ITCHOTELS - ITC Hotels
📢 Recent Corporate Announcements
Mr. Tablesh Pandey has resigned from his position as a Non-Executive Director at ITC Hotels Limited, effective from the close of business on March 5, 2026. Mr. Pandey served as a representative of the Life Insurance Corporation of India (LIC) on the company's board. The resignation is attributed to his new appointment as Chair Professor (Life) at the National Insurance Academy in Pune. This change appears to be a routine transition for a nominee director and is not expected to impact the company's strategic direction.
- Mr. Tablesh Pandey (DIN: 10119561) resigned as Non-Executive Director effective March 5, 2026.
- The director was a nominee representing the Life Insurance Corporation of India (LIC).
- Resignation follows his acceptance of a selection as Chair Professor at National Insurance Academy, Pune.
- The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
ITC Hotels Limited has announced the resignation of Mr. Tablesh Pandey from its Board of Directors. Mr. Pandey served as a Non-Executive Director representing the Life Insurance Corporation of India (LIC). His resignation was effective from the close of business on March 5, 2026, following his appointment as Chair Professor at the National Insurance Academy. This change is a routine movement for institutional nominees and is not expected to impact the company's strategic direction.
- Mr. Tablesh Pandey resigned as Non-Executive Director effective March 5, 2026.
- He represented the Life Insurance Corporation of India (LIC) on the board of ITC Hotels.
- The resignation is due to his new professional appointment at the National Insurance Academy, Pune.
- The disclosure was made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
ITC Hotels Limited has scheduled participation in two prominent investor conferences in February 2026. The company will attend the Nuvama India Conference on February 11 and the Axis Capital Flagship India Conference on February 12. Both events will take place physically in Mumbai and involve one-on-one or group meetings with institutional investors. This is a routine regulatory disclosure under SEBI LODR Regulations to maintain transparency with the investor community.
- Participation in Nuvama India Conference 2026 scheduled for February 11, 2026.
- Attendance at Axis Capital's Advantage India Conference on February 12, 2026.
- Meetings will be held in physical format in Mumbai, involving institutional investors.
- Engagement includes both one-on-one and group meeting formats.
- Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
ITC Hotels Limited has announced its participation in a Non-deal Roadshow scheduled for February 4th and 5th, 2026, in Singapore. The event will involve physical attendance for one-on-one and group meetings with institutional investors and analysts. This engagement is part of the company's routine investor relations activities following its listing as a separate entity. Such meetings are typically used to communicate the company's long-term strategy and operational performance to the global investment community.
- Non-deal Roadshow scheduled for February 4th and 5th, 2026.
- The meetings will be held physically in Singapore.
- Format includes both one-on-one and group meetings with institutional investors.
- Compliance filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
ITC Hotels Limited has scheduled participation in the ICICI Securities Annual Investor Conference 2026. The event will take place physically in Singapore on February 3rd and 4th, 2026. Company representatives are set to engage in one-on-one and group meetings with institutional investors. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015.
- Participation in ICICI Securities Annual Investor Conference 2026.
- Event dates are confirmed for February 3rd and 4th, 2026.
- The conference will be held physically in Singapore.
- Meetings will involve one-on-one and group interactions with institutional investors.
ITC Hotels reported its highest-ever Q3 revenue and profits, with consolidated revenue growing 21% YoY to ₹1,231 crore. Net profit (PAT before exceptional items) saw a significant jump of 42% to ₹307 crore, driven by strong demand in the luxury, wedding, and MICE segments. The company's RevPAR grew by 13%, maintaining a substantial 48% premium over the industry average. Expansion remains aggressive, with the portfolio crossing 150 operational hotels and the Colombo project turning EBITDA positive.
- Consolidated Revenue from Operations rose 21% YoY to ₹1,231 crore, while EBITDA increased 23% to ₹467 crore.
- PAT (before exceptional items) surged 42% YoY to ₹307 crore with a consolidated EBITDA margin of 38%.
- RevPAR grew by 13% driven by a 9% increase in ADR and 290 bps expansion in occupancy.
- Portfolio reached a milestone of 150+ operational hotels with 14,000+ keys; 28 new hotels signed in CY2025.
- ITC Ratnadipa (Colombo) turned EBITDA positive on a YTD basis and commenced apartment handovers at Sapphire Residences.
