The Indian Hotels Company Limited reported consolidated results for the quarter ended 30 September 2026 on 21 October 2026. Consolidated revenue rose 21% to ₹2,566 crore. EBITDA rose 21% to ₹788 crore, and profit after tax rose 23% to ₹349 crore. Management called it the eighteenth consecutive record quarter and the best ever second quarter. IHCL raised its full-year consolidated revenue growth guidance from 12% to 14% to a range of 15% to 17%.
Same-store domestic hotels lifted RevPAR by 25%. Management fee income rose 25% on new openings. The select service business grew revenue by 25%, and recent purchases of Brij and Atmantan also contributed. The portfolio reached 670 hotels, with 47 signings in the first half and 20 openings. Ginger opened its 100th operating hotel. Standalone operating revenue rose 26% to ₹1,336 crore, with an operating EBITDA margin of 38.9%. Consolidated gross cash stood at ₹4,369 crore on 30 September 2026. The company also filed a scheme to merge OHL into IHCL with an appointed date of 1 April 2027.
Our view is that IHCL is converting its large pipeline into both fees and owned-hotel profit, which supports the guidance raise. Rivals without a mid-scale brand of Ginger’s scale will find it harder to match fee growth. What many market notes miss is that a 300 basis point guidance lift in the middle of the year raises the bar for the next two quarters. Indian hotel chains that raise guidance after a strong half have often held or beaten that new band when MICE demand stays firm. We expect IHCL to report at least mid-teens hotel segment growth for the full year, and Ginger to stay the volume engine. Confidence: high.
This is important for our readers because India’s largest listed hotel company has raised its revenue target for the year. If you own IHCL shares, compare the new 15% to 17% band with your own model this week. If you compete with Taj, Vivanta or Ginger, check your same-store RevPAR against the 25% same-store rise IHCL reported. If you sell to IHCL hotels, the cash balance and opening pace point to a busy fit-out season.
Sources:
IHCL press release via BSE filing, 21 Oct 2026
Economic Times, 21 Oct 2026
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