Indian Hotels Co. Ltd. · NSE:INDHOTEL
Indian Hotels — The Indian Hotels Company — Q3 FY2026 Earnings Presentation
41 slides from Indian Hotels's earnings presentation, Feb 12, 2026
Slide 1: Consistent Core Performance, Building Scale with Profitability
“Consistent Core Performance, Building Scale with Profitability” GLOBAL CONFERENCE CALL Q3FY26 12th February 2026
Slide 2: 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 3: 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 4: Performance 9MFY26: Delivering on Revenue Guidance Despite Macro Headwinds
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 5: Performance: 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 6: 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 7: 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 8: 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 9: Partnership & Platforms: 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 10: Partnership & Platforms: 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 11: Prospects & Possibilities: 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 12: Growth Levers: 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 13: Growth Levers: Strong Forward Pipeline
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 14: Growth Levers: 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 15: Rendered Images
15 Rendered Images
Slide 16: 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 17: 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 18: 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 19: 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 20: Hotel Segment Performance
HOTEL SEGMENT PERFORMANCE 20
Slide 21: 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 22: 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 23: City Pulse: Q3FY26 Revenue Growth Momentum Across Key Cities
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 24: 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 25: 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 26: 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 27: Annexures
° 7 tee . ° aT 27 TAJ CiarivceS BRU a SELEQTIONS CLARKS GATEWAY VIVANTA GINGER TREEOFLIFE ama Qmin rw INCL “COLLECTION. srmantan
Slide 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 FY2026 Earnings Presentation on 6ix