INDHOTEL
The Indian Hotels Company Limited
India's largest hospitality company, owner-operator of the Taj brand and its sister brands
Consumer Discretionary›Consumer Services›Leisure Services›Hotels & Resorts
ihcltata.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹772.10
Market cap
1,10,093 Cr
Stock P/E
51.3
P/B
8.42
Dividend yield
0.3%
ROE (FY26)
14.0%
ROCE (FY26)
21.3%
Operating margin (FY26)
26.7%
Debt / equity (FY26)
0.0039
OCF / EBITDA (FY26)
77.4%
OCF / EBITDA (3Y)
81.3%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
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Compare with peers
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What you need to know
IHCL (The Indian Hotels Company) runs hotels, resorts and stays under the Taj brand and a set of sister brands from upper upscale to new formats, and earns management fees on hotels it runs for other owners.
Company snapshot
1stBy market cap
Ranked among 37 companies in Hotels & Resorts.
Segment mix
Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 92.6% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Air and Institutional catering | 7.4% | 438 Cr | 99 Cr | — |
| Hoteliering | 92.6% | 5,475 Cr | 1,452 Cr | — |
What we see
Positives
- ✓Net margin of 23.2% — the business keeps a healthy share of every rupee it earns.
2 more signals from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,433 Cr | 1,964 Cr | 1,905 Cr | 1,550 Cr | 1,826 Cr | 2,533 Cr | 2,425 Cr | 2,041 Cr | 2,041 Cr | 2,842 Cr | 2,765 Cr | 2,339 Cr |
| Operating expenses (approx.) | 1,078 Cr | 1,231 Cr | 1,246 Cr | 1,101 Cr | 1,325 Cr | 1,571 Cr | 1,568 Cr | 1,465 Cr | 1,471 Cr | 1,766 Cr | 1,793 Cr | 1,666 Cr |
| EBITDA | 355 Cr | 732 Cr | 660 Cr | 450 Cr | 501 Cr | 962 Cr | 857 Cr | 576 Cr | 570 Cr | 1,076 Cr | 973 Cr | 673 Cr |
| OPM % | 24.8% | 37.3% | 34.6% | 29.0% | 27.5% | 38.0% | 35.3% | 28.2% | 27.9% | 37.9% | 35.2% | 28.8% |
| Other income | 48 Cr | 40 Cr | 46 Cr | 46 Cr | 64 Cr | 59 Cr | 62 Cr | 61 Cr | 83 Cr | 58 Cr | 79 Cr | 80 Cr |
| Interest | 59 Cr | 53 Cr | 52 Cr | 50 Cr | 52 Cr | 52 Cr | 54 Cr | 55 Cr | 56 Cr | 56 Cr | 55 Cr | 57 Cr |
| Depreciation | 111 Cr | 114 Cr | 120 Cr | 117 Cr | 125 Cr | 134 Cr | 142 Cr | 143 Cr | 145 Cr | 150 Cr | 167 Cr | 163 Cr |
| Profit before tax | 251 Cr | 644 Cr | 580 Cr | 354 Cr | 705 Cr | 853 Cr | 743 Cr | 450 Cr | 455 Cr | 1,223 Cr | 850 Cr | 533 Cr |
| Tax % | 28.8% | 25.9% | 24.4% | 26.6% | 17.4% | 25.8% | 24.2% | 26.8% | 30.0% | 22.0% | 24.1% | 26.7% |
