ITC Hotels Ltd. (itct.bo): 1QFY27: Sequential recovery in RevPAR growth, but misses expectations; Neutral

Research evidence excerpt

ITC Hotels Ltd. (itct.bo): 1QFY27: Sequential recovery in RevPAR growth, but misses expectations; Neutral

atement histories, forecasts and ratios. It can be used for

in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.

Disclosures

The rating(s) for ITC Hotels Ltd. is/are relative to the other companies in its/their coverage universe: Asian Paints (India), Avenue Supermarts Ltd.,

Bata India, Britannia Industries Ltd., Colgate Palmolive (India), Dabur India, Devyani International Ltd., Emami Ltd., Godrej Consumer Products Ltd.,

Hindustan Unilever, Honasa Consumer Ltd., ITC, ITC Hotels Ltd., Indian Hotels Company Ltd., Jubilant Foodworks, Lenskart Solutions Ltd., Marico, Metro

Brands, Nestle India, Page Industries Ltd., Pidilite Industries, Tata Consumer Products Ltd., Titan Co., Trent Ltd., United Spirits, Varun Beverages Ltd.,

Westlife Foodworld Ltd.

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

There are no company-specific disclosures for: ITC Hotels Ltd. (Rs174.00)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 59% 43%

As of July 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,104 equity securities. Goldman Sachs assigns stocks as Buys

and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the