Indian Hotels Co. Ltd. · NSE:INDHOTEL
Indian Hotels — The Indian Hotels Company — Q2 FY26 Earnings Presentation
44 slides from Indian Hotels's earnings presentation, Nov 4, 2025
Slide 1: Analyst Presentation cover letter to exchanges
November 4, 2025 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: 50
Slide 2: Expanding Footprint, Deepening Impact
“Expanding Footprint, Deepening Impact” GLOBAL CONFERENCE CALL Q2FY26 4th November, 2025 1
Slide 3: Quarter at a Glance: Steady Performance & Strong Fundamentals
QUARTER AT A GLANCE STEADY PERFORMANCE & STRONG FUNDAMENTALS 1 2 3 4 Significant Quarter of Key Accelerated Signings Strategic Renovations Out of Milestones & Openings Partnerships Window 10 5 Confident on Double Digit Revenue 14th Consecutive Best Growth Guidance for FY26 backed by Ever Quarter Des
Slide 4: Milestones That Marked the Quarter
1 MILESTONES THAT MARKED THE QUARTER ALL PERMISSIONS FOR COMMENCEMENT OF CONSTRUCTION RECEIVED EXCAVATION WORKS COMMENCED 3
Slide 5: Milestones That Marked the Quarter: 75th Ginger Hotel
1 MILESTONES THAT MARKED THE QUARTER 75th OPERATIONAL GINGER HOTEL AT EKTA NAGAR (151 KEYS) 4
Slide 6: Milestones That Marked the Quarter: Vivanta Ekta Nagar
1 MILESTONES THAT MARKED THE QUARTER VIVANTA EKTA NAGAR (127 KEYS) 75th UPSCALE / UPPER UPSCALE OPERATIONAL HOTEL 5
Slide 7: The Chambers Legacy Celebrating 50 Years
1 THE CHAMBERS LEGACY CELEBRATING 50 YEARS MILESTONE FULLY RENOVATED CHAMBERS AT THE TAJ MAHAL PALACE, MUMBAI 6
Slide 8: Milestones That Marked the Quarter: 250th Operational Hotel
1 MILESTONES THAT MARKED THE QUARTER 250th OPERATIONAL HOTEL – GATEWAY GOA, PALOLEM 7
Slide 9: Accelerated Growth: Continued Momentum of Signings & Openings
2 ACCELERATED GROWTH CONTINUED MOMENTUM OF SIGNINGS & OPENINGS IN H1 Signing (No. of Hotels) Sales & Distribution agreement for Tree of Sales & Distribution Opening (No. of Hotels) Life properties 74 agreement for Brij & UP hotels 53 +14 46 Tree +14 36 34 Brij & UP +14 hotels 26 Tree of 26 +14 16 39
Slide 10: Leading the Pack: India's Largest Hospitality Network
2 LEADING THE PACK IHCL - INDIA’S LARGEST HOSPITALITY NETWORK 268 Operating hotels, Pipeline of 167 hotels 137 108 52 52 40 23 20 3 435 Hotels 50,000+ Keys 200+ Locations Closure of Clarks deal to add another 135 Hotels , 6,800 keys to above IHCL Portfolio As on 30th Sep. 2025 9
Slide 11: Partnering for Leadership: Unlocking Next Phase of Midscale Growth
3 PARTNERING FOR LEADERSHIP UNLOCKING NEXT PHASE OF MIDSCALE GROWTH Domestic Dominance Portfolio of 240+ Hotels Presence in 29 States & UTs Ginger (75 Operational) Across Ginger (33 Pipeline) 150+ locations Clarks Portfolio (135 Hotels ANK + Pride) Deal expected to close in Q3FY26 Integration planni
Slide 12: Partnership Power: Multi Asset Distribution & Management Tie-ups
3 PARTNERSHIP POWER MULTI ASSET DISTRIBUTION & MANAGEMENT TIE-UPs 20 15 10 HOTELS HOTELS HOTELS Boutique Hotels at Taj, SeleQtions and Ginger Hotels in South Leisure locations Tree of Life India Testament of Partners confidence & Brand Equity 11
Slide 13: Asset Management in H1: Significant Renovations Out of Window
4 ASSET MANAGEMENT IN H1 SIGNIFICANT RENOVATIONS OUT OF WINDOW 115 KEYS Completion Oct-Nov’25 44 KEYS 76 KEYS Chambers, Rooms, Completed Sep-25 Completed Oct-25 Common Areas Ongoing 15 KEYS Completed Oct-25 22 KEYS 17 KEYS 15 KEYS Completed Oct-25 Completed Oct-25 Completed Oct-25 Investing ₹250+ Cr
