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ITC Grand Bharat, Gurugram Q2 FY26 Results Our Legacy Inspires Our Future 24th October 2025
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Review : 2024-2025 Q4FY25 & FY25 Results Disclaimer This presentation contains certain forward-looking statements including those describing the Company’s strategies, strategic direction, objectives, future prospects, estimates etc. Investors are cautioned that “forward looking statements” are based on certain assumptions of future events over which the Company exercises no control. Therefore there can be no guarantee as to their accuracy and readers are advised not to place any undue reliance on these forward looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. These statements involve a number of risks, uncertainties and other factors that could cause actual results or positions to differ materially from those that may be projected or implied by these forward looking statements. Such risks and uncertainties include, but are not limited to: growth, competition, acquisitions, domestic and international economic conditions affecting demand, supply and price conditions, changes in Government regulations, tax regimes and other statutes, and the ability to attract and retain high quality human resource. 2
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33 Macro-Economic Environment 3ITC Maurya, Delhi
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Review : 2024-2025 4 6.5% 5.6% 6.5% 7.8% 7.0% 6.8% Q1 (A) Q2 (F) FY (F) FY25 FY26 Source: MoSPI, RBI ; A – Actual ; F - Forecasted Indian Economy Resilient amidst Headwinds 4 Real GDP Growth Inflation levels at 8 year low 3.6 3.7 5.5 1.6 2.1 1.5 Jul Aug Sep FY25 FY26CPI Inflation % +140 bps+130 bps +30 bps • GST 2.0 ~ Rates rationalisation to boost consumer spending • Supportive monetary policy ~ Repo rates reduced by 75 bps since Feb’25 • India Sovereign Credit Rating upgraded from BBB- to BBB by S&P; after 18 years • Govt. thrust on infrastructure ~ New Highways, Airports
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Review : 2024-2025 5Source: CoStar, DGCA, Analyst Reports Travel & Tourism Q2 Impacted by Seasonal Headwinds 5 Domestic travel affected in Q2 Long term outlook remains robust Monsoon affects demand in July & August Sustenance of economic growth amidst Geopolitical disruptions KEY MONITORABLES Foreign Tourist Arrivals 5 5% 2% 7% 12%11% 8% -3% Jan Apr Jul Aug Oct Dec 2024 2025Domestic Air Passengers (YoY%) 6.2% 9.9% 6.7% 11.4% FY16-FY25 FY25-FY30 Supply CAGR Demand CAGRCAGR 9% 6% 6% 2% 4% 7% 8% -1% 5% 2% 2% 5% Apr'25 May'25 Jun'25 Jul'25 Aug'25 Sep'25 ARR DemandGoly % Industry (Luxury, Upper Upscale & Upscale) 4% 2% 3% 7% 8% 3% 1% 7% 5% 5% 4% 4% 3% 2% Bglr. Mum. Hyd Kol. Goa Chennai Delhi Previous 10 Yrs (FY15 - FY25) Next 5 Yrs (FY25 - FY30) Supply CAGR Limited new supply in key markets
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66 Key Performance Highlights 6ITC Kohenur, Hyderabad
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Review : 2024-2025 7 • 15 signings in H1 FY26; ‘ITC Hotel’ to debut at Patna, Bihar • Portfolio expands to 207 hotels with 19,500+ keys Accelerated Signings & Openings Key Performance Highlights • Consolidated Total Income at ₹ 885 cr. up 13%, EBITDA at ₹ 246 cr. up 16% and PATat ₹ 133 cr. up 74% → EBITDA up 22% on a comparable basis • Robust growth across all revenue streams Highest ever Revenue and Profits in Q2 & H1, despite seasonal headwinds 7 New Brand Launched : Epiq Collection • Premium hotel brand focused on quality conversions and new builds • To accelerate premiumization of portfolio • 3.3 MW Wind Turbine commissioned at Gujarat • ITC Grand Chola ranked #1 amongst sustainable hotels by Sustainability Magazine Asia’s Best Workplaces; Ranked #45 Trailblazer in Responsible Luxury
