ITC Hotels Limited (ITCHOTELS)
₹162.48 +2.39% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, ITC Hotels' revenue was ₹936 Cr (+14.8% year on year, -25.4% on the previous quarter), and net profit ₹182 Cr (+36.0% year on year); the operating margin was 31.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹936 | +14.8% | -25.4% |
| Operating profit | ₹292 | +19.5% | -37.3% |
| Net profit | ₹182 | +36.0% | -42.6% |
| EPS (₹) | 0.87 | +35.9% | -42.8% |
| Operating margin | 31.2% | — | — |
ITCHOTELS delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 49.93% of the ITCHOTELS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.79%. That is close to its usual level.
Delivery in the last 5 sessions: 59.8% · 50.5% · 51.9% · 52.2% · 49.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
ITC Hotels Limited informed the exchanges regarding its participation in three institutional investor conferences scheduled between September 18 and September 23, 2026. Representatives will attend the Jefferies 5th India Forum in Gurugram on September 18, the 11th Annual J.P. Morgan India Conference in Mumbai on September 21, and the BofA Asia Pacific Conference in Hong Kong from September 22 to 23. Meetings will be conducted in physical one-on-one or group formats. No unpublished price-sensitive information is expected to be shared.
- Attending Jefferies 5th India Forum on 18th September, 2026 at Gurugram
- Attending 11th Annual J.P. Morgan India Conference on 21st September, 2026 at Mumbai
- Attending 2026 BofA Asia Pacific Conference from 22nd to 23rd September, 2026 at Hong Kong
- Participation includes physical one-on-one and group meetings
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.
- 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.
ITC Hotels Limited has scheduled participation in the 'Ashwamedh - Elara India Dialogue 2026' investor conference organized by Elara Securities (India) Private Limited. The meetings will be held physically in Mumbai on September 2, 2026, comprising one-on-one and group interactions. This is a standard institutional interaction filing under Regulation 30 of SEBI LODR Regulations.
- Conference name: Ashwamedh - Elara India Dialogue 2026 organized by Elara Securities (India) Private Limited
- Meeting date: September 2, 2026
- Meeting format: Physical one-on-one and group meetings in Mumbai
- Regulatory disclosure made under Regulation 30 of SEBI LODR Regulations
ITC Hotels Limited has allotted 29,460 equity shares of face value ₹1 each on August 20, 2026, pursuant to the exercise of 2,946 options under the ITC Hotels – Special Purpose Employee Stock Option Scheme. Following this allotment, the company's paid-up share capital increased marginally to ₹208.30 crore, comprising 2,08,30,05,769 equity shares. Given the total base of over 208 crore shares, this allotment results in an immaterial equity dilution of less than 0.002%.
- Allotment of 29,460 equity shares of face value ₹1 each
- Issued upon exercise of 2,946 options under the Special Purpose ESOP Scheme
- Paid-up share capital stands increased to ₹2,08,30,05,769 (2,08,30,05,769 shares)
- Committee meeting for allotment concluded at 10:45 a.m. on August 20, 2026
ITC Hotels Limited has scheduled its participation in the Motilal Oswal 22nd Annual Global Investor Conference on August 19, 2026, in Mumbai. The company will engage in physical one-on-one and group meetings with institutional investors. This interaction occurs as the company maintains a strong operating margin of 33.6% and executes its 'Asset-Right' strategy. Investors should monitor for any subsequent investor presentations that may detail progress on their 18,000+ keys expansion target.
- Investor conference scheduled for August 19, 2026, in Mumbai.
- Company currently operates ~13,000 keys across 140 hotels.
- Targeting expansion to 200+ hotels and 18,000+ keys within 5 years.
- Reported TTM revenue of Rs 4,235 Cr with a 33.6% operating margin.
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.
- 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.
ITC Hotels Limited has officially appointed Mr. Ramakrishnan Chander as a Non-Executive Director for a three-year term effective August 6, 2026. Mr. Chander, currently the Managing Director of LIC, represents the Life Insurance Corporation of India on the board. With over 35 years of experience in investment management and administration, his appointment was approved by shareholders at the 3rd Annual General Meeting. This is a procedural board representation for a major institutional stakeholder.
- Appointment of Mr. Ramakrishnan Chander as Non-Executive Director for a period of 3 years.
- Mr. Chander brings over 35 years of experience in marketing, administration, and investment management from LIC.
- The appointment was approved at the 3rd Annual General Meeting held on August 6, 2026.
- Mr. Chander currently serves as the Managing Director of LIC and has previously held the role of Chief Investment Officer.
ITC Hotels Limited concluded its 3rd Annual General Meeting on August 6, 2026, with shareholders approving all proposed resolutions with a requisite majority. A final dividend of ₹1 per equity share for FY26 was ratified, representing a 100% payout on the face value of ₹1. The meeting also confirmed the appointment of Mr. Ramakrishnan Chander as a Director for a three-year term. Voting participation was high, with the promoter group (holding 83 crore shares) and 92.6% of public institutions casting their votes in favor of the financial statements and dividend.
