Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,400.00 last close on 12 Oct 2026 −0.23%
Research updated
Indian Hotels Company Ltd.
NSE: INDHOTELConsumer CyclicalLodging
- Last close
- ₹711.50
- Day change
- −₹4.15 (−0.58%)vs
- Market cap
- ₹1.03 lakh crIndian rupees
- Research updated
- 1 report
About Indian Hotels Company
Indian Hotels Company Ltd. is a prominent player in the hospitality industry. Established in 1902, it is known for operating and managing an extensive range of hotels and resorts under various brands, including the iconic Taj Hotels. The primary function of Indian Hotels Company Ltd. is to provide luxurious and comfortable accommodations and associated services, catering to both business and leisure travelers. Its offerings span multiple segments from premium hotels to budget accommodations, ensuring a broad reach across different customer demographics. With a strong presence nationwide and expanding footprints internationally, Indian Hotels Company Ltd. significantly impacts the travel and tourism sector. It plays a vital role in promoting Indian cultural heritage through its exceptional hospitality services and iconic properties, many of which are landmarks themselves. Indian Hotels’ market significance is underscored by its ability to adapt to changing consumer demands and economic climates, positioning itself as a leader in the hospitality sector. It continues to drive growth by leveraging its rich history and embracing sustainable tourism practices.
- Sector
- Consumer Cyclical
- Industry
- Lodging
- Listing
- NSE: INDHOTEL
- Chief executive
- Mr. Puneet Chhatwal
- Employees
- 20,090
- Headquarters
- Mumbai, India
- ISIN
- INE053A01029
- Website
- ihcltata.com
Public research · Report of
Business model & financial foundation
IHCL (NSE: INDHOTEL), Hotels, resorts and hospitality (owned/leased hotels, hotel management, flight catering): revenue of ₹9,689 crore in FY26 (+16.3% on FY25), an EBITDA margin of 33.0%, net profit of ₹2,084 crore and net cash of ₹4,280 crore.
- Revenue, FY26 (₹ crore)
- 9,689
- consolidated
- Revenue growth, FY26
- +16.3%
- on FY25
- EBITDA margin, FY26
- 33.0%
- EBITDA excl. other income (= IHCL Operating EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- 2,084
- to owners
- Return on equity, FY26
- 17.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,280
- Net debt (borrowings - cash & bank - current investments; negative = net cash)
- Market capitalisation (₹ crore)
- 1,07,772
- at the close of 12 Oct 2026
Company profile
IHCL, founded by Jamsetji Tata in 1899 and opening the Taj Mahal Palace in 1903, is India's largest hospitality company with ten brands (Taj, Vivanta, SeleQtions, Gateway, Ginger, Tree of Life, Brij, Atmantan, Clarks, Claridges Collection). As of 30 Sep 2026 it has 670 hotels, 390 operating and 280 in the pipeline, run under owned, leased and management contracts in India and abroad (UK, US, Middle East, Africa). Revenue comes from rooms, food and beverage, management fees, and the TajSATS flight-catering subsidiary.
| Item | Value |
|---|---|
| Legal name | The Indian Hotels Company Limited |
| Exchange and ticker | NSE: INDHOTEL; BSE: 500850 |
| ISIN | INE053A01029 |
| CIN | L74999MH1902PLC000183 |
| Sector | Consumer Discretionary |
| Industry | Hotels, resorts and hospitality (owned/leased hotels, hotel management, flight catering) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2017) |
| Market capitalisation | ₹1,07,772 crore (12 Oct 2026) |
| Shares outstanding | 142.34 crore shares (FY26) |
| Price | ₹715.7 (close, 12 Oct 2026) |
| 52-week range | ₹565.0 - ₹757.4 (to 12 Oct 2026) |
| Website | https://www.ihcltata.com |
Corporate structure and shareholding
Parent: Tata Sons Private Limited (35.66% direct; promoter group 38.12%).
