1. TajSATS - 20% top line growth in FY26 Missed - At the Q1 FY26 call, management was "very confident" of delivering 20% top line growth in the airline catering business (TajSATS) for FY26. FY26 TajSATS revenue came in at ₹1,219 crores, up 16%, with Q4 FY26 growth of 16% dampened by airport levy impact.
2. Ginger Santacruz - north of 85% occupancy for FY25 Delivered - At the Q2 FY25 call, management expected Ginger Santacruz to deliver "definitely north of 85% occupancy for the year" (FY25). FY25 saw Ginger Mumbai Airport complete its first full year with 88% occupancy, rising above 90% in FY26.
3. Claridges New Delhi - manage from April 1, 2025 Delivered - At the Q2 FY25 call, management announced IHCL will manage Claridges New Delhi from April 1, 2025. At Q4 FY25, Claridges was signed, announced and opened 4 weeks later, and opened as one of six openings in Q1 FY26.
4. Capex - 5% to 6% of reported revenue Missed - At the Q4 FY23 call, management expected capex to remain around 5% to 6% of reported revenue, later citing 4% to 5% at Q2 FY25. Actual capex ran at 9.2% in FY24 (₹637 Cr on ₹6,952 Cr), 12.5% in FY25 (₹1,074 Cr on ₹8,565 Cr) and 10.4% in FY26 (₹1,037 Cr on ₹9,971 Cr).
5. Second Taj in Lucknow (Vibhuti Khand) - open in 12-14 months Partial - At the Q3 FY23 call, management expected the second Taj in Lucknow (Vibhuti Khand) to open "over the 12, 14 months". The Q1 FY27 PPT shows the Taj Lucknow expansion of 96 keys completing in 2028, with Taj Palace Lucknow (181 keys) expected in Q2 FY27.
6. Taj Mansingh renovation - complete in 6 months Delivered - At the Q3 FY23 call, management expected the Taj Mansingh renovation to be complete in "another 6 months". The hotel was back in the portfolio by Q2 FY24, and at Q3 FY24 the Taj Mahal Hotel, New Delhi renovation was completed with ARRs "more or less doubled".
7. Vivanta and SeleQtions - 50 hotels each Partial - At the Q3 FY23 call, management expected SeleQtions and Vivanta to reach 50 hotels each "in the next 3 to 4 quarters", with the FY23 Annual Report planning 50 in each "this year". Vivanta reached the 50-plus mark in FY25 (52 hotels), but SeleQtions stood at 42 in FY25 and 37 operating in FY26.
8. Chambers membership - 3,000+ members and ₹150+ cr fees by 2025 Partial - In the FY23 Annual Report, IHCL aimed to increase The Chambers membership to 3,000+ by 2025 (from 2,600) and membership fees to ₹150+ crores (from 95+ crores). No disclosure of 2025 membership count or fee revenue exists in our record; by Q3 FY26 fees had grown 5x over eight years with a doubling "very soon," and Q1 FY27 still showed a wait list at a ₹50 lakh ticket point.
9. Kruger National Park - first safari lodge open Q1 FY27, second in November Delivered - At the Q3 FY26 call, management expected the first safari lodge at Kruger National Park to open in Q1, followed by a second in November. The first of 3 lodges opened in Q1 FY27 - Taj Bush Lodge, 6 keys - with two more to follow within 12 months.
10. Frankfurt hotel - open by Q1 FY27 Delivered - At the Q3 FY26 call, management expected Taj Frankfurt to have opened by Q1 of next year, later refined at Q4 FY26 to a June opening. Taj Hessischer Hof, Frankfurt (126 keys, leased) opened in June 2026, with ramp-up and preopening costs impacting Q1 FY27 margins.
11. Ginger - 200 hotels in operation within one year On track - At the Q3 FY26 call, management said Ginger will get to more than 200 hotels in operation within one year, from 70 hotels in operation after 25 years. By Q1 FY27 Ginger had 260+ hotels in portfolio with 165+ operating and 95+ pipeline, against 163 operational at FY26.
12. Acquisitions (ANK, Pride, Brij, Atmantan) - ₹250-300 cr topline contribution in FY27 On track - At the Q3 FY26 call, management expected the acquisitions to contribute ₹250-300 crores to consolidated topline in FY27, reiterated as \~₹250 Cr at Q1 FY27. In Q1 FY27, Brij delivered ₹11 crores (up 42% YoY) and Atmantan ₹19 crores (up 19% YoY), with ANK/Pride integration ongoing at 45+ addendums closed.
13. Management fee growth - high teens CAGR On track - At the Q3 FY26 call, management guided management fee income growth in high teens for FY27, reiterated at Q1 FY27. Q1 FY27 management fees came in at ₹168 crores, up 26% YoY, after FY26 fees of ₹685 crores, up 22%.