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Review : 2024-2025 8 Consolidated Q2 FY26 Total Income EBITDA PAT PAT Margin EBITDA Margin ₹ 246 Cr 16% ₹ 133 Cr 74% ₹ 885 Cr 13% 29% 200 bps 15% 525 bps Highest Ever Revenue & Profits - Q2 & H1 Particulars Up 22% on Comparable basis Up 340 bps on Comparable basis H1 FY26 ₹ 490 Cr 17% ₹ 267 Cr 63% ₹ 1745 Cr 17% 30% 150 bps 15% 437 bps Up 24% on Comparable basis Up 300 bps on Comparable basis 8
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Review : 2024-2025 9 Q2 FY26 Total Income EBITDA PAT PAT Margin EBITDA Margin ₹ 234 Cr 10% ₹ 152 Cr 45% ₹ 806 Cr 13% 31% 60 bps 19% 410 bps Highest Ever Revenue & Profits - Q2 & H1 Particulars H1 FY26 ₹ 472 Cr 11% ₹ 301 Cr 46% ₹ 1589 Cr 16% 31% 15 bps 19% 386 bps Up 17% on Comparable basis Up 180 bps on Comparable basis Up 15% on Comparable basis Up 215 bps on Comparable basis Standalone 9
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Q4FY25&FY25Results 6900 7400 8100 64% 70% 72% FY24 FY25 FY26 RevPAR & Goly Occ% Growth Momentum Continues Domestic Owned Hotels Rounded off values Performance Metrics – Q2 10 +9% 6600 7200 8000 63% 70% 72% FY24 FY25 FY26 RevPAR & Goly Occ% Performance Metrics – H1 +11%
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Q4FY25&FY25Results India Hyderabad Goa Ahmedabad Chennai Agra Jaipur Bengaluru Kolkata New Delhi Industry* RevPAR ITC Hotels RevPAR RevPAR Outperformance across Cities *Luxury, Upper Upscale & Upscale +56% +47% +36% +45% +40% Data for Q2 FY26 (Owned Hotels) Source: CoStar +20% +16% +87% +14% 40% RevPAR Premium over Industry* +54% 11
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Review : 2024-2025 12 Speciality Japanese restaurant gets a new look and vibe The celebrated Indian cuisine gets a new location EDO at ITC Gardenia K&K at Welcomhotel Bhubaneshwar Standalone 4% 9% 13%13% 16% 5% 23-24 24-25 25-26 Q1 Q2 +8% +13% +9% H1 F&B Revenue growth Food & Beverage Excellence Restaurants Openings - Q2 High base & lesser auspicious dates impacting Banquet revenue Standalone Owned Hotels 12
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Review : 2024-2025 13 RevPAR leader in Colombo & EBITDA positive in Q2 ITC Ratnadipa: A Jewel in Colombo’s Skyline Mixed Use Development 352 Keys + 132 Residences 1.73 1.38 1.48 1.73 2018 2019 2024 2025 Foreign Tourist Arrivals back at 2018 levels Jan to Sep (in Mn.) Recovery in Sri Lankan Economy and Tourism Sector ITC Ratnadipa Scaling up Well Hotel continues its strong RevPAR growth FY25 FY26 Q2 RevPAR (LKR) x 1.6x Source: Central Bank of Sri Lanka, Sri Lanka Tourism Development Authority 13
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Review : 2024-2025 Launch of New Premium Brand • New addition to ITC Hotels brand portfolio • High-Quality conversions & New builds • Multi-brand growth strategy for expansion in key business & leisure markets • Add about 1,000 keys under the brand in medium term Debut Destinations Puri, Odisha 118 Keys Tirupati, Andhra Pradesh 201 Keys To accelerate premiumization journey 14
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Review : 2024-2025 New Signings H1 FY26 8 16 16 24 30 15 FY21 FY22 FY23 FY24 FY25 FY26 H1 Signings H2 Signings (Expected) Accelerated Hotel Signings YoY On target to achieve 30+ signings in FY26 4 Spiritual Destinations (500 Keys) (Bodhgaya, Tirupati, Vrindavan, Mantralayam) 6 Business Destinations (650+ Keys) (Patna, Hyderabad, Nellore, Gurugram, Lucknow, Rajkot) Destinations Signed in H1 FY26 5 Leisure Destinations (330+ Keys) (Wayanad, Goa, Ranthambore, Mysuru, Tadoba) New Luxury Hotel to debut at Bihar (ITC Hotel – Patna) Well positioned to achieve 220+ Hotels by 2030 ~1500 Keys signed in H1 FY26 30+ 15
