• Event Type: Q2 FY27 Earnings Conference Call with investor Q&A session.
  • Event Date & Time: Tuesday, October 27, 2026 (time not specified in transcript).
  • Purpose: Discussion of the company's financial and operational performance for Q2 FY27 and H1 FY27, including strategic updates and expansion plans.
  • Management Participants: Ms. Nirupa Shankar (Managing Director), Mr. Jaishankar (Chairman), Mr. Vineet Verma (Director), Mr. Vinay Gupta (Chief Executive Officer), Mr. Ananda Natarajan (Chief Financial Officer), Mr. Rayan Aranha (Vice President), Mr. Amar Mysore (Director), Mr. Nikhil Jaju (Senior Business Analyst).
  • Availability of Materials: The audio recordings were uploaded on the stock exchange on October 27, 2026, and would prevail in case of discrepancy with the transcript.
  • UPSI Statement: The moderator's opening remarks contained standard forward-looking statement disclaimers, noting that the call may contain forward-looking statements based on current beliefs and opinions that are not guarantees of future performance.

Financial Highlights Discussed:

Q2 FY27 Performance (YoY):

  • Total Income: INR142 crores (up 10% from INR130 crores)
  • Room Revenue: INR87 crores (up 10%)
  • F&B Revenue: INR46 crores (up 10%)
  • EBITDA: INR52 crores (vs. INR41 crores in Q2 FY26)
  • EBITDA Margin: 36.7% (vs. 32%)
  • Profit After Tax: INR22 crores (up 105% from INR11 crores)
  • Finance Costs: INR9.7 crores (down from INR13.5 crores)
  • Average Daily Rate (ADR): INR7,876 (up 11% from ~INR7,100)
  • Occupancy: 75.2% (relatively flat)
  • RevPAR: INR5,922 (up 10%)
  • GST 2.0 Impact: 1.4% on EBITDA margin

H1 FY27 Performance (YoY):

  • Total Income: INR273 crores (up 7%)
  • EBITDA: INR98 crores (up 18%)
  • EBITDA Margin: 35.8%
  • PAT: INR39 crores (up 122% from INR18 crores)
  • ADR: INR7,559 (up 9%)
  • Occupancy: 75.4%
  • RevPAR: INR5,702 (up 9%)
  • GST 2.0 Impact: 1.6% on EBITDA

Operational & Strategic Updates:

  • