Interim report
Page 1
October 21, 2026 The Secretary, Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001 Scrip Code: 500850 The Manager, Listing Department National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/1, Bandra Kurla Complex, Bandra (E) Mumbai 400 051 Scrip Code: INDHOTEL Sub: Outcome of the Board Meeting Dear Madam, Sir, This has reference to the intimation of meeting of Board of Directors (‘Board’) of The Indian Hotels Company Limited (‘Company’) dated October 12, 2026. The Board at its meeting held today, i.e., Wednes day, October 21, 2026, inter alia, approved the Un-audited (Reviewed) Standalone and Consolidated Financial Results of Company along with the Limited Review Report for the quarter and half year ended September 30, 2026. A copy of the said Financial Results together with the Limited Review Report, thereon for the quarter and half year ended September 30, 2026, is enclosed herewith. The Board meeting commenced at 2:00 p.m. (IST) and concluded at 4:08 p.m. (IST). The above disclosure is being made available on the website of the Company at https://ir.ihcltata.com/financial-information/financial-results/. This disclosure is being made pursuant to Regulation 30, Schedule III and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. This is for your information and records. Yours Sincerely, For The Indian Hotels Company Limited Melisa Alva Senior Vice President & Company Secretary Mem No: A34774 Place: Mumbai
Page 2
8 SR & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax: +91 (22) 6257 1010 Limited Review Report on unaudited standalone financial results of The Indian Hotels Company Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of The Indian Hotels Company Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of The Indian Hotels Company Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Mumbai 21 October 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.: 101248W/W-100022 Farhad Bamji Partner Membership No.: 105234 UDIN:26105234ZGQHCA 1781 Registered Office: BS R & Co (a partnership firm with Registration No BA61223) converted into BS R & Co, LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai --400063 Page 1 of 1
Page 3
THE INDIAN HOTELS COMPANY LIMITED Registered Office: Mandlik House, Mandlik Road, Mumbai 400 001 CIN: L74999MH1902PLC000183, Email: investorrelations@ihcltata.com, Website: www.ihcltata.com STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 Particulars Revenue Revenue from Operations Other Income Total Income Expenses Food and Beverages Consumed Quarter Ended 30.09.2026 (Reviewed) 133613 10518 144131 Employee Benefit expenses and Payment to Contractors Finance Costs 8548 26608 2497 6972 46492 Depreciation and Amortisation expense Other Operating and General Expenses Total Expenses Profit/ (Loss) before Exceptional Items and Tax Exceptional Items (Refer Note 4) Profit/ (Loss) Before Tax Tax Expense Other than Exceptional Items: Current Tax Deferred Tax expense/ ( credit) Exceptional Items: 91117 53014 (900) 52114 11436 1414 Tax on Exceptional Items (including Deferred Tax (net)) Total Tax Expense 12850 Profit/ (Loss) After Tax 39264 Other Comprehensive Income Items that will not be reclassified subsequently to profit or loss Change in fair value of equity instruments 6677 106 (27) Remeasurement of defined benefit obligation Add/ (Less):- Income tax credit/ (expense) Other Comprehensive Income, net of tax Total Comprehensive Income Paid-up Equity Share Capital (Face value per share - ~ 1 each) Other equity Earnings Per Share (Face value - ~ 1 each) Basic and Diluted (* not annualised) See accompanying notes to the financial results 6756 46020 14234 * 2.76 x--. - ".<. ~ (cC:) 14Ih Floor, (,<) Cenlral B Wing and Norlh C w,ng, I * / Nesco IT P •. * J I Ne.<O tn' • Weslern E • Its H1Qhwa~. 0. Gm a East). ~ -;S 1.1um 400 063 ,f ~?, <;:,~ erec Acco-v Quarter Ended 30.06.2026 (Reviewed) 123200 6560 129760 8466 25225 2479 6985 41853 85008 44752 44752 11939 (905) 11034 33718 14712 380 (94) 14998 48716 14234 * 2.37 Quarter Half Year Ended Ended 30.09.2025 30.09.2026 (Reviewed) (Reviewed) 106049 10537 116586 7820 24358 2506 6698 36831 78213 38373 38373 9740 (279) 9461 28912 (2359) 463 (111) (2007) 26905 14234 * 2.03 256813 17078 273891 17014 51833 4976 13957 88345 176125 97766 (900) 96866 23375 509 23884 72982 21389 486 (121) 21754 94736 14234 * 5.13 Half Year Ended 30.09.2025 (Reviewed) 210508 16003 226511 15336 49416 4966 13377 72446 155541 70970 70970 16889 711 17600 53370 (818) (664) 164 (1318) 52052 14234 * 3.75 flakhs Year Ended 31 .03.2026 (Audited) 537955 26061 564016 37570 101971 9994 27757 170148 347440 216576 42187 258763 53172 216 4181 57569 201194 (17503) (695) 134 (18064) 183130 14234 1262461 14.13