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Review : 2024-2025 New Openings H1 FY26 Welcomhotel Jabalpur Welcomhotel Delhi – Gurugram Highway ENRICHING EXPERIENCES AWAIT Storii Kufri EVERY STAY IS A NEW STORY Welcomhotel Prayagraj Storii Kufri Fortune Airport Road Kochi Mementos Jaipur 60 Keys 45 Keys 72 Keys 16
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Review : 2024-2025 3.3 MW Wind Turbine commissioned at Rajkot, Gujarat 3.3 MW Wind Turbine Powers ITC Narmada TOTAL INSTALLED RENEWABLE ENERGY CAPACITY at 51.2 MW Carbon reduction and energy cost efficiency Strengthens ITC Narmada’s position as Gujarat’s most sustainable Hotel More than 54% of the total Electricity of the Company is through Renewable sources Integrating World Class Luxury with Sustainability 17
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Review : 2024-2025 Global Exemplar in Sustainability 18 ITC Grand Chola, ranked # 1 amongst Sustainable Hotels by Sustainability Magazine 18
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Review:2024-2025 Employer of Choice | Accolades at National and Asia level Am ong Top 50 Best Workplac es in Asia In Top 10 India’s Best Workplaces for Millennials In Top 50 India’s Best Workplaces for Women ✓ All recognitions based on employee survey and audit of people practices ✓ ITC Hotels recognised in Large Organisations category (> 1000 employees) ✓ All recognitions at Pan India All Industry level I n d i a L e v e l R e c o g n i t i o n s C o n t i n u e i n Q 2 19
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Review : 2025-2025 Other notable awards World’s first BRI-verified building to achieve an AA+ rating: ITC Maurya, New Delhi 2025 Skål International Sustainable Tourism Awards: ITC Maurya, New Delhi awarded first position Key Awards won in Q2 FY25-26 2025 Decarbonization Awards, ISHRAE CoOL Conclave Excellence in Decarbonization ITC Hotels 2025 Sustainability Magazine Top 10 Sustainable Hotels Ranked #1 ITC Grand Chola 2025 2025 ITC Hotels Best Service Travel + Leisure India’s Delicious Dining Awards Best Family Restaurant Bukhara, ITC Maurya 2025 Sky Point, ITC Kohenur Best Rooftop Bar 2025 Best New Restaurant Avartana, ITC Maurya 2025 Skål International Sustainable Tourism Awards: ITC Royal Bengal, Kolkata awarded second position World Quality Congress & Awards 2025: Organisation with Highest Quality Orientation – ITC Hotels Limited 2025 Condé Nast Traveller Top 50 Restaurants Dum Pukht ITC Maurya, New Delhi 2025 Bukhara ITC Maurya, New Delhi 2025 Avartana ITC Grand Chola, Chennai 20
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2121 Operational Excellence ITC Narmada, Ahmedabad
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Review : 2024-2025 Guest Satisfaction Index Response Rate 98.98% Online Rating High Customer Satisfaction Rating 99% Active feedback monitoring 4.78 Net Promoter Score One of the Best NPS scores in the Industry 84 (Global Average 57) (Global Average 4.2) Data for YTD 30th Sept 2025; Global averages are for calendar year 2024 Data source: Revinate | for ITC Hotels, Welcomhotel, Mementos & Storii Response rate is excluding Google reviews 22
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Review : 2024-2025 23 30.3% 29.4% Q2FY25 Q2FY26 5.7% 4.8% Q2FY25 Q2FY26 24.5% 24.4% Q2FY25 Q2FY26 24.6% 24.0% Q2FY25 Q2FY26 People Cost ^ (% of Revenue from Ops) Other Operating Cost^ (% of Revenue from Ops) Food & Bev. Cost (% of F&B Revenue) Energy Cost (% of Revenue from Ops) Significantly lower vs. Peers on a Cost per Key basis ^On Comparable basis (People Cost includes payment to contractors) Operational Excellence Thrust on Improving Productivity | Efficiency Standalone 23
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Review : 2024-2025 24 Key Growth Enablers ITC Grand Goa
