Indian Hotels Co. Ltd. · NSE:INDHOTEL
Indian Hotels — The Indian Hotels Company — Q2 FY27 Earnings Presentation
48 slides from Indian Hotels's earnings presentation, Oct 21, 2026
Slide 1: Stock exchange cover letter for analyst/investor presentation
October 21, 2026 The Secretary, Listing Department The Manager, Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai 400 051 Scrip Code: 500850
Slide 2: Growth in Action, Resilience by Design - Global Conference Call Q2FY27
GROWTH IN ACTION, RESILIENCE BY DESIGN GLOBAL CONFERENCE CALL Q2FY27 21st October, 2026 1
Slide 3: World's strongest luxury hotel brand 2026
RLS De | AT Ja) J WORLD'S STRONGEST | INDIA’S STRONGEST LUXURY HOTEL BRAND 2026 G&_ BRAND ACROSS SECTORS 6 2026 © 2025 + 2024 + 2022 « | 2026 + 2025 « 2024 « 2023 « 2022 A LEGACY SHAPED BY INDIA AN ICON EMBRACED BY THE WORLD 25 / Ah $970 93.5 / 100 AAA+ $878M BRAND STRENGTH INDEX HIGHEST BRAND RATIN
Slide 4: Only hotel brand in India with 3 Michelin Key hotels
ONLY HOTEL BRAND IN INDIA WITH ‘3 MICHELIN KEY’ HOTELS RECOGNIZED TWO YEARS IN A ROW Taj Lake Palace, Udaipur Taj Falaknuma Palace, Hyderabad (3 Michelin Keys) (3 Michelin Keys) Taj Mahal, New Delhi Taj Mahal Palace, Mumbai Taj Rishikesh Resort & Spa, Uttarakhand Taj Nadesar Palace, Varanasi 9 Hotel
Slide 5: Quarter in Summary Key Highlights
QUARTER IN SUMMARY KEY HIGHLIGHTS Strong Performance Driven By Domestic Hotel Diversified Pipeline of 280 Hotels Segment Demand (+28% Standalone RevPAR) Across Brand & Contract Type Driving Resilience Select Service Business Achieving Milestones Upgrading Full Year Revenue Outlook To 15-17% On Back
Slide 6: Record Hotel Segment Performance Accelerated Growth
RECORD HOTEL SEGMENT PERFORMANCE ACCELERATED GROWTH Q2FY27 Record Performance Standalone Consol Hotel Segment +26% +40% +25% +30% Operating Revenue Operating EBITDA Operating Revenue Operating EBITDA 13,860 8,220 10,850 ↑28% Growth Domestic Standalone YoY Hotels ↑25% Growth RevPAR (₹/Night) Consol.
Slide 7: Financials for the Quarter: 18th Consecutive Best Ever Quarter
FINANCIALS FOR THE QUARTER 18TH CONSECUTIVE BEST EVER QUARTER Q2 IHCL Consol. Financials EBITDA & OP. EBITDA & PAT & REVENUE OP. REVENUE & Growth YoY MARGIN% MARGIN% MARGIN% ₹ 2,566 Cr ₹ 788 Cr ₹ 2,484 Cr ₹ 706 Cr ₹ 349 Cr CONSOLIDATED ↑ 21% ↑ 21% ↑ 22% ↑ 24% ↑ 23% 30.7% 28.4% 13.6% ₹ 1,441 Cr ₹ 625
Slide 8: Broad-Based Growth Across Revenue Streams
BROAD-BASED GROWTH ACROSS REVENUE STREAMS IHCL CONSOL HOTEL SEGMENT Q2 FY27 STANDALONE Q2 FY27 Room Room Revenue 1,115 +22% Revenue 578 +27% F&B F&B +20% Revenue 686 +20% Revenue 441 Other Other Operating +49% Operating 247 +72% Operating Income 180 Operating Income* Revenue Revenue 2,204 Management
Slide 9: Sustained Strength Revenue CAGR 19% | EBITDA CAGR 24%
SUSTAINED STRENGTH REVENUE CAGR 19% | EBITDA CAGR 24% ~2x Op. Revenue Growth 2.4x Op. EBITDA Growth ₹1,233 Cr → ₹2,484 Cr ₹294 Cr → ₹706 Cr % +5 pp Margin Growth 23.9% → 28.4% (IHCL Consolidated) 27.5% 27.9% 28.4% 23.9% 24.8% 2,484 2,041 1,826 1,433 1,233 706 501 570 294 355 Q2FY23 Q2FY24 Q2FY25 Q2F
