The Indian Hotels Company Limited (INDHOTEL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+163.2%

₹2,176.36

vs ₹827.00 price

Levered DCF

₹2,518.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

12.67

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	39×	60.13×	67.88×	45.94×	-121.07×	-17.73×	24.4×	62.29×
P/B	6.23×	10.28×	9.04×	5.77×	4.24×	3.5×	1.98×	4.11×
P/S	8.4×	13.39×	12.36×	7.8×	9.58×	7.85×	1.92×	3.92×
EV / EBITDA	22.34×	38.57×	37.68×	25.5×	67.95×	-58.81×	12.71×	22.91×
Gross margin	58.3%	63.0%	63.1%	61.7%	50.3%	30.1%	55.1%	55.2%
Operating margin	26.5%	35.0%	33.3%	32.2%	15.2%	-19.3%	22.5%	19.2%
Net margin	21.5%	22.3%	18.2%	17.0%	-7.9%	-44.2%	7.9%	6.3%
Current ratio	2.49×	2.09×	1.54×	1.22×	1.36×	0.39×	0.76×	0.55×
Debt / equity	0.22×	0.28×	0.29×	0.39×	0.55×	1.51×	1.03×	0.53×
Interest coverage	15.45×	14.38×	10.78×	8.23×	1.11×	-0.78×	2.98×	4.59×
Dividend yield	0.4%	0.2%	0.2%	0.1%	0.2%	0.5%	0.9%	0.4%
Payout ratio	16.4%	13.2%	12.3%	6.4%	-21.2%	-8.3%	21.4%	23.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.0%	17.1%	13.3%	12.6%	-3.5%	-19.7%	8.1%	6.6%
Return on invested capital	10.7%	14.6%	13.0%	12.0%	3.6%	-2.6%	8.9%	7.0%
Return on assets	10.3%	10.8%	8.5%	7.3%	-1.9%	-6.3%	3.1%	3.0%
Free cash flow yield	1.9%	1.0%	1.5%	2.5%	1.2%	-4.2%	3.9%	1.3%
Earnings yield	2.6%	1.7%	1.5%	2.2%	-0.8%	-5.6%	4.1%	1.6%
Enterprise value	₹837.7B	₹1.2T	₹867.3B	₹484.7B	₹330.6B	₹182B	₹129B	₹199.9B
Net debt / EBITDA	0.64×	0.3×	0.54×	1.26×	6.38×	-17.52×	4.19×	2.45×
Cash conversion cycle (days)	-24	-23	2	7	13	29	6	10