The Indian Hotels Company financials and balance sheet

NSE: INDHOTELBSE: 500850Leisure ServicesMid Cap

₹781.75₹0.55 (0.07%)BSE ₹784.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹782.30.

52-week range of traded prices to 23 Oct 2026

₹565.00Low, 2 Apr 2026₹794.65High, 22 Oct 2026

Market cap: ₹1,11,277 Cr115th largest listed
P/E: 50.3
P/E without one-offs: 57.4
P/B: 8.2
Dividend yield: 0.42%
ROE: 17.5%
ROE without one-offs: 15.4%
ROCE: 17.5%
Debt to equity: 0.01
Volume, NSE: 1,16,15,95058.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.The Indian Hotels Company annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹9,689 Cr, year to Mar 2026A loss in 3 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue9,689
Materials and goods−951
Employee costs−2,487
Other expenses−3,057
Operating profit3,195
Depreciation−605
Other income+282
One-off items+276
Finance costs−221
Profit before tax2,926
Tax−731
Joint ventures+52
Net profit2,247

What the company owns

Plant, investments and other assets₹15,089 Cr
Current investments₹2,500 Cr
Cash and bank₹1,831 Cr
Receivables₹727 Cr
Inventory₹150 Cr

What pays for it: net worth and liabilities

Net worth₹14,939 Cr
Other liabilities₹4,587 Cr
Owed to suppliers₹720 Cr
Borrowings₹51 Cr

The Indian Hotels Company business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.The Indian Hotels Company segment results by quarter

Revenue by segment

₹9,697 CrTotal

Hotel Services₹8,487 Cr87.5% of total
Air and Institutional Catering₹1,210 Cr12.5% of total

Profit by segment

Hotel Services₹2,419 Cr91.3% of total
Air and Institutional Catering₹231 Cr8.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Hotel Services
Revenue, ₹ crore
7,623
8,487
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,118
2,419
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Air and Institutional Catering
Revenue, ₹ crore
716
1,210
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
155
231
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	–	–	–	–	–	8,340	9,697
Company revenue, as in its results	4,512	4,463	1,575	3,056	5,810	6,769	8,335	9,689
Revenue	–	–	–	–	–	–	7,623	8,487
Revenue growth	–	–	–	–	–	–	–	11.3%
Profit	–	–	–	–	–	–	2,118	2,419
Profit growth	–	–	–	–	–	–	–	14.2%
Margin	–	–	–	–	–	–	27.8%	28.5%
Return on capital	–	–	–	–	–	–	18.6%	17.6%
Assets	–	–	–	–	–	–	16,285	18,719
Liabilities	–	–	–	–	–	–	4,890	4,945
Capital employed	–	–	–	–	–	–	11,395	13,774
Revenue	–	–	–	–	–	–	716	1,210
Revenue growth	–	–	–	–	–	–	–	68.9%
Profit	–	–	–	–	–	–	155	231
Profit growth	–	–	–	–	–	–	–	48.8%
Margin	–	–	–	–	–	–	21.7%	19.1%
Return on capital	–	–	–	–	–	–	15.2%	19.8%
Assets	–	–	–	–	–	–	1,419	1,578
Liabilities	–	–	–	–	–	–	398	412
Capital employed	–	–	–	–	–	–	1,021	1,165

