NSE:INDHOTEL · Risk Score Report

NSE:INDHOTELNSEConsumer Cyclical

The Indian Hotels Company Limited

📊 Lodging

Day ₹650

₹657 Oversold

52W ₹565

₹822 Neutral

₹651.45

▼ ₹1.00 (-0.15%)

Vol: 960,933 · Avg: 2,644,657

As of April 29, 2026 · 06:44 IST

COMPOSITE RISK SCORE

VAL:11/25 · FIN:15/25 · GRO:18/25 · TECH:14/25

📈 P/E RATIO

46.2x

Trailing

📖 P/B RATIO

8.0x

Price to Book

💰 EPS

₹14.09

TTM

🏛 MARKET CAP

₹92,729Cr

Large Cap

📊 ROE

17.1%

Return on Equity

📈 REV GROWTH

11.9%

YoY

🏢 Company Analysis · The Indian Hotels Company Limited

💼 BUSINESS MODEL

The Indian Hotels Company Limited, together with its subsidiaries, owns, operates, and manages hotels, palaces and resorts in India and internationally..
It operates through two segments: Hotel Services and Air and Institutional Catering..
The company operates hotels under the Taj, Claridges Collection, SeleQtions, GATEWAY, Vivanta, Ginger, Tree of Life, amã Stays & Trails, Qmin, and Taj Sats brand names..
It also provides trails, stays, restaurants, bars, clubs, spas, salons, food and beverages, and boutique services..
Operates in Lodging within the Consumer Cyclical sector.
Workforce of 20,090 employees.

🏰 MOAT & COMPETITION

Large-cap (₹92,729 Cr) — established player with meaningful market presence.
Profit margin of 20.9% suggests pricing power / cost moat.
Key competitors: Benares Hotels, Indian Hotels Co, EIH Assoc.Hotels, EIH.

🚀 CATALYSTS

Company has delivered good profit growth of 42.8% CAGR over last 5 years
IHCL expands SeleQtions hotel brand in Haridwar, India (Hotel Management Network)
Earnings growth of 55% signals execution on profitability.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹636 — ₹960 (mean ₹804, 27 analysts).
Favorable asymmetry — upside potential of +47% vs downside floor of -2% (20.0x reward-to-risk).
P/E of 46.2x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (27 analysts).
Latest quarter earnings grew 55% YoY — positive trajectory.

✅ PROS

Company has delivered good profit growth of 42.8% CAGR over last 5 years

❌ CONS

Stock is trading at 8.01 times its book value

VALUATION

11/25

25% WEIGHT

P/E at 46x
P/B at 8.0x
Analyst target: ₹804 (+23.3%)
1Y return: -17.3%

FINANCIAL HEALTH

15/25

25% WEIGHT

ROE: 17.1%
Profit margin: 20.9%
Revenue growth: 11.9%
Debt/Equity: 25%

GROWTH

18/25

25% WEIGHT

Revenue growth: 11.9%
Earnings growth: 55.3%
Beta: -0.24
Sector: Consumer Cyclical

TECHNICAL

14/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

46.2x

Trailing twelve months

P/B RATIO

8.0x

Price to Book value

ROE

17.1%

Return on Equity

PROFIT MARGIN

20.9%

Net profit margin

OPM

33.9%

Operating profit margin

ANALYST TARGET

₹804

Range: ₹636 - ₹960

Yahoo Finance ↗

PEG RATIO

0.53

Price/Earnings to Growth

EV/EBITDA

29.5x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.34%

Annual yield

ROA

11.7%

Return on Assets

GROSS MARGIN

62.6%

Gross profit margin

INDUSTRY AVERAGES — HOTELS & RESORTS

P/E 25.1x (above avg)

P/B 5.0x (sector fair)

ROCE 23.4% (below avg)

ROE 20% (sector good)

OPM 18% (sector good)

