The Indian Hotels Company Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Hoteliering: 87.6% • Air Catering: 12.4%
AI Sector View
AI GENERATEDConsumer Services
Consumer services have a mixed operating backdrop but strong market sponsorship. Foreign tourist arrivals in India rose 6.0% YoY (2026-06), export of services grew 13.0% YoY (2026-06), and headline tourist arrivals were 584000 (Jun/26), though airport passenger traffic was -2.0% YoY (2026-06). Strong FPI inflow of INR 19847 crore over 3 months to 2026-08-31 supports a Buy stance despite some travel softness.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 24.2%
- Company has delivered good sales growth of 43.8% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.23x)
- Company comfortably covers its interest (14.2x coverage)
- Company generates healthy free cash flow
CONS
- Working capital days have increased from 95 to 126 days
- Recurring exceptional / one-off items are inflating headline profit
- Stock is trading at 6.2x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| INDHOTEL | 722.00 | 47.89 | 102771.81 | 0.45 | 390.81 | 18.67 | 2339.19 | 14.61 | 25.70 | 28.75 |
| ITCHOTELS | 155.25 | 37.43 | 32338.66 | 0.64 | 181.91 | 36.05 | 936.02 | 15.71 | 10.54 | 31.62 |
| CHALET | 889.50 | 36.89 | 19479.53 | 0.22 | 86.12 | -57.60 | 512.27 | -42.73 | 17.19 | 45.68 |
| EIHOTEL | 289.45 | 25.44 | 18101.17 | 0.52 | 120.31 | 226.22 | 656.96 | 14.54 | 19.68 | 26.02 |
| THELEELA | 531.70 | 40.07 | 17756.54 | 0.00 | 48.76 | 460.27 | 351.96 | 28.08 | 8.97 | 36.30 |
| VENTIVE | 570.60 | 27.79 | 13325.88 | 0.00 | 124.18 | 227.44 | 542.80 | 6.97 | 13.15 | 35.30 |
| LEMONTREE | 106.25 | 35.85 | 8417.62 | 0.00 | 57.34 | 19.21 | 344.61 | 9.13 | 18.72 | 43.36 |
| ITDC | 630.20 | 65.64 | 5405.19 | 0.47 | 9.39 | -3.63 | 90.10 | 2.68 | 29.05 | 9.25 |
| JUNIPER | 213.80 | 28.68 | 4757.10 | 0.00 | 33.26 | 269.47 | 249.53 | 13.04 | 7.85 | 34.56 |
| MHRIL | 199.70 | 76.17 | 4035.31 | 0.00 | -85.59 | -1293.89 | 7328.14 | 944.78 | 42.30 | 15.36 |
| SAMHI | 152.55 | 6.73 | 3392.10 | 0.00 | 24.93 | 29.72 | 305.21 | 12.12 | 12.38 | 32.18 |
| ORIENTHOT | 139.70 | 37.46 | 2495.03 | 0.47 | 5.30 | -20.06 | 111.48 | 3.56 | 12.52 | 17.26 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,466 | 1,433 | 1,964 | 1,905 | 1,550 | 1,826 | 2,533 | 2,425 | 2,041 | 2,041 | 2,842 | 2,765 | 2,339 | |
| 1,056 | 1,078 | 1,231 | 1,246 | 1,101 | 1,325 | 1,571 | 1,568 | 1,465 | 1,471 | 1,766 | 1,793 | 1,886 | |
| Operating Profit | 410 | 355 | 732 | 660 | 450 | 501 | 962 | 857 | 576 | 570 | 1,076 | 973 | 453 |
| OPM % | 27.97% | 24.75% | 37.29% | 34.63% | 29.00% | 27.45% | 37.97% | 35.33% | 28.22% | 27.93% | 37.85% | 35.17% | 19.37% |
| 49 | 48 | 40 | 46 | 46 | 371 | 59 | 59 | 61 | 83 | 334 | 79 | 80 | |
| Interest | 57 | 59 | 53 | 52 | 50 | 52 | 52 | 54 | 55 | 56 | 56 | 55 | 57 |
| Depreciation | 109 | 111 | 114 | 120 | 117 | 125 | 134 | 142 | 143 | 145 | 150 | 167 | 163 |
| Profit before Tax | 294 | 232 | 605 | 535 | 328 | 696 | 834 | 720 | 440 | 453 | 1,203 | 830 | 533 |
| Tax % | 28.35% | 31.13% | 27.57% | 26.48% | 28.70% | 17.59% | 26.40% | 24.99% | 27.37% | 30.16% | 22.36% | 24.66% | 26.71% |
| Net Profit | 236 | 179 | 0 | 0 | 260 | 583 | 633 | 563 | 329 | 318 | 954 | 645 | 391 |
| 1.57 | 1.18 | 3.18 | 2.93 | 1.75 | 3.89 | 4.09 | 3.67 | 2.08 | 2.00 | 6.35 | 4.21 | 2.51 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,021 | 4,104 | 4,512 | 4,463 | 1,575 | 3,056 | 5,810 | 6,769 | 8,335 | 9,689 | 9,987 | |
| 3,411 | 3,433 | 3,682 | 3,496 | 1,937 | 2,651 | 4,005 | 4,612 | 5,565 | 6,495 | 6,916 | |
| Operating Profit | 610 | 670 | 830 | 968 | -362 | 405 | 1,804 | 2,157 | 2,769 | 3,195 | 3,072 |
| OPM % | 15.16% | 16.34% | 18.39% | 21.68% | -22.97% | 13.24% | 31.06% | 31.87% | 33.23% | 32.97% | 30.76% |
| 52 | 94 | 94 | 173 | 325 | 171 | 142 | 183 | 535 | 558 | 577 | |
| Interest | 332 | 279 | 194 | 341 | 403 | 428 | 236 | 220 | 208 | 221 | 224 |
