The Indian Hotels Company Limited (IHCL), India’s largest hospitality company, has reported yet another record-breaking quarter, marking its fourteenth consecutive period of strong performance for the quarter and half year ending September 30, 2025. The company’s sustained growth underscores its position as a market leader and a driving force behind India’s expanding travel and tourism industry.
IHCL posted consolidated revenue of INR 2,124 crore in Q2 FY26, a 12% increase year-on-year, with EBITDA rising 16% to INR 653 crore and margins expanding by 90 basis points to 30.8%. Profit after tax grew by 15%, excluding an exceptional gain of INR 307 crore recorded last year. For the first half of FY26, revenue rose 21% to INR 4,226 crore, EBITDA was up 22% to INR 1,291 crore, and PAT increased 17% to INR 581 crore.
Commenting on the results, Puneet Chhatwal, Managing Director & CEO of IHCL, said the company’s strong performance reflects the continued success of its diversified brandscape and strategic focus. “Q2 FY26 marks our fourteenth consecutive quarter of record financial performance. This was driven by a 9% growth in RevPAR, 22% growth in our new businesses, and a 21% increase in management fee income. IHCL continued its accelerated expansion, signing 46 new hotels during the first half of FY26 to reach a portfolio of 570 hotels, and opening 26 new properties, crossing the milestone of over 250 operating hotels in India with more than 25,000 rooms,” he said.
Chhatwal added that under the company’s partnership with the Clarks Group, 14 hotels have already been onboarded to IHCL’s network, with the remaining portfolio set to migrate soon. He also noted that construction has commenced for the iconic Taj Bandstand project in Mumbai, following receipt of all necessary approvals. “With strong fundamentals and positive industry tailwinds, we expect continued momentum in the second half of the year, supported by a rebound in corporate travel, a surge in social events, and upcoming global conventions and trade fairs,” he added.
Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL, highlighted the company’s operational efficiency and financial resilience. “For Q2 FY26, IHCL standalone revenue stood at INR 1,166 crore with an EBITDA margin of 40.8%—a 220-basis-point expansion—and a PAT margin of 24.8%. Planned renovations at key hotels including Taj Fort Aguada Resort & Spa in Goa, Taj Palace in New Delhi, and The Taj Mahal Palace in Mumbai were successfully completed within the first seven months of the fiscal,” he said. Dalwani added that IHCL continues to maintain a robust balance sheet, with a gross cash balance of INR 2,847 crore as of September 30, 2025.
IHCL’s consolidated hotels delivered a 9% increase in RevPAR during the first half of FY26, while its international portfolio posted an 11% growth. Management fee income rose 21% to INR 259 crore. The company’s aggressive signing pace included multi-hotel framework agreements with the Ambuja Neotia Group for Taj, SeleQtions, and Tree of Life brands, and with Madison for Ginger properties in South India.
During the same period, IHCL expanded across multiple brands — adding nine Taj hotels in destinations such as Darjeeling, ECR Chennai, Pondicherry, Mohali, and Kruger National Park in South Africa — along with several Vivanta, Gateway, Tree of Life, and Ginger properties. It also opened 26 new hotels, including Taj Alibaug, Taj Raichak, Taj Udaipur, and SeleQtions resorts in Lakshadweep and Haridwar, as well as a Vivanta in Thane and a Ginger in Dehradun.
IHCL’s new and reimagined businesses also recorded strong performance. TajSATS, its air and institutional catering arm, posted revenue of INR 577 crore with 12% contributed by non-aviation business and an EBITDA margin of 23.6%. Ginger, Qmin, amã Stays & Trails, and Tree of Life collectively reported an enterprise revenue of INR 423 crore, up 21% year-on-year. Ginger alone generated INR 362 crore with a robust EBITDAR margin of 41%. Qmin expanded to 104 outlets, while amã Stays & Trails grew its portfolio to 331 bungalows with 174 more in the pipeline. Tree of Life reached 23 resorts, with five additional openings planned.
As IHCL continues to lead the hospitality industry with its growth and innovation, it remains equally committed to sustainability under its PAATHYA framework — the company’s industry-leading ESG+ initiative aimed at shaping responsible tourism and long-term value creation.