- Final dividend of ₹1 per equity share approved for the financial year ended March 31, 2026
- Mr. Ramakrishnan Chander appointed as a Director for a 3-year term effective August 6, 2026
- Total of 300 members attended the meeting, which was conducted via video conferencing
- Promoter group cast 83,00,00,000 votes, representing 100% in-favor support for all resolutions
- Public institutional voting turnout for the dividend resolution was 92.61% of their total shares
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%.
- 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
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.
- 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
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.
- 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
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.
- 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.
ITC Hotels Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, KFin Technologies Limited, confirmed that no requests for dematerialization of shares were received during the quarter ended June 30, 2026. This is a standard administrative filing required for listed entities to maintain shareholding records. The company continues to operate with a significant market capitalization of Rs 38,953 Cr and a TTM revenue of Rs 4,235 Cr.
- Zero (0) requests for dematerialization of shares were received during the quarter ended June 30, 2026
- Compliance certificate issued by KFin Technologies Limited, the Registrar and Share Transfer Agent
- Filing submitted to exchanges on July 14, 2026, in accordance with SEBI regulations
- Company maintains a healthy TTM OPM of 33.6% as per latest financial context
ITC Hotels has released its FY 2025-26 Annual Report and scheduled its 3rd Annual General Meeting for August 6, 2026. The company reported a robust financial performance with revenue from operations at ₹4,139 Cr and a Profit After Tax of ₹821 Cr. The operational portfolio has expanded to over 150 hotels and 14,200+ keys, supported by an 'Asset-Right' strategy that saw 63 hotel signings in the last 24 months. With an EBITDA margin of 34% and a 40% RevPAR premium over the industry average, the company demonstrates strong pricing power in the luxury segment.
- Revenue from operations reached ₹4,139 Cr for FY26 with a healthy EBITDA margin of 34%.
- Operational footprint expanded to 150+ hotels and 14,200+ keys as of March 31, 2026.
- Aggressive growth pipeline established with 63 hotel signings and 29 openings in the last 24 months.
- Strong liquidity position with investments at amortized cost rising to ₹2,506.07 Cr from ₹1,828.20 Cr YoY.
- Maintained a significant 40% RevPAR premium over the industry average, indicating high asset monetization efficiency.
ITC Hotels Limited has announced the closure of its trading window starting July 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is in anticipation of the announcement of the company's unaudited financial results for the first quarter ending June 30, 2026. The window will remain closed for all designated persons and their immediate relatives until 48 hours after the results are declared. This is a standard regulatory procedure to prevent insider trading during the sensitive period surrounding financial disclosures.
- Trading window closure begins on July 1, 2026, for Designated Persons and their relatives.
- The closure is related to the unaudited financial results for the quarter ending June 30, 2026.
- The window will reopen 48 hours after the official announcement of the Q1 results to the Stock Exchanges.
- The filing was made on June 25, 2026, in accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Consolidated Revenue from Operations grew 12% YoY to INR 1,655 Cr in H1 FY26. Standalone Room Revenue growth was driven by a 9% RevPAR increase, while Food & Beverage (F&B) revenue grew 5% YoY in Q2 FY26. In FY24, total revenue reached INR 3,034 Cr, a 15.4% increase from INR 2,629 Cr in FY23.
Geographic Revenue Split
The portfolio covers 140 hotels across 90+ destinations in India, with international presence via ITC Ratnadipa in Colombo, Sri Lanka. While specific % splits by city are not provided, the customer mix is 81% Retail, MICE, and Weddings as of FY24, up from 61% in FY20.
Profitability Margins
Consolidated PAT Margin for H1 FY26 stood at 15%, up 437 bps YoY. Standalone PAT for Q2 FY26 was INR 152 Cr, up 45% YoY. FY24 EBITDA margin was 33.1%, improving from 30.7% in FY23 due to higher ADRs and occupancy levels.
EBITDA Margin
Consolidated EBITDA margin was 30% in H1 FY26, up 150 bps YoY. EBITDA for H1 FY26 reached INR 490 Cr, a 17% increase YoY. On a comparable basis, Q2 FY26 EBITDA grew 22% YoY, reflecting strong operational leverage.
Capital Expenditure
Planned capital expenditure is estimated at 8-10% of annual revenue (approximately INR 240-300 Cr based on FY24 levels) to support regular maintenance and greenfield/brownfield expansions over the next 4-5 years.
Credit Rating & Borrowing
The company maintains a strong financial profile with a debt-free balance sheet post-demerger. Liquidity is supported by INR 1,500 Cr in cash and equivalents transferred from ITC Ltd. CRISIL notes a strong financial risk profile with net worth exceeding INR 10,000 Cr.
Operational Drivers
Raw Materials
Primary operational costs include Food & Beverage (F&B) supplies (perishables, dry goods), Energy (electricity, fuel), and People Costs (contractor payments and payroll). F&B costs are managed as a % of F&B revenue, which grew 5% in Q2 FY26.
