Titan Company Limited
NSE: TITAN
Consumer Cyclical · Luxury Goods
₹4,299.70 last close on 23 Oct 2026 −1.16%
Research updated
ITC Hotels Ltd.
NSE: ITCHOTELSConsumer CyclicalResorts & Casinos
- Last close
- ₹156.25
- Day change
- −₹5.58 (−3.45%)vs
- Market cap
- ₹32,677 crIndian rupees
- Research updated
- 1 report
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About ITC Hotels
ITC Hotels Ltd. is an integral entity within the hospitality segment, focusing primarily on providing luxury accommodation services across India. The company is recognized for its commitment to sustainability and eco-friendly practices, distinguishing itself with signature programs that emphasize responsible luxury. With a portfolio that includes premium and luxury hotels, ITC Hotels Ltd. impacts travel, tourism, and business sectors by offering services designed for both leisure and corporate clientele. As part of the diversified ITC Limited conglomerate, it plays a significant role in promoting India's tourism industry while contributing to economic development through job creation and investment in local communities. ITC Hotels Ltd. highlights its reputation through a focus on Indian hospitality traditions, modern amenities, and a personalized guest experience, positioning itself as a leader in the broader hospitality market.
- Sector
- Consumer Cyclical
- Industry
- Resorts & Casinos
- Listing
- NSE: ITCHOTELS
- Next results
- Employees
- 3,038
- Headquarters
- Gurugram, India
- ISIN
- INE379A01028
- Website
- itchotels.com
Public research · Report of
Business model & financial foundation
ITC Hotels (NSE: ITCHOTELS), Hotels, resorts and branded residences: revenue of ₹4,139 crore in FY26 (+16.3% on FY25), an EBITDA margin of 34.4%, net profit of ₹816.9 crore and net cash of ₹2,521 crore.
- Revenue, FY26 (₹ crore)
- 4,139
- consolidated
- Revenue growth, FY26
- +16.3%
- on FY25
- EBITDA margin, FY26
- 34.4%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 816.9
- to owners
- Return on equity, FY26
- 7.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,521
- Borrowings plus leases less cash, deposits and treasury investments
- Market capitalisation (₹ crore)
- 31,951
- at the close of 15 Oct 2026
Company profile
ITC Hotels is India's second-largest listed hotel company by market value, demerged from ITC Limited in January 2025. It owns luxury hotels (ITC Maurya, ITC Grand Chola, ITC Maratha, ITC Ratnadipa Colombo and others) and manages hotels for owners under the ITC Hotels, Mementos, Epiq Collection, Welcomhotel, Storii and Fortune brands — 156 operating hotels and 14,372 keys at 30 June 2026, about 40% owned and 60% managed by keys. Revenue comes from rooms (about half), food and beverage (about 40%), management fees and, from FY26, the sale of Sapphire Residences apartments in Colombo.
| Item | Value |
|---|---|
| Legal name | ITC Hotels Limited |
| Exchange and ticker | NSE: ITCHOTELS; BSE: 544325 |
| ISIN | INE379A01028 |
| Sector | Consumer Discretionary |
| Industry | Hotels, resorts and branded residences |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S. R. Batliboi & Co. LLP |
| Market capitalisation | ₹31,951 crore (15 Oct 2026) |
| Shares outstanding | 208.30 crore shares (FY26) |
| Price | ₹156.9 (close, 15 Oct 2026) |
| 52-week range | ₹137.3 - ₹226.6 (to 15 Oct 2026) |
| Website | https://www.itchotels.com |
Corporate structure and shareholding
Parent: ITC Limited (promoter, 39.85% at 31 Mar 2026).
| Entity | Holding | Business |
|---|---|---|
| WelcomHotels Lanka (Private) Limited | 100% | Owns ITC Ratnadipa, Colombo and Sapphire Residences branded apartments |
| Srinivasa Resorts Limited | 68% | Owns ITC Kakatiya, Hyderabad |
| Fortune Park Hotels Limited | 100% | Fortune brand hotel management |
| Bay Islands Hotels Limited | 100% | Hotel property company (Andamans) |
| Landbase India Limited | 100% | Classic Golf & Country Club, golf and ancillary services |
| International Travel House Limited (associate) | 48.96% | Listed travel and car-rental services associate |
| Gujarat Hotels Limited (associate) | 45.78% | Listed associate owning Welcomhotel Vadodara |
| Maharaja Heritage Resorts Limited (JV) | 50% | Heritage hotels JV with Jodhana Heritage Resorts |
| Zuri Hotels & Resorts Private Limited | 100% | Zuri Kumarakom resort (72 keys), acquired FY27; EV Rs205 cr, equity consideration up to Rs175 cr |
| GHK Hospitality & Infrastructures Limited | 100% | Welcomhotel Ahmedabad (130 keys), acquired 1 Sep 2026 for EV Rs155 cr |
Demerged from ITC Limited effective 1 Jan 2025; listed Jan 2025. FY24 comparatives are a part-period (28 Jul 2023 - 31 Mar 2024) prepared as if the demerger applied from incorporation, unaudited.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 39.85% | 39.85% | 39.85% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 16.09% | 14.57% | 11.61% | |
| Domestic institutions | 21.13% | 21.46% | 23.98% | |
| of which mutual funds | 4.68% | 4.67% | 6.69% | |
| Retail | 22.91% | 24.10% | 24.53% | |
| Other | 0.02% | 0.02% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ITC Hotels was demerged from ITC Limited with effect from 1 Jan 2025 and listed in January 2025. It runs 156 operating hotels with 14,372 keys (30 Jun 2026); 40% of keys are owned and 60% managed. Revenue comes from four streams:
- Owned-hotel rooms: FY26 Rs1,985.92 cr.