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.The Indian Hotels Company quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 11 Jun	Mar 2021Filed 3 May	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Revenue from operations	4,010	4,104	4,512	4,463	1,575	3,056	5,810	6,769	8,335	9,689
	3,401	3,433	3,682	3,496	1,937	2,651	4,005	4,612	5,565	6,495
Materials and goods bought	–	–	404	371	144	257	473	521	774	951
Employee costs	–	–	1,471	1,495	894	1,150	1,582	1,805	2,151	2,487
Other expenses	–	–	1,807	1,630	899	1,244	1,950	2,286	2,641	3,057
Operating profit before depreciation	610	670	830	968	−362	405	1,805	2,157	2,769	3,195
Operating margin	15.2%	16.3%	18.4%	21.7%	−23.0%	13.2%	31.1%	31.9%	33.2%	33.0%
Materials, % of revenue	–	–	9.0%	8.3%	9.1%	8.4%	8.1%	7.7%	9.3%	9.8%
Employee costs, % of revenue	–	–	32.6%	33.5%	56.8%	37.6%	27.2%	26.7%	25.8%	25.7%
Other expenses, % of revenue	–	–	40.1%	36.5%	57.1%	40.7%	33.6%	33.8%	31.7%	31.6%
Depreciation and amortisation	299	301	328	404	410	406	416	454	518	605
Operating profit after depreciation	310	369	502	563	−771	−1	1,389	1,703	2,251	2,589
Other income	55	62	83	132	165	155	139	183	230	282
Finance costs	324	269	190	341	403	428	236	220	208	221
Profit before one-off items and tax	41	162	395	355	−1,009	−274	1,291	1,666	2,273	2,650
One-off items	−11	22	7	41	160	16	3	0	305	276
Profit before tax	31	184	402	396	−850	−258	1,295	1,666	2,578	2,926
	114	121	157	45	−155	−36	323	464	617	731
Current tax	126	138	179	169	1	3	248	444	615	725
Deferred tax	−12	−17	−21	−124	−156	−38	75	20	2	6
Share of profit of joint ventures and associates	38	40	52	13	−101	−43	81	129	77	52
	−46	104	296	364	−796	−265	1,053	1,330	2,038	2,247
Belonging to the company's shareholders	–	104	287	354	−720	−248	1,003	1,259	1,908	2,084
Belonging to outside owners of subsidiaries	–	–	9	9	−76	−17	50	71	131	163
Other comprehensive income	–	–	−57	−8	267	110	32	318	42	201
Total comprehensive income	–	–	239	356	−528	−155	1,084	1,648	2,081	2,449
Net margin	−1.1%	2.5%	6.6%	8.1%	−50.5%	−8.7%	18.1%	19.7%	24.5%	23.2%
Net margin without joint ventures and associates	−2.1%	1.5%	5.4%	7.9%	−44.1%	−7.3%	16.7%	17.8%	23.5%	22.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 2 May	Mar 2020Filed 11 Jun	Mar 2021Filed 3 May	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May	Sep 2026Half yearFiled 21 Oct
	5,148	5,122	4,283	7,655	8,642	10,129	12,416	14,939	15,763
	4,348	4,357	3,648	7,062	7,982	9,457	11,161	13,052	13,640
Share capital	119	119	119	142	142	142	142	142	142
Reserves	4,229	4,238	3,530	6,920	7,840	9,314	11,018	12,910	13,498
Belonging to outside owners of subsidiaries	800	765	635	593	660	672	1,255	1,887	2,123
	1,723	2,292	2,466	1,985	818	260	225	51	116
Repayable after a year	1,688	2,126	2,224	1,388	331	47	203	47	44
Repayable within a year	36	166	243	597	487	214	22	5	72
	2,089	1,901	2,948	1,964	2,119	1,998	1,996	2,235	2,492
Trade payables	325	389	318	387	477	519	578	720	769
Other financial liabilities	1,247	876	1,915	421	508	541	595	615	512
Other liabilities	301	281	267	328	400	449	509	561	777
Provisions	148	154	171	196	219	242	262	316	324
Tax owed	33	34	35	35	29	33	30	19	39
	2,346	4,496	4,282	3,471	2,908	2,729	3,292	3,122	3,640
Other financial liabilities	180	2,044	1,872	1,889	2,306	2,438	2,811	2,730	3,275
Other liabilities	0	18	16	11	7	2	0	–	–
Provisions	102	121	92	95	107	98	130	186	150
Deferred tax	377	187	78	88	157	144	147	161	172
	9,584	11,518	11,513	13,090	13,669	14,856	17,704	20,297	21,895
Held for sale or for a demerger	8	4	1	1	1	–	–	–	–
	8,425	9,853	10,155	10,416	11,078	11,787	13,534	14,720	16,043
Plant in use, after depreciation	5,233	6,854	7,258	7,239	7,615	8,110	9,632	10,381	–
Plant being built	116	243	165	193	324	231	576	764	–
Intangible assets	606	590	569	553	550	539	575	708	776
Goodwill	583	615	611	623	654	662	711	1,122	1,333
Intangible assets being developed	0	1	0	0	8	25	57	23	6
Investments	436	318	456	517	483	755	679	540	1,345
Stakes in joint ventures and associates	688	672	578	548	651	782	701	567	0
Loans given	16	17	5	0	3	10	9	5	7
Other financial assets	66	118	78	85	97	112	143	196	180
Deferred tax	69	77	118	158	158	122	88	76	79
Other assets	612	348	317	499	536	439	363	339	489
	1,150	1,661	1,356	2,673	2,590	3,068	4,170	5,577	5,852
Inventories	80	94	93	101	109	116	135	150	143
Trade receivables	321	290	220	255	446	476	651	727	793
Cash and cash equivalents	189	251	94	784	736	479	257	406	295
Other bank balances	52	65	59	404	317	1,006	1,925	1,425	1,662
Current investments	211	436	449	902	757	724	899	2,500	2,402
Loans given	3	5	17	6	6	9	12	14	13
Other financial assets	160	161	89	80	78	96	131	158	224
Tax paid in advance	0	228	203	–	0	0	0	0	0
Other assets	133	132	132	140	139	161	161	197	320
Net debt	1,271	1,540	1,864	−106	−993	−1,949	−2,856	−4,280	−4,244

