We are looking at a hospitality giant that has long been a cornerstone of the Indian travel and tourism landscape. This company, a prominent part of the Tata Group, operates a sprawling network of luxury hotels, resorts, and jungle safaris, alongside air catering and wellness brands.
With a history stretching back over a century, the firm was incorporated in 1902 and is listed on both the BSE and NSE.
Today, we delve into the audited financial results of The Indian Hotels Company Limited (IHCL) for the quarter and financial year ended March 31, 2026. The company manages an extensive portfolio that includes brands like Taj, Vivanta, Ginger, and SeleQtions, with a global scale of operations spanning multiple continents.
Dividend Recommendation for Shareholders
The Board of Directors has recommended a dividend for the financial year. A dividend is a portion of a company’s earnings distributed to its shareholders.
We see that the board has proposed ₹3.25 per equity share of face value ₹1 each. This is a 325% dividend payout, an increase from the ₹2.25 per share (225%) paid in the previous year.
The payment is subject to shareholder approval at the upcoming Annual General Meeting.
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Consolidated Financial Performance for FY 2025-26
Looking at the full-year figures, IHCL reported a total income of ₹9,971.43 crore, compared to ₹8,565.00 crore in the previous financial year. This represents a YoY (Year-on-Year) increase of ₹1,406.43 crore, or 16.42%.
The consolidated net profit for the year stood at ₹2,247.25 crore, rising from ₹2,038.09 crore in FY 2024-25. This reflects an absolute increase of ₹209.16 crore, a growth of 10.26%. Total expenses for the year were recorded at ₹7,321.08 crore, up from ₹6,291.75 crore in the prior year.
| Consolidated Metrics | FY 2025-26 (₹ in Cr) | FY 2024-25 (₹ in Cr) | Absolute Change (₹ in Cr) | % Change |
| Total Income | 9,971.43 | 8,565.00 | +1,406.43 | 16.42% |
| Net Profit | 2,247.25 | 2,038.09 | +209.16 | 10.26% |
Quarterly Analysis: Q4 FY 2025-26
In the final quarter (January to March 2026), the company’s consolidated total income was ₹2,844.78 crore. Compared to the same quarter last year (Q4 FY 2024-25), which saw an income of ₹2,486.78 crore, this is a YoY increase of ₹358 crore (14.40%). On a QoQ (Quarter-on-Quarter) basis – comparing Q4 to the preceding Q3 FY 2025-26 income of ₹2,900.23 crore -there was a slight absolute decrease of ₹55.45 crore (1.91%).
Consolidated net profit for Q4 FY 2025-26 was ₹645.43 crore. This is a YoY increase of ₹82.77 crore (14.71%) from ₹562.66 crore in Q4 FY 2024-25. However, on a QoQ basis, the profit decreased by ₹308.81 crore (32.36%) from the ₹954.24 crore reported in Q3.
| Consolidated Q4 Comparison | Q4 FY 26 (₹ in Cr) | Q3 FY 26 (₹ in Cr) | Q4 FY 25 (₹ in Cr) | QoQ Change (%) | YoY Change (%) |
| Total Income | 2,844.78 | 2,900.23 | 2,486.78 | -1.91% | +14.40% |
| Net Profit | 645.43 | 954.24 | 562.66 | -32.36% | +14.71% |
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Standalone Results and Exceptional Items
On a standalone basis, which reflects the performance of the parent entity only, the total income for the full year was ₹5,640.16 crore. The standalone net profit for the year reached ₹2,011.94 crore, a significant increase from ₹1,413.23 crore in the previous year.
In corporate accounting, exceptional items are significant gains or losses that do not arise from ordinary day-to-day operations.
For IHCL, this included a gain of ₹550.12 crore from the sale of its stake in Taj GVK Hotels & Resorts Limited. Conversely, the company accounted for expenses related to new Labour Codes totaling ₹43.51 crore and provisions for impairment in a subsidiary.
Segment-Wise Insights
The company operates primarily in two segments: Hotel Services and Air and Institutional Catering.
- Hotel Services: Revenue for this segment grew to ₹8,486.63 crore for the full year, up from ₹7,623.24 crore.
- Air and Institutional Catering: This segment saw a jump to ₹1,210.12 crore from ₹716.41 crore, following a business combination completed in July 2024.
Strategic Acquisitions
During the year, IHCL expanded its portfolio through its subsidiary, Roots Corporation Limited. It acquired a 51% stake in ANK Hotels Private Limited and Pride Hospitality Private Limited for a combined ₹190.47 crore. Additionally, the company acquired a 51% stake in Sparsh Infratech Private Limited for ₹232.21 crore, which brought the ‘Atmantan’ health and wellness resort into its fold.
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