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Swing Capital

Indian Hotels Co Ltd

NSE: INDHOTEL BSE: 500850

IHCL is one of India’s leading hospitality companies. IHCL and its subsidiaries comprise diversified portfolio across luxury, upscale/upper upscale and lean luxury/midscale segments. IHCL’s operations are spread across four continents, 12 countries and over 100 cities.[1]

₹646
52W: ₹565 — ₹812
PE 54.6 · Book ₹89.7 · +620% vs book
Market Cap₹91,968 Cr
Stock P/E54.6Price to Earnings
ROCE17.2%Return on Capital
ROE14%Return on Equity
Div. Yield0.34%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 44.3% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 22.8%

Weaknesses

  • −Stock is trading at 7.15 times its book value
  • −Company has a low return on equity of 13.1% over last 3 years.
  • −Earnings include an other income of Rs.682 Cr.
  • −Working capital days have increased from -2.78 days to 89.0 days

Shareholding Pattern

Promoters38.12%
FIIs23.23%
DIIs22.58%
Public15.95%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters38.12%38.12%38.12%38.12%38.12%38.12%38.12%38.12%
FIIs27.19%27.44%▲0.327.78%▲0.326.96%▼0.827.18%▲0.226.14%▼1.025.09%▼1.123.23%▼1.9
DIIs18.29%18.67%▲0.418.44%▼0.219.05%▲0.618.39%▼0.719.4%▲1.020.66%▲1.322.58%▲1.9
Public16.26%15.65%▼0.615.54%▼0.115.74%▲0.216.18%▲0.416.2%▲0.016%▼0.215.95%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,2811,3429311,0351,4741,4761,0451,0601,6141,661
Expenses722756604691792798682690856868
Operating Profit558586327345682678363370757792
OPM %44%44%35%33%46%46%35%35%47%48%
Net Profit380369209254469481245289921558
EPS ₹2.672.591.471.793.293.381.722.036.473.92

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,380Cr, up 9.4% YoY. OPM at 42%.

Debt Position

Borrowings at ₹1,182Cr. Debt-to-equity ratio: 0.09x. Healthy balance sheet.

Capex Cycle

CWIP at ₹63Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 22.58% (-1.47pp change). FIIs: 23.23% (+1.59pp change). Promoters hold 38.12%.

Margin & Efficiency

ROCE improving from 6% (Mar 2015) to 17% (Mar 2026). Working capital days: 89.

Valuation

PE 54.6x with 17.2% ROCE. Price is 620% above book value of ₹89.7. Dividend yield: 0.34%.

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