1. Opening Hook
If you thought Indian hospitality would cool off after revenge travel, ITC Hotels just laughed politely and opened five more hotels. While airlines complain about volatility and tourists complain about airport queues, ITC Hotels is busy counting record profits and signing keys like autographs at a rock concert.
Q3FY26 wasn’t just “good” — it was highest-ever good. Revenue, EBITDA, PAT… everything showed up dressed in green. Management sounded confident, sustainability trophies kept piling up, and Colombo finally stopped being that awkward overseas investment.
But before you assume this is a smooth cruise ship, remember: margins wobble, capex is real, and growth assumptions are doing some heavy lifting.
Stick around — because behind the champagne numbers, there’s a lot of strategic masala waiting to be decoded.
2. At a Glance
- Revenue up 21% – Apparently, every Indian wedding decided to book an ITC ballroom.
- EBITDA up 23% – Operating leverage finally clocked in on time.
- PAT up 42% (before exceptionals) – Profits said, “Surprise!” and meant it.
- EBITDA margin at 38% – Hospitality margins flirting with FMCG confidence.
- 150+ operating hotels – Management collecting hotels like Pokémon.
- RevPAR up 11% – Rooms worked harder than the CFO.
3. Management’s Key Commentary
“We delivered the highest
ever Q3 revenue and profits.”
(Translation: Please stop asking if this is cyclical 😏)
“Demand across leisure, MICE and weddings remains strong.”
(Translation: Indians are still partying aggressively)
“Our asset-right strategy continues to drive capital efficiency.”
(Translation: Let others spend capex; we’ll take management fees)
“ITC Ratnadipa has turned EBITDA positive.”
(Translation: Colombo investment no longer needs emotional support 🎉)
“We see sustained RevPAR outperformance versus industry.”
(Translation: We’re charging more, and guests are still smiling)
“Sustainability is now a competitive advantage.”
(Translation: Green badges also sell rooms 🌱)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY | What It Really Means |
|---|---|---|---|
| Revenue | ₹1,231 Cr | +21% | Demand stayed hotter than hotel buffet counters |
| EBITDA | ₹467 Cr | +23% | Costs behaved… for once |
| EBITDA Margin | 38% | +47 bps | Operational discipline actually worked |
| PAT (bei) | ₹410 Cr | +41% | Earnings didn’t blink |
| RevPAR | +11% | — | Pricing power alive and kicking |
Margins expanded despite renovations, which is hospitality equivalent of a gym
