Interglobe Hotels Private Limited

Key Metrics of Interglobe Hotels Private Limited

Revenue₹661 Cr▲ 11.8% YoYFY 2024-25

EBITDA₹223 Cr▲ 16.3% YoY

Net profit₹25.9 Cr▲ 935.5% YoY

Net worth—

Competitors10identified

About Interglobe Hotels Private Limited

Sectors

Restaurants, Hotels & TravelHotels & Resorts

Company details

Registered office: Block 2a & 2b, Dlf Corporate Park, Dlf City Phase Iii, M.g. Road, Gurgaon, Haryana, India, Gurgaon, In-hr, 122002

Operational Areas of Interglobe Hotels Private Limited

Restaurants, Hotels & Travel›Hotels & Resorts

Company summary

Entity details

CINU55101HR2004PTC138056

LEI code335800I3TCIB1RMCOC31

State codeHR

PIN code122002

Current legal nameINTERGLOBE HOTELS PRIVATE LIMITED

Classification—

Listing statusUnlisted

Registration no.138056

Company age—

PAN—

CountryIndia

CityGurgaon

StateHaryana

Current statusActive

Date of incorporation—

Registrar of companies—

Authorised capital—

Paid-up capital—

Employee count—

Compliance

Last AGM date—

Last balance sheet—

Next filing dueMGT-7 for FY 2025-26 · 29 Nov 2026

Industry classification

NIC code55101

Description of main activityHotels and restaurants

Description of business activityHotels and restaurants

SectorRestaurants, Hotels & Travel · Hotels & Resorts

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Financials, ratios and risk analysis

Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.

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Filing compliance

AGM for FY 2025-2630 Sep 2026 Statutory due date passed

AOC-4 for FY 2025-2630 Oct 2026 Statutory due date passed

MGT-7 for FY 2025-2629 Nov 2026 Statutory due date · 27 days left

Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.

Vendor checks & payment capacity

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Credit ratings

ICRA · 25 May 2026 ICRA A Positive outlook · Short term A2+ · Watch

Change in last 12 months—

Change since first rating on record—since May 2026

Rating actions10 up · 0 down

Liquidity (ICRA)Adequate

NoteRating watch (ICRA, 25 May 2026)

Rating history

Rating actions

Date	Agency	Action	Long term	Short term	Outlook	Rated amount	Rationale
25 May 2026	ICRA	Watch	A	A2+	Positive	₹1,137 Cr	View

Credit strengths (ICRA, May 2026)

+ Well-recognised brand and geographically diversified footprint

IGH has firmed up plans to operate 23 hotels with a total inventory of 4,145 rooms across 13 cities in India.

+ Healthy sequential growth in operating metrices

The IGH portfolio witnessed continued improvement in operating performance in FY2026, with occupancy levels remaining robust throughout the year despite a sustained increase in average room rates (ARRs).

Credit challenges

− Cyclical industry; revenues susceptible to general economic slowdown and exogenous shocks

Given the discretionary nature of spending, the hospitality sector remains exposed to macroeconomic conditions, travel trends, and other exogenous factors, resulting in inherent cyclicality.

− Low segment diversification and high dependence on corporate clientele

IGH operates its entire portfolio within one segment, i.e., economy, exposing it to stiff competition from branded as well as unbranded players and online room aggregators in the budget category.

− Debt coverage indicators remain modest; planned capex to constrain improvement in credit metrics

Despite the improvement in operating performance, IGH’s leverage profile remains elevated, with long ‑term debt at around Rs. 1,122 crore as on March 31, 2026 (excluding operating leases and hybrid instruments).

Could lead to an upgrade

The completion of the ongoing merger process, as described above, would be a trigger for a positive rating movement as it is expected to materially strengthen IGH’s credit profile.

Could lead to a downgrade

Pressure on the ratings could arise due to a material and sustained weakness in earnings, leading to deterioration in the credit metrics. A prolonged delay in project execution or weakening of the promoters’ credit profile could also exert pressure on the ratings. A specific credit metric that could lead to a rating downgrade includes DSCR remaining persistently below 1.2 times.

