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Profit before tax increased 44.29% year on year (YoY) to Rs 1,203.46 crore in the quarter ended December 2025.
EBITDA stood at Rs 1,076 crore in December 2025 quarter, registering the growth of 12%, compared with Rs 962 crore in Q3 FY25. EBITDA margin declined to 37.9% in Q3 FY26 as against 38% in Q3 FY25.
Indian Hotels Company’s consolidated same-store hotels reported a 9% growth in RevPAR. Management fee income rose 15% to Rs 203 crore, driven by not-like-for-like growth.
In Q3 FY26, IHCL signed 239 hotels across its brandscape, including strategic acquisitions and partnerships with Clarks Group, Madison, Rajdarbar Group, Ambuja Neotia, and Atmantan. The company opened and onboarded 120 hotels, taking its operating portfolio to 361 hotels with an inventory of over 32,000 rooms.
Puneet Chhatwal, MD & CEO, IHCL, said, “Q3 FY2026 marks fifteenth consecutive quarter of record performance with a Consolidated revenue of Rs 2,900 crores, a 12% growth over the previous year, EBITDA of 1,134 crores and an EBITDA margin of 39.1%. The revenue in the quarter was driven by a strong same store performance, not like for like growth, supported by a 17% growth in airline and institutional catering and 31% growth in New Businesses. The hotel segment reported a revenue of Rs 2,579 crores resulting in the best ever quarterly EBITDA of Rs 1,050 crores.”
He added, “IHCL continued its growth momentum in FY2026 with 239 signings to reach a portfolio of 617 hotels and opened and onboarded 120 hotels, led by strategic partnerships and acquisitions. Under Accelerate 2030, IHCL expanded its brandscape with the acquisition of controlling stake in Atmantan, an integrated wellness brand and entered into definitive agreements to acquire 51% stake in Brij, a boutique experiential leisure offering and scaled the Ginger brand with 51% acquisition in ANK & Pride Hospitality. IHCL Consolidated continues to maintain a healthy balance sheet with a gross cash balance of INR 3,877 crores as on 31st December 2025. IHCL is well placed to deliver sustained performance enabled by a diversified topline across brands, geographies and contract types.”
Ankur Dalwani, executive vice president & chief financial officer (CFO), IHCL said, “For Q3 FY2026, IHCL Standalone reported a revenue of Rs 1,654 crores, clocking a strong EBITDA margin of 48.2%, an expansion of 40 basis points and a PAT of Rs 921 crores post Exceptional Items.”
He added, “During the nine months ending December 2025, IHCL Consolidated generated cash of about INR 1,600 crores and undertook capital expenditure to the tune of INR 750 crores towards greenfield projects at Ekta Nagar, Taj Frankfurt, brownfield expansion at Taj Ganges Varanasi and the upcoming Taj Bandstand project along with renovations to key hotels such as Taj Palace Delhi, Taj Fort Aguada Goa, President Mumbai and St James Court London among others.”
The Indian Hotels Company (IHCL) and its subsidiaries bring together a group o brands and businesses that offer a fusion of warm Indian hospitality and world-class service.
Shares of Indian Hotels Company declined 2.87% to Rs 691.20 on the BSE.
Barring media index all the sectoral indices on the NSE were traded in red with metal, IT and realty shares leading the fall.
At 13:25 PM ST, the barometer index, the S&P BSE Sensex tumbled 813.20 points or 0.97% to 82,850.87. The Nifty 50 index tanked 263.45 points or 1.02% to 25,542.90.
In the broader market, the BSE 150 MidCap Index dropped 1.20% and the BSE 250 SmallCap Index slipped 0.99%.
The market breadth was weak. On the BSE, 1,293 shares rose and 2,737 shares fell. A total of 178 shares were unchanged.
Gainers & Losers:
Bajaj Finance (up 2.02%), Eicher Motors (up 1.49%), Apollo Hospitals Enterprise(up 0.46%), Tech Mahindra (up 0.46%) and Larsen & Tourbo (up 0.29%) were the major Nifty50 gainers.
Hindalco Industries (down 5.17%), Hindustan Unilever (down 3.57%), Eternal (down 3.04%), Oil and Natural Gas Corporation (ONGC) (down 2.62%) and Adani Enterprises (down 2.58%) were the major Nifty50 losers.
Stocks in Spotlight:
Honasa Consumer gained 3.64% after reporting a strong operational and financial performance for the quarter ended 31 December 2025. On a reported basis, consolidated revenue from operations stood at Rs 602 crore in Q3 FY26, up 16.2% YoY from Rs 518 crore in Q3 FY25. Profit after tax stood at Rs 50 crore in Q3 FY26, up 92.9% YoY from Rs 26 crore in Q3 FY25.
