The Indian Hotels Company Limited (INDHOTEL)

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The Indian Hotels Company Limited (INDHOTEL) · mywealthgrid

About

The Indian Hotels Company Limited operates hotels and resorts within India's leisure services sector. With a market cap of ₹1,02,484.8 Cr, the company is positioned as a premium player in the consumer discretionary segment. Recent quarters demonstrate strong profitability, with consolidated earnings reaching ₹954.24 Cr in December 2025 and ₹645.43 Cr in March 2026.

Face value: ₹1

Market cap

₹1,02,200 Cr

P/E

47.6×

P/B

7.8×

Dividend yield

0.8%

ROE

17.2%

ROCE

17%

Debt / equity

OPM

33%

EPS (TTM)

₹15.1

Book value

₹91.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Elevated valuation at PE 47.76 relative to current earnings — verify sustainability of near-term profit growth and rate realization assumptions
Significant margin volatility: consolidated OPM ranged from 27.93% (Sep 2025) to 37.85% (Dec 2025), indicating operational inconsistency — understand root causes of seasonal swings
Negative 1-year return (-3%) despite strong recent profitability suggests investor skepticism — verify if driven by valuation compression or structural concerns
Cyclical exposure to discretionary leisure spending — verify business resilience to economic slowdown and leading indicators of travel demand

Generated analysis · source review pending

Growth drivers

Dec 2025 consolidated profit of ₹954.24 Cr represents recent peak; Mar 2026 profit of ₹645.43 Cr shows sequential normalization — verify whether this margin level is sustainable at steady-state revenue
EPS expansion to ₹6.47 (Dec 2025) from ₹2.03 (Sep 2025) indicates recent earnings acceleration — verify if structural improvement or driven by seasonal/one-time factors
Zero debt (D/E 0) provides capital flexibility for asset expansion or reinvestment — verify management's capex pipeline and target returns
Consolidated OPM averaged above 32% across recent quarters — verify whether rate discipline and cost management can sustain margins through economic cycles

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹718.0+0.5%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 33%
+Profit CAGR of 27.6% over the last 3 years
+Revenue CAGR of 43.8% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 13×
+Dividend payout of 36.5% of profit

Cons

No red flags triggered.

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 73
Growth: 75
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4,021	4,104	4,512	4,463	1,575	3,056	5,810	6,769	8,335	9,689
COGS	—	376	404	371	144	257	473	521	774	951
Gross profit	—	3,727	4,108	4,093	1,431	2,799	5,337	6,248	7,561	8,738
	3,411	3,016	3,227	3,112	1,895	2,437	3,451	3,962	4,715	5,492
	610	711	881	981	-463	362	1,886	2,286	2,846	3,247
OPM %	15.2%	17.3%	19.5%	22%	-29.4%	11.9%	32.5%	33.8%	34.2%	33.5%
Depreciation	299	301	328	404	410	406	416	454	518	605
Interest	324	269	190	341	403	428	236	220	208	221
	44	84	90	173	325	171	142	183	535	558
Profit before tax	—	225	453	409	-951	-301	1,376	1,794	2,655	2,978
Tax	114	121	157	45	-155	-36	323	464	617	731
Tax %	—	53.9%	34.7%	11%	-16.3%	-11.9%	23.5%	25.9%	23.2%	24.5%
	-46	104	296	364	-796	-265	1,053	1,330	2,038	2,247
PAT margin %	-1.1%	2.5%	6.6%	8.2%	-50.5%	-8.7%	18.1%	19.7%	24.5%	23.2%
EPS (₹)	-0.6	0.9	2.4	3	-6.1	-2	7.1	8.9	13.4	14.6
EPS adjusted (₹)	-0.6	0.9	2.4	3	-6.1	-1.7	7.1	8.9	13.4	14.6
	—	44%	20.7%	16.8%	—	—	14.2%	19.8%	16.8%	22.2%
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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	119	119	119	119	142	142	142	142	142
Reserves	2,693	2,481	4,062	4,229	4,238	3,530	6,920	7,840	9,314	11,018	12,910
Minority interest	—	—	777	800	765	635	593	660	672	1,255	1,887
	3,390	3,513	2,334	1,723	2,292	3,633	1,985	818	260	225	51
	4,162	3,723	2,082	2,713	4,105	3,597	3,450	4,208	4,467	5,064	5,306
Total equity & liabilities	10,326	9,815	9,375	9,584	11,518	11,513	13,090	13,669	14,856	17,704	20,297
	6,487	6,762	6,163	6,422	6,476	8,438	8,415	8,819	9,311	10,918	12,210
CWIP	330	289	195	116	243	165	193	324	231	576	764
Investments	2,036	1,515	871	647	754	1,483	1,967	1,891	2,261	2,279	3,606
	1,473	1,249	2,146	2,398	4,045	1,427	2,514	2,635	3,052	3,931	3,716
Total assets	10,326	9,815	9,375	9,584	11,518	11,513	13,090	13,669	14,856	17,704	20,297