Slide 10: Upgrading Full-Year Revenue Growth Guidance
UPGRADING FULL-YEAR REVENUE GROWTH GUIDANCE 17-19% YoY Consol. Hotel Revenue| 15-17% YoY Total Revenue Consol. Hotel Revenues (₹ Crore) Like-for-like TRevPAR growth momentum to ▲ continue 17-19% Renovated Assets back in operation with high yield ▲ Growth 21% Drivers Supporting 30+ Hotels Expected to
Slide 11: Proven Resilience While Absorbing Multiple Headwinds
PROVEN RESILIENCE WHILE ABSORBING MULTIPLE HEADWINDS Hotel Segment Operating EBITDA Margin (%) +1.1 pp +0.3 pp +4.0 pp +1.1 pp +4.0 pp +1.0 pp Navigated geopolitical disruptions (West Asia War) 42.4 38.7 38.9 Absorbed new hotel stabilization 34.3 costs 30.1 29.7 Continued investments in technology,
Slide 12: Multiple Demand Catalysts in Place
MULTIPLE DEMAND CATALYST IN PLACE Mice & Trade Exhibitions Delhi | Mar-27 Gujarat | Jan-27 Bengaluru | Feb-27 Bengaluru | Jan-27 Delhi | 2027 ▲ Corporate travel 60+ Hotels in Sporting Events 50+Locations Spiritual Presence across strong High-impact High Profile Concerts High 40 Auspicious Wedding de
Slide 13: Supply Growth Remains Constrained in Key Cities
WHILE SUPPLY GROWTH REMAINS CONSTRAINED IN KEY CITIES Supply CAGR FY26 - 31 City Existing Supply Supply CAGR (2025-26) (2025/26 – 2030/31) 2.4% Tier 1 91k rooms 5.2% New Delhi Tier 2 & 3 118k rooms 12.0% 3.0% Kolkata 3.3% Total 209k rooms 9.3% Mumbai Tier 1 Cities to witness lowest supply addition C
Slide 14: Hotel Segment
HOTEL SEGMENT ° - oe ° 1 LARIDGE 7 r ct 5 13 TA) G ES) BRIf— SELEQTIONS CLARKS GATEWAY VIVANTA GINGER TREEOFLIFE ama Qmi in SOULINVIRE we ] H C L
Slide 15: A Journey of Scale: 400th Hotel
A JOURNEY OF SCALE 400 HOTELS IN OPERATION AND GROWING 670 INCLUDING PIPELINE 110 years 12 years 1.5 years 100th 200th 400th HOTEL HOTEL HOTEL 2013 2025 Q3 (This Quarter) Taj City Centre, Gurugram Taj Gorbandh Palace, Jaisalmer Coming Soon 14
Slide 16: Industry Leading Portfolio, Continued Momentum of Signings
INDUSTRY LEADING PORTFOLIO CONTINUED MOMENTUM OF SIGNINGS | 50 OPENINGS IN FY27 47 280 390 20 in H1 H1-Signings Hotels Pipeline Operational Hotels Openings 30 in H2 (Planned) Indias Largest Hospitality Network with a portfolio of 670 Hotels & 400 amã Bungalows 151 4 2 20 66 63 55 254 55 400 FULL SER
Slide 17: Diversified Pipeline Across Brand & Contract Type
DIVERSIFIED PIPELINE ACROSS BRAND & CONTRACT TYPE PIPELINE BY BRAND PIPELINE BY CONTRACT TYPE >90% Pipeline Managed Asset Light 31% 81% PIPELINE ~28% share of Growth Brands 26% PIPELINE 34,800+ 34,800+ 1% Capital Light 13% KEYS KEYS 7% Lease* 2% 10% 23% 6% Owned / Leased Robust Opening Run Rate of 5
Slide 18: Revenue Mix Resilient Across Brands & Geography
REVENUE MIX RESILIENT ACROSS BRANDS & GEOGRAPHY ACROSS BRANDS ACROSS GEOGRAPHY (Hotel Segment) (H1FY27) (H1FY27) SELECT SERVICE BUSINESS NEW ADDITIONS Key Domestic 2% Business Cities 68% of Domestic Hotel revenues 53% 8% IHCL Consol Hotel Op. Revenue 12% IHCL Consol H1FY27 Key Domestic Op. Revenue H
Slide 19: Strong RevPAR Growth Across All Brands Led by Taj
