ITC Hotels Ltd
ITC Hotels is an Indian hospitality company that operates and manages hotels, with over 200 hotels. It has a franchise agreement to operate most of its hotels as part of The Luxury Collection of Marriott International. It operates hotels across 90+ destinations under brands like ITC Hotels, Mementos, Epiq Collection Storii, Welcomhotel, Fortune, and Welcome Heritage.[1][2]
- Market Cap ₹ 30,694 Cr.
- Current Price ₹ 147
- High / Low ₹ 262 / 137
- Stock P/E 37.5
- Book Value ₹ 53.0
- Dividend Yield 0.00 %
- ROCE 9.63 %
- ROE 6.66 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
Cons
- Stock is trading at 2.78 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|
| 2,224 | 3,560 | 3,946 | |
| 1,454 | 2,305 | 2,577 | |
| Operating Profit | 771 | 1,255 | 1,370 |
| OPM % | 35% | 35% | 35% |
| 16 | 76 | 106 | |
| Interest | 20 | 44 | 7 |
| Depreciation | 201 | 402 | 411 |
| Profit before tax | 565 | 884 | 1,058 |
| Tax % | 25% | 28% | |
| 424 | 638 | 762 | |
| EPS in Rs | 3.05 | 3.64 | |
| Dividend Payout % | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 60% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | 50% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -30% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| Last Year: | 7% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|
| Equity Capital | 83 | 208 | 208 |
| Reserves | 8,415 | 10,484 | 10,831 |
| 74 | 73 | 80 | |
| 1,617 | 1,707 | 1,703 | |
| Total Liabilities | 10,188 | 12,472 | 12,822 |
| 6,436 | 8,189 | 8,127 | |
| CWIP | 1,768 | 158 | 183 |
| Investments | 204 | 676 | 1,047 |
| 1,780 | 3,449 | 3,466 | |
| Total Assets | 10,188 | 12,472 | 12,822 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| 672 | 803 | |
| -753 | -2,206 | |
| 127 | 1,430 | |
| Net Cash Flow | 47 | 27 |
| Free Cash Flow | 22 | 422 |
| CFO/OP | 116% | 81% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | |
|---|---|---|
| Debtor Days | 24 | 21 |
| Inventory Days | ||
| Days Payable | ||
| Cash Conversion Cycle | 24 | 21 |
| Working Capital Days | 48 | 48 |
| ROCE % | 10% |
Insights
In beta| Mar 2023 | Mar 2024 | Mar 2025 | Dec 2026 (P) | |
|---|---|---|---|---|
| Average Room Rate (ARR) - Domestic Owned Hotels INR ・Standalone data |
|
|||
| Number of Operational Keys Number |
||||
| Number of Operational Hotels Number |
||||
| Occupancy Rate - Domestic Owned Hotels % ・Standalone data |
||||
| RevPAR - Domestic Owned Hotels INR ・Standalone data |
||||
| Carbon Intensity (Actual Emissions) kg CO2e / room night ・Standalone data |
||||
| Net Promoter Score (NPS) Score ・Standalone data |
||||
| Pipeline - Number of Hotels Number |
||||
| Pipeline - Number of Keys Number |
||||
| RevPAR Premium over Industry (Luxury/Upscale) % ・Standalone data |
||||
Documents
Announcements
- Closure of Trading Window 25 Mar
-
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS
19 Mar - Allotment of Shares under ITC Hotels - Special Purpose Employee Stock Option Scheme.
-
Announcement under Regulation 30 (LODR)-Resignation of Director
6 Mar - Mr. Tablesh Pandey (LIC-nominated) resigned as Non-Executive Director effective close of work 5 March 2026.
-
Announcement under Regulation 30 (LODR)-Change in Directorate
6 Mar - Tablesh Pandey resigned as Non-Executive Director (LIC representative), effective 5 March 2026.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
6 Feb - ITC Hotels to attend Nuvama (11 Feb 2026) and Axis Capital (12 Feb 2026) investor conferences in Mumbai.
Demerger[1]
ITC Hotels was created following the demerger of the hotel business from ITC Limited. The scheme of arrangement was approved in Aug’23, under which ITC Hotels was separated as an independent entity. As part of the arrangement, ITC retained a 40% stake in ITC Hotels, while the remaining 60% stake was allotted to ITC Limited’s shareholders in proportion to their shareholding on the record date.
The scheme received approvals from shareholders and the National Company Law Tribunal. The certified copy of the NCLT Kolkata Bench order dated Oct’24 sanctioning the scheme was received in Dec’24, after which the demerger became effective from Jan’25. ITC Hotels was subsequently listed on the stock exchanges on 29 Jan’25.[2]