Slide 14: Hospitality Industry Faced Temporary Headwinds
5 HOSPITALITY INDUSTRY FACED TEMPORARY HEADWINDS • Please design to make it aesthetically better • Can consider using a good background image with a new design 1 2 3 4 Short-term Higher than High Base Effect – Q2 LY Headwinds usual rainfall & had higher auspicious Domestic Air Travel Geo-Political d
Slide 15: IHCL Consolidated Results Q2FY26
5 IHCL CONSOLIDATED RESULTS Q2FY26 DELIVERING OUR 14TH BEST EVER QUARTER Q2 Revenue EBITDA OP. EBITDA & Growth YoY REVENUE EBITDA OP. REVENUE PAT (1) MARGIN MARGIN CONSOLIDATED# ₹ 2,124 Cr ₹ 653 Cr 30.8% ₹ 2,041 Cr 27.9% ₹ 285 Cr ↑ 12% ↑ 16% ↑0.9 pp ↑ 12% ↑0.5 pp ↑ 15% Margin Expansion on ₹ 1,839 Cr
Slide 16: IHCL Consolidated Results H1FY26
5 IHCL CONSOLIDATED RESULTS H1FY26 SUSTAINING THE GROWTH TRAJECTORY H1 Revenue EBITDA OP. EBITDA & Growth YoY REVENUE EBITDA OP. REVENUE PAT (1) MARGIN MARGIN CONSOLIDATED# ₹ 4,226 Cr ₹ 1,291 Cr 30.5% ₹ 4,082 Cr 28.1% ₹ 581 Cr ↑ 21% ↑ 22% ↑0.1 pp ↑ 21% ↓ 0.1 pp ↑ 17% Margin Expansion on ₹ 3,653 Cr ₹
Slide 17: Management Fee Growth: Asset Light Momentum Continues
6 MANAGEMENT FEE GROWTH ASSET LIGHT MOMENTUM CONTINUES MANAGEMENT FEE NET UNIT GROWTH (IHCL Consol) No. of Managed Hotel Rooms (1) (1) ₹/ Crs 15,353 259 13,671 214 H1FY25 H1FY26 Sep-24 Sep-25 Management fee growth at high teens CAGR on back of strong Asset Light growth (1) Excludes inventory additio
Slide 18: New Business: High-Potential Growth Brands All Set to Scale Up
7 NEW BUSINESS HIGH-POTENTIAL GROWTH BRANDS ALL SET TO SCALE UP New Business Revenue IHCL Consol. (₹ Cr) 75 Operational 33 In Pipeline Ginger EBITDAR Hotels Margin 42% 324 265 7% Ginger RevPAR 157 Operational 174 In LFL growth Bungalows Pipeline 25% F&B growth Led by Qminisation 18 Operational 5 In
Slide 19: Key Greenfields on Balance Sheet Operational This Year
8 KEY GREENFIELDS ON BALANCE SHEET OPERATIONAL THIS YEAR Taj Hotel Hessischer Hof, Ginger Dehradun Ginger Ekta Nagar Vivanta Ekta Nagar Frankfurt Opened in May-25 Opened in Oct-25 Opened in Oct-25 To open in Q4FY26 72 KEYS 151 KEYS 127 KEYS 126 KEYS Developing New Destinations On track to open 30 ho
Slide 20: Key Projects on Balance Sheet: High Yielding Brownfields
8 KEY PROJECTS ON BALANCE SHEET HIGH YIELDING BROWNFIELDS Existing Inventory Existing Inventory Statistics Statistics (Full year FY25) (Full year FY25) 85%+ Occupancy 85%+ Occupancy ARR - ₹ 16,000 ARR - ₹ 10,500 Expansion at Taj Ganges Expansion at Lucknow To open in Q4FY26 Expected by 2027 Adding 1
Slide 21: Upcoming Key Projects on Balance Sheet
8 UPCOMING KEY PROJECTS ON BALANCE SHEET BUILDING FUTURE COMPETITIVE ADVANTAGE Taj at Lakshadweep Taj at Shiroda Taj at Ranchi ~180 Keys ~300 Keys ~200 Keys Taj Bandstand Gateway at Aguada Taj Pushpabanta ~450 Keys Ginger Goa MOPA Plateau Palace, Agartala ~275 Keys 110 Keys 100 Keys Well funded cape
Slide 22: Industry Leading Return Ratios Led by Focused Investments
9 INDUSTRY LEADING RETURN RATIOS LED BY FOCUSED INVESTMENTS Return on Average Capital Employed (1) Return on Average Equity (2) 1.6pp 17.3% 0.7pp 15.7% 14.8% 15.5% Sep-24 Sep-25 Sep-24 Sep-25 (1) RoCE is pre-tax total TTM EBIT divided by average Capital employed (2) TTM PAT excludes one off exceptio
