IHCL Reports Record Q2 FY26 Results with 12% Revenue Growth

10 Nov 2025 CW Team

The Indian Hotels Company Ltd (IHCL), India’s largest hospitality company, has announced record results for Q2 FY26, marking its fourteenth consecutive quarter of strong financial performance.

IHCL reported consolidated revenue of Rs 21.24 billion, up 12 per cent year-on-year, with an EBITDA margin of 30.8 per cent—an expansion of 90 basis points. Revenue growth in the first half of the fiscal was supported by a 9 per cent RevPAR increase, 22 per cent growth in New Businesses, and a 21 per cent rise in management fee income.

Puneet Chhatwal, Managing Director and CEO, IHCL, said, “This quarter underscores IHCL’s consistent performance and strategic growth. Our capacity expansion, supported by GST 2.0 reforms, the Carbon Credit Trading Scheme (CCTS), and strong travel demand, positions us well for sustained growth. With 46 signings and 26 hotel openings in H1 FY26, we have crossed the milestone of 250 operating hotels in India, with a portfolio of 570 hotels.”

He added that Taj Bandstand, an iconic project for Mumbai, has commenced construction, and the company expects continued momentum in the second half of the fiscal, driven by a rebound in corporate travel, social events, and global conventions.

Ankur Dalwani, Executive Vice President and CFO, IHCL, said, “For Q2 FY26, IHCL’s standalone revenue stood at Rs 11.66 billion with an EBITDA margin of 40.8 per cent, expanding by 220 basis points, and a PAT margin of 24.8 per cent. Key asset renovations were completed at Taj Fort Aguada Resort & Spa (Goa), Taj Palace (New Delhi), and The Taj Mahal Palace (Mumbai).” He added that the company maintains a strong balance sheet with a gross cash balance of Rs 28.47 billion as of 30 September 2025.

Operational Highlights

Consolidated hotels achieved 9 per cent RevPAR growth; international portfolio posted 11 per cent.
Management fee income rose 21 per cent to Rs 2.59 billion.
IHCL signed 46 hotels across brands including Taj, SeleQtions, Vivanta, Gateway, Ginger, and Tree of Life, expanding its footprint in India and South Africa.
26 new hotels were opened, including Taj properties in Alibaug, Raichak, and Udaipur, and Ginger in Dehradun.

New and Reimagined Businesses

TajSATS reported revenue of Rs 5.77 billion with an EBITDA of Rs 1.36 billion and a margin of 23.6 per cent.
New Businesses — Ginger, Qmin, amã Stays & Trails, and Tree of Life — delivered an enterprise revenue of Rs 4.23 billion, up 21 per cent.
Ginger alone contributed Rs 3.62 billion with an EBITDAR margin of 41 per cent.
Qmin has expanded to 104 outlets, while amã Stays & Trails has grown to 331 bungalows and Tree of Life to 23 resorts.

IHCL’s strong second-quarter performance reinforces its leadership in India’s hospitality sector, backed by strategic expansion, diversified growth engines, and consistent operational excellence.

The Indian Hotels Company Ltd (IHCL), India’s largest hospitality company, has announced record results for Q2 FY26, marking its fourteenth consecutive quarter of strong financial performance.IHCL reported consolidated revenue of Rs 21.24 billion, up 12 per cent year-on-year, with an EBITDA margin of 30.8 per cent—an expansion of 90 basis points. Revenue growth in the first half of the fiscal was supported by a 9 per cent RevPAR increase, 22 per cent growth in New Businesses, and a 21 per cent rise in management fee income.Puneet Chhatwal, Managing Director and CEO, IHCL, said, “This quarter underscores IHCL’s consistent performance and strategic growth. Our capacity expansion, supported by GST 2.0 reforms, the Carbon Credit Trading Scheme (CCTS), and strong travel demand, positions us well for sustained growth. With 46 signings and 26 hotel openings in H1 FY26, we have crossed the milestone of 250 operating hotels in India, with a portfolio of 570 hotels.”He added that Taj Bandstand, an iconic project for Mumbai, has commenced construction, and the company expects continued momentum in the second half of the fiscal, driven by a rebound in corporate travel, social events, and global conventions.Ankur Dalwani, Executive Vice President and CFO, IHCL, said, “For Q2 FY26, IHCL’s standalone revenue stood at Rs 11.66 billion with an EBITDA margin of 40.8 per cent, expanding by 220 basis points, and a PAT margin of 24.8 per cent. Key asset renovations were completed at Taj Fort Aguada Resort & Spa (Goa), Taj Palace (New Delhi), and The Taj Mahal Palace (Mumbai).” He added that the company maintains a strong balance sheet with a gross cash balance of Rs 28.47 billion as of 30 September 2025.Operational HighlightsConsolidated hotels achieved 9 per cent RevPAR growth; international portfolio posted 11 per cent.Management fee income rose 21 per cent to Rs 2.59 billion.IHCL signed 46 hotels across brands including Taj, SeleQtions, Vivanta, Gateway, Ginger, and Tree of Life, expanding its footprint in India and South Africa.26 new hotels were opened, including Taj properties in Alibaug, Raichak, and Udaipur, and Ginger in Dehradun.New and Reimagined BusinessesTajSATS reported revenue of Rs 5.77 billion with an EBITDA of Rs 1.36 billion and a margin of 23.6 per cent.New Businesses — Ginger, Qmin, amã Stays & Trails, and Tree of Life — delivered an enterprise revenue of Rs 4.23 billion, up 21 per cent.Ginger alone contributed Rs 3.62 billion with an EBITDAR margin of 41 per cent.Qmin has expanded to 104 outlets, while amã Stays & Trails has grown to 331 bungalows and Tree of Life to 23 resorts.IHCL’s strong second-quarter performance reinforces its leadership in India’s hospitality sector, backed by strategic expansion, diversified growth engines, and consistent operational excellence.

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