Page 4
THE INDIAN HOTELS COMPANY LIMITED STATEMENT OF STANDALONE ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2026 flakhs As at As at Particulars 30.09.2026 31.03.2026 (Reviewed) (Audited) ASSETS Non-current assets Property, plant and equipment 288868 291617 Capital work-in-progress 10511 6252 Right-of-Use assets 100904 103067 Intangible assets 10671 11290 Intangible assets under development 259 231 Financial assets Investments 731129 695705 Loans 9636 9764 Other financial assets 7422 9020 Income tax assets (net) 9248 1465 Other non-current assets 24567 20190 1193215 1148601 Current assets Inventories 9100 9418 Financial assets Investments 187824 193956 Trade receivables 48303 51370 Cash and cash equivalents 6622 8033 Other Balances with Banks 133839 125978 Loans 443 654 Other financial assets 18810 14289 Other current assets 12036 9297 416977 412995 Total 1610192 1561596 EQUITY AND LIABILITIES Equity Equity share capital 14234 14234 Other equity 1310936 1262461 1325170 1276695 Liabilities Non-current liabilities Financial liabilities Lease liabilities 114401 114985 Other financial liabilities 1253 1451 Provisions 8071 12014 Deferred tax liabilities (net) 9293 8663 133018 137113 Current liabilities Financial liabilities Lease liabilities 3538 3206 Trade payables Dues of micro enterprises and small enterprises 2706 5475 Dues of creditors other than micro enterprises and small enterprises 38229 37036 Other financial liabilities 25257 32841 Provisions 26869 26012 Other current liabilities - 55405 43218 ~ &Co .~ 152004 147788 Total ~ ,<)~ 1610192 1561596 "~ ~ * * I I Cl) 0 .... ~ ,f ~ ~ -
Page 5
THE INDIAN HOTELS COMPANY LIMITED STATEMENT OF STANDALONE CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 Particulars Cash Flow From Operating Activities ProfiV (Loss) before tax Adjustments to reconcile net profit to net cash generated from/ (uaad in) Operating activities: Gain on investments carried at fair value through statement of profit and loss Profit on sale of Current Investments Profit on sale of Non-Current Investments Provision for impairment of investment in a subsidiary Unrealised Exchange (Gain)/ Loss (net) Depreciation and amortisation expenses on Property, plant and equipment and Intangible Assets Amortisation expenses on Right-<if-Use assets Net (Gain)/ Loss on disposal of Property, plant and equipment Assets written off Allowance for doubtful debts and advances Dividend income Interest income Finance costs Interest on Lease liability Provision for disputed claims Provision for Employee Benefits Cash Operating Profit before working capital changes Adjustments for (increase)/ decrease In operating assets: Inventories Trade receivables Other financial assets Other assets Adjustments for increase/ (decrease) in operating liabilities: Trade payables Other financial liabilities Other liabilities Cash Generated From/(Used In) Operating Activities Income taxes (paid)/ refund Net Cash Generated From/(Usad In) Operating Activities (A) Cash Flow From Investing Activities Payments for purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Purchase of current investments Sale of current investments Purchase of non-current investments Sale of non-current investments Repayment of other contractual liabilities towards purchase of shares Interest received Dividend received Long-term deposits placed for Hotel properties received Short-term deposits placed for Hotel properties Short-term deposits placed for Hotel properties received Long-term deposits placed with related parties Long-term deposits repaid by related parties Long-term deposits placed with others Long-term deposits repaid by others Short-term deposits placed with related parties Short-term deposits repaid by others Short-term deposits repaid by related parties Bank Balances not considered as Cash and cash equivalents Net Cash Generated From/(Usad In) Investing Activities (B) Cash Flow From Financing Activities Dividend including unclaimed dividend Payment of lease liabiHties Interest and other borrowing costs paid Net Cash Generated From/(Used In) Financing Activities (C) Nat Increase/ (Decrease) In Cash and Cash equivalents (A+ B + C) Cash and Cash