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ITC Hotels Acquires 100% of GHK Hospitality (Welcomhotel Ahmedabad) for ₹155 Cr EV
ITC Hotels Limited has completed the 100% acquisition of GHK Hospitality & Infrastructures Limited on September 1, 2026, making it a wholly owned subsidiary. The acquisition was executed for an enterprise value of ₹155 crores on a cash-free, debt-free basis. GHK owns the 130-key 'Welcomhotel Ahmedabad', which was previously operated by ITC Hotels under an operating services agreement. GHK recorded a turnover of ₹35.16 crores in FY26 (up from ₹31.23 crores in FY25), representing ~0.8% of ITC Hotels' TTM revenue of ₹4,355 crores.
Confidence: HIGH
What changedGHK Hospitality & Infrastructures Limited has become a 100% wholly owned subsidiary of ITC Hotels Limited effective September 1, 2026.
Why it mattersConverts an existing 130-key managed property into an owned asset in Ahmedabad, consolidating full operational and financial upside without regulatory hurdles.
Enterprise value: ₹ 155 croresEV vs TTM revenue: ~3.6%Target FY26 turnover: ₹ 35.16 croresHotel capacity acquired: 130 keysShares acquired: 2,82,27,741
📅 Short termMarginally positive sentiment as the company closes the transaction smoothly without dilution or major debt addition.
📈 Long termSupports ITC Hotels' portfolio expansion in key business hubs by owning high-demand strategic assets while maintaining overall asset-right capital allocation.
Key Highlights
Acquired 100% stake (2,82,27,741 equity shares) in GHK Hospitality & Infrastructures Limited for an EV of ₹155 crores.
Target owns the 130-key 'Welcomhotel Ahmedabad', transitioning it from an operating agreement to an owned asset.
GHK's audited turnover grew to ₹35.16 crores in FY26, compared to ₹31.23 crores in FY25 and ₹25.62 crores in FY24.
Acquisition EV of ₹155 crores represents ~1.3% of ITC Hotels' net worth of ₹11,892 crores.
👀 What to Watch
Track the integration of GHK Hospitality and the resulting contribution to consolidated revenue and operating margins in upcoming quarterly earnings.
22,000+ keys target: ITC Hotels to expand to 250 hotels in 5 years via Asset-Right model
ITC Hotels reported a 19% growth in total income to over 4,331 crore for the year, with PAT increasing by 29%. The company is aggressively scaling its footprint through an 'Asset-Right' strategy, having signed 63 hotels and opened 29 properties in the last 24 months. The current pipeline includes 78 hotels with over 8,000 keys, aiming to reach a total of 250 hotels and 22,000+ keys within five years. This represents a significant capacity expansion of approximately 55% from the current base of 14,200+ keys.
Confidence: HIGH
What changedThe company has formalized a 5-year growth roadmap to reach 22,000+ keys and 250 hotels, shifting focus heavily toward an 'Asset-Right' management contract model.
Why it mattersThis strategy allows for rapid scaling without the heavy capital expenditure of owning properties, potentially enhancing margins and return ratios while leveraging the company's 40% RevPAR premium.
Target Keys (5 years): 22,000+Current Keys: 14,200+Pipeline Keys vs Current: ~56%FY26 Total Income: 4,331 croreHotels Signed (24 months): 63
📅 Short termPositive sentiment is expected as the market reacts to strong double-digit income and profit growth alongside aggressive expansion targets.
📈 Long termStructural growth is significant if the company achieves its 250-hotel target, potentially re-rating the business as it moves toward a higher-margin management fee model.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Execution risk of the 8,000-key pipeline
- Cyclicality of the luxury hospitality sector
- Competition in the premium segment from global and domestic chains
Key Highlights
Targeting 22,000+ keys and 250 hotels within the next 5 years, up from 14,200+ keys currently.
Signed 63 hotels and opened 29 properties over the last 24 months to accelerate growth.
Total Income grew 19% to over 4,331 crore with PAT increasing by 29% in the reported period.
