• RevPAR guidance revision: After delivering 14% RevPAR growth in Q1 and strong trends through early July, IHCL is likely to review and potentially raise its conservative FY27 RevPAR growth guidance of 7% to 9% by mid-to-late Q2.
• Air catering drag: Air catering revenue grew just 3% due to geopolitical flight disruptions and rising fuel costs in West Asia, alongside startup and ramp-up costs at new kitchens in Noida and Frankfurt.
• Asset-light expansion: IHCL has shifted its portfolio from 70% asset-heavy to 30% asset-heavy and plans to open 60 hotels this year—over one hotel per week—with 90% of new additions operating on an asset-light, fee-based model.
• Operational performance: Driven by a record domestic occupancy of 82%, standalone profit rose 38% alongside strong room revenue growth at renovated flagship properties, keeping the balance sheet cash-positive at around 40 billion rupees.