10% revenue growth delivered; capex on track for 3,300-key expansion by FY31

Delivered revenue ₹138.2 Cr (+10% YoY). Aligns with transcribed ₹142 Cr Total Income

Delivered PAT ₹21.9 Cr vs implied prior ₹10.6 Cr (+107% YoY). Transcript states ₹22 Cr

Delivered EBITDA margin ~36.7% (consistent with transcript), OPM 34.8%, NPM 15.4%. Expansion real but refers to EBITDA, not profit margin

Figures cited on call; no contradiction in delivered result. Consistent with 10% revenue growth

Specific metrics on call; delivered result does not itemize by market, but aggregate 10% growth supports

₹13.5 Cr (Q2 FY26) → ₹9.7 Cr (Q2 FY27). Post-IPO debt paydown and refinancing to 8.1% from unsecured 10.25%. Benefit expected to persist.

₹484 Cr deployed of ₹3,600 Cr plan to Sep 2026. Now expecting ₹400–450 Cr in H2 FY27 (vs initial ₹450 Cr). Pace consistent, slight reduction acknowledged but maintained on full-year target.

Reaffirmed mid-teens growth for H2 after Q2 delivered 10% YoY and H1 was 9%. No upgrade; acknowledging Q1 impact from West Asia crisis. Focus on occupancy normalization over rate hikes.

14% today → 31% by FY29 → 38% by FY31. Same targets as prior guidance. Execution on track with Courtyard, Fairfield, and new KIADB SPV projects.

Bangalore mature, stable. Other cities (Mysuru, Kochi, GIFT City) are 2-year-old repositioning hotels; expect full ramp over next 2–3 quarters. Will reach Bangalore-like occupancy 70s%+ as rebranding settles.

Two Hyatt Regency hotels via SPVs (mixed-use development 25 acres). Brigade to acquire later post-construction when pipeline is clear. KIADB SPV (Ananthya) has 250-key hotel in 40-acre township; hotel under SPV, may move to BHVL later.

Mainly fixed deposits. Surplus cash parked in long-term deposits.

Mid-teens range for H2. Double-digit growth overall revenue expected. Not changing guidance, but EBITDA increase encouraging; will try to maintain.

₹484 Cr deployed H1. Plan ₹400–450 Cr for H2 FY27. ₹700 Cr allocated for FY28. Pace may ease slightly due to construction timing, but full ₹3,600 Cr plan on track.

45-key Courtyard Fairfield designs under approval; construction to start within 2–3 quarters. Civil + interior parallel. Structure ready by H2 FY28; opening towards year-end FY28 or Q1 FY29.

Q1 impacted ~₹14 Cr. Q2 recovered 10% growth in F&B. Bouncing back due to Electronics (Bangalore Sept event), MICE. Q3–Q4 expect Wedding+Conference demand to sustain recovery.

Net debt/EBITDA 3.5–4x in FY28–29 (currently lower). DSCR around 2–2.5. Debt not a problem, refinanced at 8.1%.

October good, but main business in second week of November (Diwali). H2 expected strong as corporate travel and international arrivals recover.

Actively evaluating multiple deals. Finalization timeline flexible due to due diligence; could happen in next 2–3 quarters. Looking both in South India (existing markets) and new markets (leisure, premium).

Yes, similar guidance. Happy about EBITDA increase Q2 encouraging; will try to maintain/enhance EBITDA wherever possible. Expect ongoing margin strength.

Yes, Four Points dragged occupancy 40%→66% rebranding drag. Sheraton Grand flat occupancy despite higher rate increase. Smaller hotels 20%–30% rate increase. Once laggards recover, RevPAR will rise to 80s% territory.

More good wedding dates than last year. Large conferences in Q4. Will not spoil surprise now; maintain mid-teens guidance range, but positive surprise possible if execution delivers.

Q2 delivered 10% revenue growth on track. H2 expected strong with wedding season, MICE, and international recovery. Wedding dates plentiful; conference calendar sold-out.

Q2 at 36.7%. Cost control tight. GST 2.0 had 1.4% impact mitigated by tight ops. Luxury mix shift (14%→31%→38% FY29–FY31) to drive further margin expansion via ARR growth.

Pace may ease slightly due to construction planning, but full plan on track. Targeting 3,300 keys by FY31. Mixed-use SPV strategy de-risks hotel pipeline.

1,700 keys under development; 3,300-key target by FY31. Construction delays, approval hold-ups, or cost overruns could push timelines and increase leverage duration.

New/rebranded hotels (Four Points, Styles Mysuru) depressed portfolio occupancy. Full normalization expected 2–3 quarters; if delayed, RevPAR guidance at risk.

Large pipeline of acquisition opportunities under evaluation but no formal closures announced. Due diligence timelines uncertain; 'next 2–3 quarters' expected but dependent on documentation, approvals, and value fit.

Peak leverage during capex ramp-up. While DSCR is healthy at 2–2.5 and refinancing already locked at 8.1%, extended period at 3.5–4x leverage leaves room for adverse events (recession, rate spikes, EBITDA miss).

Q1 FY27 impacted ₹14 Cr from West Asia crisis (cancellations, demand loss). While recovered in Q2, recurring shocks could disrupt near-term guidance.