Current pipeline consists of 78 hotels with over 8,000 keys under development.
Adding nearly 670 rooms through new developments in Puri, Visakhapatnam, Delhi, and Bhubaneswar.
👀 What to Watch
Monitor the execution timeline of the 8,000-key pipeline and the transition towards management contracts, which should ideally improve ROCE from the current 10.0% by reducing capital intensity.
ITC Hotels Q1 PAT Surges 36% to ₹182 Cr; Managed Portfolio Crosses 200 Hotels
ITC Hotels reported a robust Q1 FY27 with consolidated revenue rising 15% YoY to ₹936 cr and PAT growing 36% to ₹182 cr. The performance was driven by an 8% growth in RevPAR and a significant 35% increase in management fees, reflecting the success of its 'Asset-Right' strategy. The company signed 8 new hotels during the quarter, bringing its total managed portfolio to over 200 properties with approximately 16,000 keys. Despite early-quarter volatility due to West Asia conflicts, occupancy expanded by 290 bps to 74%.
Confidence: HIGH
What changedITC Hotels achieved its highest-ever Q1 revenue and profit while crossing the milestone of 200 hotels in its managed portfolio.
Why it mattersThe strong growth in management fees (35%) and RevPAR premium (33%) validates the company's 'Asset-Right' strategy, which aims to drive higher margins and ROCE by managing properties rather than owning all of them.
Consolidated Revenue (Q1): ₹936 crConsolidated PAT (Q1): ₹182 crQ1 Revenue vs TTM Revenue: ~22.1%Management Fee Growth: 35%Occupancy Rate: 74%Managed Portfolio Keys: ~16,000
📅 Short termThe stock is likely to react positively to the 36% PAT growth and margin expansion, especially as the company demonstrated resilience against geopolitical travel disruptions seen in April.
📈 Long termThe structural shift toward management contracts (74 hotels in the pipeline) and the 'Asset-Right' model is expected to reduce capital intensity and improve long-term return ratios.
⚠ Risk flags
- Geopolitical conflicts impacting international air travel
- Inflationary pressures on food and fuel costs
- Cyclicality of the hospitality sector
Key Highlights
Consolidated PAT increased 36% YoY to ₹182 cr for the quarter ended June 30, 2026
Management fees grew by 35% YoY to ₹49 cr, highlighting the shift toward a capital-light model
RevPAR reached ₹8,380, representing an 8% YoY growth and a 33% premium over the industry average
Signed 8 new hotels in Q1 across locations like Jaipur, Bhubaneswar, and Shirdi
Occupancy expanded by 290 bps YoY to 74%, while ADR grew 4% to ₹11,310
👀 What to Watch
Investors should monitor the execution timeline for the Kumarakom Resort relaunch (expected Q3 FY27) and the pace of apartment handovers at the Sri Lanka project, which will influence non-room revenue.
Rs 155 Cr Strategic Acquisition of 130-Key Welcomhotel Ahmedabad
ITC Hotels has signed a definitive agreement to acquire a 100% stake in GHK Hospitality & Infrastructures Limited for an enterprise value of Rs 155 crore. The acquisition involves the 130-room Welcomhotel Ahmedabad, which is currently managed by ITC Hotels under an operating agreement. The transaction is valued at approximately 3.66% of the company's TTM revenue and is expected to be EPS accretive in the first full year of operations. The deal is slated for completion within the current quarter on a debt-free and cash-free basis.
Confidence: HIGH
What changedITC Hotels is shifting from an 'Asset-Right' management contract to full ownership of the Welcomhotel Ahmedabad property by acquiring its parent company, GHK Hospitality.
Why it mattersThis move allows ITC Hotels to capture the full financial upside and yields of an established property in a high-growth commercial hub, optimizing capital efficiency compared to a greenfield project.
Enterprise Value: Rs 155 croreRoom Count: 130 keysDeal Value vs TTM Revenue: ~3.66%Deal Value vs Net Worth: ~1.30%Banqueting Space: 8,500 sq. ft.
