IHCL Raises Revenue Outlook After Record Quarter as Taj Hotel Portfolio Reaches 670 Properties

India’s largest listed hospitality group reports 21% revenue growth, adds 47 hotel signings and expects faster expansion across luxury, select-service and wellness brands

KEY TAKEAWAYS

• IHCL reported Q2 FY2027 consolidated revenue of INR 2,566 crore, up 21%, and profit after tax of INR 349 crore, up 23%.
• The group raised its FY2027 consolidated revenue growth guidance to 15–17% from 12–14%.
• The 670-hotel portfolio includes 390 operating hotels and 280 pipeline properties; IHCL signed 47 hotels and opened 20 in the first half.
• Accompanying company materials highlight PAATHYA sustainability measures and recent Taj hotel and hospitality awards.

The Indian Hotels Company Limited (IHCL), the owner of Taj and a growing portfolio of other hospitality brands, has raised its full-year revenue growth forecast after reporting its eighteenth consecutive record quarter, supported by stronger room revenue, management fees and an expanding hotel network.

The Mumbai-headquartered group reported consolidated revenue of INR 2,566 crore for the second quarter of FY2027, ended September 30, 2026, an increase of 21% year on year. Consolidated EBITDA rose 21% to INR 788 crore, with an EBITDA margin of 30.7%, while profit after tax increased 23% to INR 349 crore. Hotel-segment revenue climbed 24%. The company now expects FY2027 consolidated revenue growth of 15–17%, up from its previous 12–14% guidance, and forecasts hotel-segment revenue growth of 17–19%.

Room demand and a broader mix of hotels drive growth

According to IHCL’s October 21 results announcement, revenue per available room (RevPAR) at domestic same-store hotels increased 25%. Management-fee income grew 25% as new hotels entered the system, and select-service revenue also advanced 25%. The company said its recently added Brij and Atmantan businesses contributed to performance.

IHCL managing director and chief executive Puneet Chhatwal attributed the sustained results to the group’s diversified operating model. He pointed to higher demand from social occasions and meetings, incentives, conferences and exhibitions (MICE), together with a seasonally stronger second half, as factors behind the upgraded outlook. Those expectations remain company guidance rather than guaranteed outcomes.

At the standalone company level, operating revenue reached INR 1,336 crore, up 26%, while operating EBITDA increased 40% to INR 520 crore. The resulting operating EBITDA margin was 38.9%, up 400 basis points, and standalone profit after tax rose 36% to INR 393 crore. Ankur Dalwani, executive vice president and chief financial officer, linked growth in part to a 28% RevPAR rise at full-service same-store hotels and the return of renovated properties in Goa, Delhi, Bengaluru and Udaipur. IHCL reported consolidated gross cash of INR 4,369 crore at September 30.

Forty-seven signings bring hotel portfolio to 670

The group’s accompanying portfolio-growth material shows 47 hotel signings in the first half of FY2027 and 20 openings. IHCL’s overall portfolio now spans 670 hotels, comprising 390 operating properties and a pipeline of 280 hotels representing more than 32,000 rooms. This distinction matters: the 670 total includes planned hotels that are not yet open. IHCL expects to reach its Accelerate 2030 target of a 700-hotel portfolio ahead of schedule.

The first-half signings ranged from four Taj hotels and luxury additions under Brij and Atmantan to 19 Ginger and Tree of Life hotels, 12 Gateway properties and eight under SeleQtions. The openings included Taj properties in Frankfurt, Germany, and Kruger, South Africa, as well as hotels in Lucknow and Tadoba, India. The expansion also strengthened the company’s presence in Mumbai, Gurugram, Goa and Hyderabad. Ginger reached its 100th operating hotel, according to the company’s highlights.

The company also described a proposed merger of OHL with IHCL, designed to simplify its holding structure and expand asset-management opportunities. It said the scheme has been filed with stock exchanges with an appointed date of April 1, 2027.

Sustainability measures and travel awards feature in half-year update

IHCL’s PAATHYA sustainability highlights report 92 hotels with in-house bottling plants, 54% water recycled, and 41% renewable energy. The company also lists 361 electric-vehicle charging stations across 170 Indian locations and more than 56,000 young people empowered since 2020. These are company-reported programme metrics, and the summary graphic does not specify a separate measurement date or methodology for each indicator.

Beyond the financial statements, the group’s awards material records Taj’s recognition by Brand Finance as the world’s strongest luxury hotel brand for 2026 and India’s strongest brand across sectors. It also lists three Michelin Keys each for Taj Lake Palace in Udaipur and Taj Falaknuma Palace in Hyderabad, alongside one-Key distinctions for Taj Mahal New Delhi, Taj Rishikesh Resort & Spa, Taj Usha Kiran Palace, Taj Mahal Tower Mumbai, Taj Mahal Palace Mumbai, Nadesar Palace and Taj Devi Ratn Resort & Spa.

Other accolades highlighted in the supplied material include Condé Nast Traveler recognition for Taj Falaknuma Palace and Umaid Bhawan Palace; reader-choice honours for multiple Taj hotels in India; Travel + Leisure awards naming Rambagh Palace among India’s top resorts and Taj Mahal New Delhi among its top hotels; and distinctions spanning restaurants, spas and heritage properties. The materials also cite Tatler hotel awards, national hospitality accolades and regional World Travel Awards for properties including Rambagh Palace, Taj Lake Palace, Taj Palace New Delhi, Taj Fisherman’s Cove and Taj Puri Resort & Spa. These awards represent recognition from different programmes and years, not a single unified ranking.

For travellers and corporate buyers, the results underline the continuing spread of IHCL’s offerings across luxury, upscale, select-service, experiential leisure and wellness segments. While the upgraded financial outlook signals management’s confidence, the practical expansion of choice will depend on when the large development pipeline moves from signings to operational hotels. More information about the group and its brands is available from IHCL.