- Food and beverage: FY26 Rs1,535.04 cr, with banquets and weddings the main part.
- Management fees: FY26 Rs172.97 cr, from managed and franchised hotels.
- Other: FY26 Rs234.58 cr.
On top of these, FY26 carried a finite real-estate project, the Sapphire Residences in Colombo, at Rs210.89 cr.
What it does not control: inbound travel, conflict shocks such as West Asia, input costs, and the Sri Lankan rupee. Treasury income on net cash of about Rs2,520 cr at FY26 adds Rs191.94 cr of other income.
| Segment | external revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share | sapphire project revenue, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Hotels | 3,860 | 93.9% | 943.3 | 92.2% | ||
| Real Estate (Branded Residences) | 210.9 | 5.1% | 63.7 | 6.2% | 211.0 | 100.0% |
| Others (golf) | 38.4 | 0.9% | 16.5 | 1.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| The Indian Hotels Company (INDHOTEL) | Largest listed luxury/upscale operator with an owned plus managed (asset-right) mix; closest strategic comparator |
| EIH Limited (EIHOTEL) | Oberoi/Trident luxury owner-operator; ITC Ltd also holds a stake; owned-heavy luxury peer |
| The Leela Palaces Hotels & Resorts (THELEELA) | Luxury palace-hotel owner-operator listed 2025; competes in same luxury micro-markets |
| Chalet Hotels (CHALET) | Owner of upscale business hotels in Mumbai, Bengaluru, Hyderabad; Marriott branded; similar markets |
| Juniper Hotels (JUNIPER) | Hyatt-branded luxury/upscale owner in Delhi and Mumbai |
| Ventive Hospitality (VENTIVE) | Luxury and upper-upscale hotel owner (Pune, Maldives), listed Dec 2024 |
| Lemon Tree Hotels (LEMONTREE) | Midscale owner plus large managed/franchise business; asset-light fee model comparator |
Financial databook
| Profit and loss (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 2,224 | 3,560 | 4,139 |
| Cost of revenue (vendor classification) * | 1,193 | 1,299 | |
| Other operating costs (vendor classification) * | 1,029 | 1,259 | |
| EBITDA (vendor classification) * | 1,290 | 1,610 | |
| Operating EBIT excluding other income and exceptional items | 548.3 | 808.5 | 1,007 |
| Finance costs | 4.64 | 6.64 | 7.93 |
| Profit before tax including associate and JV share | 564.7 | 884.1 | 1,123 |
| Income tax expense | 140.9 | 246.4 | 301.7 |
| Profit after tax including non-controlling interests | 423.9 | 637.6 | 821.3 |
| Diluted EPS (₹) | 2.03 | 3.05 | 3.92 |
| Food and beverage consumption plus real estate development cost | 209.4 | 363.2 | 512.8 |
| Employee benefits expense | 423.7 | 692.5 | 782.9 |
| Other operating expenses | 841.6 | 1,293 | 1,420 |
| Operating EBITDA excluding other income | 749.7 | 1,211 | 1,424 |
| Other income | 12.4 | 66.3 | 191.9 |
| Depreciation and amortisation | 201.4 | 402.4 | 416.5 |
| Exceptional items signed profit impact | 0.00 | 0.00 | -80.2 |
| Share of profit or loss of associates and joint venture | 8.70 | 15.9 | 11.9 |
| Profit attributable to non-controlling interests | 2.15 | 3.07 | 4.37 |
| Profit attributable to owners | 421.7 | 634.6 | 816.9 |
| Balance sheet (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total equity including non-controlling interests | 8,531 | 10,728 | 11,699 |
| Non-lease borrowings | 0.00 | 0.00 | 1.21 |
| Cash and cash equivalents | 49.3 | 78.7 | 35.2 |
| Trade receivables | 144.5 | 201.8 | 230.3 |
| Inventories including residences work in progress | 1,037 | 1,241 | 1,240 |
| Trade payables | 433.3 | 421.4 | 425.5 |
| Net property plant and equipment excluding ROU and intangibles | 6,046 | 7,792 | 7,694 |
| Capital work in progress excluding intangible development | 1,767 | 156.0 | 206.1 |
| Total assets * | 10,192 | 12,476 | 13,485 |
| Borrowings plus leases less cash, deposits and treasury investments | -224.6 | -2,139 | -2,521 |
| Current and non-current lease liabilities | 73.6 | 73.3 | 73.0 |
| Bank deposits other than cash equivalents | 148.1 | 1,575 | 730.2 |
| Current treasury investments | 75.9 | 173.7 | 826.0 |
| Non-current treasury investments excluding associates and JV | 24.8 | 385.4 | 1,004 |