📅 Short termThe announcement is likely to be viewed positively by the market as it demonstrates active capital deployment into revenue-generating, EPS-accretive assets.
📈 Long termSupports the company's long-term goal of reaching 200+ hotels by 2030 and strengthens its competitive position in the premium business segment in Tier-1 cities.
⚠ Risk flags
- Cyclicality of business travel demand in the Ahmedabad industrial corridor
Key Highlights
Acquisition of 100% stake in GHK Hospitality at an Enterprise Value of Rs 155 crore
Transition of a 130-room 'Upper Upscale' business hotel from managed to owned status
Includes 8,500 sq. ft. of banqueting space and prime location on Ahmedabad's Ashram Road
Transaction expected to be consummated within the current quarter (ending September 2026)
Deal value represents approximately 1.3% of the company's current Net Worth of Rs 11,892 crore
👀 What to Watch
Investors should monitor the successful closure of the deal this quarter and look for margin expansion in the Ahmedabad operations as the company moves from management fees to full ownership of cash flows.
₹155 Cr Acquisition of GHK Hospitality (Welcomhotel Ahmedabad) for 100% Stake
ITC Hotels has executed an agreement to acquire 100% of GHK Hospitality & Infrastructures Limited for an enterprise value of ₹155 crores. The target entity owns 'Welcomhotel Ahmedabad', a 130-key property that ITC Hotels currently operates under a management contract. This move shifts the asset from a managed to an owned model, allowing the company to fully capitalize on Ahmedabad's year-round hospitality demand. The acquisition is valued at approximately 3.66% of ITC Hotels' TTM revenue and is expected to close within Q2 FY27.
Confidence: HIGH
What changedITC Hotels is transitioning its relationship with Welcomhotel Ahmedabad from an 'Operating Services Agreement' to 100% ownership through the acquisition of GHK Hospitality.
Why it mattersWhile the company pursues an 'asset-right' strategy, this selective acquisition of a property they already manage reduces execution risk and allows them to retain 100% of the property's cash flows in a high-demand Tier-I market.
Enterprise Value: ₹155 croresTarget Revenue (FY26): ₹35.16 croresDeal Value vs TTM Revenue: ~3.66%Deal Value vs Net Worth: ~1.30%Number of Keys: 130
📅 Short termThe market is likely to view this as a low-risk, value-accretive move since ITC Hotels is already familiar with the asset's operations.
📈 Long termStrengthens the owned-asset portfolio in a key commercial hub; however, the overall impact is modest given the company's large existing base of 13,000+ keys.
⚠ Risk flags
- Increased capital intensity for this specific asset compared to the asset-right model
Key Highlights
Acquisition of 100% equity stake in GHK Hospitality for an Enterprise Value of ₹155 crores
Target entity owns 'Welcomhotel Ahmedabad' featuring 130 keys
GHK Hospitality reported a turnover of ₹35.16 crores in FY26, up from ₹25.62 crores in FY24
Transaction expected to be completed within the current quarter (Q2 FY27)
Acquisition cost per key stands at approximately ₹1.19 crores
👀 What to Watch
Watch for the formal closure of the deal by September 2026 and subsequent impact on operating margins as the property transitions from management fees to full ownership earnings.
36% YoY PAT Growth in Q1; Revenue up 15% to ₹936 Cr with Branded Residences Contribution
ITC Hotels reported a strong start to FY27 with consolidated revenue growing 14.8% YoY to ₹936.02 Cr. Net profit for the quarter rose 36% YoY to ₹181.91 Cr, significantly outperforming revenue growth due to improved margins and a ₹37.77 Cr contribution from the Branded Residences segment. The company also integrated its new acquisition, Kerala Luxury Resorts, effective May 19, 2026. However, Total Comprehensive Income was impacted by a ₹210.40 Cr negative movement in Other Comprehensive Income, likely due to currency translation related to international operations.
