Indian Hotels Co. Ltd. · NSE:INDHOTEL
Indian Hotels — The Indian Hotels Company — Q3 FY26 Earnings Presentation
42 slides from Indian Hotels's earnings presentation, Feb 12, 2026
Slide 1: Analyst Presentation covering letter to exchanges
February 12, 2026 BSE Limited National Stock Exchange of India Limited Corporate Relationship Department Exchange Plaza 1st Floor, New Trading Ring, Bandra Kurla Complex Rotunda Building, P. J. Towers, Bandra (E) Dalal Street, Fort, Mumbai 400 051 Mumbai – 400 001. Scrip Code: INDHOTEL Scrip Code: 5
Slide 2: Consistent Core Performance, Building Scale with Profitability
“Consistent Core Performance, Building Scale with Profitability” GLOBAL CONFERENCE CALL Q3FY26 12th February 2026
Slide 3: Executive Summary
EXECUTIVE SUMMARY PERFORMANCE PILLARS OF PORTFOLIO & PARTNERSHIP & PROSPECTS & DIVERSIFICATION PIPELINE PLATFORMS POSSIBILITIES 15th Best-Ever Across Brands & Industry Leading Strategic Initiatives Growth Drivers : Quarter Geographies Signings & to Unlock Value FY27 & Beyond Openings 2
Slide 4: Performance: Delivering Our 15th Best Ever Quarter
PERFORMANCE : DELIVERING OUR 15TH BEST EVER QUARTER Q3 IHCL Consol. EBITDA & OP. EBITDA & PAT (BEI)* & Financials REVENUE OP. REVENUE & Growth YoY MARGIN% MARGIN% MARGIN% ₹ 2,900 Cr ₹ 1,134 Cr ₹ 2,842 Cr ₹ 1,076 Cr ₹ 668 Cr CONSOLIDATED ↑ 12% ↑ 11% ↑ 12% ↑ 12% ↑ 15% 39.1% 37.9% 23.0% ₹ 2,579 Cr ₹ 1,
Slide 5: Performance 9MFY26: Delivering on Revenue Guidance
PERFORMANCE 9MFY26 DELIVERING ON REVENUE GUIDANCE DESPITE MACRO HEADWINDS YTD Dec IHCL Consol. Financials EBITDA & OP. EBITDA & PAT (BEI)* & REVENUE OP. REVENUE MARGIN% & Growth YoY MARGIN % MARGIN% ₹ 7,127 Cr ₹ 2,425 Cr ₹ 6,924 Cr ₹ 2,222 Cr ₹ 1,249 Cr CONSOLIDATED# ↑ 17% ↑ 16% ↑ 17% ↑ 16% ↑ 16% 34
Slide 6: Consistent Growth Across All Metrics (CAGR FY23-26)
PERFORMANCE : CONSISTENT GROWTH ACROSS ALL METRICES (CAGR FY23-26) CAGR Q3 FY26 9M FY26 FY23-FY26 20% 23% 17% 17% 14% 13% Margin Margin CONSOLIDATED 41% 35% HOTEL ↑300 bps ↑300 bps SEGMENT Revenue EBITDA PAT Revenue EBITDA PAT CAGR CAGR CAGR CAGR CAGR CAGR 23% 25% 20% 20% 15% 14% Margin Margin 48% 4
Slide 7: Pillars of Diversification: Highly Diversified Business Model
PILLARS OF DIVERSIFICATION HIGHLY DIVERSIFIED BUSINESS MODEL ACROSS BRANDS ACROSS GEOGRAPHY UPPER UPSCALE Key Domestic Business Cities 53% NEW BUSINESS 10% 69% 8% Key Domestic 15% Leisure Destinations 13% 10% 22% Other Domestic International Locations Across Brand - Share of YTD Dec IHCL Consol Oper
Slide 8: Pillars of Diversification: Driving Margins & RoCE
PILLARS OF DIVERSIFICATION DRIVING MARGINS & RoCE Capital Light Lease* Managed Managed (4.2k keys) (17.7k keys) Capital Light Lease* (24k keys) (4k keys) 13% JV & Associates (1.7k Keys) 5% 14% OPERATIONAL PIPELINE 32,300 55% Keys 6% 30,200 Keys 80% 27% Owned / Leased (2k Keys) Owned / Leased (8.7k K
Slide 9: Portfolio & Pipeline: India's Largest Hospitality Network
PORTFOLIO & PIPELINE INDIA’S LARGEST HOSPITALITY NETWORK 144 22 4 1 53 265 47 27 54 No of Hotels (Portfolio) 361 Operational 32,300+ Operational 617 Hotels 62,500 Keys Ginger Portfolio includes hotels under conversion from ANK/Pride 256 Pipeline 30,200+ Pipeline As on 10th Feb -2026 8
Slide 10: Key Strategic Initiatives to Unlock Value
