What IHCL does: The Indian Hotels Company Limited (IHCL) is India’s largest hospitality group owning, operating and managing luxury, upper-upscale and midscale hotels, resorts and ancillary hospitality businesses across multiple brands including Taj, SeleQtions, Vivanta, Gateway, Ginger and TajSATS, with a global footprint spanning 15 countries and an enterprise portfolio of 617 hotels and ~62,500 keys including pipeline.

Q3FY26 highlights: IHCL delivered its 15th best-ever quarter with consolidated revenue of ₹2,900 crore (↑12% YoY), consolidated EBITDA of ₹1,134 crore (↑11%, 39.1% margin) and PAT before exceptional items of ₹668 crore (↑15%), while hotel-segment quarterly EBITDA crossed ₹1,000 crore for the first time, signaling strong core profitability.

Scale with capital-light bias: Operationally IHCL reports ~32,300 keys (68% capital-light) and a pipeline of ~30,200 keys that is 94% capital-light, implying management-fee and revenue-share led growth; management expects management fees to grow in the high-teens with over 60 hotels to open in FY27, materially improving earnings quality and cash generation.

Strategic M&A and portfolio reshaping: Recent transactions include 51% acquisitions of ANK&Pride and Atmantan, a signed agreement for 51% of Brij, and divestment of IHCL’s stake in TajGVK (₹592 crore cash), with acquisitions expected to add ₹250–300 crore to consolidated topline in FY26/27 and expand midscale, boutique leisure and wellness offerings.

Balance sheet and sustainability strengths: IHCL finished Dec-2025 with gross cash of ₹3,877 crore and generated free cash flow of ₹804 crore YTD; sustainability targets under ‘PAATHYA 2030’ include 100% waste and water recycling, 50% energy from renewables and EV charging at all hotels, already showing meaningful progress on water recycling and renewables.