| Depreciation | 299 | 301 | 328 | 404 | 410 | 406 | 416 | 454 | 518 | 605 | 625 |
| Profit before Tax | 31 | 184 | 402 | 396 | -850 | -258 | 1,295 | 1,666 | 2,578 | 2,926 | 3,019 |
| Tax % | 371.94% | 65.69% | 39.11% | 11.32% | 18.28% | 13.86% | 24.97% | 27.86% | 23.93% | 24.97% | 24.93% |
| Net Profit | -83 | 63 | 245 | 351 | -694 | -222 | 971 | 1,202 | 1,961 | 2,195 | 2,267 |
| EPS | -0.60 | 0.91 | 2.41 | 2.98 | -6.05 | -1.97 | 7.06 | 8.85 | 13.40 | 14.64 | — |
| Dividend Payout % | -54.79% | 47.16% | 20.73% | 16.78% | -6.61% | -22.94% | 14.17% | 19.78% | 16.79% | 22.19% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 44%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 28%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 37%
- 3 Years:
- 19%
- 1 Year:
- -8%
RETURN ON EQUITY
- 10 Years:
- 5%
- 5 Years:
- 12%
- 3 Years:
- 17%
- Last Year:
- 18%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 99 | 119 | 119 | 119 | 119 | 142 | 142 | 142 | 142 | 142 |
| Minority Interest | 738 | 777 | 800 | 765 | 635 | 593 | 660 | 672 | 1,255 | 1,887 |
| 2,419 | 4,062 | 4,229 | 4,238 | 3,530 | 6,920 | 7,840 | 9,314 | 11,018 | 12,910 | |
| 3,740 | 2,681 | 2,506 | 4,664 | 4,904 | 3,885 | 3,127 | 2,487 | 3,014 | 2,776 | |
| Trade Payables | 293 | 340 | 325 | 389 | 318 | 387 | 477 | 519 | 578 | 720 |
| 1,311 | 1,335 | 1,535 | 1,267 | 1,890 | 1,004 | 1,265 | 1,598 | 1,608 | 1,786 | |
| Total Liabilities | 8,599 | 9,314 | 9,514 | 11,442 | 11,395 | 12,932 | 13,511 | 14,733 | 17,616 | 20,221 |
| 5,815 | 6,163 | 6,422 | 8,059 | 8,438 | 8,415 | 8,819 | 9,311 | 10,918 | 12,210 | |
| Capital Work in Progress | 222 | 195 | 116 | 243 | 165 | 193 | 324 | 231 | 576 | 764 |
| 1,244 | 1,511 | 1,335 | 1,427 | 1,483 | 1,967 | 1,891 | 2,261 | 2,279 | 3,606 | |
| 80 | 86 | 80 | 94 | 93 | 101 | 109 | 116 | 135 | 150 | |
| 21 | 0 | 0 | 0 | 220 | 0 | 446 | 476 | 651 | 727 | |
| Cash & Bank | 247 | 270 | 241 | 316 | 154 | 1,188 | 1,053 | 1,486 | 2,182 | 1,831 |
| 969 | 1,089 | 1,320 | 1,304 | 843 | 1,068 | 868 | 851 | 875 | 932 | |
| Total Assets | 8,599 | 9,314 | 9,514 | 11,442 | 11,395 | 12,932 | 13,511 | 14,733 | 17,616 | 20,221 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 621 | 635 | 909 | 1,030 | -319 | 617 | 1,619 | 1,935 | 2,194 | 2,471 | |
| Cash from Investing | 855 | -529 | -388 | -502 | -120 | -1,642 | -145 | -1,210 | -1,892 | -1,727 |
| Cash from Financing | -1,381 | 96 | -343 | -265 | 280 | 1,659 | -1,528 | -985 | -547 | -976 |
| 8 | 59 | -20 | 56 | -158 | 688 | -53 | -260 | -245 | -232 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - The Indian Hotels Company Limited has informed the Exchange about Schedule of meet
2026-08-24 - The Indian Hotels Company Limited has informed the Exchange about Investor Presentation
2026-08-24 - The Indian Hotels Company Limited has informed the Exchange regarding a press release dated August 24, 2026, titled IHCL and Oriental Hotels Limited announce Merger".
2026-08-24 - The Indian Hotels Company Limited has informed the Exchange about Scheme of Arrangement between Oriental Hotels Limited and The Indian Hotels Company Limited and their respective shareholders
2026-08-12 - The Indian Hotels Company Limited has informed the Exchange about Action(s) taken or orders passed
2026-08-05 - The Indian Hotels Company Limited has informed the Exchange about Schedule of meet
2026-07-29 - The Indian Hotels Company Limited has informed the Exchange about Copy of Newspaper advertisement regarding opening of another special window for re-lodgement of transfer request of physical shares.
2026-07-28 - The Indian Hotels Company Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - ESG Rating
2026-07-27 - The Indian Hotels Company Limited has informed the Exchange about Transcript
News
Recent coverage and analyst commentary for INDHOTEL
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