PARTNERSHIP & PLATFORMS KEY STRATEGIC INITIATIVES TO UNLOCK VALUE Acquisition of Acquisition of Acquisition of 51% 51% 51% Divestment of IHCL Stake stake in ANK & Pride – stake in Brij – definitive stake in SIPL – in TajGVK transaction completed agreement signed transaction completed ₹ 592 Crores Ca
Slide 11: Pan-India Midscale Expansion
PARTNERSHIP & PLATFORMS PAN-INDIA MIDSCALE EXPANSION ANK + PRIDE 250+ Portfolio of Portfolio of Hotels Portfolio 110+ 150+ Hotels Hotels 11,000+ 8,000+ Keys Keys Addendum signed for 20 Hotels Brand Next 30 planned Migration in H1FY27 Ginger (Operational) Ginger (Pipeline) 10,000+ Midscale Operating
Slide 12: FY27 & Beyond: Multiple Growth Levers
PROSPECTS & POSSIBILITIES FY27 & BEYOND MULTIPLE GROWTH LEVERS LFL Revenue Growth Ginger & New Business to grow Momentum to continue at 25%+ Revenue Demand Outpacing Supply & Asset Management A D Strong Not LFL growth & ANK/Pride Integration New Keys Continued Momentum for on Balance Sheet in Tradit
Slide 13: Favorable Demand Supply to Drive RevPAR Expansion
A GROWTH LEVERS FAVORABLE DEMAND SUPPLY TO DRIVE REVPAR EXPANSION NEW DELHI 5% 3% SUPPLY CAGR IN KEY BUSINESS KOLKATA CITIES FY25-FY27 7% AHMEDABAD Actual growth in Supply continue to be subdued 2% As on As on Particulars Increase March 31, Dec 31, Increase (Rooms in ‘000) % 2025 2025 MUMBAI HYDERAB
Slide 14: Strong Forward Pipeline: Assets on Balance Sheet
B GROWTH LEVERS STRONG FORWARD PIPELINE… Assets on Balance Sheet across Traditional Brands Full year2025-26 Impact in FY27 Openings in FY28 Future Greenfields ~450 Taj Bandstand KEYS Vivanta at Ekta Nagar Gateway Bengaluru ~200 Taj at Ranchi KEYS (127 Keys IN Q3FY25) (283 Keys) Taj Suheli & Taj Kadm
Slide 15: Shaping an Icon in Mumbai
B GROWTH LEVERS SHAPING AN ICON IN MUMBAI ~450 Keys 1,000 Cr+ First Full Stable Year Revenue 50%+ EBITDA Margin ~20,000 Sq ft Excavation Banqueting Space in 2 levels started, Tendering in progress 7 F&B Outlets with a Rooftop Bar 14
Slide 16: Rendered Images
15 Rendered Images
Slide 17: Growth in Management Fee with 60+ Hotels to Open in FY27
C GROWTH IN MANAGEMENT FEE WITH 60+ HOTELS TO OPEN IN FY27 MANAGEMENT FEE NET UNIT GROWTH (IHCL Consol) No. of Managed Hotel Rooms ₹ CRORES Additions High Teens growth 125+ Hotels in FY26 (1) 25,400 19,900 650 + FY27 - Best Ever Year Incl. ~3,500 keys of 14,400 562 9M for Openings Clarks ₹ 462 Cr ↑1
Slide 18: New Business at Inflection Point
NEW BUSINESS AT INFLECTION POINT D REVENUE SCALE-UP & ACCELERATED PORTFOLIO EXPANSION Q3FY26 ₹ 215 Cr 46% ₹ 3,000 Q3 Turnover Ginger RevPAR Consol. EBITDAR Margin 31% Growth YoY 9% Growth yoy Not LFL Growth Strong Organic Pipeline & ANK/Pride Deal LFL Growth + 10,000+ Keys (Ginger & Tree of Life) =
Slide 19: TajSATS Consistently Delivering on All Fronts
E TAJSATS CONSISTENTLY DELIVERING ON ALL FRONTS ₹ 321 Cr ₹ 82 Cr 25.6% Q3 Op. Revenue Q3 Op. EBITDA Q3 Op. Growth of Growth of EBITDA 18% YoY 18% YoY Margin New Upcoming Airports to aid growth Started servicing flights at Noida International Navi Mumbai International Airport - set to start Airport o
Slide 20: Strategic Acquisitions: Atmantan & Brij
STRATEGIC ACQUISITIONS : ATMANTAN & BRIJ F ENTRY INTO NEW GROWTH AREAS 51% Stake in SIPL ₹ 90-100 Cr INTEGRATED FY27 Expected WELLNESS 20 New Wellness slots Revenue LUXURY & HOSPITALITY 10 New Rooms To be added in FY27 Atmantan Resort, Mulshi Pune | Spread across ~36 acres 51% Stake in Brij Hospital
Slide 21: Hotel Segment Performance