| Net profit | 179 Cr | 477 Cr | 438 Cr | 260 Cr | 583 Cr | 633 Cr | 563 Cr | 329 Cr | 318 Cr | 954 Cr | 645 Cr | 391 Cr |
| EPS (₹) | ₹1.18 | ₹3.18 | ₹2.93 | ₹1.75 | ₹3.89 | ₹4.09 | ₹3.67 | ₹2.08 | ₹2.00 | ₹6.35 | ₹4.21 | ₹2.51 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,010 Cr | 4,104 Cr | 4,512 Cr | 4,463 Cr | 1,575 Cr | 3,056 Cr | 5,810 Cr | 6,769 Cr | 8,335 Cr | 9,689 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 3,401 Cr | 3,433 Cr | 3,682 Cr | 3,496 Cr | 1,937 Cr | 2,651 Cr | 4,005 Cr | 4,612 Cr | 5,565 Cr | 6,495 Cr | Sign in free for the trailing twelve months |
| EBITDA | 610 Cr | 670 Cr | 830 Cr | 968 Cr | -362 Cr | 405 Cr | 1,805 Cr | 2,157 Cr | 2,769 Cr | 3,195 Cr | Sign in free for the trailing twelve months |
| OPM % | 15.2% | 16.3% | 18.4% | 21.7% | -23.0% | 13.2% | 31.1% | 31.9% | 33.2% | 33.0% | Sign in free for the trailing twelve months |
| Other income | 55 Cr | 62 Cr | 83 Cr | 132 Cr | 165 Cr | 155 Cr | 139 Cr | 183 Cr | 230 Cr | 282 Cr | Sign in free for the trailing twelve months |
| Interest | 324 Cr | 269 Cr | 190 Cr | 341 Cr | 403 Cr | 428 Cr | 236 Cr | 220 Cr | 208 Cr | 221 Cr | Sign in free for the trailing twelve months |
| Depreciation | 299 Cr | 301 Cr | 328 Cr | 404 Cr | 410 Cr | 406 Cr | 416 Cr | 454 Cr | 518 Cr | 605 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 68 Cr | 225 Cr | 453 Cr | 409 Cr | -951 Cr | -301 Cr | 1,376 Cr | 1,794 Cr | 2,655 Cr | 2,978 Cr | Sign in free for the trailing twelve months |
| Tax % | 166.9% | 53.9% | 34.7% | 11.0% | 16.3% | 11.9% | 23.5% | 25.9% | 23.2% | 24.5% | Sign in free for the trailing twelve months |
| Net profit | -46 Cr | 104 Cr | 296 Cr | 364 Cr | -796 Cr | -265 Cr | 1,053 Cr | 1,330 Cr | 2,038 Cr | 2,247 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹-0.64 | ₹0.91 | ₹2.41 | ₹2.98 | ₹-6.05 | ₹-1.97 | ₹7.06 | ₹8.86 | ₹13.40 | ₹14.64 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | — | — | 6.1% | 11.6% | 12.4% | 15.2% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 99 Cr | — | 119 Cr | 119 Cr | 119 Cr | 142 Cr | 142 Cr | 142 Cr | 142 Cr | 142 Cr |
| Reserves | 2,419 Cr | — | 4,229 Cr | 4,238 Cr | 3,530 Cr | 6,920 Cr | 7,840 Cr | 9,314 Cr | 11,018 Cr | 12,910 Cr |
| Borrowings | 2,808 Cr | — | 1,723 Cr | 2,292 Cr | 2,466 Cr | 1,985 Cr | 818 Cr | 260 Cr | 225 Cr | 51 Cr |
| Other liabilities | 2,571 Cr | — | 2,713 Cr | 4,105 Cr | 4,763 Cr | 3,450 Cr | 4,208 Cr | 4,467 Cr | 5,064 Cr | 5,306 Cr |
| Total liabilities | 8,634 Cr | — | 9,584 Cr | 11,518 Cr | 11,513 Cr | 13,090 Cr | 13,669 Cr | 14,856 Cr | 17,704 Cr | 20,297 Cr |