ITC Hotels reported a strong performance for Q3 FY26, with consolidated revenue from operations growing 21.2% year-on-year to ₹1,230.68 crore. Consolidated net profit increased by 9.6% to ₹236.83 crore, even after accounting for a significant exceptional loss of ₹84 crore. This exceptional charge includes a ₹55.42 crore provision for new labour codes and a ₹28.58 crore inventory loss caused by Cyclone Ditwah in Sri Lanka. The core hospitality segment continues to lead growth, while the real estate segment contributed ₹81.51 crore to the top line.
- Consolidated Revenue from Operations increased 21.2% YoY to ₹1,230.68 crore in Q3 FY26.
- Consolidated Net Profit rose to ₹236.83 crore from ₹216.00 crore in the previous year's corresponding quarter.
- Hotel segment revenue grew to ₹1,132.51 crore, up from ₹995.49 crore in Q3 FY25.
- Exceptional items totaling ₹84 crore impacted the bottom line, including labor code provisions and cyclone-related losses.
- Standalone EPS for the quarter stood at ₹1.18, reflecting steady operational efficiency post-demerger.
ITC Hotels Limited has announced the allotment of 29,300 equity shares of ₹1 each on January 16, 2026. These shares were issued following the exercise of 2,930 options under the company's Special Purpose Employee Stock Option Scheme. Consequently, the total paid-up share capital of the company has increased to ₹2,08,28,82,888. This is a routine administrative action with a very marginal impact on the overall equity structure.
- Allotment of 29,300 equity shares of face value ₹1 each
- Exercise of 2,930 options under the ITC Hotels Special Purpose ESOP Scheme
- Total paid-up share capital increased to ₹2,08,28,82,888
- The allotment was approved by the Committee on January 16, 2026
ITC Hotels Limited has secured a 91-year lease for land at Yashobhoomi, Dwarka, New Delhi, from the India International Convention and Exhibition Centre Limited (IICC). The company will pay a lease premium of ₹326.50 crores for the site, which has a permissible Floor Area Ratio (FAR) of approximately 26,179 square meters. The land is earmarked for the development of a premium 5-star hotel featuring signature cuisine and extensive banqueting facilities. This move strategically positions ITC Hotels to capture the growing MICE (Meetings, Incentives, Conferences, and Exhibitions) demand at India's largest convention hub.
- Allotment of land at Yashobhoomi, Dwarka, on a long-term lease of approximately 91 years.
- Total lease premium consideration of ₹326.50 crores to be paid to IICC.
- Permissible FAR of ~26,179 square meters on a ground coverage of ~3,648 square meters.
- Project involves the development and operation of a premium 5-star hotel with signature dining.
- Strengthens Delhi NCR footprint where ITC already operates 10 properties with 1,599 keys.
ITC Hotels Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended December 31, 2025. The company's Registrar and Share Transfer Agent, KFin Technologies Limited, confirmed that no requests for dematerialization of shares were received during this period. This filing is a standard regulatory requirement for listed companies to ensure the integrity of shareholding records. It reflects routine administrative compliance and has no impact on the company's financial performance or operations.
- Compliance certificate filed for the quarter ended December 31, 2025.
- KFin Technologies Limited, the RTA, confirmed zero dematerialization requests were received during the quarter.
- The filing adheres to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018.
ITC Hotels Limited has announced the closure of its trading window effective from January 1, 2026, in compliance with SEBI Insider Trading regulations. This closure is ahead of the company's upcoming announcement of unaudited financial results for the quarter and nine months ending December 31, 2025. The restriction applies to all designated persons and their immediate relatives. The trading window will reopen 48 hours after the financial results are officially disclosed to the stock exchanges.
- Trading window closure starts on January 1, 2026.
- Closure pertains to financial results for the quarter and nine months ending December 31, 2025.
- Applies to all Designated Persons and their immediate relatives as per SEBI regulations.
- Window to reopen 48 hours after the public announcement of the financial results.
ITC Hotels Limited has announced the allotment of 1,02,560 equity shares of ₹1 each on December 19, 2025. This allotment follows the exercise of 10,256 options by employees under the company's Special Purpose Employee Stock Option Scheme. Consequently, the company's total paid-up share capital has increased to ₹2,08,28,53,588. The dilution resulting from this specific allotment is minimal compared to the total outstanding shares.