STRONG REVPAR GROWTH ACROSS ALL BRANDS LED BY TAJ (Q2FY27) ↑28% Growth YoY ↑25% ↑21% Growth YoY 14,500 Growth YoY DOMESTIC ↑14% RevPAR 8,220 7,600 Growth YoY BY BRAND 2,850 (₹/Night) Domestic Hotels All data for LFL Hotels – Excluding New hotels opened after 1st April 2025 and hotels currently under
Slide 20: LFL Revenue Growth Across Key Domestic Markets Q2FY27
LFL REVENUE GROWTH ACROSS KEY DOMESTIC MARKETS Q2FY27 51% 25% 19% IHCL Consol. 16% (Domestic) 12% 10% 9% Hotel Revenue & Fee Income Growth YoY Mumbai Delhi Bengaluru Chennai Kolkata, Hyderabad, Rajasthan Goa Guwahati, Lucknow (Other Capital Cities) 44% 27% IHCL Enterprise (Domestic) 12% 12% 13% Hote
Slide 21: Midscale Leadership Scaling Profitably (Ginger)
MIDSCALE LEADERSHIP SCALING PROFITABLY 250+ Hotels* 100+ Brand core Operating under brand “Ginger” From Expansion to Scale 60+ In Transition Under migration GINGER CONSOLIDATED GINGER MUMBAI AIRPORT FIRST BRAND IN INDIA TO HAVE 100 HOTELS IN OPERATION ₹ 193 Cr ₹ 27 Cr Q2 Consol Revenue Q2 Revenue 25
Slide 22: Expanding Our Experiential Hospitality Footprint
EXPANDING OUR EXPERIENTIAL HOSPITALITY FOOTPRINT 195 205 32 23 Operational Pipeline Operational Pipeline 400 55 Amã Tree of Life (# Bungalows) (# Resorts) 16 20 Mar'20 Sep'26 FY25 Sep'26 Mar'20 Year 1 Sep'26 FY25 Year 1 Sep'26 Year 1 Year 1 Operational Pipeline ~₹60 Cr ~₹150 Cr H1 Enterprise Revenue
Slide 23: Management Fee Growth Backed by New Openings Momentum
MANAGEMENT FEE GROWTH BACKED BY NEW OPENINGS MOMENTUM MANAGEMENT FEE NET UNIT GROWTH (IHCL Consol) No. of Managed Hotel Rooms ₹/ Crs 156 125 16,000 14,600 Full Service Select Service 4,800 1,500 Q2FY26 Q2FY27 Sep'25 Sep'26 Management fee growth momentum expected to continue with strong Not Like for
Slide 24: Beyond Hotels: Monetizing Brand Equity
BEYOND HOTELS MONETIZING BRAND EQUITY Branded Residence and Villas Taj Wellington Mews Taj Mount Kusur Al Marjan – Ras Al Khaimah Resort and Villas, Lonavala “INDIA AMONGST WORLD’S TOP 10 BRANDED RESIDENCES MARKETS BY PIPELINE” (Source: Savillis Branded Residences APAC Report 2026) Taj Hotels & Taj
Slide 25: New Acquisitions Performance on Track
NEW ACQUISITIONS PERFORMANCE ON TRACK BRIJ RAMA PALACE, VARANASI BRIJ TARA, RANTHAMBORE Open in Oct’26 10 Operational* Awarded as amongst best hotels in Asia, as 10 voted for in the 2026 Readers’ 01 01 Pipeline Choice Awards Operational Pipeline H1FY27 Revenue ~60 Cr ~15% Consol Revenue Growth YoY *
Slide 26: Renovated Assets Delivering Strong Growth H1FY27
RENOVATED ASSETS DELIVERING STRONG GROWTH H1FY27 Taj Palace, New Delhi Taj Fort Aguada Resort & Spa, Goa Taj Lake Palace, Udaipur ROOM REVENUE ROOM REVENUE ROOM REVENUE +85% Growth YoY +40% Growth YoY +24% Growth YoY TOTAL REVENUE TOTAL REVENUE TOTAL REVENUE +65% Growth YoY +37% Growth YoY +15% Grow
Slide 27: Strategic Asset Upgrades Execution Underway
STRATEGIC ASSET UPGRADES EXECUTION UNDERWAY Taj Mahal | Lucknow Gateway | Calicut Blue Diamond | Pune 96 Keys 75 Keys 83 Keys (Expansion) (Full Upgrade) (Full Upgrade & Brand Migration) Actual Site Images COMPLETION IN FY28 26