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Hotel Services	8,486.63	2,419.21	18,719.4	4,945.28	13,774.12	17.56
Air and Institutional Catering	1,210.12	231.14

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	91%	91.7%	90.9%	91.6%	91.9%	92.3%	90.7%	90.2%
EBITDA margin %	18.4%	21.7%	-23%	13.2%	31.1%	31.9%	33.2%	33%
EBIT margin %	11.1%	12.6%	-49%	-0%	23.9%	25.2%	27%	26.7%
PAT margin %	6.6%	8.2%	-50.5%	-8.7%	18.1%	19.7%	24.5%	23.2%
Working capital
Receivable days	26	24	51	30	28	26	29	27
Inventory days	73	92	236	143	84	82	64	57
Payable days	294	383	807	550	368	364	273	276
NWC days	-195	-268	-520	-376	-256	-257	-180	-191
Leverage
Current ratio	0.55	0.76	0.39	1.36	1.22	1.54	2.09	2.49
Debt to EBITDA	2.08	2.37	—	4.9	0.45	0.12	0.08	0.02
Debt to equity	0.4	0.53	1	0.28	0.1	0.03	0.02	0
Interest coverage	3.1	2	-1.5	0.4	6.5	8.6	11.9	13
Asset turnover	0.47	0.39	0.14	0.23	0.43	0.46	0.47	0.48
Return ratios
Return on assets %	3.1%	3.2%	-6.9%	-2%	7.7%	9%	11.5%	11.1%
Return on capital employed %	7.6%	8.1%	-6.7%	1.6%	13.5%	15.5%	17.4%	17%
Return on equity %	6.8%	8.3%	-21.8%	-3.8%	13.2%	14.1%	18.3%	17.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	38.19%	38.12%	38.12%	38.12%	38.12%	38.12%	38.12%	38.12%	38.12%	38.12%	38.12%	38.12%
	22.17%	23.28%	24.47%	27.19%	27.43%	27.78%	26.96%	27.18%	26.14%	25.08%	23.23%	21.71%
	23.26%	22.33%	20.78%	18.43%	18.8%	18.56%	19.18%	18.52%	19.42%	20.66%	22.57%	24.46%
	0%	0%	0%	0%	0%	0%	0%	0%	0.13%	0.13%	0.13%	0.13%
	16.38%	16.27%	16.63%	16.26%	15.65%	15.54%	15.74%	16.18%	16.19%	16.01%	15.95%	15.58%
No. of shareholders	—	—	—	—	—	—	—	—	6,23,969	6,33,361	6,46,147	6,38,645

Promoter holding down 0.07 percentage points since Sep 2023.

34 deals · 19 Sept 2022 – 29 Jul 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Jul 2024	DODONA HOLDINGS LIMITED	Block	NSE	Sell	3,21,741	₹645.00	₹20.75 Cr
29 Jul 2024	SIDDHARTHA YOG	Block	NSE	Buy	3,21,741	₹645.00	₹20.75 Cr
13 Dec 2022	C WORLDWIDE	Block	BSE	Sell	23,09,174	₹332.85	₹76.86 Cr
13 Dec 2022	C WORLDWIDE ASIA	Block	BSE	Buy	23,09,174	₹332.85	₹76.86 Cr
30 Nov 2022	INTEGRATED CORE STRATEGIES (ASIA) PTE. LTD.	Bulk	NSE	Sell	1,44,37,430	₹321.47	₹464.12 Cr
30 Nov 2022	YOKE SECURITIES LTD	Bulk	NSE	Sell	1,09,08,346	₹321.09	₹350.26 Cr
30 Nov 2022	YOKE SECURITIES LTD	Bulk	NSE	Buy	1,09,08,346	₹321.16	₹350.33 Cr
30 Nov 2022	GOVERNMENT OF SINGAPORE INVT CORPN PTE LTD A/C C ACCOUNT	Bulk	NSE	Buy	94,74,188	₹321.77	₹304.85 Cr
30 Nov 2022	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	72,27,509	₹321.83	₹232.60 Cr
30 Nov 2022	BNP PARIBAS ARBITRAGE	Bulk	NSE	Buy	32,536	₹322.39	₹1.05 Cr

