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Swing Capital

ITC Hotels Ltd

NSE: ITCHOTELS BSE: 544325

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]

₹152
52W: ₹137 — ₹262
PE 36.4 · Book ₹57.1 · +166% vs book
Market Cap₹31,651 Cr
Stock P/E36.4Price to Earnings
ROCE10.1%Return on Capital
ROE7.56%Return on Equity
Div. Yield0.64%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Debtor days have improved from 19.5 to 15.2 days.

Weaknesses

  • −Stock is trading at 2.69 times its book value
  • −Company has a low return on equity of 6.51% over last 3 years.

Shareholding Pattern

Promoters39.85%
FIIs14.58%
DIIs21.46%
Public24.1%
CategoryMar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters39.88%39.87%▼0.039.85%▼0.039.85%39.85%
FIIs25.37%25.36%▼0.025.49%▲0.116.1%▼9.414.58%▼1.5
DIIs21.6%20.61%▼1.020.21%▼0.421.13%▲0.921.46%▲0.3
Public13.11%14.11%▲1.014.43%▲0.322.9%▲8.524.1%▲1.2

Financial Statements

MetricJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales6507099399817447611,0521,026
Expenses440495569587506527638622
Operating Profit210214370395237234415404
OPM %32%30%39%40%32%31%39%39%
Net Profit102105228264150152247281
EPS ₹0001.270.720.731.181.35

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,583Cr, up 9.3% YoY. OPM at 36%.

Debt Position

Borrowings at ₹128Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹87Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 21.46% (-0.14pp change). FIIs: 14.58% (-10.79pp change). Promoters hold 39.85%.

Margin & Efficiency

ROCE improving from 0% (Mar 2024) to 10% (Mar 2026). Working capital days: 9.

Valuation

PE 36.4x with 10.1% ROCE. Price is 166% above book value of ₹57.1. Dividend yield: 0.64%.

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