Div Yield 0.49%

D/E <30 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹1,826 Cr	—	₹555 Cr	—	N/A	47.8%
Q3 FY25	₹2,533 Cr	+38.7%	₹582 Cr	+5.0%	N/A	40.3%
Q4 FY25	₹2,132 Cr	-15.8%	₹522 Cr	-10.3%	N/A	42.9%
Q1 FY26	₹2,041 Cr	-4.3%	₹296 Cr	-43.3%	N/A	31.2%
Q3 FY26	₹2,842 Cr	+39.2%	₹903 Cr	+204.8%	N/A	49.6%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹2,918 Cr	—	₹-248 Cr	—	₹672 Cr	—
FY23	₹5,582 Cr	+91.3%	₹1,003 Cr	+504.7%	₹1,619 Cr	+141.1%
FY24	₹6,504 Cr	+16.5%	₹1,259 Cr	+25.6%	₹1,935 Cr	+19.5%
FY25	₹8,041 Cr	+23.6%	₹1,908 Cr	+51.5%	₹2,194 Cr	+13.4%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How The Indian Hotels Company Limited Makes Its Money

🏦 Snapshot of The Indian Hotels Company Limited's Balance Sheet

💸 Looking into The Indian Hotels Company Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	1,466	1,433	1,964	1,905	1,550	1,826	2,533	2,425	2,041	2,041	2,842
YOY Sales Growth %	15.82%	16.27%	16.49%	17.22%	5.72%	27.42%	28.98%	27.28%	31.66%	11.76%	12.20%
Expenses +	1,056	1,078	1,231	1,246	1,101	1,325	1,571	1,568	1,465	1,471	1,766
Material Cost %	7.87%	7.84%	7.80%	7.34%	7.37%	9.53%	9.89%	9.69%	10.20%	10.20%	9.74%
Employee Cost %	29.23%	30.74%	23.86%	24.53%	29.70%	28.61%	22.88%	24.26%	29.28%	28.96%	22.57%
Operating Profit	410	355	732	660	450	501	962	857	576	570	1,076
OPM %	28%	25%	37%	35%	29%	27%	38%	35%	28%	28%	38%
Other Income +	49	48	40	46	46	371	59	59	61	83	334
Exceptional items	0	0	0	0	0	307	0	-3	0	0	276
Other income normal	49	48	40	46	46	64	59	62	61	83	58
Interest	57	59	53	52	50	52	52	54	55	56	56
Depreciation	109	111	114	120	117	125	134	142	143	145	150
Profit before tax	294	232	605	535	328	696	834	720	440	453	1,203
Tax %	28%	31%	28%	26%	29%	18%	26%	25%	27%	30%	22%
Net Profit +	236	179	477	438	260	583	633	563	329	318	954
Profit from Associates	25	19	39	45	26	10	19	23	10	2	20
Minority share	-14	-12	-25	-21	-12	-28	-50	-40	-33	-33	-51
Exceptional items AT	0	0	0	0	0	253	0	-2	0	0	214
Profit excl Excep	236	179	477	438	260	329	633	564	329	318	740
Profit for PE	222	167	452	418	248	314	582	524	296	285	701
Profit for EPS	222	167	452	418	248	555	582	522	296	285	903
YOY Profit Growth %	26%	48%	18%	27%	12%	88%	29%	25%	19%	-9%	20%
EPS in Rs	1.57	1.18	3.18	2.93	1.75	3.90	4.09	3.67	2.08	2.00	6.35
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	4,104	4,512	4,463	1,575	3,056	5,810	6,769	8,335	9,349
Sales Growth %	2.06%	9.95%	-1.08%	-64.71%	94.03%	90.10%	16.50%	23.13%
Expenses +	3,432	3,682	3,496	1,937	2,651	4,005	4,609	5,565	6,270
Manufacturing Cost %	21.02%	21.08%	24.15%	33.84%	26.15%	23.21%	19.02%	17.59%
Employee Cost %	32.93%	32.67%	33.58%	56.89%	37.74%	27.34%	26.76%	25.88%
Other Cost %	20.52%	18.91%	12.29%	23.11%	14.45%	10.24%	14.63%	14.02%
Operating Profit	671	830	968	-362	405	1,805	2,160	2,769	3,079
OPM %	16%	18%	22%	-23%	13%	31%	32%	33%	33%
Other Income +	83	90	173	325	171	142	181	535	537
Exceptional items	22	19	133	184	48	64	24	345
Other income normal	62	71	40	141	123	78	157	190
Interest	269	190	341	403	428	236	220	208	220
Depreciation	301	328	404	410	406	416	454	518	580
Profit before tax	184	402	396	-850	-258	1,295	1,666	2,578	2,816
Tax %	66%	39%	11%	-18%	-14%	25%	28%	24%
Net Profit +	104	296	364	-796	-265	1,053	1,330	2,038	2,164
Profit from Associates	40	52	13	-101	-43	81	129	77
Minority share	-3	-9	-9	76	17	-50	-71	-130
Exceptional items AT	5	11	76	184	48	47	17	263
Profit excl Excep	98	286	288	-980	-312	1,006	1,313	1,775
Profit for PE	96	277	280	-887	-292	958	1,243	1,662
Profit for EPS	101	287	354	-720	-248	1,003	1,259	1,908
Profit Growth %	200%	189%	1%	-416%	67%	428%	30%	34%
EPS in Rs	0.76	2.17	2.68	-5.45	-1.74	7.06	8.85	13.40	14.10
Dividend Payout %	47%	21%	17%	-7%	-23%	14%	20%	17%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	119	119	119	119	142	142	142	142	142
Reserves	4,062	4,229	4,238	3,530	6,920	7,840	9,314	11,018	11,427
Borrowings +	2,427	2,326	4,501	5,518	3,888	3,139	2,736	3,084	3,226
Long term Borrowings	2,329	1,688	2,126	2,224	1,388	331	47	203	196
Short term Borrowings	5	36	166	1,409	597	487	214	22	82
Lease Liabilities	0	0	1,899	1,885	1,903	2,321	2,476	2,860	2,947
Other Borrowings	93	603	310	0	0	0	0	0
Other Liabilities +	2,706	2,840	2,584	2,268	2,052	2,391	2,541	3,371	3,623
Non controlling int	777	800	765	635	593	660	672	1,255	1,328
Trade Payables	340	325	389	318	387	477	519	578	666
Advance from Customers	107	123	124	144	183	224	252	298
Other liability items	1,482	1,593	1,306	1,172	889	1,030	1,098	1,240	1,629
Total Liabilities	9,314	9,514	11,442	11,435	13,002	13,512	14,733	17,616	18,419
Fixed Assets +	6,163	6,422	8,059	8,438	8,415	8,819	9,311	10,918	11,156
Land	259	265	460	552	569	836	871	1,513
Building	3,689	3,996	5,634	6,218	6,464	6,779	7,276	8,268
Plant Machinery	1,162	1,315	1,402	1,527	1,574	1,683	1,947	2,249
Equipments	67	73	88	93	101	106	119	139
Furniture n fittings	531	608	671	743	792	856	970	1,111
Vehicles	8	11	14	14	15	16	16	89
Intangible Assets	1,189	1,220	1,259	1,255	1,269	1,306	1,316	1,366	1,357
Other fixed assets	72	76	80	84	86	94	98	161
Gross Block	6,978	7,564	9,609	10,485	10,870	11,675	12,613	14,895
Accumulated Depreciation	815	1,142	1,550	2,048	2,454	2,856	3,302	3,977
CWIP	197	116	244	165	194	332	256	633	862
Investments	1,511	1,335	1,427	1,483	1,967	1,891	2,261	2,279	3,339
Other Assets +	1,443	1,641	1,712	1,349	2,426	2,470	2,905	3,786	3,061
Inventories	86	80	94	93	101	109	116	135	136
Cash Equivalents	270	241	316	154	1,188	1,053	1,486	2,182	905
Loans n Advances	78	122	134	144	138	144	173	176	169
Other asset items	681	876	879	738	744	717	654	643	1,018
Total Assets	9,314	9,514	11,442	11,435	13,002	13,512	14,733	17,616	18,419

