Indian Hotels Company Limited (IHCL) is one of India's leading hospitality companies, part of India's Tata Group and India's largest hospitality company by market capitalization. IHCL was founded in 1902 by Jamshedji Tata and is headquartered in Mumbai where its flagship hotel Taj Mahal Palace Hotel is also located. The first hotel of the company was opened — The Taj Mahal Palace Hotel in Colaba neighbourhood of Bombay opened in 1903. It was the first five star hotel in India with modern elevators and Russian carpets.
IHCL and its subsidiaries comprise diversified portfolio across luxury, upscale/upper upscale and lean luxury/midscale segments. IHCL's operations are spread across four continents, 12 countries and over 100 cities. IHCL has a portfolio of 381 hotels including 134 under development globally across 4 continents, 14 countries and in over 150+ locations.
The company operates through two segments: Hotel Services and Air and Institutional Catering. The Company and its subsidiaries are primarily engaged in the business of owning, operating and managing hotels, palaces and resorts. Its portfolio comprises not only premium and luxury hotel brands, but also includes diverse F&B, wellness, salon, and lifestyle brands.
The Company's brands include Taj, SeleQtions, Vivanta, Ginger, ama Stays & Trails, Taj Sats, Qmin, The Chambers, TajSATS, niu&nau, Khazana, Soulinaire, Loya, House of Nomad, F&B, Golden Dragon, and Seven Rivers, among others. Taj, the Company's flagship brand, has approximately 100 hotels in its portfolio with 81 in operation and 19 in the pipeline. Its Ginger brand has a portfolio of approximately 85 hotels across 50 locations, including 26 under development.
IHCL doubled the number of Taj hotels to 100 by the end of FY23, expanded SeleQtions to 31 hotels, increased Vivanta's properties to 47 hotels and transformed Ginger into a more streamlined, high-quality model with an 85-hotel portfolio. TajSATS, the airline catering services arm, also experienced substantial growth, capturing a market share of 58%.
Market Cap: 1,06,409 Crore (up 21.6% in 1 year) as of latest data. Promoter Holding: 38.1% demonstrates strong backing from the Tata Group.
In FY2025, on a consolidated basis, IHCL reported revenue of INR 8,565 crores, EBITDA of INR 3,000 crores, clocking a new high EBITDA margin of 35%, an expansion of 140 bps and a PAT before exceptional items of INR 1,603 crores resulting in a strong gross cash position as on 31st March of INR 3,073 crores.
Key Financial Highlights for FY 2025:
- Revenue from operations: INR 8,565 crores
- EBITDA: INR 3,000 crores
- EBITDA margin: 35%
- PAT before exceptional items: INR 1,603 crores
- Gross cash position: INR 3,073 crores
Indian Hotels Company Limited (IHCL) has reported a profit after tax of ₹562 crore in the fourth quarter of FY25, marking a 28.37 per cent rise compared to the corresponding quarter of the previous financial year. The Tata Group's hospitality arm also reported revenue from operations of ₹2,425.14 crore, up from ₹1,905.34 crore in Q4 FY24.
In 2018, the Indian Hotels Company Limited shifted its strategy from focusing solely on the Taj brand to building an ecosystem centred around a variety of trusted and iconic brands. IHCL set a new benchmark with 74 signings and 26 openings this fiscal and over 95% of these signings were capital light.
In FY2026, IHCL will invest over INR 1,200 crores towards the continued comprehensive asset management & upgradation program and greenfield projects with the focus on the iconic brand Taj and digital capabilities. Looking ahead at FY2026, IHCL is poised to continue double-digit revenue growth, driven by strong same-store performance, sustained momentum in New Businesses and 30 new hotel openings.
The Air & Institutional Catering segment (TajSATS) recorded revenue of ₹1,051 crore, reflecting a 17 per cent increase over the previous year, with an EBITDA margin of 25.2 per cent. The New Businesses vertical — comprising Ginger, Qmin, amã Stays & Trails, and Tree of Life — reported enterprise revenue of ₹802 crore, marking 41 per cent growth, and consolidated revenue of ₹601 crore, a 40 per cent increase.
The Company's culinary and food delivery platform is present in approximately 24 cities delivering via Qmin app and has an offline presence through Qmin Shops, Qmin QSR and Qmin food trucks. Ginger's enterprise revenue stood at ₹675 crore, supported by a robust EBITDAR margin of 43 per cent, with a portfolio of 103 hotels, including a pipeline of 30 properties.
The PE and PB ratio of The Indian Hotels Co. is 57.02 and 8.85 respectively, as on 26 Jun, 2025. IHCL share price has gained 262% in last three years, reflecting strong investor confidence in the company's growth trajectory.
Reflective of the company's sustained financial performance, a dividend of 20% of Consolidated PAT amounting to INR 2.25 per share is proposed, subject to shareholders' approval. IHCL offers exclusive coupons to its shareholders, providing a 25% discount on food and beverages at any IHCL hotel or restaurant.
The company's strong operational performance, diversified portfolio, and strategic expansion plans position it well for continued growth in India's expanding hospitality sector, making it an attractive investment proposition for investors seeking exposure to the domestic consumption and tourism story.
