Indian Hotels Co
Indian Hotels Co
Leisure Services F&OKey Fundamentals
MidcapHotels & ResortsLeisure ServicesTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company has delivered good profit growth of 31.6% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 19.6%
Weaknesses
1- Stock is trading at 7.84 times its book value
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoIndian Hotels Co Ltd, operator of the Taj brand, commands a market cap of ~₹1,00,978 Cr at a PE of 44.4x and PB of 7.86x. The company has delivered strong compounded profit growth of 32% CAGR over 5 years with TTM sales growth of 13%, though the stock has declined 8% over the past year after a sharp multi-year rally.
- Strong 5-year compounded profit CAGR of 32%, reflecting significant margin expansion and operational turnaround from pre-COVID levels
- Healthy 5-year compounded sales CAGR of 44%, indicating robust top-line recovery and organic growth across the hotel portfolio
- 3-year ROE of 14% demonstrates improving capital efficiency and consistent return generation for shareholders
- TTM revenue growth of 13% suggests continued momentum in domestic and inbound travel demand even on a high base
- 10-year compounded profit CAGR of 25% highlights long-term earnings compounding ability through economic cycles
- Consistent dividend payout ratio of 19.6% signals management confidence in sustaining free cash flows
- 10-year stock CAGR of 20% reflects long-term wealth creation and market re-rating of the hospitality franchise
- PE of 44.4x is elevated for a hospitality company, pricing in significant future growth and leaving limited margin of safety
- PB of 7.86x is well above historical averages for asset-heavy hotel businesses, raising valuation stretch concerns
- Stock has declined 8% over the past 1 year, underperforming broader indices and signaling potential momentum fatigue
- TTM sales growth has decelerated to 13% from the 3-year CAGR of 19%, suggesting the post-COVID recovery tailwind is fading
- TTM profit growth of 13% has slowed sharply from the 5-year CAGR of 32%, indicating margin expansion may be plateauing
- Dividend yield of just 0.45% offers minimal income return relative to the elevated valuation multiples
- 10-year compounded sales CAGR of only 9% reveals that the underlying long-term top-line growth rate is modest outside the COVID recovery period
- 5-year ROE of 12% and 10-year ROE of 8% show that the current 14% ROE is a relatively recent improvement, and durability remains unproven over a full cycle
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Oriental Hotels merger adds keys Aug 26
IHCL approved an all-stock merger with Oriental Hotels Ltd, adding 825 keys to its portfolio. The deal is expected to be earnings-accretive from year one, strengthening presence in Tamil Nadu, Karnataka, and Kerala.
- Festive bookings up 10-15% Sep 9
Indian hotels including IHCL are reporting 10-15% higher festive season bookings versus the prior year, driven by rising room rates and experience-led travel demand.
- September investor meetings scheduled Aug 27
IHCL has scheduled analyst and institutional investor meetings in September 2026 with Ashwamedh, UBS, and Jefferies.
TL;DR: IHCL is on a solid footing with no visible headwinds in recent news. The Oriental Hotels merger adds 825 keys and immediate earnings accretion, while festive season bookings are trending 10-15% higher on rising room rates. Active investor engagement signals confidence in the growth narrative. The near-term outlook is constructive, with inorganic expansion and strong demand trends reinforcing a bullish trajectory.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,466 | 1,433 | 1,964 | 1,905 | 1,550 | 1,826 | 2,533 | 2,425 | 2,041 | 2,041 | 2,842 | 2,765 | 2,339 |
| Expenses | 1,056 | 1,078 | 1,231 | 1,246 | 1,101 | 1,325 | 1,571 | 1,568 | 1,465 | 1,471 | 1,766 | 1,793 | 1,666 |
| Operating Profit | 410 | 355 | 732 | 660 | 450 | 501 | 962 | 857 | 576 | 570 | 1,076 | 973 | 673 |
| OPM % | 28% | 25% | 37% | 35% | 29% | 27% | 38% | 35% | 28% | 28% | 38% | 35% | 29% |
| Other Income | 49 | 48 | 40 | 46 | 46 | 371 | 59 | 59 | 61 | 83 | 334 | 79 | 80 |
| Interest | 57 | 59 | 53 | 52 | 50 | 52 | 52 | 54 | 55 | 56 | 56 | 55 | 57 |
| Depreciation | 109 | 111 | 114 | 120 | 117 | 125 | 134 | 142 | 143 | 145 | 150 | 167 | 163 |