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Review : 2024-2025 CONTINUED INVESTMENT TO ENHANCE BRAND EQUITY • Brands & Marketing o Rooms o Food & Beverage • Quality • Operating efficiencies • Superior Competitive performance • New Revenue Streams Strategic Pillars •Asset right approach to accelerate growth across all brands •Strategic & Selective investments ASSET RIGHT DIGITAL FIRST • Best in Class Guest experience • Applications | Infra | Security • Data | Automation EMPLOYER OF CHOICE • Robust Talent Pool • Strong Development & Retention Programs • Culture of Innovation & Empowerment • DEI practices best in industry SUSTAINABILITY • Enhance Supremacy • Communication • Monetize green credentials 25
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Q4FY25 & FY25 Results Growing Hotels Footprint By 2030 220 Hotels 20,000+ Keys (Owned / Managed Mix By % Keys : 33% / 67%) Current Operating Footprint 145+ Hotels 13,600+ Keys (Owned / Managed Mix By % Keys : 41% / 59% ) 7 6 5 5 3 6 7 3 6 1 5 9 7 1 10 6 2 6 4 3 3 2 6 6 1 1 1 20 15 13 13 10 Existing Hotels Hotels in pipeline 1 1 1 2 Status as on 30th September ’25| Managed portfolio includes hotels under franchise model 2 1 1 2 26 2 1
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Q4FY25 & FY25 Results Driving Capital Efficient Growth ► Significant headroom to drive RevPar growth ► About 25% Inventory < 5 years old, operating at <70% Occupancy ► ITC Ratnadipa, Colombo → significant contributor to Revenue & EBITDA going forward Owned Hotels ► 400+ rooms being added under Owned Hotels ► 2 Greenfield projects at Puri & Vizag ► Expansion at Bhubaneshwar ► Leverage strategic land bank Upcoming projects ► Increased interest among Asset Owners ► Robust pipeline of 59 Managed Hotels with ~5500 Keys ► 2.5x growth targeted in Management Fees by FY30 Managed Hotels Epiq Collection, Puri* Welcomhotel Bhubaneshwar 118 Keys by FY28 100+ Keys by FY28 27 New Hotel at Vizag 200 Keys by FY30 *Artistic impression Epiq Collection, Puri*
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Q4FY25 & FY25 Results Significant Headroom for Growth About 25% Inventory operating at <70% Occupancy levels ITC Narmada (FY23) ITC Royal Bengal (FY20) WH Bhubaneswar (FY22) ITC Ratnadipa (FY25) 28
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Review:2024-2025 29 Well positioned to execute selective Inorganic Opportunities - Value accretive M&A | Alliances Healthy Cash Reserves & Cash Generation to accelerate growth Capital Investments → Renovations | on-going Projects | new Greenfields & others - Estimated at c.8-10% of Revenue cumulatively Strong Growth Enablers in Place 29
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Review : 2024-2025 Artistic Impression Accelerating Growth through Managed Hotels Expansion of Welcomhotel Bhubaneshwar 101 Keys 5 Decades of Hospitality Expertise Bouquet of Brands across Segments Sustainability Leadership Food & Beverage Supremacy Smart Revenue Management Strong Loyalty & Distribution Robust Processes & Brand Standards World Class Digital Infrastructure Strong Partner Ecosystem Network Effects 30 Storii Jaisalmer Welcomhotel Bodh Gaya Hotel & Convention Centre Storii Amoha Retreat, Dharamshala
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31 31 Robust Growth Pipeline: 61 Hotels with ~5900 Keys ► High Quality of signed pipeline; High salience of Brownfield Assets • > 1 Hotel opening per month for next 24 months • Leverage momentum to accelerate further ► Targeting 220+ operational hotels with 20,000+ keys by 2030, with 2/3rd salience of Managed Portfolio Keys includes proposed expansion at existing hotels Status as on 30th Sep’25| Managed portfolio includes hotels under franchise model 31 2 Hotels 420 Keys 17 Hotels 2292 Keys 12 Hotels 672 Keys 24 Hotels 1916 Keys 3 Hotels 130 Keys 1 Hotel 140 Keys 2 Hotels 319 Keys