- Allotment of 1,02,560 equity shares of face value ₹1 each completed on December 19, 2025
- Shares issued upon the exercise of 10,256 options under the Special Purpose ESOP Scheme
- Total paid-up share capital increased to ₹2,08,28,53,588 divided into over 208 crore shares
- The allotment committee meeting concluded at 5:40 p.m. on the date of issuance
ITC Hotels Limited has announced the successful passage of two special resolutions via postal ballot to implement an Employee Stock Appreciation Rights (ESAR) Scheme. The resolutions, covering employees of both the company and its subsidiaries, received overwhelming support with over 99.8% of votes cast in favour. Approximately 83.56% of the total shareholding participated in the voting process, reflecting strong shareholder engagement. This move is aimed at aligning employee interests with long-term shareholder value and enhancing talent retention.
- Special resolution for ESAR Scheme for company employees passed with 99.86% majority in favour.
- Resolution for ESAR Scheme for subsidiary employees passed with 99.91% majority in favour.
- Total voter turnout was 83.56%, representing 174.04 crore shares out of 208.27 crore total shares.
- Institutional investors showed high participation at 97.01% with near-unanimous support for the scheme.
- Promoter group holding 83 crore shares voted 100% in favour of both resolutions.
ITC Hotels Limited will be participating in the Travel Ecosystem Conference organized by Ambit Capital Private Limited on December 4, 2025, in Mumbai. The company will also attend an analysts meet organized by Macquarie Capital Securities (India) Private Limited on December 5, 2025, in Gurugram. These meetings provide opportunities for investors and analysts to engage with the company's representatives. The company is fulfilling its disclosure requirements under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Attending Travel Ecosystem Conference on 4th December 2025
- Attending Analysts meet on 5th December 2025
- Conference organized by Ambit Capital Private Limited
- Analysts meet organized by Macquarie Capital Securities (India) Private Limited
Financial Performance
Revenue Growth by Segment
Consolidated Revenue from Operations grew 12% YoY to INR 1,655 Cr in H1 FY26. Standalone Room Revenue growth was driven by a 9% RevPAR increase, while Food & Beverage (F&B) revenue grew 5% YoY in Q2 FY26. In FY24, total revenue reached INR 3,034 Cr, a 15.4% increase from INR 2,629 Cr in FY23.
Geographic Revenue Split
The portfolio covers 140 hotels across 90+ destinations in India, with international presence via ITC Ratnadipa in Colombo, Sri Lanka. While specific % splits by city are not provided, the customer mix is 81% Retail, MICE, and Weddings as of FY24, up from 61% in FY20.
Profitability Margins
Consolidated PAT Margin for H1 FY26 stood at 15%, up 437 bps YoY. Standalone PAT for Q2 FY26 was INR 152 Cr, up 45% YoY. FY24 EBITDA margin was 33.1%, improving from 30.7% in FY23 due to higher ADRs and occupancy levels.
EBITDA Margin
Consolidated EBITDA margin was 30% in H1 FY26, up 150 bps YoY. EBITDA for H1 FY26 reached INR 490 Cr, a 17% increase YoY. On a comparable basis, Q2 FY26 EBITDA grew 22% YoY, reflecting strong operational leverage.
Capital Expenditure
Planned capital expenditure is estimated at 8-10% of annual revenue (approximately INR 240-300 Cr based on FY24 levels) to support regular maintenance and greenfield/brownfield expansions over the next 4-5 years.
Credit Rating & Borrowing
The company maintains a strong financial profile with a debt-free balance sheet post-demerger. Liquidity is supported by INR 1,500 Cr in cash and equivalents transferred from ITC Ltd. CRISIL notes a strong financial risk profile with net worth exceeding INR 10,000 Cr.
Operational Drivers
Raw Materials
Primary operational costs include Food & Beverage (F&B) supplies (perishables, dry goods), Energy (electricity, fuel), and People Costs (contractor payments and payroll). F&B costs are managed as a % of F&B revenue, which grew 5% in Q2 FY26.
Import Sources
Sourcing is primarily domestic across 90+ destinations in India to support local supply chains, with international sourcing for specialized luxury amenities and signature cuisine ingredients for premium brands.
Key Suppliers
Not specifically named in the documents; however, the company leverages 'Institutional Synergies' with ITC Ltd for procurement and distribution efficiencies.
Capacity Expansion
Current capacity is ~13,000 keys across 140 hotels. The company plans to expand to 18,000+ keys and 200+ hotels within 5 years, and targets 20,000+ keys across 220+ hotels by 2030.
