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Tata Group's hotel operator running the Taj luxury brand plus Vivanta, Ginger and SeleQtions.
Tata Group's hotel operator running the Taj luxury brand plus Vivanta, Ginger and SeleQtions.
Earns from room rents and restaurant and banquet business at hotels it owns or leases, and from fees on hotels owned by others but run under its brands, an asset-light route it has pushed in recent years. Part of the Tata group, with Tata Sons the largest shareholder.
In one line: India's Marriott, anchored by the Taj luxury brand.
Moat: narrow (brand, installed base, distribution). Taj is India's best-known luxury hospitality brand with prime, hard-to-replicate real-estate locations.
Headquarters: Mumbai, India · Founded: 1902 · Employees: 51,079
Size Indian Hotels (INDHOTEL.NS) is an India Consumer Discretionary company (Hotels/Resorts/Cruise lines) with a market value of $13.4B, the 79th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹888.00 on 6 Nov 2026.
Performance Over six months the shares gained 32.7%, against +9.6% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 19 in its peer set.
Growth Revenue grew 15.4% over the last twelve months (peer median +4.0%); the operating margin is 26.4% (peer median 19.1%).
Valuation It trades at 55.6× forward earnings against a peer median of 18.8× (most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 42% a year for seven years (Req g). Recent delivered growth is +44%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points below its cost of capital (14.2% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹104B | ₹95.9B | ₹82.5B | ₹66.9B | ₹57.4B |
| Revenue growth | — | +16% | +23% | +16% | — |
| Gross profit | ₹61.1B | ₹40.1B | ₹34.3B | ₹27.0B | ₹21.9B |
| EBITDA | ₹34.1B | ₹32.2B | ₹27.9B | ₹21.6B | ₹18.1B |
| Net income | ₹22.1B | ₹20.8B | ₹19.1B | ₹12.6B | ₹10.0B |
| Free cash flow | n/a | ₹15.6B | ₹12.5B | ₹13.1B | ₹11.0B |
| Capital expenditure | n/a | ₹10.4B | ₹10.7B | ₹6.37B | ₹4.71B |
| Total debt | ₹34.7B | ₹28.4B | ₹30.8B | ₹27.4B | ₹31.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Indian Hotels INDHOTEL.NS | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% |
| EIH EIHOTEL.NS | $2.07B | -7% | +8% | 29% | 23.2× | 28.9% |
| ITC Hotels ITCHOTELS.NS | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% |
| Lemon Tree Hotels LEMONTREE.NS | $984M | -4% | +10% | 38% | 31.1× | 17.4% |
| Marriott International MAR | $107B | +18% | +6% | 16% | 32.1× | 17.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INDHOTEL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +21.4% | +12.6% | 2nd highest of 19 |
| 6-month return | +32.7% | +9.6% | 2nd highest of 19 |
| Distance from 52-week high | -0.5% | -11.5% | highest of 19 |
| Revenue growth (TTM) | +15.4% | +4.0% | 4th highest of 19 |
| Operating margin | 26.4% | 19.1% | 3rd highest of 19 |
| Forward P/E | 55.6× | 18.8× | most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 42.0% | 12.7% | most demanding of 16 |
| Growth delivered (Del g) | +43.8% | +20.7% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | -1.8 pp | -8.0 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | -2.1 pp | -1.8 pp | 8th lowest of 18 |
| EV / EBITDA | 37.4× | 13.9× | most expensive of 18 |
| Net debt / EBITDA | -0.3× | 4.0× | 4th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Indian Hotels INDHOTEL.NS | India | $13.4B | +33% | +15% | 26% | 55.6× | 42.0% | +43.8% |
| Accor AC.PA | France | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% | +28.3% |
| H World 1179.HK | Hong Kong | $15.3B | +3% | +13% | 27% | 18.8× | 6.2% | +19.1% |
| Hyatt Hotels H | United States | $17.2B | +10% | +3% | 9% | 42.4× | 27.9% | +27.7% |
| Hanjinkal 180640.KS | South Korea | $9.60B | +74% | +7% | 1% | 43.3× | n/a | n/a |
| Norwegian Cruise Line NCLH | United States | $8.23B | +5% | +5% | 14% | 13.8× | n/a | n/a |
| InterContinental Hotels Group PLC Sponsored ADR IHG | United States | $25.3B | +19% | +3% | 24% | 23.8× | 12.7% | +16.6% |
| Whitbread WTB.L | United Kingdom | $6.37B | +25% | +2% | 21% | 15.8× | 9.7% | +37.7% |
| Seibu 9024.T | Japan | $6.11B | +2% | -41% | 10% | 29.6× | n/a | n/a |
| Vail Resorts MTN | United States | $5.66B | +26% | -4% | 16% | 27.9× | 9.6% | +8.2% |
| Wyndham Hotels & Resorts WH | United States | $5.64B | -6% | +1% | 37% | 15.2× | 1.8% | +1.8% |
| Choice Hotels International CHH | United States | $5.29B | +12% | +2% | 25% | 15.8× | 4.8% | +15.6% |
| Red Rock Resorts RRR | United States | $5.06B | -11% | +1% | 23% | 17.9× | 13.3% | +11.2% |
| Atour Lifestyle Holdings Ltd. Sponsored ADR ATAT | United States | $4.82B | -6% | +45% | 21% | 15.8× | 1.8% | +43.1% |
| Viking VIK | United States | $39.1B | +6% | +20% | 23% | 24.4× | 19.2% | +27.0% |
| Travel + Leisure TNL | United States | $4.54B | +15% | +5% | 17% | 8.8× | 3.2% | +11.2% |
| Carnival CCL | United States | $39.8B | +13% | +5% | 16% | 12.4× | 14.5% | +36.6% |
| Monte-Carlo Societe des Bains de Mer BAIN.PA | France | $4.06B | +9% | +12% | 9% | n/a | 24.2% | +20.7% |
| ITC Hotels ITCHOTELS.NS | India | $3.85B | +5% | +65% | 25% | 34.6× | 37.0% | +64.8% |