Equivalents - Opening Cash and Cash Equlvslonts - Closing Half Year Ended 30.011.2028 (Reviewed) !18866 (4440) (1304) 499 (110) 114311 2521 (93) 20 112 (5031) (5588) 9 4967 1121 (3721) 398 !17264 318 2932 564 (5176) (1362) (15711) (546!1) 12187 5142 101044 (30756) 70288 (15330) 201 (188500) 2003711 (15632) 1716 5031 103 111 125 (7861) 1198601 (46301) (5735) (3) 1520391 (1411) 8033 6622 Year Ended 31.03.2026 (Audited) 258763 (7461) (2361) (55012) 1159 (97) 22936 4821 (45) 168 255 (7272) (7603) 73 9921 4255 4487 (31776) 226987 (599) (6606) (4159) (2529) (13893) 11025 (5139) 6051 11937 225031 (53602) 171429 (33016) 259 (438700) 306206 (77985) 59046 (2500) 8196 7272 100 (710) 296 (11200) 16250 (580) 136 (10200) 255 10000 43279 (123596 (31940) (12004) (7) (43951 1 3882 4151 8033 , lakhs HaWYear Ended 30.09.2025 (Reviewed) 70970 (2830) (850) 8 11034 2343 (23) 84 155 (7272) (4328) 2 4964 859 (766) 3380 74350 216 (11769) (6081) (7096) (24730) 5944 (9974) 9886 5856 55476 (24504) 30972 (16034) 92 (224200) 131767 (33185) 6820 7272 50 (1310) 174 (10200) 24750 (580) 35 (125) 111 120423 5860 (31945) (5815) (3) (377631 (931) 4151 3220
Page 6
Notes 1. The financial results of the Company have been reviewed by the Audit and Compliance Committee of the Board and approved by the Board of Directors at its meetings held on October 21, 2026. The results have been reviewed by the Statutory Auditors of the Company. 2. The results for the quarter and half year ended September 30, 2026 are available on the Bombay Stock Exchange website (URL: www.bseindia .com), the National Stock Exchange website (URL: www .nseindia.com) and on the Company's website (URL: www .ihcltata .com) 3. These financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. 4. Exceptional items comprise of the following: ~lakhs Quarter Quarter Quarter Half Year Half Year Year Particulars Ended Ended Ended Ended Ended Ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) Provision for impairment in a (499) (499) - (1159) subsidiary that incurred losses - - Expenses relating to proposed (401) (401) -merger of an associate Company - - - Profit on sale of entire equity - - - - 55012 stake in a joint venture company - Key Money for securing of long- - - - - (2950) -term management contracts Provision for contingencies for - (2500) - - - -certain matters Impact on account of New (4351) - - - - -Labour Codes Property tax paid under amnesty - - - - - (1865) scheme for a hotel property (900) - - (900) - 42187 5. On April 21, 2026, the Company, together with its step-down subsidiaries, ANK Hotels Private Limited ("ANK") and Pride Hospitality Private Limited ("Pride") , completed the acquisition of a 51% equity stake (on a fully diluted basis) in Brij Hospitality Private Limited ("Brij") for an aggregate consideration of ~22182 lakhs (including contingent consideration of ~2862 lakhs), comprising approximately ~12682 lakhs by the Company, ~3401 lakhs by ANK and ~6099 lakhs by Pride. investment in Brij through a combination of Compulsorily Convertible Preference Share partly paid-up equity shares. Consequently, Brij has become a subsidiary of the Company
Page 7
6. The Board of Directors ('Board'} at its meeting held on August 24, 2026, approved the Scheme of Arrangement between Oriental Hotels Limited ('OHL' or 'Transferor Company'), the Company and their respective shareholders, under the provisions of Sections 230 to 232 of the Companies Act, 2013 and other applicable regulatory requirements, for the amalgamation of OHL into and with the Company. The Scheme is, inter alia, subject to the sanction of the relevant bench of the National Company Law Tribunal ('NCLT'}, requisite approvals of the respective shareholders and/ or creditors of the Company and OHL, as applicable and as may be directed by the NCLT and subject to receipt of other requisite regulatory (including that of the Stock Exchanges and Securities and Exchange Board of India) and statutory approvals, as required. 7. Disclosure of segment-wise information is not applicable, as hoteliering is the Company's only business segment. As per our report of even date attached For B S R & Co. LLP Chartered Accountants Firm's Registration No: 101248W/W-100022 Farhad Bamji Partner Membership No. 105234 Place: Mumbai Date: October 21, 2026 For THE INDIAN HOTELS COMPANY LIMITED Puneet Chhatwal Managing Director and CEO DIN: 07624616
Page 8