Confidence: HIGH
What changedThe company has successfully started recognizing revenue from its Branded Residences segment and completed a strategic acquisition in Kerala, expanding its luxury footprint.
Why it mattersThe 36% profit growth despite a seasonally softer quarter for hotels demonstrates strong operating leverage and the benefit of diversifying into branded residential sales alongside core hospitality.
Consolidated Revenue (Q1 FY27): ₹936.02 CrConsolidated PAT (Q1 FY27): ₹181.91 CrBranded Residences Revenue: ₹37.77 CrOther Comprehensive Income (Loss): ₹(210.40) CrRevenue vs TTM Revenue: ~22.1%
📅 Short termThe stock is likely to react positively to the strong bottom-line beat and the successful start of the branded residences revenue stream.
📈 Long termThe 'Asset-Right' strategy and expansion toward 200+ hotels by 2030 remain the structural growth drivers, with branded residences providing high-margin cash flow lumpy additions.
⚠ Risk flags
- Significant negative Other Comprehensive Income (₹210.40 Cr) impacting total equity
- Integration risk of the newly acquired Kerala Luxury Resorts
- Currency volatility affecting international assets (Sri Lanka)
Key Highlights
Consolidated Revenue from operations increased 14.8% YoY to ₹936.02 Cr from ₹815.54 Cr.
Consolidated Net Profit grew 36% YoY to ₹181.91 Cr compared to ₹133.71 Cr in the previous year's quarter.
Branded Residences segment turned profitable at the EBIT level with ₹13.22 Cr on revenue of ₹37.77 Cr.
Hotel segment revenue grew 10% YoY to ₹881.06 Cr, maintaining its position as the primary growth driver.
Completed the 100% acquisition of Kerala Luxury Resorts Private Limited on May 19, 2026.
👀 What to Watch
Monitor the sales velocity of branded residences and the operational integration of the newly acquired Kerala property. Investors should also investigate the cause of the ₹210 Cr negative Other Comprehensive Income, which could indicate currency risks in the Sri Lankan operations.
ITC Hotels Acquires Zuri Hotels & Resorts for ₹205 Crore Enterprise Value
ITC Hotels has completed the 100% acquisition of Zuri Hotels and Resorts Private Limited (ZHRPL) for an enterprise value of ₹205 crores. The target entity owns 'The Zuri Kumarakom, Kerala Resort & Spa', a 72-key luxury property spread across 18 acres. ZHRPL has shown stable performance with a turnover of ₹21.91 crores in FY26. ITC Hotels plans to renovate and rebrand the property to leverage its institutional strengths and premium brand positioning in the leisure segment.
Key Highlights
Acquired 100% stake in ZHRPL for an enterprise value of ₹205 crores on a cash-free, debt-free basis.
Target property includes a 72-key luxury resort, 2 restaurants, and an ayurvedic spa in Kumarakom, Kerala.
ZHRPL turnover has remained consistent at approximately ₹21.6-21.9 crores over the last three fiscal years.
The acquisition will be funded through cash consideration not exceeding ₹175 crores for the share capital.
Strategic move to expand ITC's luxury leisure portfolio in a high-growth destination with plans for rebranding.
👀 What to Watch
Investors should view this as a strategic expansion into the high-margin luxury leisure market. Monitor the post-renovation performance and rebranding impact on the property's average room rates and occupancy.
ITC Hotels to Acquire Zuri Kumarakom Resort for Rs 205 Crore
ITC Hotels has signed definitive agreements to acquire a 100% stake in Zuri Hotels and Resorts Private Limited for an enterprise value of Rs 205 crores. The acquisition includes a 72-key luxury resort spread across 18 acres in Kumarakom, Kerala, marking the company's first owned resort in the state. Post-renovation and rebranding under the 'ITC Hotels' brand, the company expects stabilized revenue to reach nearly 3x current levels. The transaction is expected to be margin accretive and will be completed on a debt-free and cash-free basis within a few days.
