Indian Hotels Co Ltd

It is my privilege to present the 7^th Integrated Report of The Indian Hotels Company. Guided by our purpose of 'Pioneering responsible change, Creating value and Shaping the future', IHCL has been on a journey of transformation encompassing the evolution of its brandscape, accelerated portfolio growth and record financial performance. This journey was marked by navigation of global reset during COVID and undertaking a fundamental shift in our business model, strengthening the iconic Taj brand and scaling emerging brands and businesses for long-term value creation.

IHCL has witnessed 2.5x growth in portfolio from 155 to 381 hotels and rooms from 18,000+ to 46,000+ through a growth strategy of balancing capital light and capital heavy. A 2x growth in revenue to ^8,565 crores, a more than doubling of the EBITDA margin from 16% to 35% and from a loss to a PAT of ^1,603 crores has resulted in a healthy balance sheet with a net cash position of ^2,850 crores in FY 2024-25 as against a debt of ^3,100 crores in FY 2016-17.

This year, IHCL was honoured with several awards, such as the 'Turnaround Star' at the prestigious Forbes India Leadership Awards 2025, the Golden Peacock Award for Excellence in Governance and the 'Master of Risk in Brand & Social Media Risk Management' at the CNBC TV18-ICICI Lombard India Risk Management Awards. The Taj InnerCircle loyalty programme was named the Best Hotel Loyalty Programme at Travel + Leisure India's Best Awards 2024.

Having achieved our goals under Aspiration 2022 and Ahvaan 2025, we are now scaling those successes for the next phase of growth with Accelerate 2030.

Our goal is to double our portfolio to 700 hotels, with 500 operational and 200 in the pipeline. The model remains expansion with a right mix of capital light and capital heavy projects, enabling both organic and inorganic growth while preserving financial agility.

We continue to reimagine our existing brands while introducing innovative formats and concepts. This includes entering new segments like branded residences and adding newer brands like the Claridges Collection to grow with a differentiated offering in the niche segment of boutique luxury.

We will invest in upskilling our 40,000+ associates, leveraging technology and innovating across verticals to ensure service excellence, resulting in an NPS score of 70+ across our portfolio.

At IHCL, customer centricity is at the core of everything we do, deeply rooted in the values of the Tata Group and embodied through our philosophy of Tajness. Tajness represents the soul of IHCL — offering warmth, care and personalised service that reflect the finest of Indian hospitality. With an industry-leading NPS of 74.12, IHCL is shaping the future of hospitality, ensuring exceptional experiences at scale.

As guest expectations shift toward seamless and personalised experiences, IHCL is embedding digital as a core strategic differentiator. This year, we strengthened our digital core with SAPLink, integrating SAP S/4HANA, SuccessFactors and ARIBA to streamline finance, HR and procurement. Opera Cloud PMS now enables real-time operations and centralised visibility across properties. On the guest front, we enhanced mobile-first digital touchpoints and personalised content. With over 10 million Tata Neu members, IHCL continues to lead digital innovation, enriching guest experiences and empowering teams.

Our comprehensive ESG+ framework, Paathya, aligned with Tata Group's Project Aalingana, embeds environmental stewardship, community impact and ethical governance. Today, 51 of our hotels use energy from clean and renewable sources, including 13 operating on 100% renewable energy from a mix of on-site installations, off-site sourcing and strategic power purchase agreements. IHCL has installed 64 bottling plants, eliminated 623 tonnes of single-use plastic and achieved 50% recycling of water used. Prioritising community development, IHCL partners and operates 52 skilling centres across 20 states in India and is committed to training 1,00,000 youth by 2030.

India's hospitality sector is at an inflection point driven by demand momentum outpacing supply. Twelve consecutive quarters have demonstrated double-digit revenue growth through multiple levers, significant infrastructure development of transport networks and world-class convention centres and the emergence of Tier II & III cities coupled with a permanent shift in consumer behaviour with travel no longer being a discretionary spend. In addition, Foreign Tourist Arrivals (FTA) in key destinations is set to double by 2030, presenting significant upside potential for the sector.

As the sector enters this defining phase of growth, marked by strong fundamentals and expanding possibilities, IHCL is favourably positioned to be the custodian of Indian hospitality — with the scale of our portfolio and strength of our brandscape. We thank you for your continued trust as we chart the next chapter, being the most valued, responsible and profitable hospitality ecosystem in South Asia, committed to creating enduring value for all stakeholders.

Managing Director and CEO