BS R & Co. LLP Chartered Accountants 14th Floor, Central B Wing and North C Wing Nesco IT Park 4, Nesco Center Western Express Highway Goregaon (East), Mumbai - 400 063, India Telephone: +91 (22) 6257 1000 Fax:+91(22)62571010 Limited Review Report on unaudited consolidated financial results of The Indian Hotels Company Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of The Indian Hotels Company Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of The Indian Hotels Company Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") and its share of the net profit after tax and total comprehensive income of its associates and joint ventures for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial lnfonnation Perfonned by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I to the Statement. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. BS R & Co (a partnership firm with Registration No, BA61223) converted into BS R & Co. LLP (a Limited Liability Partnership with LLP Registration No AAB-B1 B1) with effect from October 14, 2013 Registered Office: 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 5
Page 9
BS R & Co. LLP Limited Review Report (Continued) The Indian Hotels Company Limited 6. We did not review the interim financial results of seven subsidiaries included in the Statement, whose interim financial results reflect total assets (before consolidation adjustments) of Rs. 2,36,699 lakhs as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 7,859 Lakhs and Rs. 15,160 Lakhs, total net profit after tax (before consolidation adjustments) of Rs. 629 Lakhs and Rs. 1,808 Lakhs and total comprehensive income (before consolidation adjustments) of Rs. 633 Lakhs and Rs. 1,814 Lakhs, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 24,922 Lakhs for the period from 1 April 2026 to 30 September 2026, as considered in the Statement. The Statement also include the Group's share of net loss after tax of Rs. 109 Lakhs and Rs. 402 Lakhs and total comprehensive income of Rs. 97 Lakhs and Rs. 336 Lakhs, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of one associate and one joint venture, whose interim financial results have not been reviewed by us. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associate and joint venture, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. 7. The Statement includes the interim financial results of twenty two subsidiaries which have not been reviewed, whose interim financial results reflects total assets (before consolidation adjustments) of Rs. 190,352 Lakhs as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 7,903 Lakhs and Rs. 13,740 Lakhs, total net loss after tax (before consolidation adjustments) of Rs. 3,264 Lakhs and Rs. 5,480 Lakhs and total comprehensive loss (before consolidation adjustments) of Rs. 3,260 Lakhs and Rs. 5,476 Lakhs for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflow (before consolidation adjustments) of Rs. 1,039 Lakhs for the period from 1 April 2026 to 30 September 2026 as considered in the Statement. The Statement also includes the Group's share of net profit/(loss) after tax of Rs. (10) Lakhs and Rs. 376 Lakhs and total comprehensive income of Rs. 32 Lakhs and Rs. 781 Lakhs for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively as considered in the Statement, in respect of four associates and four joint ventures, based on their interim financial results which have not been reviewed. According to the information and explanations given to us by the Parent's management, these interim financial results are not material to the Group. Our conclusion is not modified in respect of this matter. Mumbai 21 October 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.: 101248W/W-100022 ~ Farhad Bamji Partner Membership No.: 105234 UDIN:26105234ZCKWAH4804 Page 2 of 5
Page 10
BS R & Co. LLP Limited Review Report (Continued) The Indian Hotels Company Limited Annexure I List of entities included in unaudited consolidated financial results. Sr. No Name of component Relationship 1 The Indian Hotels Company Limited Holding 2 PIEM Hotels Limited Subsidiary 3 Benares Hotels Limited Subsidiary 4 United Hotels Limited Subsidiary 5 Roots Corporation Limited Subsidiary 6 lnditravel Limited Subsidiary 7 Taj Trade and Transport Company Limited Subsidiary 8 KTC Hotels Limited Subsidiary 9 Northern India Hotels Limited Subsidiary 10 Taj Enterprises Limited Subsidiary 11 Skydeck Properties and Developers Private Limited Subsidiary 12 Sheena Investments Private Limited Subsidiary 13 ELEL Hotels and Investments Limited Subsidiary 14 Luthria and Lalchandani Hotel and Properties Private Limited Subsidiary 15 Ideal Ice Limited Subsidiary 16 Genness Hospitality Private Limited Subsidiary 17 Qurio Hospitality Private Limited Subsidiary 18 Kadisland Hospitality Private Limited Subsidiary -~!tr.,.,~ f~ ~ · .<.(~ 19 Suisland Hospitality Private Limited ':, 14th Floor, ,() Subsidiary '-0 Central B Wing and 1'01th C \-..,r.fl *)~ tles=ot i"'· j* 20 Zarrenstar Hospitality Private Limited Nes Cent . Subsidiary Western ,press t,ghway, .\ ()_' Gatcgaon a~I), ,l2 J ~~ '"" u~,,, ~fl e ccov Page 3 of 5