14. Double-digit revenue growth in FY27 On track - At the Q3 FY26 call, management expressed confidence in delivering double-digit revenue growth in FY27, guided at 12%-14% at Q4 FY26 and reiterated at Q1 FY27. Q1 FY27 revenue was ₹2,419 crores, up 15% YoY, with Q2 FY27 expected to be similar or better.
15. 60+ hotel openings in FY27 On track - At the Q3 FY26 call, management guided 60+ hotel openings in FY27, reiterated at Q4 FY26 and Q1 FY27. Q1 FY27 saw 11 hotels opened, with 14 hotels / 1,200+ keys expected in Q2 FY27 against the FY27 plan of 60 hotels / 5,000 keys.
16. Accelerate 2030 - new and re-imagined businesses to 25%+ share of revenue On track - Under Accelerate 2030, IHCL targets scaling new and re-imagined businesses to 25%+ share of revenue by 2030. FY26 new business revenue was ₹753 Cr, 8% of consolidated revenue, with growth brands at ₹1,300 Cr enterprise revenue, up 43%, and Q1 FY27 new businesses at 8% of total revenue.
17. Accelerate 2030 - RoCE 20% by 2030 On track - Under Accelerate 2030, IHCL targets RoCE of 20% by 2030. FY25 RoCE was 17.3% and FY26 RoCE 17% per company disclosures, while the reported financials show FY26 ROCE at 19.81% and FY25 at 19.56%.
18. Accelerate 2030 - consolidated revenue ₹15,000 cr by 2030 On track - Under Accelerate 2030, IHCL targets doubling consolidated revenue to ₹15,000+ crores by 2030. FY25 consolidated revenue was ₹8,565 crores (57% of target) and FY26 reached ₹9,971 crores, with Q1 FY27 revenue of ₹2,419 crores, up 15% YoY.
19. 700-hotel portfolio by 2030 (Accelerate 2030) On track - Under Accelerate 2030, management targets doubling the portfolio to 700+ hotels by 2030, reiterated at Q1 FY26 and in the Q4 FY25 PPT. The portfolio moved from 381 hotels in FY25 to 630 in FY26 and 645 in Q1 FY27, approaching the 650 milestone.
20. Taj at Cochin International Airport - opening November 2024 Delivered - At the Q1 FY25 call, management said the Taj at Cochin International Airport was opening in November 2024 - "absolutely on track and on time". The hotel opened earlier in the year as noted at Q3 FY26, with the Q4 FY26 PPT listing Q3 FY26 completions including Vivanta and Ginger Ekta Nagar.
21. TajSATS Noida Airport kitchen - operational by March-June 2025 Partial - At the Q1 FY25 call, management expected the TajSATS flight kitchen near Noida Airport to be operational "by March '25… between March to June of next year". The new Noida (Delhi-NCR) kitchen was instead commissioned only in Q1 FY27 (June 2026), with \~₹12 Cr of one-off launch and initial costs booked alongside the Frankfurt asset - roughly two years late, though now operational.
22. TIHL-St. James Hotels London combination - targeted for Q3 FY25 Missed - At the Q1 FY25 call, management proposed combining the businesses of TIHL with St. James Hotels London via a share swap and simultaneous business transfer agreement, expected to complete in Q3 post closing formalities. The Q3 FY25 deadline has lapsed, and as of Q1 FY27 St. James Court, London is still reported as a separate key legal entity, with no disclosure of the combination having completed.
23. TajSATS consolidation - effective 1st August 2024 Delivered - At the Q1 FY25 call, management expected TajSATS consolidation as a subsidiary to be effective on 1st August 2024. TajSATS was fully consolidated for over two months in Q2 FY25, and FY25 TajSATS revenue of ₹1,051 crores included ₹724 crores reported in IHCL consolidated revenue after Q2 consolidation.
24. Taj Bandstand - construction commence H2 2025, ₹1,000+ cr revenue on stabilization On track - At the Q3 FY25 call, management expected Taj Bandstand construction to commence in H2 2025, later guiding ₹1,000+ crores stabilized topline with EBITDA margins close to 50% and a 2030-2031 commissioning timeline for the 450-key project. Excavations reached 95% completion by Q1 FY27 with building to commence.
25. Capex guidance - ₹1,200 cr+ for FY26 Delivered - At the Q4 FY25 call, management guided capex of ₹1,200 crores plus for FY26, reiterated at Q1 FY26, then revised at Q3 FY26 to approximately ₹1,000 crores. FY26 capex came in at ₹1,037 Cr - split ₹644 Cr renovation/routine/digital and ₹393 Cr greenfields - meeting the revised plan.
