Analysts/Institutional Investor Meet/Con. Call Updates

October 28, 2026 The Secretary, Listing Department The Manager, Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400 001 Mumbai 400 051 Scrip Code: 500850 Scrip Code: INDHOTEL Sub: Transcript of the IHCL Global Conference Call (Earnings Call) for the quarter and half year ended September 30, 2026 Dear Madam, Sir, Pursuant to Regulation 30 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the IHCL Global Conference Call (Earnings Call) for the quarter and half year ended September 30, 2026, held on October 21, 2026. The above information is also being made available on the website of the Company at https://ir.ihcltata.com/media/jwefh1ty/ihcl-earnings-call-q2fy27-transcript.pdf 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 The Indian Hotels Company Limited Quarter Ended 30th September 2026 Earnings Conference Call October 21, 2026 MANAGEMENT: MR. PUNEET CHHATWAL – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – INDIAN HOTELS COMPANY LIMITED MR. ANKUR DALWANI – EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER – INDIAN HOTELS COMPANY LIMITED Page 1 of 19 The Indian Hotels Company Limited October 21, 2026 Moderator: Ladies and gentlemen, good day, and welcome to The Indian Hotels Company Limited Earnings Conference Call for the Quarter Ended 30th September 2026. On the call, we have with us Mr. Puneet Chhatwal Managing Director and CEO, IHCL; and Mr. Ankur Dalwani, EVP and CFO, IHCL. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Puneet Chhatwal. Thank you, and over to you, Mr. Chhatwal. Puneet Chhatwal: Good evening, everyone, and thank you for joining our global conference call for Q2 '26-'27. We are pleased to inform you that we have continued our record performance for the 18th consecutive quarter, underpinned by our diversified operating model and disciplined execution despite macroeconomic headwinds. Building on this strong foundation, sustained momentum and seasonally strong quarters ahead, we are confident of exceeding our previously communicated FY27 consolidated revenue growth guidance of 12% to 14% by 300 basis points. Accordingly, we are revising our full year growth guidance upwards to 15% to 17%. And within that, the Hotel segment revenue is expected to grow by 17% to 19%. I'll now outline the 10 key highlights of the quarter. Number 1, the strong performance in the second quarter. Our consolidated operating revenue grew 22% year-on-year to INR2,484 crores. Operating EBITDA grew 24% year-on-year to INR706 crores, yielding operating EBITDA margin of 28.4%, an expansion of 50 basis points. Our bottom line grew by 23% to INR349 crores. Consolidated Hotel segment operating revenue and EBITDA grew by 25% and 30%, respectively, driven by the strength of our diversified brandscape and unique portfolio. On the stand-alone basis, we continued to deliver strong performance with operating revenue growing 26% year-on-year to INR1,336 crores and operating EBITDA growing by 40% to INR520 crores, yielding operating EBITDA margin of 38.9%. That represents an expansion of 400 basis points. Our stand-alone PAT margin stood at a healthy 27%. Our performance is not defined by a single year, but by sustained execution over time. Over the past 5 years, we have delivered double-digit CAGR across revenue, EBITDA and PAT, reflecting consistency and structural strength of our business model. Importantly, our current growth rate is ahead of our 5-year CAGR, demonstrating a clear acceleration in our growth trajectory. Moving on to the second highlight is double-digit RevPAR growth across all brands on the back of strong domestic demand. The Indian hospitality sector witnessed multiple macro headwinds Page 2 of 19 The Indian Hotels Company Limited October 21, 2026 during this quarter. Ongoing geopolitical tensions in West Asia resulted in elevated fuel prices, leading to reductions in airline capacity and higher airfares, which moderated travel demand, particularly in certain international and long-haul corridors. Despite these challenges, domestic demand remained resilient, supported by multiple large MICE events such as the BRICS Summit. We delivered double-digit RevPAR growth across all our brands, demonstrating the resilience of our business model and the strength of our market positioning. This translated into market share gains with occupancy increasing from 75% in Q2 last year to 82% this year. Our continued focus on efficient revenue management and operational excellence enabled us to achieve 28% growth in stand-alone RevPAR and 25% growth in consolidated domestic hotel RevPAR. Number 3, as a highlight was asset management driving pricing power in key cities. Our asset management strategy continues to be a key driver of growth and value creation. During the last financial year, we completed major upgrades across several marquee hotels, including Taj Palace, New Delhi, President, Mumbai, Taj West End, Bengaluru, Taj Fort Aguada in Goa and Taj Lake Palace, Udaipur. These investments are now translating into stronger pricing power and improved operating performance across key markets. We expect this momentum to continue through the second half of FY27. A strong example is Taj Palace, New Delhi, where room revenue grew 132% in Q2 FY27 versus last year. In September, the hotel crossed INR100 crores in monthly revenue for the first time while delivering a very high CGOP margin. This underscores our ability to deploy capital in a disciplined manner, unlock value from our existing assets and generate strong returns with a relatively short payback period. Number 4, portfolio growth. We continue to deliver industry-leading portfolio expansion with 47 hotels signed and 20 hotels opened in H1 FY27, taking our portfolio to 670 hotels with over 69,000 keys in operation or under development. With 390 operational hotels, we are on track to cross the 400 hotel milestone in November or latest before the end of Q3. Our pace of growth is accelerating. It took us 110 years to reach 100 operational hotels in 2013, another 12 years to double that to 200 in 2025 and just 18 months to approach 400 operational hotels. More importantly, our growth remains capital-light and very well diversified. Of the over 34,800 keys in our pipeline, 94% are capital-light, comprising 81% under management contracts and 13% under capital-light leases. This model strengthens earnings visibility while limiting capital requirements, which, in return, enable us to scale our portfolio, expand our margins and improve returns on capital. This is a very interesting phase because we have given a guidance under Accelerate 2030 of 700 hotels portfolio. We will revert to all the investors by middle of November with a revised target of the 700 because we should get to that number definitely before the end of this financial year. Page 3 of 19 The Indian Hotels Company Limited October 21, 2026 Number 5, management fee growth backed by new openings momentum. Our asset-light growth driven by management contracts continues to translate into strong growth in management fees. During the quarter, management fee income grew by 25% to INR156 crores from INR125 crores in the corresponding period last year. This growth was driven by 25% increase in managed room inventory, higher RevPAR, technical fees and new rev [Showing first 8,000 characters — download PDF for full document]