| Entity | Holding | Business |
|---|---|---|
| Roots Corporation Ltd (Ginger) | 100% | Ginger lean-luxe / midscale hotels |
| Taj SATS Air Catering Ltd | 51% | Flight and institutional catering; subsidiary since Aug 2024 |
| PIEM Hotels Ltd | 58.65% | Owns Taj hotels (incl. Taj Lands End region assets) |
| Benares Hotels Ltd | 51.97% | Taj hotels in Varanasi and Gondia |
| ELEL Hotels and Investments Ltd | 100% | Sea Rock site, Mumbai (Taj Bandstand project) |
| IHOCO BV | 100% | International holding company (material subsidiary) |
| United Overseas Holding Inc | 100% | US hotels (The Pierre New York, Campton Place) |
| St James Court Hotel Ltd | 79.67% | Taj 51 Buckingham Gate / St James Court, London |
| Qurio Hospitality | 100% | Qmin / growth businesses |
| ANK Hotels / Pride Hospitality | 51% | Clarks-linked midscale portfolio acquired Dec 2025 |
| Sparsh Infratech (Atmantan) | 51.01% | Atmantan wellness resort, acquired Jan 2026 |
| Oriental Hotels Ltd (associate) | 35.86% | Listed associate; merger into IHCL announced (25 IHCL shares per 117 OHL) |
Associates and JVs include Oriental Hotels, Taj Madurai, Taida, Lanka Island Resorts, TAL Lanka, Kaveri Retreats, Taj Kerala, Taj Karnataka, Wildscapes, TAL Hotels. The 25.52% Taj GVK stake was sold Dec 2025. Brij acquisition completed Apr 2026.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 38.12% | 38.12% | 38.12% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 25.08% | 23.23% | 21.71% | |
| Domestic institutions | 20.79% | 22.70% | 24.59% | |
| of which mutual funds | 12.44% | 12.84% | 13.93% | |
| Retail | 10.84% | 10.84% | 10.58% | |
| Other | 5.17% | 5.11% | 5.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
IHCL earns from three engines. (1) Owned and leased hotels: rooms, F&B and other income. This "hotel revenue" is revenue from operations less management fees less TajSATS: Rs7,785cr in FY26, about 80% of Rs9,689cr. (2) Management fees from about 60% of operating hotels run on contract: Rs685cr in FY26, +22%, at very high margin. (3) TajSATS, the 51% flight caterer consolidated line-by-line since Jul/Aug 2024: Rs1,219cr revenue in FY26 at a 24.2% EBITDA margin. The brand ladder runs Taj, Vivanta, SeleQtions, Gateway, Ginger, Tree of Life, Brij, Atmantan and Clarks. At 30 Sep 2026 there were 670 hotels: 390 operating and 280 in the pipeline. The pipeline is 93% capital-light; the operating portfolio is 68%. IHCL controls brand, distribution (the Tata Neu loyalty programme) and its owned trophy assets (the Taj Mahal Palace on land leased from the Mumbai Port Authority). It does not control airline capacity, which drives TajSATS and foreign arrivals, or owner capex on managed hotels. Demand is highly seasonal: Q3 and Q4 carry about 38% and 35% EBITDA margin; Q1 and Q2 carry 28%.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Hotel segment (hospitality) | 8,761 | 87.8% | 3,182 | 91.5% |
| Air & Institutional Catering (TajSATS) | 1,219 | 12.2% | 295.0 | 8.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| ITC Hotels (ITCHOTELS) | Second-largest Indian luxury owner-operator, demerged from ITC; direct competitor in luxury and MICE |
| EIH Ltd (Oberoi) (EIHOTEL) | Luxury owner-operator with management contracts; closest brand peer to Taj |
| Chalet Hotels (CHALET) | Owner of upper-upscale branded hotels in Mumbai, Bengaluru, Hyderabad; same key markets |
| Lemon Tree Hotels (LEMONTREE) | Midscale owner and manager; compares with Ginger and the fee-led model |
| Juniper Hotels (JUNIPER) | Luxury owner (Hyatt-branded) in Mumbai and Delhi |
