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India is expected to add 100+ new global capability centres (GCCs) in 2026

ICICIdirect Research 09 Sep 2026 DISCLAIMER

News: As per media reports, India is expected to add 100+ new global capability centres (GCCs) in 2026, with these centres estimated to contribute around $2 billion in annual revenue. Over 60 GCCs were set up in H1 2026, expected to generate more than $1 billion in first-year revenue, while 70,000–75,000 jobs have been created by greenfield GCCs since January. The broader GCC industry is projected to grow ~10% to $108 billion in FY27 from $98 billion in FY26, with India’s total GCC count rising to around 2,100 from 1,700 in 2024. Meanwhile in near term, hotels are witnessing a sharp pick-up in festive bookings, with leisure hotel bookings currently pacing 10–15% ahead of last year and room rates in high-demand locations tracking 8–10% higher YoY. Travellers are opting for longer 5–9 day itineraries, while domestic routes connecting metros with tier-2 and tier-3 cities are gaining traction.

View: The festive season should provide a near-term demand tailwind for hotels, with healthy leisure bookings and wedding demand supporting occupancy and room rates. In Q1FY27, domestic hotel companies delivered healthy RevPAR growth despite geopolitical headwinds, supported by resilient leisure demand. While Q2 is seasonally weak, the Independence Day weekend saw strong occupancy, while the BRICS summit is supporting business hotel demand. Looking ahead, the festive season and 40+ wedding dates should support hotel demand in H2FY27. Over the medium to long term, GCC additions are a structural positive for business hotels, driving incremental corporate travel, foreign tourist arrivals and MICE demand as geopolitical uncertainties ease. Chalet Hotels stands to benefit the most from GCC-led demand among our coverage, given ~80% of its portfolio is concentrated towards business hotels, while its expanding leisure portfolio provides exposure to the leisure recovery. ITC Hotels and IHCL, with sizeable presence across both business and leisure segments, should also benefit from the broad-based demand recovery.

Impact: Positive

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