The Indian Hotels Company Limited (IHCL) reported its fifteenth consecutive record quarter for Q3 FY2026 (ending December 31, 2025). Consolidated Revenue grew 12% YoY to ₹2,900 Crores, with EBITDA reaching ₹1,134 Crores (up 11%) and a margin of 39.1%. Profit After Tax (PAT) saw a massive increase of 55%, reaching ₹903 Crores. The company also expanded its portfolio to 617 hotels.
IHCL Announces Record Financial Results for Q3 FY2026
The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, announced its consolidated financial results for the third quarter and nine months ending December 31, 2025, marking its fifteenth consecutive quarter of record performance.
Consolidated Performance Highlights (Q3 FY2026)
The quarter demonstrated robust growth across key metrics:
- Revenue: Increased by 12% YoY to ₹2,900 Crores.
- EBITDA: Rose by 11% YoY to ₹1,134 Crores.
- EBITDA Margin: Strengthened to 39.1%.
- PAT: Jumped by 55%* to ₹903 Crores.
*Note on PAT: The 55% YoY growth in 9M PAT includes an exceptional Profit on Sale of a joint venture company (₹327 crores net of tax).
Nine Months Ended Performance (FY2026 YTD)
For the nine months ending December 31, 2025, consolidated results showed:
- Revenue: Up 17% to ₹7,127 Crores.
- EBITDA: Up 16% to ₹2,425 Crores.
- EBITDA Margin: Registered at 34.0%.
- PAT: Increased by 7% to ₹1,485 Crores.
Management Commentary on Growth Drivers
Mr. Puneet Chhatwal, Managing Director & CEO, IHCL, highlighted that the quarterly revenue growth was driven by strong same store performance, a 17% growth in airline and institutional catering, and a 31% growth in New Businesses. The hotel segment alone generated revenue of ₹2,579 crores, resulting in an all-time quarterly EBITDA of ₹1,050 crores.
IHCL continued its expansion, achieving 239 signings year-to-date, bringing the total portfolio to 617 hotels. The company opened and onboarded 120 hotels, supported by strategic moves including acquiring a controlling stake in the wellness brand Atmantan and agreements to acquire 51% stake in Brij.
Standalone Performance & Capital Allocation
Mr. Ankur Dalwani, CFO, noted that on a standalone basis for Q3 FY2026, IHCL reported revenue of INR 1,654 crores with an EBITDA margin of 48.2% (an expansion of 40 basis points), and a PAT of INR 921 crores post Exceptional Items.
Consolidated operations generated cash of about INR 1,600 crores during the nine months. Capital expenditure amounted to INR 750 crores, directed towards greenfield projects like Ekta Nagar and Taj Frankfurt, and brownfield expansions.
Business Model Diversification
Analysis of the business model shows the structure is highly diversified:
- Across Brands: 69% of operating revenue derived from the Taj brand, with 13% from ‘New Business’ brands (Ginger, Qmin, amã Stays & Trails, Tree of Life).
- Across Geography: 53% of hotel segment revenue comes from Key Domestic Business Cities, while 22% is sourced from International Locations.
- Asset Light Focus: The structure is predominantly Capital Light, with 68% Capital Light in the operational portfolio (32,300 keys) and 94% Capital Light in the pipeline (30,200 keys).
New Businesses and ESG Milestones
New and reimagined businesses showed strong traction:
- TajSATS (Catering): Clocked revenue of INR 323 crores (17% growth) with an EBITDA margin of 26%.
- Ginger: Enterprise Revenue hit INR 232 crores with an EBITDAR margin of 47%.
- ESG (PAATHYA Framework): IHCL reported using 41% Renewable Energy and recycling 53% of its Water.
Global Recognition and Accolades
IHCL and its properties received significant recognition, including:
- Brand Finance: Taj ranked as the World’s Strongest Hotel Brand 2025 and India’s Strongest Brand 2025.
- Michelin Keys 2025: Taj Lake Palace, Udaipur, and Taj Falaknuma Palace, Hyderabad received Three Michelin Keys.
- Leadership: Mr. Puneet Chhatwal was awarded the Hall of Fame at the BW India International Hospitality Awards 2025.
Source: BSE