1–10 of 34

1 / 4

Mr. Chandrasekaran NatarajanNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Giridhar SanjeeviExecutive Vice President & Chief Financial Officer
Mr. Nasser Mukhtar MunjeeNon-Executive - Independent Director
Mrs. Hema RavichandarNon-Executive - Independent Director
Mr. Venkataramanan AnantharamanNon-Executive - Independent Director
Mr. Anupam NarayanNon-Executive - Independent Director
Mr. Puneet ChhatwalExecutive Director-CEO-MD
Ms. Melisa AlvaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹728.7 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹734.6	+14.8	+2%	₹734.6	27,793	+644	3,177	1000
23 Nov 2026	₹739.1	+16.9	+2.3%	₹739.1	2,867	+10	40	1000
29 Dec 2026	₹742.7	+17.7	+2.4%	₹740.2	8	+8	8	1000

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

21

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	600

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

136

across 19 fund houses

Held by these funds

7.17%

of the company's equity

All mutual funds

13.93%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

136 schemes · 19 fund houses

		Shares
Midcap Fund	Axis Mutual Fund	1.09 Cr	807.91	2.28%	0.769%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	77.88 L	574.67	1.1%	0.547%	—
Large Cap Fund	Axis Mutual Fund	76.15 L	561.9	1.79%	0.535%	+53,666
LARGE CAP FUND	Nippon India Mutual Fund	74.61 L	550.52	1.02%	0.524%	-0
ELSS- Tax Saver Fund	Axis Mutual Fund	70.11 L	517.37	1.58%	0.493%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	58.56 L	432.09	0.77%	0.411%	—
Franklin India Focused Equity FundNEW	Franklin Templeton Mutual Fund	43 L	317.3	2.76%	0.302%	—
Arbitrage FundNEW	SBI Mutual Fund	41.65 L	307.34	0.65%	0.293%	—

1–8 of 136

1 / 17

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

18 Sept 2026, 4:09 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	91%	91.7%	90.9%	91.6%	91.9%	92.3%	90.7%	90.2%
EBITDA margin %	18.4%	21.7%	-23%	13.2%	31.1%	31.9%	33.2%	33%
EBIT margin %	11.1%	12.6%	-49%	-0%	23.9%	25.2%	27%	26.7%
PAT margin %	6.6%	8.2%	-50.5%	-8.7%	18.1%	19.7%	24.5%	23.2%
Working capital
Receivable days	26	24	51	30	28	26	29	27
Inventory days	73	92	236	143	84	82	64	57
Payable days	294	383	807	550	368	364	273	276
NWC days	-195	-268	-520	-376	-256	-257	-180	-191
Leverage
Current ratio	0.55	0.76	0.39	1.36	1.22	1.54	2.09	2.49
Debt to EBITDA	2.08	2.37	—	4.9	0.45	0.12	0.08	0.02
Debt to equity	0.4	0.53	1	0.28	0.1	0.03	0.02	0
Interest coverage	3.1	2	-1.5	0.4	6.5	8.6	11.9	13
Asset turnover	0.47	0.39	0.14	0.23	0.43	0.46	0.47	0.48
Return ratios
Return on assets %	3.1%	3.2%	-6.9%	-2%	7.7%	9%	11.5%	11.1%
Return on capital employed %	7.6%	8.1%	-6.7%	1.6%	13.5%	15.5%	17.4%	17%
Return on equity %	6.8%	8.3%	-21.8%	-3.8%	13.2%	14.1%	18.3%	17.2%

