Strong operations mask international headwinds; domestic carries FY27

₹352.0 Cr revenue, 28.1% YoY

₹143.4 Cr EBITDA, ~41% growth and margin achieved

Occupancy recovered to 67.5%, 4pp improvement

Domestic revenue +25% YoY at palace hotels; international -10% March to +1% June

Dependent on full international normalization. International still weak at +1% vs -30% two-year comparison

March -10% YoY → June +1% YoY. Trend reversing faster than feared; management expects Oct-Mar peak season to show full recovery vs geopolitical disruption.

Domestic room revenue +25% YoY; multi-generational travel, length-of-stay rising, Kids Club additions. Not cyclical; structural shift management reinvested in.

Website booking 16% vs 8% prior year (Q1 FY26). Direct acquisition cost ~1/3 of OTA; margin flow-through benefit embedded in 41% EBITDA.

₹26.2 Cr Q1 run-rate (annualized ~₹100 Cr) driven by 5 new managed property signings last 5 quarters. Sustainable but volatile quarter-to-quarter.

Occupancy growth encouraging at 70% on palace portfolio, ADR pressure from intl but mitigated by domestic +25%. Expect strong H2 with intl events, MICE, conferences. Continue double-digit RevPAR growth trajectory.

Tadoba 15-17% YOC. Net debt ₹1332 Cr, 1.6x LTM EBITDA. Comfortable going to 2.5x average if value-accretive. Good cash flows from same-store over 3 years fund capex.

Structural, not cyclical. Investments in multi-gen travel, Kids Clubs, wellness, F&B in Jaipur/Udaipur bearing fruit. Household income growth, discretionary spend on experiences rising. Expect continued growth.

Positive compression and pre/post demand expected. Cannot disclose specifics due to sensitivity. Well-positioned with right delegations. Contractually secured outsized share.

July fared well. Intl business increasing month-on-month, June came even with LY, now 1% growth YoY. August festive, resorts benefit. No headwinds foreseen rest of year. Confident on double-digit RevPAR, mid-high teens EBITDA growth FY27.

Question dropped (line lost). Not directly answered on this call.

Both segments equally important, 50-50 mix historically. Intl adds compression, yield uplift on high-demand dates. Domestic staying; both can grow together. Pricing power accrues when intl normalizes fully.

Target 2/3 direct for full year. Direct cost ~1/3 of OTA. Website 2x growth via AI, revenue management tools, LLM optimization. Margin benefit embedded in 41% EBITDA.

HMA ongoing business, various fee structures and performance incentives. Managed portfolio expanding. Confident on trajectory given new hotel openings India/intl.

~1Q delay declared last quarter. All on track now. Jaisalmer and Leela Residences FY27 end. Srinagar/Bandhavgarh CY27 Q4. Agra/Ayodhya/Sikkim/Ranthambore CY28. Ranthambore delayed 2Q due to 400-year fortress wall stabilization, one-time.

Response great, ADR nearly 2x post-acquisition. EBITDA break-even in Q1 despite ramp-up. Integrating into distribution, loyalty, direct channels. Ramp now phase 2—very on track.

Customer voice focus, experience/programming, iconic locations, revenue mgmt rigour. GDS/corporate business strong. Delhi has heads-of-state/delegations. Udaipur/Jaipur for celebrations. High demand-supply imbalance in micro-markets. All hotels unique.

On plan. Handover early CY27, 12-month rehab, rebrand to Leela. No change.

Both levers fired: domestic +25%, retail +20%, website +10%+, group business strong. Jaipur/Delhi specific outperformance. Broad-based across portfolio.

FIT share grown significantly. Not just events. Investments in Kids Club, wellness, F&B drives multi-gen travel. High double-digit occupancy and ADR growth in Rajasthan hotels. Year-on-year resorts growing high double-digit.

41% is summer quarter seasonal dip (vs 48-50% rest of year). Cost structure disciplined: AMC/procurement renegotiated, 67% renewable energy rising to 75%. Will maintain/grow marginally quarter-on-quarter. Targeting 50% EBITDA baseline.

Launch early FY27. Mock-ups done, show-arounds end of year. Move-in early next year. New business model: live-work-play ecosystem. Premium positioning. No specifics on revenue yet.

On track. Same-store achieved/exceeded targets quarterly. 5 new deals last 5 quarters. Approvals, financing in place. Construction full swing. All value drivers executed (Arq, F&B, retail). Firmly on track.

Both towards Q4 CY27 (Oct-Dec). Early for Q1 CY27 are Jaisalmer and Leela Mumbai Residences.

Targeting mid-60s. 12-month market creation via multi-gen travel, Kids Club, programming. Expect occupancy inching toward 60%, then mid-60s over growth trajectory.

No specific target. Focus on ADR and pricing power rather than occupancy push. Luxury hotels operate 80% but we prioritize ADR growth. Can cross 75% but ADR is lever.

HMA ongoing, half of portfolio. Various fee structures, performance incentives, past key money. Growth %-age may vary but confident trajectory with new hotel openings India/intl.

Positive EBITDA contribution, will ramp. Not too significant in overall. Will reach similar margins as other resort hotels.

Same-store achieved/exceeded targets. 5 deals signed, new pipeline active. All approvals/financing in place. Double-digit RevPAR growth target. Value drivers executed. ROCE double-digit now, mid-to-high teens after new hotel ramp.

Dependent on intl normalization (currently +1% YoY by June, was -10% March). Domestic +25% is stable. Expect H2 intl recovery with peak season (Oct-Mar).

Operating leverage confirmed by 383bps YoY margin expansion. Cost mgmt (67% renewable rising to 75%, renegotiated AMC/procurement), revenue growth flow-through.

Q1 41% is seasonal summer dip. Expecting return to 48-50% in H2 due to higher tourist demand (intl peak Oct-Mar).

CY27 (Srinagar, Bandhavgarh Q4). CY28 (Agra, Ayodhya, Sikkim, Ranthambore). CY30 (Tadoba). Financing and approvals in place.

International room revenue still +1% YoY in June vs -10% in March. 30% of mix; was 50% pre-disruption. Concentrated impact if West Asia conflict escalates.

1000+ keys in 7-project pipeline (CY27-30). Ranthambore fortress stabilization added 2Q delay; Agra/Ayodhya piling just started. Risk of further construction delays.

₹156 Cr loss booked on 25% equity-accounted share of Dubai JV. Operationally break-even but accounting loss due to asset debt and depreciation. Leela taking over CY27, 1-year renovation, re-launch as Leela brand.

City hotels occupancy 72% blended FY26; management says no target to push >75% but 'can cross 75%.' Focus is ADR, not volume. If ADR growth decelerates, RevPAR growth capped.

Current 1.6x Net Debt/EBITDA; management willing to go 2.5x for value-accretive M&A. If FY27-28 EBITDA growth misses (e.g., intl stays weak), leverage becomes binding constraint.