Page 11
BS R & Co. LLP 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 ANK Hotels Private Limited Pride Hospitality Private Limited Sparsh lnfratech Private Limited Brahma Foundation ("The trust") Brij Hospitality Private Limited Limited Review Report (Continued) The Indian Hotels Company Limited Subsidiary (w.e.f 1 December 2025) Subsidiary (w.e.f 1 Decemeber 2025) Subsidiary (w.e.f 16 January 2026) Controlled Entity (w.e.f 16 January 2026) Subsidiary (w.e.f 21 April 2026) United Overseas Holdings Inc and its subsidiaries Subsidiary St. James Court Hotel Limited Subsidiary Taj International Hotels Limited Subsidiary Taj International Hotels (H.K.) Limited Subsidiary PIEM International (H.K) Limited Subsidiary IHOCO BV Subsidiary IHMS Hotels (SA) Proprietary Limited Subsidiary Good Hope Palace Hotels Proprietary Limited Subsidiary Demeter Specialites Pte Ltd Subsidiary IH Hospitality GmbH Subsidiary Taj SATS Air Catering Limited Subsidiary Nekta Food Solutions Limited Subsidiary Rajscape Hotels Private Limited & &Co~(. Subsidiary . ,-:::- -- ... :t - Taj Karnataka Hotels and Resorts Limited 1/ 7 Centrai'B wi~g andl\ ~ Joint Venture North C Wing l * N'.s:~ l~~a ~ * I ~ E•r»:~ H, w . Q 0tC9ac (Ea ./fJ ~ llJmoa, - 4 3 ,f 'll ~ Page 4 of 5 0recTr(cco~ -
Page 12
BS R & Co. LLP 40 41 42 43 44 45 46 47 48 Taj Kerala Hotels and Resorts Limited Wildscapes Limited (Taj Safaris Limited) Kaveri Retreat & Resorts Limited Limited Review Report (Continued) The Indian Hotels Company Limited Joint Venture Joint Venture Joint Venture TAL Hotels & Resorts Limited and its subsidiaries and an associate Joint Venture Oriental Hotels Limited Associate Taj Madurai Limited Associate Taida Trading & Industries Limited Associate Lanka Island Resorts Limited Associate TAL Lanka Hotels PLC Associate Page 5 of 5
Page 13
THE INDIAN HOTELS COMPANY LIMITED Registered Office: Mandlik House, Mandlik Road, Mumbai 400 001 CIN: L74999MH1902PLC000183, Email: investorrelations@ihcltata com, Website: www ihcltata.com STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026 Particulars Revenue Revenue from Operations Other Income Total Income Expenses Food and Beverages Consumed Employee Benefit Expenses and Payment to Contractors Finance Costs Depreciation and Amortisation Expenses Other Operating and General Expenses Total Expenses Profit/ (Loss) Before Exceptional Items and Tax Exceptional Items (Refer Note 4) Profit/ (Loss) Before Tax Tax Expense Other than Exceptional Items: Current Tax Deferred Tax expense/ (credit) Exceptional Items: Tax on Exceptional Items (including Deferred Tax (net)) Total Tax Expense Profit/ (Loss) After Tax Before Share of Associates and Joint Ventures Share of Profitl(Loss) of Associates and Joint Ventures (net of tax) Profit/ (Loss) for the period Other Comprehensive Income Items that will not be reclassified subsequently to profit or loss Remeasurement of defined benefit obligation Change in fair value of equity instruments Share of other comprehensive income of associates and joint ventures (net of tax) Add/(Less) : Income Tax credil/(expense) on the above Net Other Comprehensive Income not to be reclassified subsequently to profit or loss Items that will be reclassified subsequently to profit or loss Currency Translation Difference (net) Share of other comprehensive income of associates and joint ventures (net of tax) Add/(Less) : Income Tax credil/(expense) on the above Net Other Comprehensive Income to be reclassified subsequently to profit or loss Other Comprehensive Income, net of tax Total Comprehensive Income Profit/ (Loss) for the period attributable to: Owners of the Company Non-controlling Interests Other Comprehensive Income for the period, net of tax Owners of the Company Non-controlling Interests Total Comprehensive Income for the period attributable to: Owners of the Company Non-controlling Interests