Indian Hotels Co Ltd

- The company currently has no debt, as highlighted by Puneet Chhatwal on Page 16 ("This time, we have none, and we have a lot of cash"). - No explicit mention of any ongoing or planned new fundraising through debt or equity. - The strong cash position and gross liquidity of over INR4,300 crores (Page 4) provide significant financial flexibility to pursue organic and inorganic growth, reducing the immediate need for external fundraising. - The company continues to invest heavily in capex and acquisitions using internal accruals and cash reserves rather than raising new capital. - Puneet Chhatwal referred to upcoming announcements (Capital Market Day) but did not specifically discuss planned fundraising. - Overall, the company appears well-capitalized with no indicated plans for debt or equity raising in the near term.

- IHCL invested over INR 1,000 crores in FY '25-'26 towards capex: - Around INR 650 crores spent on renovations, routine maintenance, and digital initiatives. - Remaining amount allocated to greenfield (new) projects. - Over the last 3 years, IHCL has invested more than INR 2,500 crores in capital expenditure to strengthen iconic assets and strategic capabilities. - IHCL plans to continue investing INR 1,000 crores to INR 1,200 crores annually going forward to strengthen competitive advantages and build new ones. - Over INR 500 crores deployed across four strategic acquisitions recently, expanding presence in high-growth adjacencies and future revenue streams. - Capital-light growth remains a key strategy, with 68% of the operating portfolio and 93% of the pipeline under managed or asset-light formats for disciplined expansion and superior returns. - Upcoming fiscal year (FY '27) expects 60+ hotel openings and incremental revenue from recent acquisitions exceeding INR 250 crores.

- IHCL expects continued double-digit top-line growth of around 12% to 14% for FY '27, supported by both like-for-like and non-like-for-like growth. - New business segments (e.g., Ginger, Qmin, Ama) are scaling rapidly, contributing to consolidated revenue growth of 25% in FY '26, and expected to drive further growth. - Approximately 4%-5% of growth is anticipated to come from new hotels and acquisitions (60 new hotels planned in FY '27). - Revenue growth is driven by a combination of rate (ARR) increases (expected 7%-9% ARR growth) and occupancy gains, alongside contribution from new properties. - Domestic market demand is robust and expected to outperform international travel recovery. - IHCL plans to sustain growth through capital-light models, asset management, and expanding digital and loyalty initiatives to improve customer engagement and repeat business.

- IHCL expects continued double-digit top-line growth with FY '27 revenue growth guidance of 12% to 14%. - Operating margins have room to improve as new brands scale up and integration costs normalize. - Stand-alone EBITDA margin expanded by 120 bps to 45.1% in FY '26, with consolidated EBITDA margin at 34.9%. - New businesses (Ginger, Qmin, Ama, etc.) growing strongly at 25% with scalable models enhancing future profitability. - Enterprise-wide revenue grew 16% YoY in FY '26; PAT crossed INR 2,000 crore milestone for first time. - Operating leverage expected from mix of like-for-like and non-like-for-like growth, supported by asset-light expansions. - Capital expenditure continues but focused; high cash/liquidity (INR 4,300+ crore) provides flexibility for growth. - Management optimistic on margin and EPS growth despite geopolitical headwinds and high occupancy levels.

- IHCL has a strong pipeline with over 31,000 keys under development. - The pipeline continues to be largely capital-light, aligning with the company's strategy. - For FY '27, IHCL expects to open 60-plus hotels across brands and geographies. - The company typically targets around 5,000 new keys annually (±5% variance). - There are ongoing partnerships and platform discussions that may add 300-400 keys through capital-light models. - Recent acquisitions are expected to contribute over INR 250 crores in incremental revenue, indicating active orderbook on the acquisition front as well. - The portfolio expansion includes 26 plus 36 new hotels opened in the last year, many still in the growth phase.