Indian Hotels Company Ltd (IHCL), India's largest hospitality company by market capitalization with a 670-hotel portfolio across the Taj, Vivanta, SeleQtions, Gateway and Ginger brands, reports its Q2 FY 2026-2027 results with the growth streak and margin trajectory in focus. The print will speak to whether Q2 RevPAR matched Q1's 14.7% growth on a BRICS-led September demand surge, and whether TajSATS rebounded from a weak air-traffic quarter amid rising jet fuel costs.
| Results date | October 21, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,419 Cr (+15% YoY) |
| Previous quarter PAT | Rs. 358 Cr (+21% YoY) |
| Previous quarter EBITDA margin | 31.1% (+80bps YoY) |
| Market cap | Rs. 106,686.2 Cr |
| CMP | Rs. 749.5 |
The board of Indian Hotels Company Ltd will meet on October 21, 2026 to approve the Q2/H1 FY27 financial results. The company's insider trading window closed on September 24, 2026 ahead of the board meeting.
IHCL has scheduled its Q2/H1 FY27 earnings call for October 21, 2026 at 7:00 PM IST, operated via Chorus Call (dial-in number 3941778).
The quarter's central test is whether Q2 FY27 RevPAR at least matches Q1's 14.7% growth, as management guided, with the BRICS Summit (September 12-13, Bharat Mandapam, New Delhi) and Semicon India (September 17-19) compressing premium Delhi-NCR demand into September, when Delhi luxury rates crossed Rs. 2 lakh/night on peak dates. The demand backdrop was not uniform: domestic air passenger traffic fell 4.8% YoY in July and 6.34% in August per DGCA data, keeping the TajSATS catering backdrop negative, while the West Asia conflict remained ongoing as of September 20, 2026 after Q1 carried a company-quantified revenue impact of Rs. 40-50 Cr. On costs, Brent crude settled above $100/bbl on September 9 after a 24% July gain, and domestic ATF rose in August and September to Rs. 121.28/litre from September 1, with the October 1 revision taking jet fuel roughly 25% above its July level — a direct pressure on airline catering margins. Management has reiterated double-digit FY27 revenue growth and a 12-14% RevPAR growth guide against a Q2 FY26 base of Rs. 2,124 Cr revenue (+12%), with Q1 FY27 having delivered +15% revenue growth as the seventeenth consecutive quarter of growth. The margin bridge to the open-ended 35% target (Q1 FY27 consolidated EBITDA margin: 31.1%) runs through Frankfurt swinging from negative to positive after its September 2026 commencement, TajSATS recovery expected by September-October, and residual West Asia drag. The call is also expected to cover H1 openings of 20 against the 60+ FY27 guide, OHL amalgamation approvals, and H1 capex pacing against the Rs. 1,100-1,300 Cr FY27 plan.
Performance vs guidance tracking: Management's FY27 guidance set, and where each item stood entering the Q2 print:
Margin bridge to the 35% target
Strategic execution and corporate updates
Risks and headwinds to monitor
Management noted consolidated margins were flattish in FY26 despite high-single-digit revenue growth, and said newer brands remain in an 'infancy phase' requiring sales, marketing and talent investment. It maintained a 35% margin target via brand, geography and contract-type mix.
The CFO clarified the 7-9% figure is a same-store, total-revenue-type growth covering occupancy, ARR and F&B. It is supported by investment in revenue-management tools.
The total Ginger portfolio stood at 254 hotels on September 30, 2026, against the 250-hotel total-portfolio target for end FY27. However, the separate target of 250 Ginger hotels in operation within 12 months (stated November 2025) remains pending, with 162 operational as of September 30, 2026.
Taj Mahal Palace rates almost doubled versus two years ago post-renovation, and Taj Mahal Delhi generates more absolute profit despite an 89% rent increase and Rs. 250 Cr renovation spend. Chambers fees are up 5x over eight years, with management indicating it 'maybe is time to look at higher pricing' at the Rs. 50 lakh ticket point where a waitlist persists.
Consolidated revenue rose 15% YoY to Rs. 2,419 Cr in Q1 FY27, the seventeenth consecutive quarter of growth, supported by domestic like-for-like RevPAR growth of 14% and management fee income of Rs. 168 Cr (+26%). Management has maintained double-digit revenue growth guidance for FY27.