Indian Hotels: First Take: 1Q FY27 - a slight beat driven by strength in the standalone business

Research evidence excerpt

Indian Hotels: First Take: 1Q FY27 - a slight beat driven by strength in the standalone business

J P M O R G A N Asia Pacific Equity Research

21 July 2026

Indian Hotels Overweight

IHTL.NS, IH IN

First Take: 1Q FY27 - a slight beat driven by strength in Price (21 Jul 26):Rs731.60

the standalone business Price Target (Mar-27):Rs825.00

Our First Take: IHCL’s reported 1Q FY27 consolidated revenue and EBITDA

were a slight beat on our and BBG consensus expectations. Revenue came in at

Rs23.4bn (+14.6% YoY, +3.5% vs JPMe and +1.8% vs consensus) and EBITDA

came in at Rs 6.7bn (+16.8% YoY, +4.3% vs JPMe and +2.5% vs consensus).

EBITDA margin of 28.8% (+54bps YoY) was 24bps better than JPMe, while adj.

PAT of Rs 3.6bn was 3.5%/1.7% above JPMe/the Street. Hospitality revenues grew

17% YoY (+4.4% vs. our expectation), while the air catering business grew 3% India Automobiles, Auto parts,

YoY and -6% QoQ, coming in 2% below our expectation. Airlines and Leisure

Amyn Pirani AC

(91-22) 6157-3583

Key Positives amyn.pirani@jpmorgan.com

Harshit Mittal

The earnings beat was driven by standalone numbers as revenue/EBITDA/PAT (91-22) 6157-3152

came in 7.3%/19.1%/24.5% higher than JPMe on the back of 14% RevPAR growth harshit.mittal@jpmorgan.com

(vs +8% for JPMe). J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Key Negatives/Question Marks

Subsidiaries’ performance disappointed as the revenue and margins were a miss on

our numbers. The air catering segment also underperformed, with margins down

YoY by 300bps.

Likely Changes to Consensus

We expect consensus forecasts to see marginal revisions following the 1Q print, but

the extent of revisions will likely be driven by management commentary on 2Q