| Ventive Hospitality (VENTIVE) | Upper-upscale owner (Marriott-branded) in Pune and Maldives |
| SAMHI Hotels (SAMHI) | Upscale/midscale owner across key cities; RevPAR cycle read-across |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,918 | 5,582 | 6,769 | 8,335 | 9,689 |
| Cost of revenue (vendor classification) * | 1,501 | 2,258 | 2,564 | 3,194 | 3,719 |
| Other operating costs (vendor classification) * | 1,059 | 1,641 | 1,928 | 2,235 | 2,635 |
| EBITDA (vendor classification) * | 526.6 | 1,866 | 2,300 | 2,943 | 3,352 |
| EBIT * | 169.5 | 1,526 | 1,885 | 2,786 | 3,147 |
| Finance costs | 427.7 | 230.9 | 220.2 | 208.4 | 221.4 |
| Profit before tax * | -258.2 | 1,295 | 1,666 | 2,578 | 2,926 |
| Tax * | -35.8 | 323.2 | 463.9 | 616.8 | 730.7 |
| Profit after tax (vendor: before the non-controlling share is taken out) * | -265.0 | 1,053 | 1,330 | 2,038 | 2,247 |
| Diluted EPS (₹) * | -1.97 | 7.06 | 8.86 | 13.40 | 14.64 |
| Other income | 182.9 | 230.5 | 282.2 | ||
| Food and beverages consumed | 520.8 | 773.8 | 950.9 | ||
| Employee benefit expense and payment to contractors | 1,805 | 2,151 | 2,487 | ||
| Power and fuel | n.d. | n.d. | n.d. | ||
| Other operating and general expenses (incl. power, licence fees) | 2,286 | 2,641 | 3,057 | ||
| EBITDA excl. other income (= IHCL Operating EBITDA) | 2,157 | 2,769 | 3,195 | ||
| EBITDA as reported by IHCL (incl. other income) | 2,340 | 3,000 | 3,477 | ||
| Depreciation and amortisation | 454.3 | 518.2 | 605.2 | ||
| Exceptional items (gain +, loss -) | 0.00 | 304.8 | 275.5 | ||
| Profit attributable to owners | 1,259 | 1,908 | 2,084 | ||
| Profit attributable to non-controlling interests | 71.1 | 130.5 | 162.9 | ||
| Share of profit of associates and JVs | 128.7 | 76.8 | 52.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of the Company | 7,655 | 8,642 | 9,457 | 11,161 | 13,052 |
| Borrowings, non-current + current (excl. lease liabilities) | 3,888 | 3,139 | 260.5 | 224.7 | 51.3 |
| Cash and cash equivalents + other bank balances | 783.5 | 736.4 | 1,486 | 2,182 | 1,831 |
| Trade receivables | 255.3 | 446.4 | 476.5 | 650.9 | 726.8 |
| Inventories | 100.8 | 109.2 | 116.4 | 135.5 | 149.7 |
| Trade payables (total) | 171.0 | 239.6 | 519.4 | 578.4 | 719.8 |
| Net property, plant and equipment * | 7,239 | 0.00 | 8,110 | 9,632 | 10,381 |
| Capital work in progress * | 220.9 | 368.2 | 277.6 | 623.7 | 826.0 |
| Total assets * | 13,090 | 13,669 | 14,856 | 17,704 | 20,297 |
| Lease liabilities, non-current + current | 2,476 | 2,860 | 2,785 | ||
| Current investments (liquid) | 724.2 | 898.9 | 2,500 | ||
| Net debt (borrowings - cash & bank - current investments; negative = net cash) | -1,949 | -2,856 | -4,280 | ||
| Non-controlling interests | 672.1 | 1,255 | 1,887 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 217.2 | 1,510 | 1,935 | 2,194 | 2,471 |
| Free cash flow (vendor definition) * | 353.6 | 1,130 | 1,284 | 1,078 | 1,435 |
| Dividends paid incl. unclaimed | -52.4 | -64.4 | -154.5 | -251.8 | -342.2 |
| Purchase of capital assets (PPE, intangibles, capital advances) | -269.1 | -421.7 | -637.0 | -1,074 | -1,037 |
| Acquisition of subsidiaries / additional stake (cash outflow) | -12.0 | -17.7 | -411.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding (crore) (crore shares) | 125.60 | 142.00 | 142.34 | 142.34 | 142.34 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,826 | 2,533 | 2,425 | 2,041 | 2,041 | 2,842 | 2,765 | 2,339 |
| Cost of revenue (vendor classification) * | 696.5 | 830.0 | 823.2 | 805.8 | 918.4 | 914.1 | 898.0 | |
