Hotels & Hospitality Industry in India

Explore India’s hotels and hospitality landscape through a company universe designed to distinguish accommodation operators from unrelated businesses.

Top hotels & hospitality companies in India (listed and private)

Frequently asked questions

How large is the hotels & hospitality industry in India?

1983 hotels & hospitality companies with statutory filings (28 listed, 1955 private) reported combined revenue of ₹4.22 lakh crore in FY2025, +12.5% on the same companies, and aggregate EBITDA of ₹50,020 crore. As filed each year, combined revenue was ₹81,482 crore in FY2018, reached ₹4.22 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 23 listed companies with an exchange price are worth ₹1.78 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Improving. The aggregate EBITDA margin of hotels & hospitality companies was 11.9% in FY2025, 0.5 pts above FY2024, the highest in the period. Profit after tax margin was 4.6% (+0.8 pts on FY2024). Aggregate EBITDA of listed and private hotels & hospitality companies moved +130% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹50,020 crore (+12.0% on FY2024).

Which companies are leading the hotels & hospitality industry?

By FY2025 revenue the largest hotels & hospitality companies are Reliance Retail Ventures (₹2.91 lakh crore, 8.6% EBITDA margin, private); Future Gaming and Hotel Services (₹20,848 crore, 0.4% EBITDA margin, private); IHCL (₹8,335 crore, 36.0% EBITDA margin); Subhkam Ventures (i) (₹7,876 crore, 3.6% EBITDA margin, private); Oravel Stays (₹6,253 crore, 17.7% EBITDA margin, private). Among the ten largest, EIH (42.0%) and IHCL (36.0%) earn the widest EBITDA margins and Chemmanur Gold Palace International (-0.1%) the thinnest. 19 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Acquisitions and partnerships carried 3.3% of hotels & hospitality stories in 2025-10 to 2026-09, up 0.6 pts (+21%) on the prior 12 months; net tone +81 vs +34 for all hotels & hospitality stories. In buyer searches: Search interest in hotel rooms & accommodation queries (hotel stay near me) was +44% in the 12 months to 2026-09 vs the prior 12, led by “hotel stay near me” (+44%), followed by resorts, holidays & leisure stays (+12%); hotel events & catering moved +5%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Hotels & Hospitality EBITDA grew 130% since FY2022 (Industry financials). 22 private hotels & hospitality operators pass an IPO-readiness screen (Top hotels & hospitality companies in India). Acquisitions and partnerships is gaining the most ground in hotels & hospitality news (Hotels & Hospitality in the news). Hotel rooms & accommodation searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 13.2× and median P/E 21.2× across 23 priced hotels & hospitality companies. (Market capitalisation & valuation).

How are hotels & hospitality stocks valued?

The median trailing P/E is 21.2× and the median EV/EBITDA 13.2× across 23 priced companies.

What does this hotels and hospitality page cover?

It covers companies associated with accommodation and hospitality operations in India.

How are companies selected for this lane?

The lane uses hospitality activity codes and a cautious name-based review process to identify relevant operators.

Research information, not investment advice.