IHCL announces Financial Results for Q2 & H1 FY 2025-26

IHCL has reported its consolidated financials for the second quarter ending September 30^th, 2025

Key consolidated Financial Results for Q2 and H1 FY 2025-26

*PAT growth is excluding one off exceptional gain of INR 307 crores, on account of Subsidiarisation of TajSATS in Q2 FY2025.

Puneet Chhatwal, Managing Director & CEO, IHCL, said, “Q2 FY2026 marks IHCL’s fourteenth consecutive quarter of record financial performance with a revenue of INR 2,124 crores, a 12% growth over the previous year and a strong EBITDA margin of 30.8%, an expansion of 90 basis points. The revenue performance in the first half of the year was enabled by a 9% RevPAR growth, 22% growth in New Businesses and 21% growth in management fee income.”  

He added, “IHCL continued its accelerated growth momentum in the first half of FY2026 with 46 signings to reach a portfolio of 570 hotels and opened 26 hotels crossing a milestone of 250+ operating hotels in India with over 25,000 rooms. Under our strategic partnership with Clarks group, 14 hotels have been successfully onboarded on our sales & distribution network, the remaining portfolio is set to migrate to IHCL’s brandscape in the coming months.

In line with our guidance, Taj Bandstand, an iconic development for Mumbai skyline has commenced construction post securing necessary approvals. On the back of strong industry fundamentals, outlook for the second half of the fiscal remains strong with a rebound in corporate travel, seasonal surge in social events and global conventions & trade fairs.”  

Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL said, “For Q2 FY2026, IHCL Standalone reported a revenue of INR 1,166 crores, clocking an EBITDA margin of 40.8%, an expansion of 220 basis points and a PAT margin of 24.8%. Planned renovations have been completed in the first seven months of this fiscal across key assets like Taj Fort Aguada Resort & Spa, Goa, Taj Palace, New Delhi and The Taj Mahal Palace, Mumbai.”  

He added, “IHCL Consolidated continues to maintain a healthy balance sheet with a gross cash balance of INR 2,847 crores as on 30^th September 2025.” 

Key Highlights – H1 FY2026

Financial Performance

Consolidated hotels delivered a 9% Consolidated RevPAR growth, with the international consolidated portfolio clocking a 11% RevPAR growth. Management Fee income grew by 21% to INR 259 crores on the back of not like-for-like growth.

Portfolio Growth

IHCL signed 46 hotels across its brandscape, including multi-hotel framework agreements with the Ambuja Neotia group for the Taj, SeleQtions, and Tree of Life brands, and with Madison for the Ginger brand in South India. These signings included 9 Taj hotels in locations such as Darjeeling, ECR Chennai, Pondicherry, Mohali, and Kruger National Park, South Africa. Additionally, there were 17 hotels across the Vivanta, Gateway, Tree of Life, and Ginger brands, as well as 10 hotels each under the SeleQtions and Brij brands. IHCL opened 26 hotels with a Taj in Alibaug, Raichak and Udaipur, on boarded The Claridges, New Delhi,  SeleQtions resorts in Lakshadweep and in Haridwar, a Vivanta in Thane, Gateway in Goa, Coorg and Ahmedabad, a Ginger in Dehradun and on boarded 14 hotels of Brij and Clarks.

New & Reimagined Business

The Air & Institutional Catering business segment (TajSATS) clocked a revenue of INR 577 crores with 12% share from non-aviation, EBITDA of INR 136 crores and EBITDA margin stood at 23.6%. New Businesses comprising of Ginger, Qmin, amã Stays & Trails and Tree of Life reported an Enterprise revenue of INR 423 crores, a growth of 21% and Consolidated revenue of INR 324 crores, a growth of 22%. Enterprise Revenue of Ginger stood at INR 362 crores with a strong EBITDAR margin of 41%. Qmin has grown to 104 outlets across multiple formats, amã Stays & Trails has reached a portfolio of 331 bungalows with 174 in pipeline, and Tree of Life is at a 23 resorts portfolio with 5 in pipeline.

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