Slide 23: Consistent Growth in Demand, Limited Supply in Key Cities
10 CONSISTENT GROWTH IN DEMAND, LIMITED SUPPLY IN KEY CITIES INDUSTRY TAILWINDS CONTINUE Industry Demand Outpaced Supply in H1FY26... …& Long term Supply CAGR expected to Lag Demand Supply Demand 2,50,000K 7.7% All India (Active Pipeline) 2,00,000K 8% 204K 188K 1,50,000K 4.6% 10.6% Key Business Othe
Slide 24: We Remain Confident of Double Digit Revenue Growth for the Year
10 WE REMAIN CONFIDENT OF DOUBLE DIGIT REVENUE GROWTH FOR THE YEAR 18 Hotels Closure & Renovated Assets Expected to Consolidation of back in operation Open in H2 Clarks deal with high yield (incl. 3 Owned) Structural Tailwinds for Travel & Tourism Industry expected to continue High Profile MICE Wedd
Slide 25: Upcoming MICE Activities to Drive Momentum in H2
10 UPCOMING MICE ACTIVITIES TO DRIVE MOMENTUM IN H2 PRESTIGIOUS EXHIBITIONS GLOBAL SUMMITS GLOBAL SPORTS EVENTS International Music Concerts Key Medical Conferences High Profile Heads of State visits Bharat Mandapam, Pragati T20 World cup Hyderabad | January-26 Maidan, New Delhi | Feb / Mar-26 Febru
Slide 26: Hotel Segment
HOTEL SEGMENT 9 _ ~ 9 a 25 TAJ — GArIDGES SELEQTIONS GATEWAY VIVANIA GINGER TREEOFLIFE ama min we INCL
Slide 27: Hotel Segment: Diversified Revenue Streams Driving Growth
HOTEL SEGMENT DIVERSIFIED REVENUE STREAMS DRIVING GROWTH CONSOL YoY CHG STANDALONE YoY CHG Revenue Streams Revenue Streams H1FY26 H1FY26 Room ₹ 1,792 Cr ↑ 9% Room ₹ 898 Cr ↑ 2% Food & Beverage ₹ 1,177 Cr ↑ 7% Food & Beverage ₹ 724 Cr ↑ 9% Other operating ↑ 10% Other operating ↑ 10% ₹ 284 Cr ₹ 240 Cr
Slide 28: H1 RevPAR Performance Growing All Segments, Led by Taj
H1 REVPAR PERFORMANCE GROWING ALL SEGMENTS, LED BY ‘TAJ’ Growth ↑ 9% YoY ↑ 9% 15,800 ↑ 7% RevPAR 10,300 ↑ 7% (₹/Night) 6,350 2,450 Upper Upscale / Upscale Consol. LFL Hotels (RevPAR ₹/Night) Revenue Share (of IHCL Consol Hotels Op. revenue ) 80% 11% 9% Statistics data LFL For Consolidated Hotels exc
Slide 29: City Pulse RevPAR H1
CITY PULSE REVPAR H1 STRONG OCCUPANCIES, COMMANDING PREMIUM Occupancies 84% 78% 75% 76% 83% 78% 45% 75% 68% RevPAR 2% Growth YoY 5% 0% 14% 12% 10% 9% 8% 17% IHCL Enterprise RevPAR 11,500 9,000 7,650 6,200 6,100 7,800 7,700 9,100 7,000 (₹ / Night) Mumbai Delhi Bengaluru Chennai Kolkata Hyderabad Raja
Slide 30: Strong F&B Growth Driven by Our Bouquet of Offerings
STRONG F&B GROWTH DRIVEN BY OUR BOUQUET OF OFFERINGS Soulinaire now in Mumbai & ‘LOYA’ operating +15% growth YoY in Bengaluru at Full scale Banquet revenue (On Location Catering) (Taj Mahal Palace & Tower, Mumbai) (Driven by Weddings & MICE) Share of F&B revenue is 40% (IHCL standalone hotels exclud
Slide 31: 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 21.6% 21.4% 29.3% 30.0% 5.3% 4.7% 237 252 942 1,053 169 166 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 License Fees Other
Slide 32: Room Revenue Customer Segments & Channel Mix H1
ROOM REVENUE CUSTOMER SEGMENTS & CHANNEL MIX H1 220 bps increase from PY Leisure Crew Website 5% 3% 18% Long Stay 3% Hotel Reservation MICE (HRO) Transient 19% 59% Alternate Distribution System 45% (Online Travel Agents/ADS) 23% Corporate Global Distribution 11% System Central Reservation (Call Cent