26. Double-digit revenue growth in FY26 Delivered - At the Q4 FY25 call, management remained confident of delivering double-digit revenue growth in FY26, reiterated at Q1 FY26 and Q3 FY26. FY26 consolidated revenue was ₹9,971 crores, up 16%, with management confirming delivery on the guidance despite macro-headwinds.
27. 30+ hotel openings in FY26 Delivered - At the Q2 FY25 call, management guided 30 hotel openings in FY26, restated as a target of 30-plus at Q4 FY25 and "well on track" at Q1 FY26. FY26 actual openings were 132 hotels, with management scorekeeping "26 plus 36 hotels opened in the last year" at Q4 FY26.
28. Double-digit revenue growth in FY25 Delivered - At the Q1 FY25 call, management expected double-digit growth in FY25, "definitely north of 10%", reiterated at Q2 FY25 as "comfortably delivering double-digit revenue growth". FY25 consolidated revenue was ₹8,565 crores, up 23%, with management noting the guidance was comfortably achieved.
29. Dividend policy - 20% of consolidated PAT Delivered - At the Q4 FY24 call, the Board approved a payout ratio of 20% of consolidated PAT with a proposed ₹1.75 per share, within a 20% to 40% target range. FY24 paid ₹1.75/share, FY25 proposed ₹2.25/share (20% of PAT) and FY26 proposed ₹3.25/share (25%, including special dividend), a 48% dividend CAGR over four years.
30. Five-year capital deployment plan - ₹3,500 cr over FY23-27 On track - At the Q4 FY24 call, management outlined a five-year capital deployment plan of over ₹3,500 crores commenced FY22-23, effectively about ₹2,500 crores for the next 3 years. Cumulative FY23-26 capex was ₹3,219 Cr (₹471 + ₹637 + ₹1,074 + ₹1,037), with a FY27 plan of ₹1,100-1,300 Cr.
31. Gateway brand - 15 hotels to start, scale to 100 by 2030 On track - At the Q4 FY24 call, management announced the Gateway brand rollout to commence with 15 hotels and scale to 100 by 2030, with Gateway at 22 hotels by Q2 FY25. The portfolio reached 31 hotels in FY25 and 14 operating plus 38 pipeline in FY26, with Gateway at 21% of pipeline in Q1 FY27.
32. 25 hotel openings in FY25 Delivered - At the Q4 FY24 call, management guided to open a minimum of 25 hotels in FY25, reiterated at Q1 FY25 and Q2 FY25. FY25 actual openings were 26 hotels, with management scorekeeping the guidance comfortably achieved.
33. Two new brands launched in next six months (from Q3 FY24) Delivered - At the Q3 FY24 call, management expected to launch two new brands in the next six months. In Q2 FY25, Gateway was relaunched with 22 hotels and the Claridges Collection was added, alongside the Tree of Life acquisition - the two new brands being Gateway (reimagined) and Claridges Collection.
34. New businesses - 30% YoY growth going forward Delivered - At the Q3 FY24 call, management expected new and reimagined businesses (Ginger, Qmin, Amã, Chambers, Taj SATS) to continue delivering 30% year-on-year growth going forward, later guiding "maybe at 25%" at Q4 FY24. FY24 new businesses grew 35% and FY25 grew 40%, with FY26 at 25% and Q1 FY26 at 27%.
35. Taj SATS - cross ₹1,000 cr revenue in FY25 Delivered - At the Q3 FY24 call, management expected Taj SATS to cross ₹1,000 crores in revenue in FY25, having earlier guided 30-40% growth "beyond 1000 in the next financial year". FY25 TajSATS revenue was ₹1,051 crores, up 17%, rising to ₹1,219 crores, up 16%, in FY26.
36. amã Stays & Trails - 150 bungalows (100 in operation) by end of FY24 Delivered - At the Q3 FY24 call, management expected amã to reach 150 bungalows, including 100 in operation, by end of FY24. FY24 closed with 200 homestays/bungalows (103 added in the year), growing to 300-plus in FY25 and 375+ in FY26.
37. Qmin - ₹100 cr GMV in FY24 Delivered - At the Q3 FY24 call, management expected Qmin to achieve ₹100 crores in GMV in the current year FY24. Qmin crossed ₹100 crores in GMV/brand revenues in FY24, then ₹150 crores by Q3 FY25 and almost ₹200 crores in FY26.
38. Foreign tourist arrivals return to pre-COVID by October 2023 Missed - At the Q4 FY23 call, management expected foreign tourist arrivals to return to pre-COVID levels as of October 2023. Arrivals were still at 60% of pre-COVID in Q3 FY24, about 85% in Q4 FY24 and 10-15% below through Q3 FY25.
