The Indian Hotels Company Limited (IHCL) – Q2 & H1 FY26 Results Summary
Announcement Date: 04 November 2025
Key Financial Metrics (Consolidated):
- Revenue from Operations: ₹204,089 lakhs in Q2 FY26, up 11.7% YoY (₹182,612 lakhs in Q2 FY25); flat QoQ.
- Profit Before Tax (PBT): ₹45,271 lakhs in Q2 FY26 vs. ₹69,557 lakhs in Q2 FY25 (prior year included ₹30,736 lakhs exceptional gain).
- Net Profit: ₹31,826 lakhs in Q2 FY26 vs. ₹58,271 lakhs in Q2 FY25; excluding exceptional items, profit improved YoY.
- Operating Profit Margin (PBT before exceptional / Revenue): ~22.2% in Q2 FY26.
- Net Profit Margin: ~15.6% in Q2 FY26.
Standalone Financials:
- Revenue from Operations: ₹106,049 lakhs in Q2 FY26 vs. ₹103,533 lakhs in Q2 FY25.
- Profit After Tax: ₹28,912 lakhs in Q2 FY26 vs. ₹25,446 lakhs in Q2 FY25.
- Earnings Per Share (EPS): ₹2.03 in Q2 FY26 vs. ₹1.78 in Q2 FY25.
Segment Performance (Consolidated):
- Hotel Services: ₹175,738 lakhs revenue in Q2 FY26, up from ₹166,100 lakhs in Q2 FY25; segment profit ₹40,061 lakhs.
- Air & Institutional Catering: ₹28,556 lakhs revenue in Q2 FY26 vs. ₹16,633 lakhs in Q2 FY25 (post-acquisition growth); segment profit ₹5,210 lakhs.
Balance Sheet and Cash Flow Highlights:
- Consolidated equity stands at ₹1,156,943 lakhs.
- Capital expenditure of ₹47,670 lakhs in H1 FY26 (consolidated), reflecting ongoing expansion and maintenance.
- Operating cash flows positive; investing cash flows negative due to capex and investments; financing cash flows negative due to dividends and lease payments.
Management Commentary and Corporate Developments:
- No exceptional items in current quarter or half year; prior year included one-time gain from Taj SATS Air Catering Limited becoming a subsidiary (July 2024) and impairment charges.
- Internal restructuring of UK operations completed April 2025 with no significant accounting impact.
- Business combination with Taj SATS Air Catering Limited continues to contribute to revenue and profit growth in catering segment.
- No changes in accounting policies or material adjustments reported.
Auditor’s Opinion:
- Clean, unqualified limited review reports for both consolidated and standalone results; no qualifications or concerns noted.
Outlook:
- No explicit guidance provided in the announcement.
This summary captures IHCL’s financial and operational performance for Q2 and H1 FY26, highlighting revenue growth, segment contributions, capex activity, and clean audit status for investment analysis purposes.