INDHOTEL's Q2 FY27 numbers came in strong, with revenue of Rs. 2,484.32 Cr (+21.73% YoY) and PAT growth of +19.35% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 21, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 2,484.32 Cr (+21.73% YoY) |
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| PAT (Q2) | Rs. 379.85 Cr (+19.35% YoY) |
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| EBITDA margin | 30.54% (-22 bps YoY) |
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| EPS (Q2) | Rs. 2.46 (+23.00% YoY) |
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| Market cap | Rs. 107,042.11 Cr |
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| CMP | Rs. 752.00 |
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Quarter Snapshot
Q2 FY27 revenue grew 21.73% YoY to Rs.2,484.32 Cr — the fastest Q2 growth in the company's history — exceeding the double-digit FY27 guidance, with PAT to owners up 22.66% and H1 operating cash flow up 77.9% to Rs.975.19 Cr. Hotel Services drove the quarter with 25.37% revenue growth and 61bps margin expansion on BRICS/MICE demand, while Air & Institutional Catering results fell 36.55% YoY amid ATF cost pressure and weak air traffic. Management EBITDA margin of 30.54% trails the ~35% FY27 target by 446bps, and the CARE AAA rating upgrade underscores the debt-light balance sheet.
Key Investment Insights
Key Positives
- Revenue from Operations grew 21.73% YoY to Rs.2,484.32 Cr — the fastest Q2 growth in the company's history and the eighteenth consecutive quarter of growth, exceeding the double-digit FY27 guidance
- PAT to owners grew 22.66% YoY to Rs.349.49 Cr; normalized PAT to owners grew 23.56% YoY to Rs.352.06 Cr
- Hotel Services segment revenue grew 25.37% YoY to Rs.2,203.15 Cr with segment result up 28.73% YoY and margin up 61bps to 23.41%
- H1 CFO of Rs.975.19 Cr grew 77.9% YoY with CFO/PAT at 1.27x and free cash flow of Rs.545.92 Cr after Rs.429.27 Cr capex
- Credit rating upgraded to CARE AAA from CARE AA+ (Stable)
- Standalone revenue grew 25.99% YoY to Rs.1,336.13 Cr with standalone PAT up 35.81% YoY to Rs.392.64 Cr
- Ginger portfolio reached 254 hotels against the 250 target; dividend of Rs.3.25 per share proposed for FY26, up 44% YoY
- OHL amalgamation approved August 24, 2026 adds 7 hotels / 825 rooms in Southern India via an all-stock scheme
Risk Factors
- Air & Institutional Catering segment result fell 36.55% YoY to Rs.33.06 Cr with margin compressing 656bps to 11.68% and revenue down 0.89% YoY
- Other Operating and General Expenses grew 25.67% YoY, outpacing revenue growth by ~400bps — the primary margin-drag signal
- Management EBITDA margin of 30.54% is 446bps below the ~35% FY27 guidance; H2 margins of 37-39% are needed to reach the full-year target
- Subsidiary/JV contribution was negative Rs.43.15 Cr (consolidated PAT to owners Rs.349.49 Cr vs standalone PAT Rs.392.64 Cr) on TajSATS weakness, Brij integration and Frankfurt pre-opening costs
- Hotel openings at 20 in H1 vs an implied ~30 pace for the 60+ FY27 target; H2 needs ~40 openings
- Disputed claims outstanding: Mumbai Port Trust demand of Rs.1,874 Cr (company-assessed exposure ≤Rs.163.56 Cr) and BMC property tax claims of Rs.103.08 Cr