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Indian Hotels Company Q3FY26 – steady Q3; Revenues and EBIDTA to grow in double digits

ICICIdirect Research 13 Feb 2026 DISCLAIMER

Indian Hotels Company (IHCL) consolidated revenues grew by 12.2% YoY to Rs2,842cr.  Hotel business revenues grew by 11% while air catering business revenues grew by 18% during the quarter.
Consolidated RevPAR growth for the quarter stood at 9% YoY with domestic RevPar growing by 7% and International properties RevPar growing in double digits during the quarter.
Consolidated Adjusted EBIDTA improved by 77bps YoY to 38.7%. Adjusted EBIDTA grew by 15% YoY to Rs.1100.1cr. Adjusted PAT stood at Rs.697.5cr growing by 10.3% YoY due to higher tax incidence (PBT grew by 14% YoY).
Outlook: Management expects revenues to grow by 12-14% in the near term. This will be driven by 8-10% RevPar growth, international properties (US and UK) growing in strong double digit, ~700 new room addition under owned rooms over the next two years, Management fees income to grow in high teens and new businesses to grow by 20%+. On high base, EBIBTA margins will remain flat or marginally improve. EBIDTA growth will ahead of revenue growth in the near term.
View: We maintain our Buy recommendation on the stock with a price target of Rs915.

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