HOTEL SEGMENT PERFORMANCE 20
Slide 22: Hotel Segment: Diversified Revenue Streams Driving Growth
Revenue ₹ Cr HOTEL SEGMENT DIVERSIFIED REVENUE STREAMS DRIVING GROWTH & Growth YoY IHCL CONSOL Q3 FY26 STANDALONE Q3 FY26 F&B Revenue 878 (+10%) F&B Revenue Room revenue 568 (+13%) Operating 1,265 (+11%) Room revenue Operating 708 (+6%) Revenue Revenue 2,523 1,614 (+11%) (+10%) Management Fees Manag
Slide 23: RevPAR Growth Across All Brands
REVPAR GROWTH ACROSS ALL BRANDS ↑9% Growth YoY By Brand 13,800 12,700 ↑8% RevPAR (₹/Night) Growth YoY IHCL CONSOL. 22,000 RevPAR (₹/Night) ↑10% Q3FY25 Q3FY26 Growth YoY 8,800 ↑9% Growth YoY ↑7% 3,000 Growth YoY 10,500 11,200 DOMESTIC RevPAR (₹/Night) Q3FY25 Q3FY26 Owned LFL Hotels , LFL – excludes N
Slide 24: City Pulse: Q3FY26 Revenue Growth Momentum
CITY PULSE Q3FY26 REVENUE GROWTH MOMENTUM ACROSS KEY CITIES Revenue Growth YoY 7% 8% 25% 9% 10% 13% 6% 8% IHCL Consol Q3 Hotel & Fee Revenues by City Mumbai Mumbai Delhi & NCR Delhi NCR Rajasthan Rajasthan Bengaluru Bengaluru Goa Goa Kolkata Kolkata Hyderabad Hyderabad Chennai Chennai Q3FY25 Q3FY26
Slide 25: Operational Efficiencies Sustained Margin for Hotel Segment
OPERATIONAL EFFICIENCIES SUSTAINED MARGIN FOR HOTEL SEGMENT Raw Material Costs Payroll Costs Power Costs as % of F & B Revenue as % of Operating Revenue as % of Operating Revenue 21.3% 21.2% 22.7% 22.5% 3.5% 3.3% 169 186 514 568 80 84 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 License Fees Othe
Slide 26: Cash Flow YTD Dec IHCL Consolidated
CASH FLOW YTD DEC IHCL CONSOLIDATED ₹ /crores (1) Cash Generated : ₹ 1,591 crores 3,073 Free Cash Flow : ₹ 804 crores (1) Includes ~₹ 250 Cr for Greenfields / Brownfields project Healthy Cash Position to enable Future Organic & Inorganic Growth 25
Slide 27: Paathya: Doing Business the Responsible Way
PAATHYA DOING BUSINESS THE RESPONSIBLE WAY Q3 FY 26 UPDATE Waste 100% operating hotels will have an 84 hotels have bottling plants to organic waste management system eliminate use of single-use plastic bottles Water 53%* 100% water recycling water recycled Energy 41%* 2030 Goals 50% energy use to be
Slide 28: Annexures
° 7 tee . ° aT 27 TAJ CiarivceS BRU a SELEQTIONS CLARKS GATEWAY VIVANTA GINGER TREEOFLIFE ama Qmin rw INCL “COLLECTION. srmantan
Slide 29: Tata Neu: Enhancing Customer Loyalty
TATA NEU ENHANCING CUSTOMER LOYALTY POINTS EARNING REVENUE TATA NEU APP REVENUE ~₹ 1,800 Crore ~₹ 178 Crore 28% Growth YoY +48% Growth vs. PY Loyalty Points earning Revenue contribution to eligible Enterprise revenue Total Members 21% 14.3 Mn. 1.6x As on 31st Jan-26 In 1 year Grew by 220 bps YoY New
Slide 30: Loyalty Program Collaborations: Shangri-La & Millennium
LOYALTY PROGRAM COLLABORATIONS SHANGRI-LA & MILLENNIUM #Hotels #Destinations Loyalty Program Loyalty Members 105 78 17 Mn 145 80 4 Mn 1 2 3 4 Global Membership Expanded Enhanced Loyalty Brand Elevation & Rationale Acquisition International Reach Value Proposition Visibility 29
Slide 31: Room Revenue Customer Segments & Channel Mix 9MFY26
ROOM REVENUE CUSTOMER SEGMENTS & CHANNEL MIX 9MFY26 170 bps increase from PY Leisure Crew Website 6% 2% 18% Long Stay 3% Hotel Reservation Transient (HRO) MICE Alternate 23% 57% Distribution System 47% (Online Travel Agents/ADS) 22% Corporate Global Distribution System Central Reservation 9% 5% (Cal
Slide 32: Consolidated P&L Q3 & 9MFY26
