The Indian Hotels Company Ltd (IHCL / Taj Hotels) — Stock Report

IHCL is the flagship hospitality brand of the Tata Group, operating luxury, premium and mid-market hotels, resorts, homestays, and food & beverage businesses—including new ventures such as homestays, experiences and brand extensions. It operates both capital-intensive owned/leased properties as well as capital-light management contracts, which gives it flexibility. In FY 2024-25, IHCL delivered strong performance: consolidated revenue rose ~23% year-on-year; EBITDA increased about 28%; Profit After Tax (PAT) jumped by ~52%. Same-store hotel performance was good domestically, normalised by “new business” growth as IHCL added to its non-like-for-like portfolio. Domestic RevPAR (Revenue per Available Room) for same store hotels rose (double digits), while international occupancy improved, though international RevPAR growth was more modest. Q4 FY25 saw revenue up ~27%, with PAT up ~25%, showing momentum toward year end. In Q1 FY 2025-26, revenue grew ~32% YoY; EBITDA up ~29%; PAT up ~19%. The hotel segment revenue rose ~14% for the quarter, and IHCL expanded its portfolio: signing new hotels and opening few properties. Margins remain healthy: the hotel segment delivered EBITDA margins north of 30-31% in that quarter.