The Indian Hotels Company Limited has submitted its quarterly compliance certificate under SEBI regulations for the quarter ended March 31, 2026. The certificate, filed on April 13, 2026, demonstrates the company's adherence to regulatory requirements for securities dematerialisation reporting.

Regulatory Compliance Certificate

The certificate was issued under regulation 74(5) of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018. Senior Vice President & Company Secretary Melisa Alva digitally signed the document, confirming that all required details regarding securities dematerialised and rematerialised during Q4FY26 were provided to stock exchanges within the prescribed timelines.

Stock Exchange Notifications

The compliance certificate was submitted to multiple depositories and stock exchanges where the company's securities are traded:

• National Securities Depository Limited at Bandra Kurla Complex, Mumbai
• Central Depository Services (India) Limited at Lower Parel, Mumbai
• BSE Limited with scrip code 500850
• National Stock Exchange of India with scrip code INDHOTEL

RTA Confirmation

The submission included a confirmation letter from MUFG Intime India Private Limited (formerly Link Intime India Private Limited), the company's Registrar and Transfer Agent. Ashok Shetty, Sr. Vice President-Corporate Registry, signed the confirmation on April 3, 2026.

Compliance Validation

The RTA confirmation validates that securities received from depository participants for dematerialisation during Q4FY26 were properly processed. The letter confirms that:

• Securities were confirmed (accepted/rejected) to depositories within prescribed timelines
• Security certificates were mutilated and cancelled after due verification
• Depository names were substituted in the register of members as registered owners
• All securities comprised in the certificates have been listed on relevant stock exchanges

This quarterly filing represents standard regulatory compliance for listed companies, ensuring transparency in securities dematerialisation processes and maintaining investor confidence through proper documentation and timely reporting to regulatory authorities.

HSBC has reaffirmed its positive stance on Indian Hotels Company by maintaining a Buy rating while adjusting the target price to ₹800 from the earlier ₹874. The brokerage firm expects the hospitality major to deliver strong performance in the near term, driven by robust domestic leisure demand.

Revenue Growth Outlook

The company is anticipated to achieve low-double-digit revenue growth in Q4, primarily supported by strong domestic leisure travel demand. This growth trajectory reflects the continued recovery and expansion of India's hospitality sector.

Expansion and Growth Initiatives

The brokerage maintains a healthy outlook for FY27, citing several key growth drivers for Indian Hotels. The company's expansion strategy includes new hotel openings in Germany and Ekta Nagar, demonstrating its commitment to both international and domestic market penetration. Additionally, the company is pursuing expansion opportunities in Varanasi and exploring strategic acquisitions to strengthen its market position.

Target Price Revision

Despite maintaining the Buy recommendation, HSBC has reduced the target price due to multiple compression. However, the brokerage notes that this adjustment is expected to have limited impact on Q4 performance, suggesting that the fundamental business prospects remain intact.

The revised target price reflects a more conservative valuation approach while acknowledging the company's strong operational performance and growth prospects in the hospitality sector.