Raw Material Costs
Total operating expenses for H1 FY26 were INR 1,165 Cr, up 9% YoY. The company focuses on 'Operational Excellence' to keep cost-per-key significantly lower than peers through productivity and efficiency thrusts.
Manufacturing Efficiency
Occupancy stood at 68% in FY24 with a 254 bps expansion in Q2 FY26. The company maintains a 40% RevPAR premium over the industry, indicating high efficiency in asset monetization.
Logistics & Distribution
Distribution is driven by 'World Class Digital Infrastructure' and 'Best-in-class loyalty programs' to reduce dependency on high-cost third-party booking channels.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth will be achieved through the 'Asset-Right' model, focusing on management contracts to reach 200+ hotels. The pipeline includes 61 hotels (~5,900 keys) with a focus on premium segments via the new 'Epiq Collection' brand and scaling the 'Storii' and 'Mementos' brands.
Products & Services
Luxury and mid-scale hotel stays, branded signature cuisines (F&B), MICE (Meetings, Incentives, Conferences, and Exhibitions) services, wedding hosting, and luxury residential apartments (Colombo).
Brand Portfolio
ITC Hotels, Welcomhotel, Mementos, Storii, Fortune, WelcomHeritage, Epiq Collection.
New Products/Services
Launched 'Epiq Collection – Member ITC Hotels Group' in Q2 FY26 to accelerate growth in the premium segment. Residential apartment sales at ITC Ratnadipa, Colombo, are expected to commence in 2025.
Market Expansion
Expansion into 90+ destinations with a focus on Tier I cities, metros, and key tourist hubs. International expansion is currently focused on Sri Lanka with the 352-key ITC Ratnadipa.
Market Share & Ranking
Ranked as one of the pre-eminent hotel chains in India, particularly in the luxury segment, commanding a 40% RevPAR premium over the industry average.
Strategic Alliances
Maintains a strategic relationship with ITC Ltd, which holds a 40% stake and provides brand, managerial, and governance support.
External Factors
Industry Trends
The industry is currently in an upcycle where demand growth is expected to outpace supply growth over the medium term, supporting sustained healthy operating performance and higher ARRs.
Competitive Landscape
Competes with major domestic and international luxury chains. Competitive edge is maintained through a 40% RevPAR premium and a diversified brand portfolio from mid-scale to luxury.
Competitive Moat
Durable advantages include 'Food & Beverage Supremacy' (signature cuisine brands), a strong loyalty program, and the 'ITC' brand equity. These are sustainable due to the high capital barrier for luxury assets and deep institutional expertise.
Macro Economic Sensitivity
Highly sensitive to GDP growth; RevPAR in business destinations correlates strongly with nominal GDP growth. Leisure destinations are sensitive to non-economic factors like travel warnings.
Consumer Behavior
Increasing trend toward 'discretionary spending' and 'leisure travel' is driving demand in the hospitality sector, particularly in the premium and luxury segments.
Geopolitical Risks
Operations in Sri Lanka (ITC Ratnadipa) are subject to local economic conditions and political stability, which could impact the ramp-up of occupancy and residential sales.
Regulatory & Governance
Industry Regulations
Subject to hospitality standards, food safety regulations, and environmental norms. The demerger was sanctioned by NCLT Kolkata Bench via order dated October 04, 2024.
Environmental Compliance
Committed to 'Sustainability 2.0' agenda; recently commissioned a 3.3 MW windmill facility in Gujarat to increase renewable energy salience.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 29.7% (INR 110 Cr tax on INR 370 Cr PBT).
Legal Contingencies
The demerger scheme became effective January 01, 2025, following NCLT approval. No other specific pending court cases with INR values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'cyclicality' of the hospitality industry, where a downturn could compress operating margins. Another risk is the ramp-up of the Colombo asset (ITC Ratnadipa) and residential unit sales.
Geographic Concentration Risk
High concentration in India (90+ destinations), with specific exposure to metros and Tier I cities which are sensitive to corporate travel trends.
Third Party Dependencies
Increasing dependency on hotel owners for the 'managed' portfolio (targeted at 2/3rd of keys), requiring strong relationship management and brand standard enforcement.
Technology Obsolescence Risk
Mitigated by 'Digital First' strategy focusing on best-in-class guest experience applications and data automation.
Credit & Counterparty Risk
Liquidity is 'Superior' with INR 1,500 Cr cash balance; receivables quality is supported by a high salience of retail and established corporate clients.