Key Highlights
Acquisition of 100% stake in Zuri Hotels & Resorts Pvt Ltd at an Enterprise Value of Rs 205 crores
The 72-key resort is spread over 18 acres with 20,000 sq.ft. of spa and wellness facilities
Management expects stabilized revenue to grow 3x from current levels post-rebranding
The deal is structured on a debt-free and cash-free basis, expected to close within days
Strategic entry into the high-yield Kumarakom market, diversifying revenue across leisure and MICE
👀 What to Watch
This is a strategic, value-accretive acquisition that strengthens ITC Hotels' luxury leisure portfolio in a high-demand destination. Investors should view this as a positive growth driver for long-term yields and margin expansion.
ITC Hotels FY26 PAT Jumps 39% to ₹888 Cr; Records Highest-Ever Signings of 33 Hotels
ITC Hotels reported a robust financial performance for FY26, with consolidated revenue growing 16% to ₹4,139 crore and PAT (before exceptional items) surging 39% to ₹888 crore. The company achieved its highest-ever signings of 33 hotels during the year, expanding its pipeline to 67 managed properties as part of its 'Asset-Right' strategy. Despite global headwinds like the West Asia conflict impacting Q4 inbound travel, the company maintained a 37% RevPAR premium over the industry. The Board has recommended a dividend of ₹1 per share for the financial year.
Key Highlights
FY26 Consolidated Revenue rose 16% YoY to ₹4,139 cr, while PAT (bei) grew 39% to ₹888 cr.
Achieved highest-ever signings of 33 hotels (3,300+ keys) in FY26, targeting 250 hotels by 2031.
RevPAR grew 10% YoY, maintaining a significant 37% premium over the luxury/upscale industry average.
ITC Ratnadipa (Sri Lanka) turned EBITDA positive in its first full year of operations.
Board recommended a dividend of ₹1 per share for the financial year ended March 31, 2026.
👀 What to Watch
Investors should focus on the company's successful transition to an 'Asset-Right' model and its industry-leading RevPAR premiums. The aggressive expansion pipeline and international turnaround in Sri Lanka provide strong visibility for future growth.
ITC Hotels FY26 Net Profit Rises 19% to ₹829 Cr; Declares ₹1 Final Dividend
ITC Hotels reported a strong financial performance for FY26, with standalone net profit growing 18.7% YoY to ₹829.26 crore. Consolidated revenue for the full year saw a robust 16.3% increase to ₹4,139.40 crore, reflecting healthy demand across its hospitality portfolio. The company has recommended its first final dividend of ₹1 per share post-demerger, with a record date of May 21, 2026. Despite a one-time exceptional hit of ₹80.17 crore on a consolidated basis due to new labour code provisions, the company maintained steady margins.
Key Highlights
Standalone FY26 Net Profit increased 18.7% YoY to ₹829.26 crore from ₹698.41 crore.
Consolidated Revenue from Operations grew 16.3% YoY to reach ₹4,139.40 crore.
Recommended a Final Dividend of ₹1 per equity share (100% of face value) for FY26.
Exceptional item of ₹80.17 crore (Consolidated) recognized for past service costs under New Labour Codes.
Standalone Cash and Cash Equivalents stood at ₹31.13 crore with a strong balance sheet following the demerger.
👀 What to Watch
Investors should take note of the consistent profit growth and the initiation of dividends as a positive sign of post-demerger stability. The company remains a strong long-term play in the premium Indian hospitality sector.
ITC Hotels FY26 Consolidated Net Profit Rises 29% to ₹821 Cr; Declares ₹1 Dividend
ITC Hotels Limited reported a strong financial performance for FY26, with consolidated revenue from operations growing 16.3% to ₹4,139.40 crore. Consolidated Net Profit for the full year surged 28.8% to ₹821.26 crore, despite an exceptional charge of ₹80.17 crore related to the implementation of New Labour Codes. The Board has recommended a final dividend of ₹1 per share, representing a 100% payout on the face value. This performance reflects robust demand in the hospitality sector and efficient operational management post-demerger.
