Leading hotel and restaurant companies in India 2023, by market capitalization

As of March 2023, the Indian Hotels Company Limited (IHCL) was the leading hotel/restaurant company in India in terms of market capitalization with over 584 billion Indian rupees. EIH ranked second, with Westlife foods in third place during the same time period.

Hotel chains as parts of conglomerates

The ranking of the most valuable hotel companies in India reveals most were part of big conglomerates. The IHCL, known for its Taj hotels, is a subsidiary of the Tata Group. The iconic Taj Mahal Palace hotel in Mumbai was founded in 1903 by Jamsetji Tata, who had initiated the Tata Group three decades earlier.
Not far away from the Taj hotel is the Trident Oberoi located in Mumbai. It is the flagship hotel of EIH, part of the Oberoi Group, a real estate conglomerate. Others present in the hotel industry included ITC Limited, formerly known as the Indian Tobacco Company, and the Mahindra Group.

Sailing through turbulent waters

The hotel industry in India grew at a stable pace in recent years. After a good start into 2020, the industry was hit hard by the coronavirus (COVID-19) pandemic as well as by the nationwide lockdown from March to June 2020, which included travel restrictions. Occupancy rates dropped significantly as a result, although the situation improved later that year, thanks in part to the annual festive season.