CONSOLIDATED P&L Q3 & 9MFY26 ₹ /crores PARTICULARS (₹ CR) Q3FY25 Q3FY26 Var PY % 9MFY25 9MFY26 Var PY % Revenue from Operations 2,533 2,842 12% 5,909 6,924 17% Non Operating Revenue 59 58 -1% 169 203 20% Total Revenue 2,592 2,900 12% 6,078 7,127 17% Total Expenditure 1,571 1,766 12% 3,997 4,702 18%
Slide 33: Standalone P&L Q3 & 9MFY26
STANDALONE P&L Q3 & 9MFY26 ₹ /crores PARTICULARS (₹ CR) Q3FY25 Q3FY26 Var PY % 9MFY25 9MFY26 Var PY % Revenue from Operations 1,474 1,614 10% 3,440 3,719 8% Non- Operating Revenue 43 40 -7% 174 200 15% Total Revenue 1,517 1,654 9% 3,614 3,919 8% Total Expenditure 792 856 8% 2,087 2,228 7% Operating
Slide 34: Exceptional Items - Consolidated
EXCEPTIONAL ITEMS - CONSOLIDATED ₹ crores PARTICULARS Q3 FY25 Q3 FY26 9M FY25 9M FY26 Profit on Sale of entire equity stake in a joint venture company - 399 - 399 Key Money for securing of long-term management contracts from above JV - (30) - (30) company Impact on account of New Labour Codes - (50)
Slide 35: Key Legal Entities
₹ /crores KEY LEGAL ENTITIES ₹ /crores REVENUE EBITDA EBITDA MARGIN Legal Entities 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 UOH Inc. - USA 642 729 35 61 5.4% 8.3% UK Entities 467 500 134 141 28.8% 28.1% PIEM Hotels Ltd. 447 470 126 131 28.2% 28.0% Benares Hotels Ltd. 90 95 41 42 45.9% 44.5% Orienta
Slide 36: Operational Inventory
OPERATIONAL INVENTORY Owned Managed Contracts & OPERATIONAL JV / Associates Total Operational (Standalone & Subsidiary) Distribution Arrangements By Brand Hotels Keys Hotels Keys Hotels Keys Hotels Keys Taj 29 4,895 13 1,185 49 7,317 91 13,397 Atmantan 1 97 1 97 Claridges Collection 2 257 1 122 3 37
Slide 37: Signed Pipeline
SIGNED PIPELINE Owned PIPELINE Managed Total Pipeline (Standalone & Subsidiary) Hotels Keys Hotels Keys Hotels Keys Taj 7 1,300 46 8,400 53 9,700 Claridges Collection - - 1 100 1 100 Gateway 1 300 34 5,100 35 5,400 SeleQtions 1 40 16 1,560 17 1,600 Vivanta - - 23 3,500 23 3,500 Ginger 41 4,200 66 5,
Slide 38: Hotels Opened in Q3
HOTELS OPENED IN Q3 Sl No Name Brand Ownership Keys 1 Taj Paro Resort & Spa Taj Management Contracts 45 2 Avantika by the Ganges – IHCL SeleQtions, Varanasi SeleQtions Management Contracts 45 3 Gulab Haveli - IHCL SeleQtions Mandawa SeleQtions Management Contracts 35 4 Boulevard 9 Nadiad - IHCL Sele
Slide 39: Openings in Q4
OPENINGS IN Q4 Sl No Name Brand Ownership Keys 1 Taj Gangtey Resort & Spa, Bhutan (Now Open) Taj Management Contracts 34 2 Ginger Gurugram (Now Open) Ginger Subsidiary 59 3 Tree Of Life Sariska Manor, Tehla (Now Open) Tree of Life Management Contracts 26 4 Clarks Firozabad (Now Open) Ginger Manageme
Slide 40: Openings in FY27
OPENINGS IN FY27 By Brands No. of Hotels No. of Keys Taj 11 1,500 Vivanta 4 650 Gateway 6 800 SeleQtions 4 450 Ginger 30 2,000 Tree of Life 2 50 Brij 4 100 Grand Total 60+ Hotels 5,500+ Keys Opening Schedule is indicative and may change in future 39
Slide 41: Disclaimer
DISCLAIMER These presentations may contain forward-looking statements within the meaning of applicable securities laws. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Forward-looking statements are not g
Slide 42: Consistent Core Performance, Building Scale with Profitability
“Consistent Core Performance, Building Scale with Profitability” GLOBAL CONFERENCE CALL Q3FY26 12th February 2026
The Indian Hotels Company — Q3 FY26 Earnings Presentation on 6ix