Paid-up Equity Share Capital (Face value per share - ~ 1 each) 1 * ~ 8,. Co. I.. ~C:) t41h Floor, (,() Cenlral 8 Wing and Norlh C Wmg. Nesco If .J 4. ~es e r, * Other Equity (including Non-controlling interests) Earnings Per Share (Face value - ~ 1 each) Basic and Diluted (* nol annualised) See accomoanvino notes to the financial results Weslern £ipr6 1i1Qhway, C1 Gorc,iao fast).61"' ,lum b, 400 063 ~ ~'ti ,-, Accov~ I Quarter Quarter Quarter Half Year Haff Year End ed Ended Ended Ended Ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 (Reviewed) (Reviewed) (Reviewed') (Reviewed) (Reviewed) 248432 8185 256617 22907 70564 6484 17403 84383 201741 54876 (401) 54475 15426 1061 16487 37988 (3) 37985 245 7415 155 (14-2) 7673 4506 154 4660 12333 50318 34949 3036 37985 11628 705 12333 46577 3741 50318 14234 • 2.46 233919 8018 241937 22891 66908 5698 16258 76849 188604 53333 53333 14646 (406) 14240 39093 (12) 39081 444 16526 755 (354) 17371 6350 60 6410 23781 62862 35790 3291 39081 22663 1118 23781 58453 4409 62862 14234 * 2 51 204089 8336 212425 20822 59106 5605 14472 67149 167154 45271 45271 12389 1264 13653 31618 208 31826 556 (3646) (367) 45 (3412) 9101 678 9779 6367 38193 28492 3334 31826 6412 (45) 6367 34904 3289 38193 14234 * 2 00 482351 16203 498554 45798 137472 12182 33661 161232 390345 108209 (401) 107808 30072 655 30727 77081 (15) 77066 689 23941 910 (496) 25044 10856 214 11070 36114 113180 70739 6327 77066 34291 1823 36114 105030 8150 113180 14234 * 4.97 408197 14445 422642 41637 118869 11060 28747 133076 333389 89253 89253 21956 3737 25693 63560 1198 64758 (722) 396 (409) (13) (748) 17795 1049 18844 18096 82854 58129 6629 64758 15869 2227 18096 73998 8856 82854 14234 • 4,08 flakhs Year Ended 31 .03.2026 (Audited) 968922 28221 997143 95089 248665 22135 60516 305703 732108 265035 27551 292586 65805 3264 4003 73072 219514 5211 224725 (773) (13950) (682) (354) (1 5759) 33835 2062 35897 20138 244863 208438 16287 224725 16072 4066 20138 224510 20353 244863 14234 1479698 14 64
Page 14
THE INDIAN HOTELS COMPANY LIMITED STATEMENT OF CONSOLIDATED ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2026 , lakhs As at As at Particulars 30.09.2026 31 .03.2026 (Reviewed) (Audited) Assets Non-current assets Property, plant and equipment 835007 809473 Capital work-in-progress 67313 76433 Right-of-Use assets 280364 228579 Goodwill 133341 112195 Intangible assets 77626 70759 Intangible assets under development 613 2298 1394264 1299737 Investments in associates and joint ventures 56566 56682 Financial assets Investments 77916 53975 Loans 719 461 Other financial assets 18025 19622 Deferred tax assets (net) 7924 7626 Income tax assets (net) 15733 6231 Other non-current assets 33117 27710 1604264 1472044 Current assets Inventories 14338 14973 Financial assets Investments 240167 249986 Trade receivables 79312 72682 Cash and cash equivalents 29541 40633 Other Balances with Banks 166224 142486 Loans 1283 1366 Other financial assets 22381 15849 Other current assets 31987 19679 585233 557654 Total 2189497 2029698 Equity and Liabilities Equity Equity share capital 14234 14234 Other equity 1349763 1290995 1363997 1305229 Non-controlling interests 212275 188703 1576272 1493932 Non-current liabilities Financial liabilities Borrowings 4351 4660 Lease liabilities 324422 270347 Other financial liabilities 3090 2604 Provisions 14994 18572 Deferred tax liabilities (net) 17187 16064 364044 312247 Current Liabilities Financial liabilities Borrowings 7221 468 Lease liabilities 11075 8180 Trade payables - 76850 71978 Other financial liabilities ~ &. Co.7 ~ 40076 53299 Provisions QJ C:) 141h Floor, ( 32413 31592 Current income tax liabilities (net) Cenlral B Wing and 3855 1883 Norlh C \VmQ. ~*I Other current liabilities I * Nesco~ T PaJ\: , 77691 56119 Nasca C et. Western (I ss I hwa ~- 249181 223519 ~ Goregaon l st), _r;, Total ?($).,.._ Mumbai • 0~ ,.,.~-;; 2189497 2029698 ~ect Acco_;;;;:7
Page 15
