IHCL Q2 FY27 Results: Revenue Rises 21% to ₹2,566 Crore, Hotel Portfolio Reaches 670

IHCL Reports Record Q2 FY27 Performance as Revenue Growth Guidance Rises

The Indian Hotels Company Limited (IHCL), which operates the Taj Hotels brand, reported another record quarterly performance, with consolidated revenue rising 21% year-on-year to ₹2,566 crore for the second quarter of Financial Year 2026–27. Net profit increased 23% to ₹349 crore, while earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 21% to ₹788 crore.

The results for the quarter ended September 30, 2026, mark the company’s 18th consecutive record quarter. Its EBITDA margin stood at 30.7%, reflecting continued growth alongside stable operating profitability.

Hotel Operations Drive Revenue Growth

IHCL attributed the quarter’s performance to stronger hotel demand, improved revenue per available room (RevPAR), management fee income and expansion across its hospitality brands.

Revenue per available room at domestic same-store hotels increased 25%, while management fee income also grew 25%, supported by new hotel openings. The company’s select-service business recorded 25% revenue growth, with contributions from recent additions to its portfolio, including Brij and Atmantan.

Operating revenue and operating EBITDA increased 22% and 24%, respectively, according to the company’s results announcement. Demand associated with major events and improved performance at renovated properties also supported growth.

IHCL Raises Full-Year Revenue Guidance

Following its first-half performance, IHCL raised its consolidated revenue growth guidance for Financial Year 2026–27 from 12–14% to 15–17%. The company expects its hotel segment to grow by 17–19%, supported by seasonal demand, social events, meetings and conferences.

Managing Director and Chief Executive Officer Puneet Chhatwal said the company’s diversified operating model had helped it maintain growth while preserving margins.

Hotel Portfolio Expands to 670 Properties

IHCL signed agreements for 47 hotels during the first half of FY27, taking its overall portfolio to 670 properties. The portfolio includes 280 hotels in the development pipeline, representing more than 32,000 rooms.

During the first half, 20 hotels commenced operations, taking the operating portfolio to 390 hotels. Ginger also opened its 100th operating hotel, marking a significant milestone for the company’s mid-scale hospitality business.

The hotel network spans multiple segments, from luxury properties under Taj to upscale, mid-scale and leisure-focused brands.

Standalone Results and Financial Position

IHCL’s standalone operating revenue increased 26% year-on-year to ₹1,336 crore in Q2 FY27. Operating EBITDA rose 40% to ₹520 crore, taking the operating EBITDA margin to 38.9%. Standalone profit after tax increased 36% to ₹393 crore.

The consolidated business reported gross cash of ₹4,369 crore as of September 30, 2026. IHCL also announced a proposed merger of Oriental Hotels Limited with the company, with an appointed date of April 1, 2027, subject to the applicable process.

With a larger hotel pipeline and improved revenue guidance, IHCL is entering the second half of FY27 with expansion and operating performance central to its growth strategy.