IHCL’s Q2 Revenue Rises 21% as Hotel Portfolio Reaches 670
IHCL reported its 18th consecutive record quarter in Q2 FY2027, with consolidated revenue rising 21% to ₹2,566 crore, prompting an upgrade in FY2027 revenue growth guidance to 15–17%.
By SOH Edit Team
The Indian Hotels Company Limited (IHCL) reported a 21% year-on-year increase in consolidated revenue to ₹2,566 crore for the second quarter of FY2027, supported by strong operating performance, growth in management fees and contributions from recent acquisitions. The company also raised its full-year revenue growth guidance, reflecting momentum across its hotel portfolio.
Revenue and EBITDA Maintain Double-Digit Growth
Consolidated EBITDA rose 23% to ₹788 crore, with a margin of 30.7%, while profit after tax (PAT) increased 23% to ₹349 crore. Operating revenue grew 22% and operating EBITDA rose 24%, with a 50-basis-point expansion in operating EBITDA margin.
Revenue growth was supported by a 25% increase in RevPAR at domestic same-store hotels, a 25% rise in management fee income and 25% revenue growth in the Select Service business. Recent acquisitions, Brij and Atmantan, also contributed to the performance.
Puneet Chhatwal, Managing Director and CEO, IHCL, said the results marked the company’s 18th consecutive record quarter, reflecting the strength of its diversified operating model. He added that the company had raised its FY2027 consolidated revenue growth guidance from 12–14% to 15–17%, with hotel segment revenue expected to grow 17–19%.
Puneet Chhatwal, Managing Director and CEO, IHCL.
Portfolio Reaches 670 Hotels
IHCL recorded 47 hotel signings in the first half of FY2027, taking its portfolio to 670 hotels. The company is now positioned to achieve its Accelerate 2030 target of 700 hotels ahead of schedule.
The revised revenue outlook factors in seasonally stronger quarters, demand from social celebrations and meetings, incentives, conferences and exhibitions (MICE), alongside continued portfolio expansion.
Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL.
Standalone EBITDA Margin Expands
On a standalone basis, IHCL reported operating revenue of ₹1,336 crore, up 26% year-on-year. Operating EBITDA increased 40% to ₹520 crore, taking the operating EBITDA margin to 38.9%, an expansion of 400 basis points. PAT rose 36% to ₹393 crore.
RevPAR at full-service same-store hotels grew 28%, supported by marquee events in Delhi and contributions from renovated properties in Goa, Delhi, Bengaluru and Udaipur.
Ankur Dalwani, Executive Vice President and Chief Financial Officer, IHCL, attributed the performance to stronger hotel operations and improved asset productivity. He also highlighted the company’s consolidated gross cash position of ₹4,369 crore as of September 30, 2026, underscoring its strong balance sheet.
IHCL also announced the proposed merger of Oriental Hotels Limited (OHL) with the company during the quarter. The merger is expected to simplify the group’s holding structure, expand asset management opportunities and support long-term revenue growth. The scheme has been filed with the stock exchanges, with an appointed date of April 1, 2027.