Key Highlights
Consolidated Revenue from operations increased to ₹4,139.40 crore in FY26 from ₹3,559.81 crore in FY25.
Consolidated Net Profit (PAT) grew to ₹821.26 crore for the full year, up from ₹637.64 crore in the previous fiscal.
Recommended a final dividend of ₹1 per equity share; Record date fixed as May 21, 2026.
Q4 FY26 Consolidated PAT stood at ₹317.43 crore, a 23.1% increase over the corresponding quarter last year.
Exceptional item of ₹80.17 crore (Consolidated) recognized for past service costs related to gratuity and compensated absences under New Labour Codes.
👀 What to Watch
Investors should view the strong double-digit growth in revenue and profitability as a sign of the company's successful independent trajectory post-demerger. The initiation of dividends and the representation of LIC on the board further strengthen the investment case for long-term holders.
ITC Hotels FY26 Net Profit Jumps 29% to ₹821 Cr; Recommends ₹1 Dividend
ITC Hotels reported a robust performance for the full year ended March 31, 2026, with consolidated revenue growing 16.3% YoY to ₹4,139.40 crore. Consolidated Net Profit rose significantly by 28.8% to ₹821.26 crore, even after accounting for an exceptional charge of ₹80.17 crore related to the New Labour Codes. The Board has recommended its first final dividend of ₹1 per share (100% of face value) post-demerger, with a record date of May 21, 2026. Operational efficiency improved as total expenses grew at a slower rate than revenue, leading to higher margins.
Key Highlights
Consolidated Revenue from Operations increased 16.3% YoY to ₹4,139.40 crore in FY26.
Consolidated Net Profit grew 28.8% to ₹821.26 crore compared to ₹637.64 crore in FY25.
Recommended a final dividend of ₹1 per equity share for FY26 with a total outflow of ₹208.30 crore.
Exceptional item of ₹80.17 crore recognized for past service costs under New Labour Codes.
Record date for dividend fixed as May 21, 2026, with payment scheduled for August 2026.
👀 What to Watch
Investors should view the strong bottom-line growth and dividend initiation as a positive sign of post-demerger stability. The stock remains a core holding for exposure to the premium Indian hospitality sector.
ITC Hotels to Acquire Zuri Hotels and Resorts for ₹205 Crore Enterprise Value
ITC Hotels has executed a Share Purchase Agreement to acquire 100% of Zuri Hotels and Resorts Private Limited for an enterprise value of ₹205 crores. The acquisition includes 'The Zuri Kumarakom, Kerala Resort & Spa', a 72-key luxury property spread over 18 acres. The target company has maintained a stable turnover of approximately ₹21-22 crores over the last three fiscal years. ITC Hotels plans to renovate and rebrand the resort to strengthen its luxury leisure and MICE portfolio in the strategic Kerala market.
Key Highlights
Acquisition of 100% stake in Zuri Hotels and Resorts for an enterprise value of ₹205 crores.
Target asset is a 72-key luxury resort in Kumarakom, Kerala, featuring an ayurvedic spa and 18 acres of land.
Zuri Hotels reported a turnover of ₹21.91 crores in FY26, consistent with previous years' performance.
The transaction is a cash deal expected to be completed within approximately 7 working days.
ITC Hotels aims to unlock value through rebranding and leveraging its institutional strengths in the luxury segment.
👀 What to Watch
Investors should look favorably on this acquisition as it expands ITC Hotels' footprint in a premium leisure destination at a reasonable valuation. Monitor the post-renovation rebranding and its impact on the company's overall RevPAR and luxury segment margins.
ITC Hotels Recommends ₹1 Dividend; FY26 Consolidated Revenue Up 16% to ₹4,139 Cr
ITC Hotels reported a strong financial performance for FY26, with consolidated revenue from operations growing 16.3% YoY to ₹4,139.40 crore. The Board has recommended a final dividend of ₹1 per equity share, marking a significant payout for shareholders following the company's demerger. Standalone net profit for the year rose to ₹829.26 crore from ₹698.41 crore in the previous year, despite an exceptional hit of ₹51.30 crore due to new labor code provisions. The company has fixed May 21, 2026, as the record date for dividend eligibility.