| PBT | 294 | 232 | 605 | 535 | 328 | 696 | 834 | 720 | 440 | 453 | 1,203 | 830 | 533 |
| Tax % | 28% | 31% | 28% | 26% | 29% | 18% | 26% | 25% | 27% | 30% | 22% | 25% | 27% |
| Net Profit | 236 | 179 | 477 | 438 | 260 | 583 | 633 | 563 | 329 | 318 | 954 | 645 | 391 |
| EPS in Rs | 1.57 | 1.18 | 3.18 | 2.93 | 1.75 | 3.9 | 4.09 | 3.67 | 2.08 | 2 | 6.35 | 4.21 | 2.51 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,189 | 4,023 | 4,021 | 4,104 | 4,512 | 4,463 | 1,575 | 3,056 | 5,810 | 6,769 | 8,335 | 9,689 | 9,987 |
| Expenses | 3,762 | 3,411 | 3,411 | 3,432 | 3,682 | 3,496 | 1,937 | 2,651 | 4,005 | 4,609 | 5,565 | 6,493 | 6,696 |
| Operating Profit | 427 | 612 | 610 | 671 | 830 | 968 | -362 | 405 | 1,805 | 2,160 | 2,769 | 3,196 | 3,291 |
| OPM % | 10% | 15% | 15% | 16% | 18% | 22% | -23% | 13% | 31% | 32% | 33% | 33% | 33% |
| Other Income | -193 | -43 | 44 | 83 | 90 | 173 | 325 | 171 | 142 | 181 | 535 | 557 | 577 |
| Interest | 176 | 376 | 324 | 269 | 190 | 341 | 403 | 428 | 236 | 220 | 208 | 221 | 224 |
| Depreciation | 291 | 285 | 299 | 301 | 328 | 404 | 410 | 406 | 416 | 454 | 518 | 605 | 625 |
| PBT | -232 | -91 | 31 | 184 | 402 | 396 | -850 | -258 | 1,295 | 1,666 | 2,578 | 2,926 | 3,019 |
| Tax % | 49% | 99% | 372% | 66% | 39% | 11% | -18% | -14% | 25% | 28% | 24% | 25% | — |
| Net Profit | -347 | -203 | -46 | 104 | 296 | 364 | -796 | -265 | 1,053 | 1,330 | 2,038 | 2,247 | 2,309 |
| EPS in Rs | -3.51 | -1.75 | -0.48 | 0.76 | 2.17 | 2.68 | -5.45 | -1.74 | 7.06 | 8.85 | 13.4 | 14.64 | 15.07 |
| Div. Payout % | 0% | -13% | -55% | 47% | 21% | 17% | -7% | -23% | 14% | 20% | 17% | 22% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 81 | 99 | 99 | 119 | 119 | 119 | 119 | 142 | 142 | 142 | 142 | 142 |
| Reserves | 2,146 | 2,481 | 2,419 | 4,062 | 4,229 | 4,238 | 3,530 | 6,920 | 7,840 | 9,314 | 11,018 | 12,910 |
| Borrowings | 5,074 | 4,526 | 3,383 | 2,427 | 2,326 | 4,501 | 5,518 | 3,888 | 3,139 | 2,736 | 3,084 | 2,837 |
| Other Liabilities | 2,582 | 2,691 | 2,698 | 2,706 | 2,840 | 2,584 | 2,268 | 2,052 | 2,391 | 2,541 | 3,371 | 4,332 |
| Total Liabilities | 9,884 | 9,797 | 8,599 | 9,314 | 9,514 | 11,442 | 11,435 | 13,002 | 13,512 | 14,733 | 17,616 | 20,221 |
| Fixed Assets | 6,299 | 6,762 | 5,815 | 6,163 | 6,422 | 8,059 | 8,438 | 8,415 | 8,819 | 9,311 | 10,918 | 12,210 |
| CWIP | 306 | 290 | 223 | 197 | 116 | 244 | 165 | 194 | 332 | 256 | 633 | 787 |
| Investments | 1,587 | 1,515 | 1,244 | 1,511 | 1,335 | 1,427 | 1,483 | 1,967 | 1,891 | 2,261 | 2,279 | 3,606 |
| Other Assets | 1,692 | 1,231 | 1,317 | 1,443 | 1,641 | 1,712 | 1,349 | 2,426 | 2,470 | 2,905 | 3,786 | 3,617 |
| Total Assets | 9,884 | 9,797 | 8,599 | 9,314 | 9,514 | 11,442 | 11,435 | 13,002 | 13,512 | 14,733 | 17,616 | 20,221 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 495 | 619 | 535 | 492 | 711 | 823 | -319 | 672 | 1,619 | 1,935 | 2,194 | 2,471 |
| Investing | -726 | 341 | 848 | -521 | -387 | -497 | -118 | -1,641 | -138 | -1,208 | -1,869 | -1,346 |
| Financing | 491 | -1,196 | -1,381 | 96 | -343 | -265 | 280 | 1,659 | -1,528 | -985 | -547 | -976 |
| Net Cash Flow | 260 | -237 | 1 | 67 | -19 | 62 | -157 | 689 | -47 | -257 | -222 | 149 |
| Free Cash Flow | 184 | 253 | 954 | -13 | 251 | 511 | -506 | 387 | 1,191 | 1,302 | 1,133 | 1,444 |
| CFO/OP | 121 | 116 | 102 | 95 | 110 | 106 | 95 | 152 | 104 | 104 | 100 | 98 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 26 | 22 | 25 | 29 | 26 | 24 | 51 | 30 | 28 | 26 | 28 | 27 |
| Inventory Days | 85 | 80 | 81 | 83 | 73 | 92 | 236 | 143 | 84 | 82 | 64 | 57 |
| Days Payable | 273 | 286 | 294 | 330 | 294 | 383 | 807 | 550 | 368 | 364 | 273 | 276 |
| Cash Conversion Cycle | -162 | -184 | -189 | -217 | -195 | -268 | -520 | -376 | -256 | -257 | -180 | -191 |
| Working Capital Days | -66 | -166 | -114 | -69 | -112 | -99 | -555 | -165 | -84 | -61 | -40 | -37 |
| ROCE % | 4% | 5% | 5% | 6% | 8% | 7% | -6% | 1% | 13% | 15% | 17% | 17% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY01–FY27.
Documents
Frequently Asked Questions about Indian Hotels Co
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Company Information
IHCL is one of India’s leading hospitality companies. IHCL and its subsidiaries comprise diversified portfolio across luxury, upscale/upper upscale and lean luxury/midscale segments. IHCL’s operations are spread across four continents, 12 countries and over 100 cities.[1]
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