Indian Hotels Company Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Indian Hotels Company Ltd filed with BSE on 14 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
IHCL reported Q4 FY26 consolidated revenue growth of 14% year-on-year to INR2,845 crores and EBITDA growth of 15% to INR1,052 crores, with standalone RevPAR growth of 12%. For the full year FY26, consolidated revenue grew 16% to INR9,971 crores and the company crossed INR2,000 crore in consolidated profit after tax for the first time. Management discussed the impact of the West Asia conflict on international hotels and outlined openings, acquisitions and margin plans for FY27.
Numbers mentioned
Consolidated revenue: INR2,845 crores (Q4 FY26)
p. 5
“revenue for Q4 '25-'26 grew 14% year-on-year to INR2,845 crores”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Consolidated EBITDA: INR1,052 crores (Q4 FY26)
p. 5
“EBITDA grew 15% year-on-year to INR1,052 crores, yielding EBITDA margin of 37%”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Consolidated PAT before exceptional items: INR600 crores (Q4 FY26)
p. 5
“Our consolidated PAT before exceptional items grew 14% year-on-year to INR600 crores”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Standalone RevPAR growth: 12% (Q4 FY26)
p. 5
“Our stand-alone performance in Q4 was also the best ever with industry-leading 12% growth in RevPAR”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Standalone EBITDA margin: 49.5% (Q4 FY26)
p. 5
“an EBITDA margin expansion by 160 basis points to 49.5%”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Standalone PAT before exceptional items: INR569 crores (Q4 FY26)
p. 5
“Stand-alone PAT before exceptional items grew 15% to INR569 crores, taking PAT margin to 33.1%”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Consolidated revenue: INR9,971 crores (FY26)
p. 5
“revenue for '25-'26 grew 16% year-on-year to INR9,971 crores”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Consolidated EBITDA margin: 34.9% (FY26)
p. 5
“EBITDA grew 16% year-on-year to INR3,477 crores, yielding EBITDA margin of 34.9%”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Standalone revenue: INR5,640 crores (FY26)
p. 5
“On a stand-alone basis, revenue grew 10% year-on-year to INR5,640 crores”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Standalone EBITDA margin: 45.1% (FY26)
p. 5
“EBITDA grew 13% year-on-year to INR2,543 crores, yielding EBITDA margin of 45.1%, an expansion of 120 basis points year-on-year”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Standalone PAT: INR1,632 crores (FY26)
p. 5
“Stand-alone PAT grew 14% to INR1,632 crores, taking PAT margin to 29%”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
New businesses revenue: INR753 crores (FY26)
p. 5
“This resulted in a consolidated revenue of INR753 crores”
Puneet Chhatwal, page 5 of the filed PDF · View the filing
Gross liquidity: over INR4,300 crores
p. 4
“Our balance sheet remains exceptionally strong with gross liquidity of over INR4,300 crores”
Puneet Chhatwal, page 4 of the filed PDF · View the filing
Proposed dividend per share: INR3.25 (FY26)
p. 6
“the Board has proposed a dividend equivalent to 25% of consolidated PAT amounting to INR3.25 per equity share, subject to shareholders' approval”
Puneet Chhatwal, page 6 of the filed PDF · View the filing
Capex spent: over INR1,000 crores (FY26)
p. 6
“IHCL in FY '25-'26 spent over INR1,000 crores towards capex, out of which around INR650 crores was used for renovations, routine maintenance and digital initiatives”
Puneet Chhatwal, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 12% to 14% · FY27
stated conditionally by Puneet Chhatwal
p. 7
“We remain fairly confident that we will again deliver double-digit growth between 12%, let's say, and 14% in the FY '27 fiscal”
Puneet Chhatwal, page 7 of the filed PDF · View the filing
Hotel openings — 60-plus hotels · FY27
stated firmly by Puneet Chhatwal
p. 6
“we expect 60-plus hotel openings across brands and geographies”
Puneet Chhatwal, page 6 of the filed PDF · View the filing
Incremental revenue from recent acquisitions — over INR250 crores · FY27
stated firmly by Puneet Chhatwal
p. 6
“our recent acquisitions are expected to contribute over INR250 crores in incremental revenue”
Puneet Chhatwal, page 6 of the filed PDF · View the filing
Ginger brand portfolio size — 250 hotels · end of FY27
stated firmly by Puneet Chhatwal
p. 6
“we expect the Ginger brand itself to have a total portfolio of 250 hotels either under development or in operation at the end of FY '27”
Puneet Chhatwal, page 6 of the filed PDF · View the filing
Annual capex on existing assets — INR1,000 crores to INR1,200 crores
stated firmly by Puneet Chhatwal
p. 4
“we will continue to invest INR1,000 crores to INR1,200 crores annually to strengthen our existing competitive advantages”
Puneet Chhatwal, page 4 of the filed PDF · View the filing
Revenue growth — double-digit · FY27 and beyond
stated as an aspiration by Puneet Chhatwal
p. 6
“we remain confident of delivering double-digit revenue growth with sustained margins, strong cash generation and improved quality of earnings”
Puneet Chhatwal, page 6 of the filed PDF · View the filing
Q1 FY27 revenue growth — above 12% · Q1 FY27
stated conditionally by Ankur Dalwani
p. 13
“We think we should be above 12% for the quarter”
Ankur Dalwani, page 13 of the filed PDF · View the filing
Hotel key openings — 5,000 keys on average · per annum
stated as an aspiration by Ankur Dalwani
p. 14
“it's pretty much what we had sort of mentioned, 5,000 keys on an average per annum”
Ankur Dalwani, page 14 of the filed PDF · View the filing
Ekta Nagar Frankfurt hotel opening — June
stated firmly by Ankur Dalwani
p. 9
“Frankfurt is a bit delayed. We expect it to open in June now”
Ankur Dalwani, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said domestic demand remained strong while Dubai and Maldives were down, and international hotels including London saw revenue loss from the West Asia conflict, with domestic resilience offsetting some of it.