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	535	492	711	823	-319	672	1,619	1,935	2,194
Profit from operations	681	738	937	1,006	-265	495	1,845	2,208	2,829
Receivables	0	0	0	0	0	0	0	-62	-82
Inventory	-2	-4	5	-13	12	-8	-8	-7	-7
Payables	0	0	0	0	0	0	0	105	36
Other WC items	-58	-99	-34	37	-88	129	32	0	0
Working capital changes	-60	-103	-28	23	-77	121	24	36	-53
Direct taxes	-87	-142	-197	-206	23	55	-250	-309	-581
Cash from Investing Activity +	848	-521	-387	-497	-118	-1,641	-138	-1,208	-1,869
Fixed assets purchased	-399	-510	-479	-487	-215	-318	-471	-637	-1,074
Fixed assets sold	819	5	18	175	28	33	43	4	12
Investments purchased	-2,107	-1,405	-1,514	-1,938	-1,512	-2,339	-2,069	-2,525	-3,156
Investments sold	2,550	1,171	1,651	1,712	1,591	1,893	2,250	2,597	3,037
Subsidy received	0	0	0	0	0	0	0	0	5
Interest received	26	26	18	16	18	12	30	53	109
Dividends received	16	16	22	14	7	8	5	27	44
Investment in group cos	0	0	0	0	-73	-544	0	0	0
Redemp n Canc of Shares	0	0	0	30	0	0	0	0	0
Acquisition of companies	-10	-1	-11	0	0	0	0	-12	-18
Other investing items	-46	176	-93	-18	39	-385	73	-715	-829
Cash from Financing Activity +	-1,381	96	-343	-265	280	1,659	-1,528	-985	-547
Proceeds from shares	0	1,500	22	0	0	3,982	1	0	0
Redemption of debentures	-5	-12	-0	0	0	0	0	0	0
Proceeds from borrowings	1,148	1,027	100	1,015	1,141	1,520	59	138	275
Repayment of borrowings	-2,288	-1,977	-250	-793	-428	-3,176	-1,253	-709	-325
Interest paid fin	-164	-409	-151	-155	-232	-281	-83	-67	-27
Dividends paid	-46	-45	-69	-76	-60	-52	-64	-155	-252
Financial liabilities	0	0	0	-136	-139	-151	-187	-198	-218
Other financing items	-27	12	5	-121	-1	-184	-1	6	-0
Net Cash Flow	1	67	-19	62	-157	689	-47	-257	-222
Free Cash Flow	954	-13	251	511	-506	387	1,191	1,302	1,133
CFO/OP	102%	95%	110%	106%	95%	152%	104%	104%	100%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	25	29	26	24	51	30	28	26	28
Inventory Days	81	83	73	92	236	143	84	82	64
Days Payable	294	330	294	383	807	550	368	364	273
Cash Conversion Cycle	-189	-217	-195	-268	-520	-376	-256	-257	-180
Working Capital Days	-114	-69	-112	-99	-555	-165	-84	-61	-40
ROCE %	5%	6%	8%	7%	-6%	1%	13%	15%	17%

🏭 Industry Peers — Hotels & Resorts

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Benares Hotels ★	₹10,070	29.7	₹1,309	37.3%	+5.7%	55
2	Indian Hotels Co	₹651	51.3	₹92,680	17.2%	+20.3%	53
3	EIH Assoc.Hotels	₹326	20.2	₹1,989	25.7%	+7.8%	49
4	EIH	₹330	27.1	₹20,606	23.4%	-1.0%	49
5	TajGVK Hotels	₹319	16.0	₹2,001	20.3%	-10.2%	46
6	U P Hotels	₹1,400	25.1	₹756	23.6%	-2.6%	46
7	Royal Orch.Hotel	₹338	24.8	₹928	17.4%	-49.3%	40
8	I T D C	₹596	63.8	₹5,110	30.5%	+35.1%	40
9	Viceroy Hotels	₹140	11.7	₹946	9.2%	+50.3%	40