Import Sources
Sourcing is primarily domestic across 90+ destinations in India to support local supply chains, with international sourcing for specialized luxury amenities and signature cuisine ingredients for premium brands.
Key Suppliers
Not specifically named in the documents; however, the company leverages 'Institutional Synergies' with ITC Ltd for procurement and distribution efficiencies.
Capacity Expansion
Current capacity is ~13,000 keys across 140 hotels. The company plans to expand to 18,000+ keys and 200+ hotels within 5 years, and targets 20,000+ keys across 220+ hotels by 2030.
Raw Material Costs
Total operating expenses for H1 FY26 were INR 1,165 Cr, up 9% YoY. The company focuses on 'Operational Excellence' to keep cost-per-key significantly lower than peers through productivity and efficiency thrusts.
Manufacturing Efficiency
Occupancy stood at 68% in FY24 with a 254 bps expansion in Q2 FY26. The company maintains a 40% RevPAR premium over the industry, indicating high efficiency in asset monetization.
Logistics & Distribution
Distribution is driven by 'World Class Digital Infrastructure' and 'Best-in-class loyalty programs' to reduce dependency on high-cost third-party booking channels.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through the 'Asset-Right' model, focusing on management contracts to reach 200+ hotels. The pipeline includes 61 hotels (~5,900 keys) with a focus on premium segments via the new 'Epiq Collection' brand and scaling the 'Storii' and 'Mementos' brands.
Products & Services
Luxury and mid-scale hotel stays, branded signature cuisines (F&B), MICE (Meetings, Incentives, Conferences, and Exhibitions) services, wedding hosting, and luxury residential apartments (Colombo).
Brand Portfolio
ITC Hotels, Welcomhotel, Mementos, Storii, Fortune, WelcomHeritage, Epiq Collection.
New Products/Services
Launched 'Epiq Collection – Member ITC Hotels Group' in Q2 FY26 to accelerate growth in the premium segment. Residential apartment sales at ITC Ratnadipa, Colombo, are expected to commence in 2025.
Market Expansion
Expansion into 90+ destinations with a focus on Tier I cities, metros, and key tourist hubs. International expansion is currently focused on Sri Lanka with the 352-key ITC Ratnadipa.
Market Share & Ranking
Ranked as one of the pre-eminent hotel chains in India, particularly in the luxury segment, commanding a 40% RevPAR premium over the industry average.
Strategic Alliances
Maintains a strategic relationship with ITC Ltd, which holds a 40% stake and provides brand, managerial, and governance support.
External Factors
Industry Trends
The industry is currently in an upcycle where demand growth is expected to outpace supply growth over the medium term, supporting sustained healthy operating performance and higher ARRs.
Competitive Landscape
Competes with major domestic and international luxury chains. Competitive edge is maintained through a 40% RevPAR premium and a diversified brand portfolio from mid-scale to luxury.
Competitive Moat
Durable advantages include 'Food & Beverage Supremacy' (signature cuisine brands), a strong loyalty program, and the 'ITC' brand equity. These are sustainable due to the high capital barrier for luxury assets and deep institutional expertise.
Macro Economic Sensitivity
Highly sensitive to GDP growth; RevPAR in business destinations correlates strongly with nominal GDP growth. Leisure destinations are sensitive to non-economic factors like travel warnings.
Consumer Behavior
Increasing trend toward 'discretionary spending' and 'leisure travel' is driving demand in the hospitality sector, particularly in the premium and luxury segments.
Geopolitical Risks
Operations in Sri Lanka (ITC Ratnadipa) are subject to local economic conditions and political stability, which could impact the ramp-up of occupancy and residential sales.
Regulatory & Governance
Industry Regulations
Subject to hospitality standards, food safety regulations, and environmental norms. The demerger was sanctioned by NCLT Kolkata Bench via order dated October 04, 2024.
Environmental Compliance
Committed to 'Sustainability 2.0' agenda; recently commissioned a 3.3 MW windmill facility in Gujarat to increase renewable energy salience.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 29.7% (INR 110 Cr tax on INR 370 Cr PBT).
Legal Contingencies
The demerger scheme became effective January 01, 2025, following NCLT approval. No other specific pending court cases with INR values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'cyclicality' of the hospitality industry, where a downturn could compress operating margins. Another risk is the ramp-up of the Colombo asset (ITC Ratnadipa) and residential unit sales.
Geographic Concentration Risk
High concentration in India (90+ destinations), with specific exposure to metros and Tier I cities which are sensitive to corporate travel trends.
Third Party Dependencies
Increasing dependency on hotel owners for the 'managed' portfolio (targeted at 2/3rd of keys), requiring strong relationship management and brand standard enforcement.
Technology Obsolescence Risk
Mitigated by 'Digital First' strategy focusing on best-in-class guest experience applications and data automation.
Credit & Counterparty Risk
Liquidity is 'Superior' with INR 1,500 Cr cash balance; receivables quality is supported by a high salience of retail and established corporate clients.
