ITC Hotels Ltd (ITCHOTELS.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

-79.9%

₹34.50

vs ₹171.43 price

Levered DCF

₹18.75

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

12.2

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023
P/E	37.59×	68.98×	56.53×
P/B	2.63×	4.09×	4.21×
P/S	7.47×	12.42×	16.08×
EV / EBITDA	19.87×	33.86×	46.44×
Gross margin	71.8%	66.2%	45.1%
Operating margin	24.5%	24.2%	25.6%
Net margin	19.9%	18.0%	19.0%
Current ratio	2.77×	2.98×	1.57×
Debt / equity	0.01×	0.01×	0.01×
Interest coverage	127.02×	128.26×	28.22×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	7.0%	5.9%	5.0%
Return on invested capital	6.0%	5.4%	4.6%
Return on assets	6.1%	5.1%	4.1%
Free cash flow yield	2.3%	0.9%	-0.0%
Earnings yield	2.7%	1.4%	1.2%
Enterprise value	₹307.5B	₹437.8B	₹357.9B
Net debt / EBITDA	0.03×	-0×	0.03×
Cash conversion cycle (days)	277	280	208