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Review : 2024-2025 32 Water Efficiency Net Zero Carbon Goal LEED® Zero Carbon status for all Owned Hotels To exceed 2050 GHG sectoral emissions targets set as per COP 21 Waste Reduction Solid waste reuse / recycling > 99% LEED® Zero Water Status for > 50% of Owned Hotels 40% reduction in fresh-water consumption (Baseline 2018) Sustainability 2.0 Agenda 2030 Sustainability Goals 32
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33 33 Future Ready Climate Positive Consumer Centric Inclusive Drive Scale & Profitability Strengthen Brand PortfolioResponsible Luxury World class talent ► Healthy Cash reserves ► Scale up ‘Asset-Right’ strategy ► Augmenting Revenue streams ► Active Asset Management ► Bold Sustainability 2.0 agenda ► Engaged & motivated talent driven by ‘proneurial’ spirit ► Signature Cuisine Brands ► Bespoke service offerings ► Best-in-class loyalty programs ► Leverage Institutional Synergies ITC Hotels Poised For Next Horizon Of Growth Committed to Long-term Value Creation 33
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34 Annexures 34
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35 35 Standalone Financials 35 ₹ In Cr. Statement of Profit & Loss Particulars Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY Revenue From Operations 761 709 7% 1505 1359 11% Other Income 45 4 84 7 Total Revenue 806 713 13% 1589 1366 16% Total Operating Expenses 527 495 6% 1033 935 10% EBITDA 234 214 10% 472 424 11% EBITDA Margin % 31% 30% +60 bps 31% 31% +15 bps Depreciation 73 76 -3% 146 150 -3% Finance cost 3 3 0% 6 6 -0.00177 Profit Before tax 203 140 45% 404 275 47% Tax Expense 52 35 48% 103 69 49% Profit After tax 152 105 45% 301 206 46% PAT Margin % 19% 15% +410 bps 19% 15% +386 bps on a Comparable basis → Up 15% → Up 215 bps on a Comparable basis → Up 17% → Up 180 bps
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36 36 36 ₹ In Cr. Statement of Profit & Loss Consolidated Financials Particulars Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY Revenue From Operations 839 778 8% 1655 1484 12% Other Income 45 3 90 13 Total Revenue 885 781 13% 1745 1496 17% Total Operating Expenses 594 566 5% 1165 1066 9% EBITDA 246 212 16% 490 418 17% EBITDA Margin % 29% 27% +200 bps 30% 28% +150 bps Depreciation 104 104 0% 207 199 4% Finance cost 2 2 15% 4 3 8% Profit Before Tax 185 110 69% 370 229 62% Share of Profit of Associate/JV 4 4 -11% 8 8 -3% Tax Expense 55 37 50% 110 73 52% Profit After tax 133 77 74% 267 164 63% PAT Margin % 15% 10% +525 bps 15% 11% +437 bps Less: Share of NCI 0.5 0.5 13% 1.1 1.1 4% Profit for the Period 133 76 74% 266 163 63% on a Comparable basis → Up 22% → Up 340 bps on a Comparable basis → Up 24% → Up 300 bps
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37 62% 19% 16% 3% 64% 19% 14% 3% Retail Contracted MICE + Weddings Crew Q2 FY25 Q2 FY26 Higher Retail driven by curated offerings Lower auspicious dates in Q2 Room Segment Snapshot Data for Q2 FY26 Domestic Owned Hotels 37
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Review:2024-2025 Q4FY25&FY25Results Strong Multi-channel Distribution Network GDS 20% Unit Reservations 24% Guest Call Centre 16% Online Travel Agents 18% Website and App 22% Data for Q2 FY26 Domestic Owned Hotels 38
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39 39 Brands Operational Hotels | Keys Pipeline Hotels | Keys Total Hotels | Keys 16 | 4789 1 | 140 17 | 4929 2 | 181 2 | 420 4 | 601 - 2 | 319 2 | 319 28 | 3062 17 | 2292 45 | 5354 8 | 280 12 | 672 20 | 952 58 | 4335 24 | 1916 82 | 6251 34 | 999 3 | 130 37 | 1129 Total 146 | 13646 61 | 5889 207 | 19535 Brand landscape Status as on 30th September 2025 39
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THANK YOU