Indian Hotels Co Q2 FY27 Results (NSE: INDHOTEL)
Signal: Steady quarter
The read
Standalone operating momentum remained strong, with revenue up 26.0% YoY and PAT up 35.8% to 39264 lakh, while employee costs rose only 9.2% YoY; however, consolidated comparatives and EPS are not visible, and the 900 lakh standalone exceptional charge plus falling PPE versus rising depreciation warrant monitoring.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,484.32 Cr | N/A | N/A |
| Net profit | ₹379.85 Cr | N/A | |
| EBIT margin | N/A |
P&L walk
Consolidated Q2FY27 revenue from operations was 248432 lakh and PAT was 37985 lakh; the filing extract provides current-quarter values but not the comparative consolidated columns needed to establish the YoY or sequential trajectory.
Segments
Hoteliering is the only reported business segment; consolidated PAT of 37985 lakh was 1279 lakh below standalone PAT of 39264 lakh despite consolidated PBT of 54875 lakh versus standalone PBT of 52114 lakh, mainly reflecting higher consolidated tax and associate/joint-venture effects.
Key positives
- Standalone revenue from operations rose 26.0% YoY to 133613 lakh and 8.5% QoQ, showing continued operating momentum.
- Standalone PAT increased 35.8% YoY to 39264 lakh, while EPS rose approximately 36.0% to ₹2.76.
- Employee and contractor costs increased 9.2% YoY to 26608 lakh, materially slower than the 26.0% revenue growth, supporting profit conversion.
- Standalone operating cash flow was 70288 lakh in H1FY27 versus 30972 lakh in H1FY26.
Key concerns
- Consolidated YoY and QoQ comparatives, consolidated EPS and operating margin are not visible in the supplied statement extract, limiting assessment of group-level momentum.
- Standalone exceptional items reduced profit before tax by 900 lakh, comprising a 499 lakh impairment provision for a subsidiary and 401 lakh of proposed-merger expenses.
- PPE declined 0.9% from 31 March 2026 to 288868 lakh while H1 depreciation rose 4.3% YoY to 13957 lakh, requiring monitoring of asset additions and depreciation timing.
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