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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹31792 Cr.
Stock P/E
49.9
P/B
2.7
Current Price
₹152.6
Book Value
₹ 56
Face Value
1
52W High
₹261.4
52W Low
₹ 137.4
Dividend Yield
0.66%

ITC Hotels Overview

Business

ITC Hotels Ltd. (ITCHOTELS) is an Indian hospitality company that operates a portfolio of hotels, resorts, and serviced apartments across various segments. Its core business model involves owning, managing, and franchising properties. The company generates revenue primarily through room occupancy, food & beverage sales (including restaurants and bars), banqueting services for events and conferences (MICE - Meetings, Incentives, Conferences, and Exhibitions), and other ancillary services offered within its properties. Its portfolio includes luxury hotels, premium hotels, and mid-market properties under brands such as ITC Hotels, Welcomhotel, Storii, and Fortune Hotels.

Revenue Mix

As a pure-play hospitality company, ITCHOTELS' revenue is predominantly derived from its hotel operations. The main components of its revenue mix include:

Rooms: Revenue generated from guest accommodation (occupancy rates and average room rates).

Food & Beverage: Sales from restaurants, bars, in-room dining, and catering services.

Banquets & Events: Revenue from hosting conferences, weddings, social gatherings, and other corporate or private events.

Other services such as spa, laundry, and business center facilities contribute a smaller portion. Specific percentage breakdowns for these segments are not consistently published externally but rooms and F&B typically form the largest components.

Industry

The Indian hotel industry is highly competitive, characterized by both domestic and international players. It is influenced by factors like domestic and international tourism, business travel, economic growth, and MICE activities. ITC Hotels operates primarily in the luxury and premium segments, positioning itself as a leader in experiential luxury with a focus on local culture, sustainable practices, and culinary excellence. It competes directly with established Indian hospitality majors like Indian Hotels Company (Taj Hotels), EIH Ltd. (Oberoi Hotels), as well as international chains such as Marriott International, Hilton Worldwide, and Accor, which have a significant presence in India.

MOAT

Strong Brand Equity: "ITC Hotels" is a well-recognized and respected luxury brand in India, synonymous with quality, service, and distinct architectural and culinary experiences. This brand trust allows for premium pricing power.

Extensive Portfolio & Asset Ownership: The company owns a significant portion of its luxury properties, providing strong asset backing, control over standards, and strategic locations. Its diverse portfolio caters to multiple segments (luxury to mid-market) across key business and leisure destinations.

F&B Excellence: ITC Hotels is renowned for its award-winning restaurants and culinary offerings, which act as a key differentiator and revenue driver, attracting both hotel guests and local patrons.

Operational Scale: Its substantial number of properties and established operational processes provide economies of scale in procurement, marketing, and human resource management.

Growth Drivers

Robust Tourism Growth: India's growing domestic and inbound tourism, driven by rising disposable incomes, government initiatives to promote tourism, and improved infrastructure.

Economic Expansion: Sustained economic growth in India supports increased business travel and discretionary spending on leisure and hospitality services.

MICE Segment Revival: The post-pandemic rebound and continued growth in corporate events, conferences, and exhibitions are expected to boost demand for large-scale hospitality venues.

Asset-Light Expansion: Potential for expansion through management contracts (rather than outright ownership) for its brands, which can improve capital efficiency and return on equity.

Digitalization & Personalized Experiences: Leveraging technology for seamless booking, personalized guest experiences, and efficient operations to attract and retain customers.

Risks

Economic Cyclicality: The hospitality sector is highly sensitive to economic downturns, impacting business and leisure travel spending.

Pandemics/Health Crises: Global or regional health emergencies can severely disrupt travel and hotel occupancy rates, as demonstrated by the COVID-19 pandemic.

Intense Competition: High competition from both domestic and international hotel chains can lead to pricing pressures and impact market share.

High Capital Expenditure: Owning luxury properties requires significant capital investment for new builds and ongoing renovation/maintenance, which can impact profitability and cash flow.

Input Cost Volatility: Fluctuations in food, energy, and labor costs can compress profit margins.

Regulatory & Geopolitical Risks: Changes in tourism policies, environmental regulations, or geopolitical instability can adversely affect business operations and demand.

Management & Ownership

ITC Hotels Ltd. is in the process of being demerged from ITC Limited. Post-demerger, ITC Limited will likely continue to be a significant promoter shareholder, holding a substantial stake (e.g., 40%), with the remaining shares distributed to ITC Limited shareholders and potentially other public investors. The management team is expected to comprise experienced professionals with a strong background in the hospitality sector, drawing on the legacy and operational excellence established under ITC Limited. The demerger aims to provide the hospitality business with independent operational flexibility and unlock shareholder value.