Indian Hotels Company declined 1.10%. The company consolidated net profit jumped 55.10% to Rs 903.23 crore on 12.91% rise in revenue from operations to Rs 2,841.96 crore in Q3 FY26 over Q3 FY25.
NIBE tumbled 5.95% after the company reported a consolidated net loss of Rs 18.87 crore in Q3 FY26, compared with a net profit of Rs 1.94 crore posted in Q3 FY25. Revenue from operations fell 60.3% year-on-year (YoY) to Rs 59.08 crore in the quarter ended 31 December 2025.
Lupin shed 0.16%. The company reported 37.46% surge in consolidated net profit to Rs 1,175.55 crore in Q3 FY26 as against Rs 855.16 crore posted in Q3 FY25. Total revenue from operations jumped 24.26% year-on-year to Rs 7,167.52 crore in the quarter ended 31 December 2025.
Oil and Natural Gas Corporation (ONGC) declined 2.62%. The company reported 1.60% increase in standalone net profit to Rs 8,371.85 crore in Q3 FY2, compared with Rs 8,239.92 crore in Q3 FY25. However, revenue from operations declined 6.43% YoY to Rs 31,546.51 crore in the quarter ended 31 December 2025.
Global Markets:
European market advanced as investors awaited U.S. inflation data, due later today.
The Asia-Pacific market declined Friday, tracking Wall Street declines, as fears over artificial intelligence disruption drove the S&P 500 to a third straight day of losses.
Certain pockets of the U.S. stock market have been hit this year by the release of AI tools that threaten to automate tasks performed by some companies—or at least risk eating into their profit margins.
Overnight on Wall Street, US stocks fell sharply Thursday as the market punished companies seen as potential losers from artificial-intelligence technology.
The S&P 500 fell 108.71 points to 6,832.76. The Dow Jones Industrial Average dropped 669.42 to 49,451.98, and the Nasdaq Composite sank 469.32 to 22,597.15.
The brokerage expects domestic hotel RevPAR growth of around 9-10% in Q3 FY26, with EBITDA likely to rise about 10% year-on-year. It, however, reduced its earnings per share estimates for FY26-28 by 2-3%, citing slightly lower RevPAR assumptions and margin expectations. The brokerage added that the stock's FY27 enterprise value to EBITDA multiple of 27.5x fairly captures the risk-reward balance.
Indian Hotels Company operates a diversified portfolio of hospitality brands spanning luxury, upscale and lean luxe segments, led by the Taj brand, along with Claridges Collection, SeleQtions, Tree of Life, Vivanta, Gateway and Ginger. Founded by Jamsetji Tata, IHCL opened its first property, The Taj Mahal Palace in Mumbai, in 1903. As of now, the company has a portfolio of 602 hotels worldwide, including 247 properties under development, with a presence across four continents, 14 countries and more than 250 locations.
On a consolidated basis, Indian Hotels Co's net profit declined 48.62% to Rs 284.92 crore while net sales rose 11.76% to Rs 2040.89 crore in Q2 September 2025 over Q2 September 2024.
The investment will be made by subscribing to 63,000 equity shares of $10 each at an issue price of $28 per share, including a premium of $18 per share, on a rights basis.
The transaction, which is expected to be completed by November 7, 2025, is not a related party transaction, the company said in its filing. The consideration for the acquisition will be made entirely in cash.
IHCL stated that the proceeds from this investment will be infused into St. James Court Hotels, a step-down subsidiary, to facilitate repayment of debt in that entity.
OIHK, incorporated on September 8, 1994, operates in the hospitality sector and is based in Hong Kong. The subsidiary reported a turnover of US$ 245,988 (Rs 2.18 crore) in FY2024–25, US$ 506,054 (Rs 4.49 crore) in FY2023–24, and US$ 214,816 (Rs 1.91 crore) in FY2022–23.
There will be no change in the shareholding structure, with IHCL continuing to hold 100% ownership in OIHK following the acquisition. The company added that no governmental or regulatory approvals are required for the transaction.
Indian Hotels Company (IHCL) and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service.
The company’s consolidated net profit rose 19.31% to Rs 296.37 crore on 31.66% surge in revenue from operations to Rs 2,041.08 crore in Q1 FY26 over Q1 FY25.
Shares of Indian Hotels Company rose 0.28% to close at Rs 125.05 on the BSE.