Agency-reported financials (ICRA, 25 May 2026)

Metric	FY2024	FY2025	9MFY2026
Operating income	₹591 Cr	₹661 Cr	₹520 Cr
PAT	₹-3.10 Cr	₹25.90 Cr	₹8.10 Cr
OPBDIT/OI	32.5%	33.8%	29.3%
PAT/OI	-0.5%	3.9%	1.6%
Total outside liabilities/Tangible net worth (times)	1.40×	1.40×	1.40×
Total debt/OPBDIT (times)	7.00×	6.10×	6.60×
Interest coverage (times)	1.60×	1.80×	1.70×
Revenue growth (YoY)	—	11.8%	—
EBITDA (margin × income)	₹192 Cr	₹223 Cr	₹152 Cr
Implied total debt (debt/EBITDA × EBITDA)	₹1,345 Cr	₹1,363 Cr	₹1,005 Cr
Implied interest cost (EBITDA ÷ coverage)	₹120 Cr	₹124 Cr	₹89.54 Cr

Borrowings & rated debt

Rated borrowing limits (latest)₹1,137 Cr

Limits raised3 times0 new facilities rated

Facility mix

Rated facilities

Facility	Type	Previous	Current	Change	Rating	Action	Agency
Long term-Fund based TL	Working capital & bank lines	₹1,050 Cr	₹1,082 Cr	3.0%	A	Watch	ICRA
Long term-Unallocated	Working capital & bank lines	₹0	₹10.0 Cr	—	A	Watch	ICRA
Long-term/Short-term –Non-Fund Placed based on	Non-fund based limits	₹10.1 Cr	₹10.0 Cr	−1.0%	A / A2+	Watch	ICRA
Short term-Proposed Fund based OD	Working capital & bank lines	₹25.0 Cr	₹25.0 Cr	0.0%	A2+	Watch	ICRA
Short term-Unallocated	Working capital & bank lines	₹0	₹10.0 Cr	—	A2+	Watch	ICRA

Credit assessment · Hotels

Rating Methodology – Hotel Industry (Feb 2025) · Standalone accounts · FY 2024-25

Indicative long-term—

Indicative short-term—

Score—

LiquidityStretchedAgency: Adequate

DirectionRating watch – DevelopingAgency outlook: Positive

ICRA rating · May 2026A3 notches above indicative

Ratios, pillar scores and the indicative rating are part of Premium.

Rating status

Default	No default on record
Issuer cooperation	Cooperating
Credit enhancement	None – standalone rating
Next action stable or better (model)	78%
Information on file	33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern

Indicative assessment from public data using the published methodology factors; not a credit rating.

Borrowing & funding lifecycle

⬇ PDF report ⬇ Excel

Can it borrow more?Further funding possible with conditions Next rating action stable or better: 79% (Mostly stable) · ML model on 6893 rating histories, AUC 0.653

Rated limits₹1,137 Cr

Not yet allocated₹45.00 Cr

Extra debt within 3.5× EBITDA—

Interest coverage1.70×

Limit utilisation—

Open bank charges0 · —

Credit outlook model: 79% chance the next rating action is stable or better
Current rating A (investment grade)
Interest coverage 1.7×
₹45 cr of rated limits not yet tied to a lender

Rated limits by facility

Timeline

25 May 2026 ICRA watch: A (Positive)Rated limits ₹1,136.5 cr ICRA rationale

25 May 2026 ₹1,700 cr raised through equity

From the report

Cumulatively, the promoters have infused over Rs. 1,700 crore as equity into IGH since its inception to fund new projects and meet cash flow shortfalls in nascent properties, which demonstrates the promoters’ commitment to the company.

ICRA rationale

25 May 2026 Cash & liquid funds ₹84 cr, undrawn lines ₹210 cr

From the report

In addition, free cash balances of Rs. 84 crore (as on December 31, 2025) and undrawn project debt (around Rs. 210 crore as of March 2026) www.icra.in Sensitivity Label : Public Page |3 provide a liquidity cushion.