| Fixed assets (net) | 4,618 Cr | — | 5,233 Cr | 6,854 Cr | 7,258 Cr | 7,239 Cr | 7,615 Cr | 8,110 Cr | 9,632 Cr | 10,381 Cr |
| CWIP | 222 Cr | — | 116 Cr | 243 Cr | 165 Cr | 193 Cr | 324 Cr | 231 Cr | 576 Cr | 764 Cr |
| Investments | 1,244 Cr | — | 1,335 Cr | 1,427 Cr | 1,483 Cr | 1,967 Cr | 1,891 Cr | 2,261 Cr | 2,279 Cr | 3,606 Cr |
| Loans & advances | — | — | 3 Cr | 5 Cr | 17 Cr | 6 Cr | 6 Cr | 9 Cr | 12 Cr | 14 Cr |
| Inventories | 80 Cr | — | 80 Cr | 94 Cr | 93 Cr | 101 Cr | 109 Cr | 116 Cr | 135 Cr | 150 Cr |
| Trade receivables | 272 Cr | — | 321 Cr | 290 Cr | 220 Cr | 255 Cr | 446 Cr | 476 Cr | 651 Cr | 727 Cr |
| Cash & bank | 141 Cr | — | 189 Cr | 251 Cr | 94 Cr | 784 Cr | 736 Cr | 479 Cr | 257 Cr | 406 Cr |
| Other assets | 2,056 Cr | — | 2,305 Cr | 2,355 Cr | 2,183 Cr | 2,544 Cr | 2,540 Cr | 3,173 Cr | 4,162 Cr | 4,249 Cr |
| Total assets | 8,634 Cr | — | 9,584 Cr | 11,518 Cr | 11,513 Cr | 13,090 Cr | 13,669 Cr | 14,856 Cr | 17,704 Cr | 20,297 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 535 Cr | — | 711 Cr | 823 Cr | -319 Cr | 672 Cr | 1,619 Cr | 1,935 Cr | 2,194 Cr | 2,471 Cr |
| Cash from investing | 855 Cr | — | -388 Cr | -502 Cr | -120 Cr | -1,642 Cr | -145 Cr | -1,210 Cr | -1,892 Cr | -1,727 Cr |
| Cash from financing | -1,381 Cr | — | -343 Cr | -265 Cr | 280 Cr | 1,659 Cr | -1,528 Cr | -985 Cr | -547 Cr | -976 Cr |
| Net cash flow | 8 Cr | — | -20 Cr | 56 Cr | -158 Cr | 688 Cr | -47 Cr | -257 Cr | -241 Cr | -218 Cr |
| Free cash flow (OCF − Capex) | 135 Cr | — | 233 Cr | 336 Cr | -534 Cr | 354 Cr | 1,148 Cr | 1,298 Cr | 1,120 Cr | 1,435 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 6.5% | 7.8% | 9.4% | 10.1% | -8.1% | 1.3% | 17.0% | 19.4% | 22.7% | 21.3% |
| ROE % | -1.9% | 2.6% | 5.6% | 6.9% | -16.8% | -3.2% | 11.6% | 12.4% | 15.4% | 14.0% |
| Debtor days | 25 | 36 | 26 | 24 | 51 | 30 | 28 | 26 | 28 | 27 |
| Inventory days | 80 | 81 | 72 | 92 | 235 | 143 | 84 | 82 | 64 | 57 |
| Days payable | 293 | 325 | 293 | 383 | 804 | 548 | 367 | 364 | 272 | 276 |
| Cash conversion cycle | -188 | -209 | -195 | -268 | -518 | -375 | -255 | -257 | -180 | -191 |
| OCF / EBITDA % | 87.7% | — | 85.7% | 85.1% | — | 165.9% | 89.7% | 89.7% | 79.2% | 77.4% |
| OCF / EBITDA % (3 years) | — | — | — | — | 84.7% | 116.4% | 106.7% | 96.8% | 85.4% | 81.3% |
| Debt / equity | 1.12 | 0.39 | 0.40 | 0.53 | 0.68 | 0.28 | 0.10 | 0.03 | 0.02 | 0.0039 |
| Current ratio | 0.50 | 1.01 | 0.55 | 0.87 | 0.46 | 1.36 | 1.22 | 1.54 | 2.09 | 2.49 |
| Net debt / EBITDA | 4.37 | 0.00 | 1.85 | 2.11 | — | 2.97 | 0.05 | -0.10 | -0.01 | -0.11 |