Key Highlights
Recommended a final dividend of ₹1 per equity share (100% of face value) for FY26.
Consolidated Revenue from Operations increased 16.3% YoY to ₹4,139.40 crore.
Standalone Profit After Tax (PAT) grew by 18.7% YoY to reach ₹829.26 crore.
Standalone Earnings Per Share (EPS) improved to ₹3.98 from ₹3.36 in the previous year.
Recognized a one-time exceptional charge of ₹51.30 crore related to the implementation of New Labour Codes.
👀 What to Watch
Investors should ensure they hold shares by the record date of May 21, 2026, to qualify for the ₹1 dividend. The robust growth in both top-line and bottom-line figures indicates strong operational efficiency in the post-demerger entity.
ITC Hotels FY26 Consolidated PAT Surges 29% to ₹821 Cr; Recommends ₹1 Dividend
ITC Hotels Limited reported a strong financial performance for FY26, with consolidated revenue from operations growing 16.3% YoY to ₹4,139.40 crore. Consolidated Profit After Tax (PAT) rose significantly by 28.8% to ₹821.26 crore, despite an exceptional hit of ₹80.17 crore related to the New Labour Codes. The company declared its first dividend post-demerger of ₹1 per share, reflecting a healthy cash flow position. Standalone Profit Before Tax (before exceptional items) grew by 24.5% to ₹1,162.63 crore, indicating improved operational efficiency in the premium hospitality segment.
Key Highlights
Consolidated Revenue from Operations increased 16.3% YoY to ₹4,139.40 crore for the full year ended March 31, 2026.
Consolidated Net Profit grew by 28.8% to ₹821.26 crore compared to ₹637.64 crore in FY25.
Board recommended a final dividend of ₹1 per equity share of face value ₹1 for FY26.
Recognized a one-time exceptional charge of ₹80.17 crore (consolidated) due to past service costs under the New Labour Codes.
Standalone cash and bank balances remained strong at approximately ₹731 crore as of March 31, 2026.
👀 What to Watch
Investors should take note of the robust double-digit growth in both revenue and profitability, which validates the company's standalone strength post-demerger. The initiation of dividends and a strong balance sheet make it a compelling long-term hold in the Indian hospitality sector.
ITC Hotels Q3 FY26: Record Revenue of ₹1,231 Cr, PAT Surges 42% YoY
ITC Hotels reported its highest-ever Q3 revenue and profits, with consolidated revenue growing 21% YoY to ₹1,231 crore. Net profit (PAT before exceptional items) saw a significant jump of 42% to ₹307 crore, driven by strong demand in the luxury, wedding, and MICE segments. The company's RevPAR grew by 13%, maintaining a substantial 48% premium over the industry average. Expansion remains aggressive, with the portfolio crossing 150 operational hotels and the Colombo project turning EBITDA positive.
Key Highlights
Consolidated Revenue from Operations rose 21% YoY to ₹1,231 crore, while EBITDA increased 23% to ₹467 crore.
PAT (before exceptional items) surged 42% YoY to ₹307 crore with a consolidated EBITDA margin of 38%.
RevPAR grew by 13% driven by a 9% increase in ADR and 290 bps expansion in occupancy.
Portfolio reached a milestone of 150+ operational hotels with 14,000+ keys; 28 new hotels signed in CY2025.
ITC Ratnadipa (Colombo) turned EBITDA positive on a YTD basis and commenced apartment handovers at Sapphire Residences.
👀 What to Watch
The strong margin expansion and significant RevPAR premium over the industry indicate high brand equity and operational efficiency. Investors should maintain a positive outlook given the robust pipeline of 28 new signings and the strategic 'Asset-Right' expansion into Tier-II and Tier-III cities.