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 3 May	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May	Sep 2026Half yearFiled 21 Oct
	−319	672	1,619	1,935	2,194	2,471	975
	−342	617	1,869	2,244	2,775	3,138	1,348
	−55	148	40	55	−23	39	−39
Inventories	12	−8	−8	−7	−7	−10	8
Other working capital	−66	156	48	63	−16	48	−47
Tax paid	23	55	−250	−309	−581	−667	−373
Capital spending	215	318	471	637	1,074	1,037	429
Free cash flow	−534	354	1,148	1,298	1,120	1,435	546
	−120	−1,642	−145	−1,210	−1,892	−1,727	−616
Plant and property sold	29	49	68	4	12	9	3
Companies bought	0	0	0	0	−18	−412	−95
Interest received	18	12	30	53	109	107	26
Dividends received	7	8	5	27	44	45	18
	280	1,659	−1,528	−985	−547	−976	−585
Borrowings raised	1,141	1,521	59	138	275	99	84
Borrowings repaid	−428	−3,176	−1,253	−709	−325	−461	−22
Interest paid	−232	−281	−83	−67	−27	−22	−3
Lease payments	−139	−151	−187	−198	−218	−263	−150
Dividends paid	60	52	64	155	252	342	493
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	3,982	1	7	0	0	0
Net change in cash	−158	688	−53	−260	−245	−232	−226

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.The Indian Hotels Company dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 11 Jun	Mar 2021Filed 3 May	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Earnings per share	−₹0.64	₹0.91	₹2.41	₹2.98	−₹6.05	−₹1.97	₹7.06	₹8.86	₹13.40	₹14.64
Diluted earnings per share	−₹0.64	₹0.91	₹2.41	₹2.98	−₹6.05	−₹1.97	₹7.06	₹8.86	₹13.40	₹14.64
Dividend per share	₹0.35	₹0.40	₹0.50	₹0.50	₹0.40	₹0.40	₹1.00	₹1.75	₹2.25	₹3.25
Book value per share	–	–	₹36.56	₹36.63	₹30.68	₹49.72	₹56.20	₹66.44	₹78.41	₹91.70
Dividend payout	–	46.0%	20.7%	16.8%	–	–	14.2%	19.8%	16.8%	22.2%
Shareholder yield	–	–	–	–	0.5%	−12.5%	0.1%	0.2%	0.2%	0.4%
Market cap at the year end (₹ crore)	12,554	15,389	18,422	8,919	13,183	31,515	46,071	84,146	1,12,102	81,271

