• Growth guidance: IHCL raised FY27 revenue growth guidance to 15 to 17% from 12 to 14%, citing strong first-half performance, conventions and other events, and improved infrastructure. Management said asset management and other non-like-for-like growth should add 3 to 4 percentage points, alongside like-for-like growth.
• Hotel expansion: IHCL has almost 300 hotels in its pipeline, expects to open 30 in the second half, and anticipates 50 to 60 openings per year for the next 3 to 4 years. It expects to reach 700 hotels this year; 94% of its portfolio is capital light, including 81% under management contracts, 13% on operating leases and 6% owned.
• Margin performance: Consolidated margins were 28.4%, up 50 basis points, while standalone margins were almost 39%, up 400 basis points versus Q2 last year. Management said license fees rise with revenue and that higher salaries are being paired with efforts to improve productivity.
• Demand and pricing: Occupancy was north of 80% in the first 2 quarters, October was showing north of 20% month-to-date, and management expects wedding dates to support destination properties. It said demand is outpacing supply, while rupee weakness can strengthen pricing in foreign currencies.
• Portfolio and risks: IHCL is at 17% ROCE against a 20% goal and said it needs 3 more weeks to provide updated guidance on its 2030, '31 portfolio goals. West Asia-related travel disruption affected London and Cape Town demand, Dubai hotel fee income and TajSATS; management expects improvement when business returns, but said the timing is uncertain.