THE INDIAN HOTELS COMPANY LIMITED STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2026 flakhs Half Year Year Half Year Particulars Ended Ended Ended 30.09.2026 31 .03.2026 30.09.2025 (Reviewed) (Audited ) (Reviewed) Cash Flow From Operating Activities Profit/(Loss) before tax 107808 292586 89253 Adjustments to reconcile net profit to net cash generated from /(used in) operating activities: Depreciation and amortisation expenses on Property, plant and equipment and Intangible Assets 26620 48845 22595 Amortisation expenses on Right-of-Use assets 7041 11671 6152 Profit on sale of Non-Current Investments - (39883) - Profit on sale of Current Investments (2067) (3505) (1485) Net (Gain)/ Loss on disposal of Property, plant and equipment (189) 115 6 Allowance for doubtful debts and advances 135 8 213 Dividend income (548) (3281) (3256) Interest income (6915) (9839) (5290) Finance cost 330 1241 706 Interest on lease liability 11852 20894 10354 Exchange (Gain)/ Loss (net) (110) (67) (46) Assets written off . 74 228 131 Provision for disputed claims 1177 4174 968 Provision for Employee Benefits (3245) 5961 (658) Gain on investments carried at fair value through statement of profit and loss (52281 (9069) (3482) 28927 27493 26908 Cash Operating Profit/(Loss) before working capital changes 136735 320079 116161 Adjustments for increase/ decrease in operating assets and liabilities : Inventories 822 (957) 141 Trade receivables and other assets (20144) (14552) (38165) Trade payables and other liabilities 17362 9239 7174 (1960) (6270) (30850) Cash Generated From/(Used In) Operating Activities 134775 313809 85311 Income taxes (paid)/ refund (37256) (66668) (30491} Net Cash Generated From/(Used In) Operating Activities (A) 97519 247141 54820 Cash Flow From Investing Activities Purchase of capital assets (42927) (103658) (47670) Sale of capital assets 295 902 261 Purchase of current investments (216056) (543751) (251150) Sale of current investments 233265 397795 150652 Payment of consideration for non-current investments (9500) (41169) (2500) Disposal of long term investment - 59046 - Repayment of other contractual liabilities towards purchase of shares (10920) (2500) - Interest received 2635 10671 8221 Dividend received 1773 4506 4480 Long-term deposits refunded/ (placed) for Hotel properties - 100 50 Short-term deposits refunded/ (placed) for Hotel properties - (417) (1136) Short-term deposit placed (490) (10000) - Short~term deposit encashed - 10000 - Long Term Deposits refunded by other companies - . 10146 Long Term Deposits placed with other companies . (1775) (10633) Deposits refunded/ (placed) with Others 211 (104) - Bank Balances not considered as Cash and cash equivalents (19891) 47664 125597 Net Cash Generated From/(Used In) Investing Activities (B) (61605) (172690) (1368.2) Cash Flow From Financing Activities Dividend including unclaimed dividend (49307) (34219) (34098) Payment of lease liability ( including Interest) (14968) (26278) (11714) Loan arrangement/ issue expenses - (348) - Interest paid (331) (2203) (2055) Repayment of long-term borrowings (7) (19983) - Proceeds from short-term borrowings 8352 9909 5775 Repayment of short-term borrowings (2241) (26146) (1972) Proceeds from rights issue by a subsidiary to the extent of minorities ~ &~o.~ . 1637 . Net Cash Generated From/ (Used In) Financing Activities (C) (58502) (97631) (44064) (oCj 141hFloor.~ ,() Net Increase/ (Decrease) In Cash and cash equivalents (A + B + C) Cen1raI B W! ~ 1225881 (231 80) (2926) t:01 h " ' Cash and Cash Equivalents - Opening * I lie• II P 4, * 40633 25691 25691 · · · · · Nesco C ,1:.1, 11170 36731 Add. Addrtron due to acquIsItIon of Subs1dranes weslern b P ss HJ~nway. - Exchange difference on translation of foreign currency cash and cash equ1vah ~:.;5~ °' n tEas0 1 5>,3 ~) 326 1391 733 . . Mum a, - 400 VI 40633 23498 Cash and Cash Equivalents - Closing ()),.,. _v!J 29541 ,"-..:.~ r f'l,..J .. : .. n-v¼ ~ · .·~~
Page 16
THE INDIAN HOTELS COMPANY LIMITED CONSOLIDATED SEGMENT WISE REVENUE , RESULTS, ASSETS ANO LIABILITIES FOR THE QUARTER ANO HALF YEAR ENDED SEPTEMBER 30, 2026 ~ Lakhs Quarter Quarter Quarter Half Year Half Year Year Ended Ended Ended Ended Ended Ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31 .03.2026 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) Segment Revenue Hotel Services 220315 204497 175738 424812 351185 848663 Air and Institutional Catering 28303 29624 28556 57927 57401 121012 248618 234121 204294 482739 408586 969675 Less: Inter segment revenue (186) (202) (205) (388) (389) (753) Total Revenue from Operations 248432 233919 204089 482351 408197 968922 Segment Results Hotel Services 51570 48804 40061 100374 78776 241921 Air and Institutional Catering 3306 4529 5210 7835 10477 23114 Total Segment Results 54876 53333 45271 108209 89253 265035 Less: Net unallocated income/(expenditure) - - - . . . Profit/ (Loss) Before Exceptional Items and Tax 54876 53333 45271 108209 89253 265035 Exceptional Items (Refer