Please find enclosed the transcript of the Earnings Call of The Indian Hotels Company Limited for the Quarter ended September 30 , 2026 held on October 21 , 2026.

AI summary - FY27 consolidated revenue growth guidance revised upward to 15-17%, hotel segment 17-19% - Q2 consolidated operating revenue grew 22% y-y to INR2,484 Cr; EBITDA grew 24% to INR706 Cr; margin expanded 50 bps to 28.4% - Standalone operating revenue grew 26% y-y to INR1,336 Cr; EBITDA grew 40% to INR520 Cr; margin expanded 400 bps to 38.9% - Portfolio growth: 47 hotels signed, 20 opened in H1 FY27; pipeline of 34,800 keys with 94% capital-light - Management fees grew 25% to INR156 Cr; high teens CAGR guidance maintained - Select service brands Ginger, Qmin, Ama, Tree of Life showed robust growth; Ginger to reach 150 hotels by Mar FY27 - Strong balance sheet with INR4,350 Cr cash reserves - Oriental Hotels merger to unlock 6-7% revenue upside in FY28; effective from Apr 1, 2027 - ESG initiatives on track with 41% renewable energy use and 361 EV charging stations - Taj recognized as World's Strongest Luxury Hotel Brand; Taj Falaknuma and Lake Palace retain 3 Michelin keys - H2 FY27 outlook positive with 30 hotel openings expected; sustained margins and strong cash generation