Outlook

ITC Hotels is well-positioned to capitalize on India's burgeoning travel and tourism sector, driven by a growing economy and increasing disposable incomes. Its strong brand legacy, extensive portfolio of luxury and premium properties, and focus on F&B excellence provide a solid foundation. The demerger from ITC Limited is intended to unlock value and allow the company to pursue more focused growth strategies, potentially including an asset-light expansion model. However, the company faces inherent risks associated with the cyclical nature of the hospitality industry, intense competition, and sensitivity to macroeconomic shocks and unforeseen events like pandemics. Managing high capital expenditure needs for owned properties while pursuing profitable growth and maintaining strong operational efficiency will be crucial for sustained performance.

ITC Hotels Share Price

Live · BSE / NSE
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

ITC Hotels Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 907 706 778 1015 1061 816 839 1231 1254
Other Income -0 10 3 15 38 44 45 50 53
Total Income 907 716 781 1031 1099 860 885 1280 1306
Total Expenditure 585 500 566 635 648 571 594 764 787
Operating Profit 322 215 215 396 450 289 291 517 519
Interest 2 2 2 2 2 2 2 2 2
Depreciation 76 95 104 104 100 102 104 104 106
Exceptional Income / Expenses 0 0 0 0 0 0 0 -84 4
Profit Before Tax 244 119 110 290 349 185 185 326 415
Provision for Tax 64 36 37 78 96 55 55 90 101
Profit After Tax 180 83 73 212 253 130 130 236 314
Adjustments 2 3 4 3 4 3 3 -1 2
Profit After Adjustments 182 87 76 215 257 133 133 235 316
Adjusted Earnings Per Share 2.2 1 0.9 2.6 1.2 0.6 0.6 1.1 1.5

ITC Hotels Profit & Loss

#(Fig in Cr.) Mar 2024 Mar 2025 TTM
Net Sales 2224 3560 4140
Other Income 17 68 192
Total Income 2242 3628 4331
Total Expenditure 1464 2313 2716
Operating Profit 778 1315 1616
Interest 20 44 8
Depreciation 201 402 416
Exceptional Income / Expenses 0 0 -80
Profit Before Tax 565 884 1111
Provision for Tax 141 246 301
Profit After Tax 424 638 810
Adjustments 0 0 7
Profit After Adjustments 424 638 817
Adjusted Earnings Per Share 5.1 3.1 3.8

ITC Hotels Balance Sheet

#(Fig in Cr.) Mar 2024 Mar 2025
Shareholder's Funds 8498 10692
Minority's Interest 33 36
Borrowings 0 0
Other Non-Current Liabilities 675 583
Total Current Liabilities 982 1161
Total Liabilities 10188 12472
Fixed Assets 6436 8189
Other Non-Current Assets 2205 826
Total Current Assets 1547 3457
Total Assets 10188 12472

ITC Hotels Cash Flow

#(Fig in Cr.) Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 49
Cash Flow from Operating Activities 672 803
Cash Flow from Investing Activities -753 -2206
Cash Flow from Financing Activities 127 1430
Net Cash Inflow / Outflow 47 27
Closing Cash & Cash Equivalent 47 77

ITC Hotels Ratios

# Mar 2024 Mar 2025
Earnings Per Share (Rs) 5.11 3.06
CEPS(Rs) 7.53 5
DPS(Rs) 0 0
Book NAV/Share(Rs) -3.95 51.25
Core EBITDA Margin(%) 34.17 35.02
EBIT Margin(%) 26.29 26.08
Pre Tax Margin(%) 25.39 24.83
PAT Margin (%) 19.06 17.91
Cash Profit Margin (%) 28.11 29.21
ROA(%) 4.16 5.63
ROE(%) 0 12.33
ROCE(%) 6.88 9.67
Receivable days 23.71 17.75
Inventory Days 170.1 116.77
Payable days 755.29 429.54
PER(x) 0 64.48
Price/Book(x) 0 3.85
Dividend Yield(%) 0 0
EV/Net Sales(x) -0.05 11.09
EV/Core EBITDA(x) -0.15 30.01
Net Sales Growth(%) 0 60.03
EBIT Growth(%) 0 58.71
PAT Growth(%) 0 50.43
EPS Growth(%) 0 -40.01
Debt/Equity(x) 0 0
Current Ratio(x) 1.58 2.98
Quick Ratio(x) 0.52 1.91
Interest Cover(x) 29 20.99
Total Debt/Mcap(x) 0 0

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +60%
Operating Profit CAGR +69%
PAT CAGR +50%
Share Price CAGR -28%
ROE Average +12% +6% +6% +6%
ROCE Average +10% +8% +8% +8%

ITC Hotels Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 39.85 %
FII 14.57 %
DII (MF + Insurance) 21.48 %
Public (retail) 60.15 %
# Mar 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 10039.8839.8739.8539.8539.85
FII 025.3725.3625.4816.0914.57
DII 021.6320.6320.2221.1521.48
Public 060.1260.1360.1560.1560.15
Others 000000
Total 100100100100100100

ITC Hotels Peer Comparison

Hotel, Resort & Restaurants Edit Columns

ITC Hotels Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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ITC Hotels Pros & Cons

Pros

  • Debtor days have improved from 755.29 to 429.54days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 39.85%.
  • Company has a low return on equity of 6% over the last 3 years.
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