Slide 28: Active Asset Enhancement Creating New Moats
ACTIVE ASSET ENHANCEMENT CREATING NEW MOATS Under Full Renovation at Coming soon at Coming soon at Taj Lands End Mumbai Taj Mahal Palace & Towers Mumbai Taj Mahal Palace & Towers Mumbai Render Image Render Image Render Image 27
Slide 29: The Chambers: Two Iconic New Addresses
THE CHAMBERS TWO ICONIC NEW ADDRESSES Taj Palace, Lucknow Taj Hessischer Hof, Frankfurt 11 Locations, Stronger Global Positioning 28
Slide 30: Well Positioned to Invest for Growth with ₹4,350 Cr+ Cash
WELL POSITIONED TO INVEST FOR GROWTH WITH ₹ 4,350 CR+ CASH ₹ /crores Free Cash Flow ₹ 517 crores Credit Rating Upgrade by AA+ AAA CARE & ICRA (Highest slab) 29
Slide 31: Robust Pipeline of 2,000+ Keys on Balance Sheet
ROBUST PIPELINE OF 2,000+ KEYS ON BALANCE SHEET Taj Bandstand Lakshadweep Taj at Shiroda Taj Pushpabanta Gateway Bengaluru Palace, Agartala (Excavation completed) (Mock up under execution) (Design work initiated) (2028) (2030) (2029) (2029) (Tendering in progress) (2029) ~450 Keys 183 Keys ~300 Keys
Slide 32: Strategic Transaction Announced During the Quarter
STRATEGIC TRANSACTION ANNOUNCED DURING THE QUARTER UNLOCKS OPERATIONAL SYNERGIES, EXPANDS DIRECT ASSET OWNERSHIP, AND ACCELERATES LONG-TERM EARNINGS GROWTH OHL Portfolio | 7 Hotels – 825 Keys Deal Impact STRENGTHENING IHCL PRESENCE ACROSS SOUTHERN INDIA To drive 6-7% Operating Revenue & EBITDA incre
Slide 33: Condé Nast Traveller Readers' Choice Awards 2026
CONDÉ NAST TRAVELLER READERS’ CHOICE AWARDS 2026 BEST HOTELS IN ASIA & Rambagh Palace Taj Palace Umaid Bhawan Palace The Taj Mahal Palace THE INDIAN Jaipur New Delhi Jodhpur Mumbai SUBCONTINENT 7 IHCL Iconic Palaces Hotels City Landmarks New Brij Acquisition In The Top 20 Taj Lake Palace Taj Falaknu
Slide 34: Annexures
= ry ~ ° mI 33 TA Garipaes, a BRI SELEQTIONS CLARKS GATEWAY VIVANTA GINGER TREEOFLIFE ama it s F we INCL
Slide 35: Tata Neu Enhancing Customer Loyalty
TATA NEU ENHANCING CUSTOMER LOYALTY – H1 POINTS EARNING REVENUE TATA NEU APP REVENUE ₹ 1,680 Crore ₹ 192 Crore 54% Growth YoY +32% Growth vs. PY Loyalty Points earning Revenue contribution to Enterprise Total Members 28% 22 Mn. 1.8x In 1 year 600 bps Growth yoy 34
Slide 36: Paathya: Doing Business the Responsible Way
PAATHYA DOING BUSINESS THE RESPONSIBLE WAY PROGRESS AS OF 30th SEPT, 2026 Waste 100% operating hotels will have an 119 hotels have Organic Waste Composter, 92 organic waste management system hotels have bottling plants to eliminate use of single-use plastic bottles Water 54% 100% water recycling wat
Slide 37: Room Revenue Customer Segments & Channel Mix H1FY27
ROOM REVENUE CUSTOMER SEGMENTS & CHANNEL MIX H1FY27 250 bps increase from PY Crew Long Stay 2% Website 3% 21% Hotel MICE Reservation 20% (HRO) 42% Transient & Alternate Leisure Distribution System 67% (Online Travel Agents/ADS) Corporate 22% 9% Global Distribution System Central Reservation (Call Ce
Slide 38: Operational Efficiencies Sustained Margin for Consol Hotel Segment
