Indian Hotels Co Ltd
Indian Hotels Co Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
The short version
IHCL remains confident of achieving double-digit revenue growth for the year, driven by structural industry tailwinds. RevPAR growth guidance for key hotels next calendar year is around 10%, with anything north of 10% being desirable (Page 14). - Despite some renovation-related disruptions, the company expects ADR uplift of 12-15% post-renovations across renovated properties, with occupancy maintained (Page 13). - For FY'26, full-year CAPEX guidance is Rs.
From Indian Hotels Co Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- IHCL remains confident of achieving double-digit revenue growth for the year, driven by structural industry tailwinds.
- Supply is expected to be constrained and continue to lag demand in the near future.
- Multiple global events, high-profile diplomatic visits, strong momentum in MICE activities, and a busy wedding season are expected to support robust growth in H2 FY26.
- Forward bookings and business on the books for Q3 and Q4 indicate strong demand, with expectations of double-digit topline growth despite a high base.
- Renovations, especially at flagship properties like Taj Palace, are expected to drive a 12-15% uplift in ADR with stable occupancy.
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Profitability & Margins
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Capital Expenditure Plans
- FY'26 CAPEX Guidance: Rs. 1,000 to Rs. 1,200 crores expected for the full year, including renovations and greenfield projects.
- H1 FY'26 CAPEX: Approximately Rs. 475-480 crores spent, split roughly equally between renovations (~Rs. 230-240 crores) and greenfield projects.
- Renovations: Major renovations completed at Taj Palace, Taj Fort Aguada, President Hotel Mumbai, Taj West End, and Taj Bengal Kolkata. Remaining 25-30 rooms at Taj Palace expected to be operational in a few weeks (Q4 FY'26 impact).
- Greenfield Projects: Continued investments in projects like Bandstand (Mumbai), Taj Frankfurt, Taj Ganges Varanasi expansion, Taj Lucknow, MOPA (Goa airport), Aguada Plateau (Goa), Shiroda, Ranchi, and Agartala.
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Top-ranked in Leisure Services
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- All planned renovations for the year have mostly concluded.
- Exception: 25-30 rooms at Taj Palace expected to be delivered in the next few weeks.
- No other pending renovation projects in the standalone domestic business.
- Some properties from Clarks and Bridge portfolios are yet to be integrated, with onboarding in progress.
- Greenfield projects and routine renovation CAPEX for FY'26 expected between Rs. 1000 to Rs. 1200 crores.
- H1 CAPEX of about Rs. 475 crores spent, roughly half on renovations and half on other projects.
- FY'27 CAPEX guidance around Rs. 1000 to Rs. 1200 crores, depending on project progress.
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Indian Hotels Co Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹2.5K Cr, net profit ₹380 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Indian Hotels Co Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call analysis →
- Q1 FY26 earnings call →
- Q1 FY26 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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Frequently Asked Questions
What were Indian Hotels Co Ltd Q2 FY26 results?
IHCL remains confident of achieving double-digit revenue growth for the year, driven by structural industry tailwinds. RevPAR growth guidance for key hotels next calendar year is around 10%, with anything north of 10% being desirable (Page 14). - Despite some renovation-related disruptions, the company expects ADR uplift of 12-15% post-renovations across renovated properties, with occupancy maintained (Page 13). - For FY'26, full-year CAPEX guidance is Rs.
What is Indian Hotels Co Ltd share price analysis?
Indian Hotels Co Ltd currently shows a neutral. The stock trades at a P/E of 56.6 with a market cap of ₹109,970 Cr. Investors should review the full earnings analysis for detailed insights.
Is Indian Hotels Co Ltd planning capital expenditure?
FY'26 CAPEX Guidance: Rs.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.