★ Benares Hotels ranks higher on combined P/E, ROCE, and growth metrics in Hotels & Resorts

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	38.12%	38.12%	38.12%	38.12%	38.12%	38.12%
FIIs	27.78%	26.96%	27.18%	26.14%	25.09%	23.23%
DIIs	18.44%	19.05%	18.39%	19.40%	20.66%	22.58%
Government	0.14%	0.14%	0.13%	0.13%	0.13%	0.13%
Public	15.54%	15.74%	16.18%	16.20%	16.00%	15.95%
No. of Shareholders	5,71,567	5,96,383	6,17,489	6,23,969	6,33,361	6,46,147

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 11.9% YoY.

💹Healthy Margins (20.9%): Above sector norm of 18%.

🔀Analyst Upside (23%): Mean target of ₹804 above current price.

🇮Low Beta (-0.24): Less volatile than market — defensive play.

🇳Earnings Growth (55%): Above sector norm — strong profit expansion.

🔴 RISKS

📜Elevated P/E (46.2x): Above sector expensive threshold of 45x.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Consumer Cyclical space.

🕸 Factor Analysis · Radar

Momentum 6/10
1M +14.1%, 6M -12.8%, RSI 55, MACD bullish, Below 200DMA

Sentiment 8/10
Analyst upside +23.3%, Rec: buy

Value 4/10
P/E 46.2, P/B 8.0, PEG 0.53, EV/EBITDA 29.5

Quality 7/10
Margin 20.9%, D/E 25

Low Volatility 9/10
Beta -0.24, Ann. vol 26%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 23.3% analyst upside	OPM of 34% provides margin buffer; P/E 46x vs sector median 25x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-1.86%)	Miss further upside if momentum continues; 1M return of +14.1% shows momentum
SELL	Lock in -17.3% 1Y return; redeploy into Benares Hotels at lower P/E	Avoid further drawdown; P/E compression risk at 46x

REASONS TO BUY

Analyst upside of 23.3% with mean target of ₹804
ROCE at 17% indicates strong capital efficiency
Revenue growing at 11.9% YoY (sector norm: 8%)
Operating margin of 34% shows pricing power (sector norm: 18%)

REASONS TO SELL / AVOID

P/E of 46.2x is 1.8x the sector median of 25x
FII stake falling (-1.86%) — institutional exit signal
Benares Hotels offers lower P/E (29.7) with ROCE of 37.3% in the same sector

📰 Latest News

IHCL to establish seven new Ginger hotels

Hotel Management Network · 2026-02-04T11:07

Indian Hotels Co Ltd (BOM:500850) Q2 2026 Earnings Call Highlights: Record Performance and ...

GuruFocus.com · 2025-11-05T05:00

IHCL expands SeleQtions hotel brand in Haridwar, India

Hotel Management Network · 2025-09-30T10:47

IHCL signs new SeleQtions hotel in Uttarakhand, India

Hotel Management Network · 2025-09-12T11:21

IHCL signs 64-key Gateway Hotel in Jammu and Kashmir, India

Hotel Management Network · 2025-09-10T10:38

Taj Mahal Hotel in India announces expansion plans

Hotel Management Network · 2025-09-01T13:42

RECOMMENDATION

SPECULATIVE BUY

COMPOSITE SCORE

58/100

The Indian Hotels Company Limited trades at ₹651.45 with a composite risk score of 58/100. The stock scores 11/25 on valuation, 15/25 on financial health, 18/25 on growth, and 14/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 23.3% with a mean target of ₹804. Revenue growth is at 11.9%.

Within Hotels & Resorts, Benares Hotels (P/E 29.7, ROCE 37.3%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Positive for Consumer Cyclical but monitor closely. The current recommendation is SPECULATIVE BUY.

PROFITABLE HIGH ROE UPSIDE POTENTIAL