Ratios

Consolidated, years to March.The Indian Hotels Company PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 11 Jun	Mar 2021Filed 3 May	Mar 2022Filed 28 Apr	Mar 2023Filed 28 Apr	Mar 2024Filed 25 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 11 May
Revenue growth	−12.6%	2.3%	10.0%	−1.1%	−64.7%	94.0%	90.1%	16.5%	23.1%	16.3%
Operating profit growth	−1.1%	10.0%	23.8%	16.6%	–	–	345.8%	19.5%	28.4%	15.4%
Net profit growth	–	–	186.1%	22.8%	–	–	–	26.3%	53.2%	10.3%
Earnings per share growth	–	–	164.8%	23.7%	–	–	–	25.5%	51.2%	9.3%
	–	–	6.6%	8.1%	−18.0%	−4.6%	13.3%	14.4%	18.5%	17.2%
	–	–	–	1.5 pts	−26.1 pts	13.4 pts	18.0 pts	1.1 pts	4.1 pts	−1.3 pts
From the net margin	–	–	–	1.6 pts	−55.0 pts	14.8 pts	14.5 pts	1.0 pts	3.3 pts	−1.1 pts
From asset turnover	–	–	–	−0.8 pts	31.7 pts	−2.6 pts	7.4 pts	1.3 pts	1.4 pts	−0.1 pts
From borrowing	–	–	–	0.7 pts	−2.8 pts	1.2 pts	−3.9 pts	−1.3 pts	−0.7 pts	−0.1 pts
Return on capital employed	–	–	7.3%	7.6%	−11.4%	0.0%	14.7%	16.4%	17.8%	17.3%
Cash conversion	–	–	–	–	–	–	153.8%	145.5%	107.7%	110.0%
Interest cover	1.0	1.4	2.6	1.7	–	–	5.9	7.7	10.8	11.7
Debt to equity	–	–	0.33	0.45	0.58	0.26	0.09	0.03	0.02	0.00
Receivable days	–	–	26	24	51	30	28	26	29	27
Inventory days	–	–	73	92	236	143	84	82	64	57
Payable days	–	–	294	383	807	550	368	364	273	276
Cash conversion cycle, days	–	–	−195	−268	−520	−376	−256	−257	−180	−191
Working capital days	–	–	−110	−67	−452	−94	−54	−50	−39	−37
Asset turnover	–	–	0.47	0.42	0.14	0.25	0.43	0.47	0.51	0.51
Assets per rupee of net worth	–	–	2.20	2.42	2.88	2.30	1.78	1.64	1.58	1.57
Sales per rupee of plant	–	–	0.86	0.65	0.22	0.42	0.76	0.83	0.87	0.93
Capital spending to depreciation	–	–	–	–	0.53	0.78	1.13	1.40	2.07	1.71
Plant being built, % of plant in use	–	–	2.2%	3.5%	2.3%	2.7%	4.3%	2.8%	6.0%	7.4%

Interest cover is left blank for the years to Mar 2021 and Mar 2022: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.0%
Cash from operations against operating profit: 77.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.8%	43.8%	18.6%
Profit growth, yearly rate	–	–	27.6%
Return on equity, average	–	11.8%	16.7%
Return on capital employed, average	–	13.2%	17.2%
Operating margin, average	19.1%	28.5%	32.7%
Net margin, average	4.2%	15.4%	22.4%
Asset turnover, average	–	0.44	0.50
Cash conversion cycle, days, average	–	−252	−210
Interest cover, average	–	9.0	10.1
Debt to equity, average	–	0.08	0.02

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	8,892	6,601	2,471
Cash from investing	−6,616	−4,829	−1,727
Cash from financing	−2,377	−2,508	−976
Capital spending	3,536	2,748	1,037
Dividends paid	865	749	342
Shares bought back	0	0	0
Shares issued for cash	3,990	7	0
Borrowings raised	2,092	512	99
Borrowings repaid	5,924	1,496	461

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	2	7	8	8	7	6
Altman Z-scorePublished threshold 1.1	–	–	2.43	2.33	0.45	3.65	4.65	5.62	6.36	7.12
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.38	−2.18	−1.81	−2.59	−2.19	−2.39
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−3.10	5.74	−3.15	4.24	10.66	7.91
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	2.00	1.30	1.18
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−8.68	40.51	−77.88	−15.26	−9.78	13.47	−4.59
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	24.72	60.41	−70.30	−75.53	−3.52	−32.22	−12.37
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	5.11	−6.14	−6.68	−0.06	0.60	0.41	0.66
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.12	0.20	0.50	0.41	0.24	0.28	0.56
Effective tax ratePublished threshold 17.16 per cent	371.94	65.69	39.11	11.32	–	–	24.97	27.86	23.93	24.97
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	5.62	9.31	1.38	2.19

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Oct 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based-LT/STLong and short-term scales	CARE AAA / CARE A1+Review, UpgradeST rating reaffirmed	Stable	280
9 Oct 2026	CARE Ratings Limited (opens in a new tab)	Fund-based/Non-fund-based-LT/STLong and short-term scales	CARE AAA / CARE A1+Review, UpgradeST rating reaffirmed	Stable	113
20 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based-Overdraft	[ICRA]AAAReview, Upgrade	Stable	15
20 Feb 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Working capital demand loan	[ICRA]A1+Review, Re-affirm		15

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.