| Cash flow (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net cash from operating activities | 672.5 | 801.1 | 1,110 |
| Free cash flow (vendor definition) * | -0.45 | 417.5 | 699.6 |
| Purchase of property plant equipment positive cash outflow | 672.9 | 385.9 | 410.3 |
| Other reported lines (₹ crore) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Actual year-end paid-up equity shares | 83.00 | 208.12 | 208.30 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 778.0 | 1,015 | 1,061 | 815.5 | 839.5 | 1,231 | 1,254 | 936.0 |
| Cost of revenue (vendor classification) * | 413.8 | 271.6 | 311.7 | 300.8 | 307.0 | |||
| Other operating costs (vendor classification) * | -107.7 | 299.3 | 451.9 | 486.6 | 336.7 | |||
| EBITDA (vendor classification) * | 451.7 | 292.9 | 517.5 | 522.5 | 354.5 | |||
| Operating EBIT excluding OI exceptional and associates | 108.0 | 276.6 | 312.5 | 142.2 | 141.7 | 362.9 | 360.5 | 188.0 |
| Finance costs | 2.00 | 1.65 | 1.68 | 1.66 | 1.91 | 2.19 | 2.17 | 2.00 |
| Profit before tax including associates and JV | 114.0 | 294.0 | 353.5 | 188.8 | 188.7 | 327.1 | 418.4 | 248.2 |
| Income tax expense | 37.0 | 78.0 | 95.7 | 55.1 | 55.4 | 90.3 | 100.9 | 66.3 |
| Profit after tax including noncontrolling interests | 77.0 | 216.0 | 257.9 | 133.7 | 133.3 | 236.8 | 317.4 | 181.9 |
| Diluted EPS (₹) | n.r. | 1.03 | n.r. | n.r. | 0.64 | 1.13 | n.r. | n.r. |
| Operating EBITDA excluding other income and exceptional items | 212.0 | 380.6 | 412.3 | 244.7 | 245.8 | 467.1 | 466.3 | 292.3 |
| Operating costs excluding DA finance and exceptional items | 566.0 | 634.8 | 648.3 | 570.9 | 593.7 | 763.6 | 787.4 | 644.0 |
| FB consumption plus real estate development cost | n.r. | 106.3 | 94.6 | 81.5 | 86.5 | 162.2 | 182.5 | n.r. |
| Employee benefits expense | n.r. | 178.7 | 182.0 | 190.0 | 186.6 | 203.7 | 202.6 | n.r. |
| Other operating expenses | n.r. | 349.9 | 371.8 | 299.3 | 320.6 | 397.7 | 402.3 | n.r. |
| Other income | 3.00 | 15.5 | 38.2 | 44.2 | 45.4 | 49.6 | 52.8 | 59.0 |
| Depreciation and amortisation | 104.0 | 104.0 | 99.8 | 102.4 | 104.1 | 104.2 | 105.8 | 104.3 |
| Exceptional items signed profit impact | n.r. | 0.00 | 0.00 | 0.00 | 0.00 | -84.0 | 3.83 | 0.00 |
| Share of profit or loss of associates and joint venture | 4.00 | 3.53 | 4.52 | 4.05 | 3.52 | 0.87 | 3.43 | 4.00 |
| Profit attributable to noncontrolling interests | 0.50 | 1.03 | 0.95 | 0.61 | 0.52 | 1.70 | 1.54 | 2.00 |
| Profit attributable to owners | 76.0 | 215.0 | 256.9 | 133.1 | 132.8 | 235.1 | 315.9 | 179.9 |
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 | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue growth | 60.0% | 16.3% | |
| EBITDA margin | 33.7% | 34.0% | 34.4% |
| Net margin | 19.0% | 17.8% | 19.7% |
| Return on equity | 4.9% | 6.6% | 7.3% |
| Return on capital employed | 6.4% | 8.4% | 9.0% |
| Return on assets | 4.1% | 5.6% | 6.3% |
| Net debt (₹ crore) | -224.6 | -2,139 | -2,521 |
| Net debt / EBITDA | -0.30x | -1.77x | -1.77x |
| Interest cover | 118.2x | 121.8x | 127.0x |
| Asset turnover | 0.22x | 0.31x | 0.32x |
| Receivable days | 24 | 21 | 20 |
| Inventory days (on revenue) | 170 | 127 | 109 |
| Payable days (on revenue) | 71 | 43 | 38 |
| Cash conversion | 1.59x | 1.26x | 1.36x |
| Capex intensity | 30.3% | 10.8% | 9.9% |
| Free cash flow (₹ crore) | -0.45 | 415.1 | 699.6 |
| EPS, diluted (₹) | 2.03 | 3.05 | 3.92 |
| Book value per share (₹) | 102.8 | 51.55 | 56.16 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / 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): Borrowings plus leases less cash, deposits and treasury investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- 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.
- 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 15 Oct 2026); market data at the close of 15 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 ITC Hotels 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 ITC Hotels
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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