Indian Hotels Co Ltd

- IHCL is currently net debt free and has a gross cash balance of INR 3,000 crores as of May 2025. - The company is generating cash, putting it in a strong position to fund growth and capitalize on inorganic opportunities. - For the Taj Bandstand project, IHCL plans to fund it entirely on its balance sheet through its subsidiary, without current plans for external partnerships or fundraising. - No specific mention of upcoming equity or debt fundraising was made in the call or transcript. - Given their strong liquidity and cash generation, IHCL does not presently see a need to raise funds through debt or equity.

- IHCL spent approximately INR 1,100 crores on CAPEX in FY '25, split evenly between greenfield projects and renovations/digital initiatives. - For FY '26, CAPEX guidance is INR 1,200+ crores, with 60-65% allocated to renovations and digital investments, and the remainder towards greenfield assets. - Key renovation projects include Taj Palace (Delhi), Fort Aguada (Goa), St. James (UK), and Taj Kolkata/Bengal. - Significant greenfield openings planned, such as Ekta Nagar Vivanta and Ginger, expected to deliver quick payback (4-7 years). - Taj Bandstand project: construction expected to start late in FY '26, fully owned on IHCL’s consolidated balance sheet. - IHCL is net debt free with INR 3,000 crores liquidity, positioning it to pursue both organic and inorganic growth opportunities, including potential partnerships. - Continued focus on capital allocation aligned with profitable and sustainable value creation.

- IHCL expects double-digit revenue growth in FY '26 and beyond, driven by strong domestic demand and recovery in foreign arrivals. - April 2025 revenue grew approximately 17% year-over-year, indicating strong start to FY '26. - The company targets opening 30+ hotels in FY '26, including 3 on its balance sheet, supporting portfolio growth. - Over FY '25 to FY '30, IHCL aims for a roughly 10-12% CAGR in revenue, with some front-loaded growth seen in recent years. - Growth drivers include ARR (Average Room Rate) expansion, new market entries with limited supply, and adding significant room inventory. - New business verticals (Ginger, Qmin, Ama Stays) are growing around 40% annually, contributing to consolidated revenue. - Strong focus on increased direct bookings and brand presence to sustain momentum. - Pipeline includes ~3,000-3,500 keys expected to open in the next 2 years, enabling capacity-led growth.

- IHCL expects strong, robust growth with double-digit revenue expansion for FY 2026 and beyond. - The company targets opening 30+ hotels in FY 2026, including 3 on its balance sheet. - Sustained margin expansion with a positive bias is anticipated, supported by ARR growth and cost efficiencies. - Focus on profitable and sustainable value creation rather than merely increasing room inventory. - New business verticals (Ginger, Qmin, Ama Stays & Trails) delivering 40% growth and margin accretive, aiding overall profitability. - Double-digit CAGR revenue growth (~10-12% annually) expected through a combination of room additions and RevPAR/ARR growth. - Continued EBITDA margin improvements due to operating leverage, despite investments in brand promotion and digital initiatives. - Dividend of ~20% of consolidated PAT proposed, reflecting confidence in sustained earnings growth. - Cash-rich and net debt-free balance sheet (INR 3,000 crores liquidity) provides strength to seize growth and inorganic opportunities.

- The Indian Hotels Company Limited (IHCL) has a signed pipeline of approximately 3,000 to 3,500 keys expected to open in the next 2 years ('26 and '27). - This pipeline figure does not include possible conversions or acquisitions, such as recently opened properties in Bangaram (112 rooms) that did not appear in the initial pipeline. - Pipeline updates are provided quarterly with estimates based on current approvals and partner commitments. - IHCL aims to open 30+ hotels in FY '26, including 3 on their balance sheet. - The growth strategy includes not only new signings but also potential inorganic opportunities supported by their strong liquidity (~INR 3,000 crores gross cash) and net debt-free position. - Pipeline estimates acknowledge possible delays but remain strong due to demand outpacing supply.