Indian Hotels Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 2,842 Crs., 12.2% growth YoY, Total Income is Rs. 2,900 Crs., 11.9% growth YoY, Operating EBITDA is Rs. 1,076 Crs., 11.87% growth YoY, EBITDA Margin is 37.85% Declined by 11 Basis points YoY, PBT Rs. 1,203 Crs, 44.29% growth YoY (Contained INR 275.51 Cr. for exceptional items), PAT Rs. 954 Crs., 50.86% growth YoY. Hotel Segment Quarterly EBITDA crosses ₹ 1,000 Cr for the first time. Q3 reported RevPAR +9%, primarily rate-led. F&B, memberships (Chambers), spa, and ancillary revenue as meaningful growth drivers—positioning topline growth as broader than rooms. On QoQ basis Op. Revenue is up by 39.25%, Total Income is up by 36.53%, Operating EBITDA is up by 88.7%, PBT is up by 165.83% YoY (Contained INR 275.51 Cr. for exceptional items), and PAT is also up by 200%. Operational portfolio: 32,300 keys, 361 Operational Hotels, with 68% capital light, Pipeline: 30,200 keys (256 Hotel) under development; 80% managed, 6% owned/leased → 94% capital light Management reiterated confidence in double-digit revenue growth in FY26 and FY27 with “improving quality of earnings and sustained margin strength.” Management fee growth trajectory into FY27 with “60+ openings,” as a key driver of “quality of earnings.”