed well, especially Campton. Regarding speculation about disposal, it is status quo for U.S. assets. - Ankur Dalwani, CFO
Q: Why is the RevPAR growth in Mumbai only 2% despite high occupancy? A: Last year, a one-off event created higher rates in Mumbai. Despite this, we maintain high occupancy and rates, showing resilience in key markets like Mumbai, Delhi, and Bangalore. - Puneet Chhatwal, CEO
Q: Are you seeing more opportunities for partnerships with smaller brands after integrating Clarks? A: We expect to see more traction after completing the ANK and Pride transaction, which will make Ginger the largest mid-scale brand in India with 250 hotels. - Puneet Chhatwal, CEO
Q: How do you view the competition in the market for growth opportunities? A: The market is competitive, but our brand power, ethics, and ability to use capital effectively give us an edge. We have signed 32 properties in H1 without onboarding Clarks and Brij properties. - Puneet Chhatwal, CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
