ITC Hotels was separated from ITC Limited through a demerger approved in August 2023 and became an independent listed entity on January 29, 2025. Aligned to its 'Asset-Right' strategy, the company aims to scale its portfolio to 250 operational hotels with more than 22,000 keys by 2031. The company continues to invest heavily in sustainability, with its renewable energy portfolio reaching 51.2 MW and renewable electricity accounting for over 55 percent of the company's energy mix.
Cyborg Score Rationale
ITC Hotels reported consolidated revenue from operations of ₹4,139 crore for FY26, reflecting 16 percent year-on-year growth. EBITDA for the year stood at ₹1,424 crore, up 21 percent on a comparable basis, with EBITDA margin excluding real estate expanding by 148 basis points to 35 percent. However, the company has a low return on equity of 6.63% over the last 3 years.
Top Insights
The company recorded its highest-ever signings during FY26, adding 33 hotels with over 3,300 keys, with a managed hotels pipeline comprising 67 hotels with nearly 6,700 keys.
ITC Hotels is almost debt free. The hotel business started with a "zero debt" balance sheet and received ₹1,500 crore in cash to support future expansion and growth plans.
ITC Hotels was recognized as the World's Leading Sustainable Organisation at the World Sustainable Travel & Hospitality Awards 2025. The company has 23 LEED Platinum® certifications, 12 LEED® Zero Carbon certified hotels, and 11 LEED® Zero Water certified hotels.
Despite volatile operating conditions, ADRs recorded year-on-year growth with rooms revenue growing 10%, driven by steady performance across Retail, Contracted, MICE and Weddings segments.
Named Competitors
Accor Hotels — Global hospitality chain with presence in India's premium segment
Marriott International — Global hotel operator including The Luxury Collection franchise partner
Bharat Hotels — Indian hospitality operator competing in luxury and mid-scale segments
Sarovar Hotels — Indian hotel chain with domestic and international portfolio
Recent Developments
(May 2026) Board of Directors approved FY26 financial results and recommended a dividend of ₹1 per share.
(January 2026) Company achieved a significant milestone of crossing 150 operational hotels with 14,000+ keys during Q3 FY26.
(May 2026) Two new projects were announced at Visakhapatnam and New Delhi, with construction continuing on projects at Puri and the new hotel and banqueting block at Welcomhotel Bhubaneswar.
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