Note 4) (401) . - (401) - 27551 Profit/ (Loss) Before Tax 54475 53333 45271 107808 89253 292586 Segment Assets Hotel Services 2030094 2002626 1696358 2030094 1696358 1871940 Air and Institutional Catering 159403 156145 145506 159403 145506 157758 Total Segment Assets 2189497 2160771 1B41B64 2189497 1841864 2029698 Add: Unallocated . - - . . - Total Assets 2189497 2160771 1B41864 2189497 1841864 2029698 Segment Liabilities Hotel Services ~ & Co....,_ ~ 571738 593366 513790 571738 513790 494528 . ( Air and Institutional Cateri <QC:) 141h Floor, 41487 38311 38327 41487 38327 41238 Cenlral B Wing and ,J *\) 61322~ Total Segment Liabilities Norlh C \\',ng 631677 552117 613225 552117 535766 1* Nes:i=orr af,4, Add: Unallocated ll!sc en r Weslern ,e~s ~ h· - . . . . Total Liabilities ~ Goregaonl SI). / !!// 613225 631677 552117 613225 552117 535766 c$) Mumbar • ~ 063 '?',,, ,/ (\'"~// ~ 0 • Ace~
Page 17
Notes: 1. The consolidated financial results of the Company for the quarter and half year ended September 30, 2026 have been reviewed by the Audit and Compliance Committee of the Board and approved by the Board of Directors at its meetings held on October 21, 2026. The results have been reviewed by the Statutory Auditors of the Company. 2. The consolidated results for the quarter and half year ended September 30, 2026 are available on the Bombay Stock Exchange website (URL: www.bseindia.com), the National Stock Exchange website (URL: www.nseindia.com) and on the Company's website (URL: www.ihcltata.com) 3. These consolidated financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India. 4. Exceptional items comprise of the following: ~lakhs Quarter Quarter Quarter Half Year Half Year Year Particulars Ended Ended Ended Ended Ended Ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Reviewed) (Audited) Expenses relating to proposed (401) (401) -merger of an associate Company - - - Profit on sale of entire equity stake - - - 39883 in a joint venture company - - Key Money for securing of long- - - (2950) - - -term management contracts Provision for contingencies for {2500) certain matters . - - - - Impact on account of New Labour (5017) Codes - - - - - Property tax paid under amnesty - - (1865) scheme for a hotel property - - - (401) - - (401) - 27551 5. On April 21, 2026, the Company, together with its step-down subsidiaries, ANK Hotels Private Limited ("ANK") and Pride Hospitality Private Limited ("Pride"), completed the acquisition of a 51% equity stake (on a fully diluted basis) in Brij Hospitality Private Limited ("Brij") for an aggregate consideration of ~22182 lakhs (including contingent consideration of ~2862 lakhs), comprising approximately ~12682 lakhs by the Company, "{3401 lakhs by ANK and "{6099 lakhs by Pride. The acquisition involved the purchase of shares from the existing shareholders of Brij, along with a primary investment in Brij through a combination of Compulsorily Convertible Preference Shares ("CCPS") and partly paid-up equity shares. Consequently, Brij has become a subsidiary of the Company.
Page 18
The Group has accounted for the acquisition in accordance with Ind AS 103, Business Combinations, on a provisional basis. Accordingly, provisional goodwill of ~19276 lakhs has been recognized, representing the excess of the aggregate consideration over the provisional fair value of the identifiable net assets acquired. 6. The Board of Directors ('Board') at its meeting held on August 24, 2026, approved the Scheme of Arrangement between Oriental Hotels Limited ('OHL' or 'Transferor Company'), the Company and their respective shareholders, under the provisions of Sections 230 to 232 of the Companies Act, 2013 and other applicable regulatory requirements, for the amalgamation of OHL into and with the Company. The Scheme is, inter alia, subject to the sanction of the relevant bench of the National Company Law Tribunal ('NCLT'), requisite approvals of the respective shareholders and/ or creditors of the Company and OHL, as applicable and as may be directed by the NCLT and subject to receipt of other requisite regulatory (including that of the Stock Exchanges and Securities and Exchange Board of India) and statutory approvals, as required. For BS R & Co. LLP Chartered Accountants Firm's Registration No: 101248W/W-100022 Farhad Bamji Partner Membership No. 105234 Place: Mumbai Date: October 21, 2026 For THE INDIAN HOTELS COMPANY LIMITED Puneet Chhatwal Managing Director and CEO DIN: 07624616