ITC Hotels Q3 Net Profit Grows 9.6% to ₹236.8 Cr; Revenue Up 21% YoY
ITC Hotels reported a strong performance for Q3 FY26, with consolidated revenue from operations growing 21.2% year-on-year to ₹1,230.68 crore. Consolidated net profit increased by 9.6% to ₹236.83 crore, even after accounting for a significant exceptional loss of ₹84 crore. This exceptional charge includes a ₹55.42 crore provision for new labour codes and a ₹28.58 crore inventory loss caused by Cyclone Ditwah in Sri Lanka. The core hospitality segment continues to lead growth, while the real estate segment contributed ₹81.51 crore to the top line.
Key Highlights
Consolidated Revenue from Operations increased 21.2% YoY to ₹1,230.68 crore in Q3 FY26.
Consolidated Net Profit rose to ₹236.83 crore from ₹216.00 crore in the previous year's corresponding quarter.
Hotel segment revenue grew to ₹1,132.51 crore, up from ₹995.49 crore in Q3 FY25.
Exceptional items totaling ₹84 crore impacted the bottom line, including labor code provisions and cyclone-related losses.
Standalone EPS for the quarter stood at ₹1.18, reflecting steady operational efficiency post-demerger.
👀 What to Watch
Investors should view the results positively as the core hospitality business shows robust double-digit growth despite one-off exceptional costs. Monitor the progress of the real estate segment and the finalization of labor code rules for any further financial adjustments.
ITC Hotels Bags Land Lease at Yashobhoomi, Delhi for ₹326.5 Cr to Build 5-Star Hotel
ITC Hotels Limited has secured a 91-year lease for land at Yashobhoomi, Dwarka, New Delhi, from the India International Convention and Exhibition Centre Limited (IICC). The company will pay a lease premium of ₹326.50 crores for the site, which has a permissible Floor Area Ratio (FAR) of approximately 26,179 square meters. The land is earmarked for the development of a premium 5-star hotel featuring signature cuisine and extensive banqueting facilities. This move strategically positions ITC Hotels to capture the growing MICE (Meetings, Incentives, Conferences, and Exhibitions) demand at India's largest convention hub.
Key Highlights
Allotment of land at Yashobhoomi, Dwarka, on a long-term lease of approximately 91 years.
Total lease premium consideration of ₹326.50 crores to be paid to IICC.
Permissible FAR of ~26,179 square meters on a ground coverage of ~3,648 square meters.
Project involves the development and operation of a premium 5-star hotel with signature dining.
Strengthens Delhi NCR footprint where ITC already operates 10 properties with 1,599 keys.
👀 What to Watch
Investors should look favorably on this strategic expansion into a high-traffic MICE destination, which promises long-term revenue visibility. Monitor the company's upcoming capital expenditure plans for the construction phase of this project.
ITC Hotels Shareholders Approve Employee Stock Appreciation Rights Scheme with 99.8% Majority
ITC Hotels Limited has announced the successful passage of two special resolutions via postal ballot to implement an Employee Stock Appreciation Rights (ESAR) Scheme. The resolutions, covering employees of both the company and its subsidiaries, received overwhelming support with over 99.8% of votes cast in favour. Approximately 83.56% of the total shareholding participated in the voting process, reflecting strong shareholder engagement. This move is aimed at aligning employee interests with long-term shareholder value and enhancing talent retention.
Key Highlights
Special resolution for ESAR Scheme for company employees passed with 99.86% majority in favour.
Resolution for ESAR Scheme for subsidiary employees passed with 99.91% majority in favour.
Total voter turnout was 83.56%, representing 174.04 crore shares out of 208.27 crore total shares.
Institutional investors showed high participation at 97.01% with near-unanimous support for the scheme.
Promoter group holding 83 crore shares voted 100% in favour of both resolutions.
👀 What to Watch
Investors should view this as a positive step for long-term talent retention and organizational stability. While ESARs lead to minor equity dilution, the alignment of employee incentives with stock performance is generally beneficial for shareholders.