Calls	Strike	Puts
0	0	0	₹0.0	600

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
The Indian Hotels Company LimitedINDHOTELINDHOTEL	₹1,02,200 Cr	₹1,02,251 Cr	₹9,987 Cr	₹3,291 Cr	33%	₹2,146 Cr	23.2%	17%	17.2%	-191
Itc Hotels LimitedITCHOTELSITCHOTELS	₹33,018 Cr	₹33,019 Cr	₹4,260 Cr	₹1,471 Cr	34.4%	₹864 Cr	19.8%	10.2%	7.3%	600
Leela Palaces Hotels & Resorts LimitedTHELEELATHELEELA	₹19,003 Cr	₹20,560 Cr	₹1,604 Cr	₹785 Cr	48.6%	₹298 Cr	26.4%	8.4%	0.5%	-147
Eih LimitedEIHOTELEIHOTEL	₹18,628 Cr	₹18,628 Cr	₹3,023 Cr	₹1,030 Cr	34.8%	₹712 Cr	22.4%	18.6%	12.7%	-295
Chalet Hotels LimitedCHALETCHALET	₹18,182 Cr	₹20,506 Cr	₹2,387 Cr	₹1,064 Cr	42.9%	₹528 Cr	23.3%	18.4%	19.1%	80
Ventive Hospitality LimitedVENTIVEVENTIVE	₹12,894 Cr	₹14,929 Cr	₹2,496 Cr	₹1,079 Cr	44.4%	₹588 Cr	20.4%	10.2%	9.7%	-201
Lemon Tree Hotels LimitedLEMONTREELEMONTREE	₹8,530 Cr	₹10,533 Cr	₹1,473 Cr	₹700 Cr	47.9%	₹235 Cr	20%	14.6%	17.8%	-200
India Tourism Development Corporation LimitedITDCITDC	₹5,711 Cr	₹5,711 Cr	₹535 Cr	₹91 Cr	17.2%	₹82 Cr	15.5%	28.5%	21.6%	-47
Juniper Hotels LimitedJUNIPERJUNIPER	₹4,784 Cr	₹5,522 Cr	₹1,076 Cr	₹429 Cr	40.3%	₹166 Cr	13.5%	8.1%	5.1%	-32
Mahindra Holidays & Resorts India LimitedMHRILMHRIL	₹3,938 Cr	₹5,172 Cr	₹3,023 Cr	₹607 Cr	20.6%	₹54 Cr	2.2%	3.8%	8.9%	227
Samhi Hotels LimitedSAMHISAMHI	₹3,429 Cr	₹5,137 Cr	₹1,281 Cr	₹439 Cr	34.6%	₹504 Cr	45.4%	9.1%	30.3%	-321
Oriental Hotels LimitedORIENTHOTORIENTHOT	₹2,500 Cr	₹2,597 Cr	₹498 Cr	₹130 Cr	26.8%	₹67 Cr	13.8%	13.1%	12.7%	-164

Date	Category	Subject	Filing
18 Sept 2026, 4:09 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
16 Sept 2026, 5:53 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
27 Aug 2026, 5:03 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
24 Aug 2026, 10:13 am	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
24 Aug 2026, 10:13 am	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
24 Aug 2026, 9:06 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
24 Aug 2026, 9:01 am	Company Update Scheme of Arrangement	Announcement under Regulation 30 (LODR)-Scheme of Arrangement	PDF
12 Aug 2026, 6:54 pm	Company Update General	Intimation Under Regulation 30 Of The SEBI ( Listing And Disclosure Requirements) Regulations , 2015 (Listing Regulations )	PDF

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	659	492	711	611	-319	672	1,619	1,935	2,194	2,471
	286	-529	-388	-333	-120	-1,642	-145	-1,210	-1,892	-1,727
	-1,182	96	-343	-235	280	1,659	-1,528	-985	-547	-976
Net cash flow	-237	59	-20	43	-158	688	-53	-260	-245	-232
Free cash flow	257	-18	233	283	-534	354	1,148	1,298	1,120	1,435
CFO / Operating profit %	—	73.4%	85.7%	63.1%	—	165.9%	89.7%	89.7%	79.2%	77.4%

The Indian Hotels Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

21

Fund holders

Documents

Announcements

Events

Announcements

3

21

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

18

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Air and Institutional Catering · revenue

The Indian Hotels Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain21

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain21

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends18

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Air and Institutional Catering · revenue

3

21

3

21

18

1