Answered by Ankur Dalwani
Asked by Sumant Kumar: How is the hospitality business scenario across cities and outbound travel currently, and how did Q4 subsidiary performance compare geographically?
p. 7
“there was definitely impact after the West Asia conflict in the global market. So, we did see some loss of revenues in some of our hotels internationally, including London”
Ankur Dalwani, page 7 of the filed PDF · View the filing
Management noted Mumbai and Delhi have a high base while Goa has rebounded strongly and Kerala and Chennai could improve.
Answered by Puneet Chhatwal
Asked by Shaleen Kumar: What explains the wide variation in city-wise growth for FY26 and can Goa, Kerala, Chennai support double-digit guidance?
p. 8
“Goa, we have seen almost in the month of April north of 25% growth in all our hotels”
Puneet Chhatwal, page 8 of the filed PDF · View the filing
Management said 4-5% would come from new businesses and not-like-for-like growth, with the balance driven mostly by rate given high occupancy.
Answered by Puneet Chhatwal
Asked by Shaleen Kumar: How should the 12% FY27 growth guidance be broken down across new business, occupancy and rate?
p. 8
“4% to 5% will come from new businesses and not-like-for-like growth because we'll be opening 60 hotels”
Puneet Chhatwal, page 8 of the filed PDF · View the filing
Management confirmed rates are rupee-denominated and the foreign tourist share has stayed roughly consistent near 30% for standalone, while calling foreign tourist arrivals a long-term upside.
Answered by Puneet Chhatwal
Asked by Prateek Kumar: Has the foreign tourist mix changed recently and are portal rates rupee or dollar denominated?
p. 10
“the foreign tourist arrivals remains a hidden upside in perpetuity”
Puneet Chhatwal, page 10 of the filed PDF · View the filing
Management said it is too early to assess the impact of the announcement and that some displacement had already occurred from the West Asia conflict.
Answered by Ankur Dalwani
Asked by Achal Kumar: Could domestic travel fully replace international demand, especially after government comments discouraging foreign travel?
p. 11
“it's too early to react to that statement, Achal”
Ankur Dalwani, page 11 of the filed PDF · View the filing
Management said the guidance factors in locked-in corporate rates, wedding dates on the books, new hotel openings, and the maturing of hotels opened last year.
Answered by Puneet Chhatwal
Asked by Sameet Sinha: How was the 12-14% FY27 revenue growth guidance derived and does it factor in the West Asia conflict duration?
p. 13
“we have key account management. We have some corporates. We know what rates we have locked in for the current financial year”
Puneet Chhatwal, page 13 of the filed PDF · View the filing
Management said the capital-light mix could move toward 70% given the ANK & Pride portfolio addition and that updated guidance would come at the next Capital Market Day.
Answered by Puneet Chhatwal
Asked by Sameet Sinha: Has the long-term owned-versus-capital-light portfolio mix target changed from the prior Analyst Day guidance?
p. 15
“I think it's better that what we said, we'll do 63% capital-light. And if it is moving towards 70% on a larger portfolio, we are obviously very pleased with it”
Puneet Chhatwal, page 15 of the filed PDF · View the filing
Management said they view crises as opportunities and pointed to strong balance sheet strength versus prior downturns, while remaining watchful.
Answered by Puneet Chhatwal
Asked by Karan Khanna: How would continued crude oil volatility and reduced airline capacity affect travel demand and margins over 2-3 years?
p. 16
“we remain overall quite optimistic. If a doomsday scenario comes in, then it's doomsday for all, then we figure out what we'll do”
Puneet Chhatwal, page 16 of the filed PDF · View the filing
Management said new brands are still in an infancy phase with high acquisition-related costs, but scale should continue to improve margins over time.
Answered by Puneet Chhatwal
Asked by Rahul Jain: Is there still room for operating leverage to expand margins going forward?
p. 17
“there is still scope for improvement. And the reason is that most of these brands, as we have said, are in an infancy phase”
Puneet Chhatwal, page 17 of the filed PDF · View the filing
Risks flagged
West Asia conflict impacting international hotel revenues and travel demand
p. 7
“about INR40 crores to INR50 crores of revenue on the consol basis and almost close to INR100 crores on an enterprise basis, which got impacted because of cancellation and reschedulement of events”
Ankur Dalwani, page 7 of the filed PDF · View the filing
Subdued performance at Dubai and Maldives properties
p. 7
“Dubai is down. Maldives is down.”
Puneet Chhatwal, page 7 of the filed PDF · View the filing
Decline in foreign tourist arrivals to below pre-COVID levels
p. 10
“Tourist per se is on a decline and has stayed subdued to less than pre-COVID level.”
Puneet Chhatwal, page 10 of the filed PDF · View the filing
MICE business cancellations and deferrals during the quarter
p. 16
“in hospitality, there will be some element which will be lost because nights are gone”
Ankur Dalwani, page 16 of the filed PDF · View the filing
Delay in Frankfurt hotel opening
p. 9
“Frankfurt is a bit delayed.”
Ankur Dalwani, page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.