OPERATIONAL EFFICIENCIES SUSTAINED MARGIN FOR CONSOL HOTEL SEGMENT Expense ₹ Cr Raw Material Costs Payroll Costs Fuel & Power Costs as % of F & B Revenue as % of Operating Revenue as % of Operating Revenue 22.3% 21.2% 29.7% 28.5% 4.7% 4.5% 128 146 522 628 82 99 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY2
Slide 39: Consolidated P&L Q2 & H1
CONSOLIDATED P&L Q2 & H1FY26 ₹ /crores PARTICULARS Q2 FY26 Q2 FY27 Var. vs FY26 H1 FY26 H1 FY27 Var. vs FY26 Revenue from Operations 2,041 2,484 22% 4,082 4,824 18% Non- Operating Revenue 83 82 -2% 144 162 12% Total Revenue 2,124 2,566 21% 4,226 4,986 18% Total Expenditure 1,471 1,779 21% 2,936 3,44
Slide 40: Standalone P&L Q2 & H1
STANDALONE P&L Q2 & H1FY26 ₹ /crores PARTICULARS Q2 FY26 Q2 FY27 Var. vs FY26 H1 FY26 H1 FY27 Var. vs FY26 Revenue from Operations 1,060 1,336 26% 2,105 2,568 22% Non- Operating Revenue 105 105 - 160 171 7% Total Revenue 1,166 1,441 24% 2,265 2,739 21% Total Expenditure 690 816 18% 1,372 1,572 15% O
Slide 41: Key Legal Entities
KEY LEGAL ENTITIES ₹ /crores ₹ /crores Op. REVENUE Op. EBITDA Op. EBITDA MARGIN Legal Entities H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 UOH Inc. – USA 435 476 15 12 3.5% 2.5% St. James Court - UK 347 375 106 101 30.6% 27.0% PIEM Hotels Ltd. 266 289 57 63 21.3% 21.8% Roots Corporation Ltd 260
Slide 42: IHCL Consolidated Balance Sheet as at September 30, 2026
IHCL CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30, 2026 ₹ /crores PARTICULARS March 2026 September 2026 Non Current Assets Fixed Assets 9,590 9,806 Right to use Assets 2,286 2,804 Goodwill 1,122 1,333 Investments 1,107 1,345 Other Non Current Assets 617 755 Cash & Cash Equivalents 4,345 4,369 Curre
Slide 43: 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 30 5,124 13 1,185 52 7,540 95 13,849 Claridges Collection 2 257 1 122 3 379 Gateway 3 211 4 1
Slide 44: Signed Inventory
SIGNED INVENTORY Owned PIPELINE Managed Total Pipeline (Standalone & Subsidiary) By Brand Hotels Keys Hotels Keys Hotels Keys Taj 6 1,200 50 9,600 56 10,800 Claridges Collection 1 100 1 100 Gateway 1 400 48 7,550 49 7,950 SeleQtions 2 200 24 2,150 26 2,350 Vivanta 22 3,350 22 3,350 Brij 9 150 1 100
Slide 45: Hotels Opened in Q2
HOTELS OPENED IN Q2 Sl No Name Brand Ownership Keys 1 Taj Palace, Lucknow Taj Management Contracts 181 2 Taj Tadoba Resort & Spa, Nagpur Taj Management Contracts 35 3 Corbett Hideaway, Jim Corbett - IHCL SeleQtions SeleQtions Management Contracts 80 4 Vivanta Gurugram Sector 95A Vivanta Management C
Slide 46: New Hotel Openings in FY27
NEW HOTEL OPENINGS IN FY27 Operational in H1 Expected to be operational in H2 Total By Brand Hotels Keys Hotels Keys Hotels Keys Taj 4 348 5 700 9 1048 Gateway 1 93 2 300 3 393 SeleQtions 3 281 6 500 9 781 Vivanta 1 160 3 800 4 960 Brij 1 20 1 20 Ginger 9 461 7 900 16 1361 Tree of Life 2 37 6 350 8
Slide 47: 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 48: Growth in Action, Resilience by Design
GROWTH IN ACTION, RESILIENCE BY DESIGN GLOBAL CONFERENCE CALL Q2FY27 21st October, 2026 47
The Indian Hotels Company — Q2 FY27 Earnings Presentation on 6ix