39. UK and US return to pre-COVID levels - FY24 Missed - At the Q3 FY23 call, management expected the U.S., U.K. and Cape Town to return to pre-pandemic (or marginally higher) occupancy levels in FY24, with US occupancy improving toward 75%-plus. FY24 Q4 USA occupancy was 49% with RevPAR $268 (down 3%), and international occupancy reached 73% only in FY25.
40. US business - cash breakeven on operating basis in FY24 Missed - At the Q4 FY23 call, management expected the US business to be cash breakeven on an operating basis in FY24. FY24 UOH Inc. USA posted EBITDA of -₹58 Cr and PAT of -₹143 Cr, turning EBITDA positive only at Q4 FY25 after 18 months of interventions, reaching a 7.7% margin by Q1 FY27.
41. Ginger Santacruz (Mumbai Airport) - open by October 2023, ₹100 cr revenue within 3 years Delivered - At the Q4 FY23 call, Ginger Santacruz (371 rooms) was expected to open on 1st October 2023, with ₹100 crores revenue expected within 3 years of operation. The hotel opened in Q3 FY24 (official launch 8 February 2024), earned ₹97 crores in its first full year FY25 and crossed ₹100 crores in FY26 with a 56% EBITDAR margin.
42. Ginger margins - north of 50% over next three years Partial - At the Q4 FY23 call, management expected Ginger margins to go north of 50% over the next three years from 39% currently, reiterated at Q3 FY25. Brand-level EBITDAR margins reached 41% in FY24, 43% in FY25 and 43% in FY26, though flagship Ginger Mumbai Airport hit 56%.
43. Management fee income - ₹400 cr guidance, later ₹550 cr, then ₹600+ cr Partial - At the Q3 FY23 call, the CFO noted the ₹400 crore management fee guidance for FY26/2025 would be reviewed at Capital Markets Day, with the Ahvaan target later at ₹550 Cr by FY26 and raised at Q1 FY25 to "600-plus number this year". FY25 management fees were ₹562 crores, 6% short of the ₹600+ target, while FY26 fees of ₹685 crores exceeded the ₹550 Cr FY26 target.
44. Ahvaan 2025 - 50:50 owned/leased vs management contract mix Delivered - Under Ahvaan 2025, management guided a 50:50 owned/leased vs management contract portfolio mix, expected in operation within 18 months as of Q4 FY23. FY24 achieved a 60/40 capital light vs capital heavy mix, and by FY26 68% of the operating portfolio and 93% of pipeline were under managed or asset-light formats.
45. Ahvaan 2025 - zero net debt Delivered - Under Ahvaan 2025, management targeted zero net debt by FY25-26, with the company already net cash positive as of Q3 FY23. FY24 ended with a surplus cash reserve of over ₹2,200 crores and nil standalone borrowings, with FY25 gross cash of ₹3,073 crores against ₹225 crores borrowings and FY26 gross cash of ₹4,345 crores.
46. Ahvaan 2025 - 300-hotel portfolio by FY25-26 Delivered - Under Ahvaan 2025, management targeted a 300-hotel portfolio by FY25-26, with the Q3 FY24 call expecting the number "at least one year in advance of 2025-26". FY24 ended with 310 hotels (218 operational + 92 pipeline) as of 31 March 2024, growing to 381 in FY25 and 630 in FY26.
47. Ahvaan 2025 - 33% EBITDA margin by FY25-26 Delivered - Under Ahvaan 2025, management guided a 33% EBITDA margin over the business cycle by 2025, reiterated at Q3 FY23, Q4 FY23, Q1 FY24 and Q2 FY24. FY24 consolidated EBITDA margin was 33.7%, rising to 35.0% in FY25 and 34.9% in FY26, with Ahvaan 2025 targets declared achieved two years ahead of schedule.
48. 200 hotels in operation globally - cross in FY24 Delivered - At the Q4 FY23 call, management expected to cross 200 hotels in operation globally in FY24 and "definitely achieve" 200 in South Asia this year. The 200th operating hotel milestone was reached in Q3 FY24 with the Jaisalmer opening, and FY24 ended with 218 hotels operational.
49. 20+ hotel openings in FY24 - minimum 20 hotels Delivered - At the Q4 FY23 call, management guided "we will open 20" hotels in FY24, a minimum of 20 versus 16 opened in FY23, later restated as "at least 20 hotels" at Q3 FY24. FY24 saw 34 hotels opened including 14 Tree of Life under a sales & distribution alliance - 20 excluding Tree of Life - with management scorekeeping "We said we'll open 20, we opened 20 hotels".