| Other operating costs (vendor classification) * | 628.3 | 741.4 | 745.2 | 659.3 | 847.7 | 878.5 | 768.5 | |
| EBITDA (vendor classification) * | 565.4 | 1,020 | 918.4 | 637.1 | 1,134 | 1,052 | 752.9 | |
| EBIT * | 747.8 | 886.4 | 773.9 | 494.4 | 1,259 | 884.8 | 590.3 | |
| Finance costs | 52.2 | 52.4 | 53.9 | 54.6 | 56.1 | 55.8 | 54.9 | 57.0 |
| Profit before tax (after exceptional, before associates/JVs) | 695.6 | 834.0 | 720.0 | 439.8 | 452.7 | 1,203 | 829.9 | 533.3 |
| Total tax expense | 122.4 | 220.2 | 180.0 | 120.4 | 136.5 | 269.1 | 204.7 | 142.4 |
| Profit for the period (incl. NCI) | 582.7 | 632.5 | 562.7 | 329.3 | 318.3 | 954.2 | 645.4 | 390.8 |
| Diluted EPS (₹) | 3.89 | 4.09 | 3.67 | 2.08 | 2.00 | 6.35 | 4.21 | 2.51 |
| Other income | 64.1 | 58.7 | 61.6 | 61.1 | 83.4 | 58.3 | 79.5 | 80.2 |
| Food and beverages consumed | 174.0 | 250.5 | 234.9 | 208.2 | 208.2 | 276.9 | 257.6 | 228.9 |
| Employee benefit expense and payment to contractors | 522.5 | 579.5 | 588.2 | 597.6 | 591.1 | 641.5 | 656.5 | 669.1 |
| Depreciation and amortisation | 124.9 | 133.9 | 142.0 | 142.8 | 144.7 | 150.3 | 167.4 | 162.6 |
| Other operating and general expenses (incl. power, licence fees) | 628.3 | 741.4 | 745.2 | 659.3 | 671.5 | 847.7 | 878.5 | 768.5 |
| Exceptional items (gain +, loss -) | 307.4 | 0.00 | -2.56 | 0.00 | 0.00 | 275.5 | 0.00 | 0.00 |
| Share of profit/(loss) of associates and JVs (net of tax) | 9.50 | 18.7 | 22.7 | 9.90 | 2.08 | 19.9 | 20.2 | -0.12 |
| Profit attributable to owners of the Company | 554.6 | 582.3 | 522.3 | 296.4 | 284.9 | 903.2 | 599.9 | 357.9 |
| Profit attributable to non-controlling interests | 28.1 | 50.2 | 40.4 | 33.0 | 33.3 | 51.0 | 45.6 | 32.9 |
| Power and fuel | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| EBITDA excl. other income (= IHCL Operating EBITDA) | 501.3 | 961.7 | 856.8 | 576.0 | 570.1 | 1,076 | 972.7 | 672.7 |
| EBITDA as reported by IHCL (incl. other income) | 565.0 | 1,020 | 918.0 | 637.0 | 653.0 | 1,134 | 1,052 | 753.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 95.0% | 91.3% | 21.3% | 23.1% | 16.3% |
| EBITDA margin | 31.9% | 33.2% | 33.0% | ||
| Net margin | 18.6% | 22.9% | 21.5% | ||
| Return on equity | 13.9% | 18.5% | 17.2% | ||
| Return on capital employed | 1.6% | 13.1% | 17.5% | 26.4% | 25.7% |
| Return on assets | 8.8% | 11.7% | 11.0% | ||
| Net debt (₹ crore) | -1,949 | -2,856 | -4,280 | ||
| Net debt / EBITDA | -0.90x | -1.03x | -1.34x | ||
| Interest cover | 0.40x | 6.61x | 8.56x | 13.4x | 14.2x |
| Asset turnover | 0.24x | 0.42x | 0.47x | 0.51x | 0.51x |
| Receivable days | 32 | 29 | 26 | 29 | 27 |
| Inventory days (on revenue) | 13 | 7 | 6 | 6 | 6 |
| Payable days (on revenue) | 21 | 16 | 28 | 25 | 27 |
| Cash conversion | 1.54x | 1.15x | 1.19x | ||
| Capex intensity | 9.2% | 7.6% | 9.4% | 12.9% | 10.7% |
| Free cash flow (₹ crore) | -51.9 | 1,088 | 1,298 | 1,120 | 1,435 |
| Dividend payout | 12.3% | 13.2% | 16.4% | ||
| EPS, diluted (₹) | -1.97 | 7.06 | 8.86 | 13.40 | 14.64 |
| Book value per share (₹) | 60,94,98,408 | 60,85,91,549 | 66,43,70,521 | 78,40,88,099 | 91,69,79,767 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excl. other income (= IHCL Operating EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings - cash & bank - current investments; negative = net cash).
- Net debt / EBITDA: net debt / EBITDA excl. other income (= IHCL Operating EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Indian Hotels Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Indian Hotels Company
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