Slide 33: Tata Neu Enhancing Customer Loyalty
TATA NEU ENHANCING CUSTOMER LOYALTY POINTS EARNING REVENUE TATA NEU APP REVENUE ~₹ 1,100 Crore ~₹ 150 Crore 15% Growth YoY* +52% Growth vs. PY Loyalty Points earning Revenue contribution to eligible Enterprise revenue Total Members 21% 13 Mn. 2x As on 31st Oct-25 In 1 year 100 bps Growth YoY New Tie
Slide 34: Paathya Targets Update H1 FY26
PAATHYA TARGETS UPDATE H1 FY26 UPDATE Waste 100% operating hotels will have an 74 hotels have bottling plants to organic waste management system eliminate use of single-use plastic bottles Water 51% 100% water recycling water recycled Energy 41% 2030 Goals 50% energy use to be Renewable energy from
Slide 35: Annexures
INCL o = < a 34 TAJ = GARIDGES SELEQTIONS GATEWAY VIVANIA GINGER TREEOFLIFE alma
Slide 36: Consolidated P&L Q2 & H1FY26
CONSOLIDATED P&L Q2 & H1FY26 ₹ /crores Particulars Q2FY25 Q2FY26 Var % H1FY25 H1FY26 Var % Revenue from Operations 1,826 2,041 12% 3,376 4,082 21% Non- Operating Revenue 64 83 30% 110 144 31% Total Revenue 1,890 2,124 12% 3,486 4,226 21% Total Expenditure 1,325 1,471 11% 2,425 2,936 21% EBITDA 565 6
Slide 37: IHCL Consolidated Balance Sheet as at September 30, 2025
IHCL CONSOLIDATED BALANCE SHEET AS AT SEPTEMBER 30, 2025 ₹ /crores Particulars (₹) March 2025 September 2025 Non Current Assets Fixed Assets 8,293 8,711 Right to use Assets 2,547 2,574 Goodwill 711 734 Investments 1,380 1,388 Other Non Current Assets 603 730 Cash & Cash Equivalents (1) 3,073 2,847 C
Slide 38: Standalone P&L Q2 & H1FY26
STANDALONE P&L Q2 & H1FY26 ₹ /crores Particulars Q2FY25 Q2FY26 Var % H1FY25 H1FY26 Var % Revenue from Operations 1,035 1,060 2% 1,967 2,105 7% Non-Operating Revenue 90 105 17% 130 160 23% Total Revenue 1,125 1,166 4% 2,097 2,265 8% Total Expenditure 691 690 0% 1,295 1,372 6% EBITDA 434 476 10% 802 8
Slide 39: Key Legal Entity
₹ /crores KEY LEGAL ENTITY ₹ /crores REVENUE EBITDA EBITDA MARGIN Legal Entities H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 UOH Inc. - USA 381 435 (0) 15 -0.1% 3.5% UK Entities 321 348 99 107 30.7% 30.8% PIEM Hotels Ltd. 261 276 59 67 22.5% 24.2% Benares Hotels Ltd. 50 52 21 22 42.9% 41.4% Oriental H
Slide 40: 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 4,890 17 1,970 43 6,446 89 13,306 Claridges Collection 2 257 1 122 3 379 Gateway 3 285 4 1
Slide 41: Signed Pipeline
SIGNED PIPELINE Owned PIPELINE Managed Total Pipeline (Standalone & Subsidiary) Hotels Keys Hotels Keys Hotels Keys Taj 5 800 43 7,400 48 8,200 Gateway 28 3,800 28 3,800 SeleQtions 1 50 18 1,670 19 1,720 Vivanta 1 130 22 3,300 23 3,430 Tree of Life 3 60 2 40 5 100 95%+ of pipeline Ginger 26 3,000 8
Slide 42: Hotels Opened
HOTELS OPENED Sl No Name Brand Ownership Inventory 1 Taj Alibaug Taj Management Contracts 156 2 The Claridges Claridges Collection Management Contracts 122 3 Bangaram Islands, Lakshadweep - IHCL SeleQtions SeleQtions Management Contracts 60 4 Coral Pearl, Lakshadweep -IHCL SeleQtions SeleQtions Mana
Slide 43: 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 44: Expanding Footprint, Deepening Impact
“Expanding Footprint, Deepening Impact” GLOBAL CONFERENCE CALL Q2FY26 4th November, 2025 43
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