Leela Q1: revenue +28% YoY, consolidated PAT ₹49 Cr as deleveraging halves interest cost

Leela Palaces Hotels & Resorts (formerly Schloss Bangalore) reported consolidated revenue from operations of ₹351.96 Cr for Q1 FY27, up 28.1% YoY from ₹274.79 Cr, with net profit of ₹48.76 Cr against just ₹8.70 Cr a year ago. Sequentially both fell (revenue −27.3%, PAT −71.6%), but that is the seasonal pattern management explicitly flags — Q4 (Jan–Mar) is the peak for Indian luxury hotels and Q1 (Apr–Jun) the trough — so the QoQ drop is not a deterioration.

The scale of the YoY profit jump (~5.6x) is real but base-flattered: the June-2025 quarter was still carrying pre-IPO leverage, and finance costs have since halved to ₹39.3 Cr from ₹86.0 Cr after the company deployed ₹2,300 Cr of IPO proceeds to repay borrowings. The operating read is cleaner — EBITDA rose 18.7% YoY to ₹151.9 Cr and operating margin (ex-other-income) expanded ~380 bps to 40.7% from 36.9%, lifting net margin to 13.5% from 2.9%. A ₹15.6 Cr share of net loss from joint ventures/associate (versus near-nil a year ago), reflecting ramp-up at newer JV assets, held PBT to ₹64.34 Cr.

The stock went into the print at ₹481.45, up 1.1% over the past month of trading.

For context: PAT has now risen for 3 consecutive quarters.

Against management's Q4-FY26 concall guidance of a "strong start to FY27 with double-digit revenue and EBITDA growth in Q1," the print clears the bar on both (revenue +28%, EBITDA +19%). No clean sell-side consensus exists for the quarter given the recent June-2025 listing; broker models (e.g. JM Financial) frame the story as ~18% EBITDA CAGR through FY28 with margins building toward ~49% by FY27, against which Q1's seasonally-soft 40.7% OPM is on-track. Standalone PAT of ₹60.86 Cr exceeds the consolidated figure, but only because of ₹40.65 Cr of inter-company other income at the parent — the consolidated ₹48.76 Cr is the operating picture. Alongside results, the board approved an investment of up to ₹120 Cr into wholly-owned subsidiary Schloss Tadoba for hotel projects, extending a pipeline that already absorbed the ₹559 Cr Coorg resort acquired last quarter. No management press release was available with this filing.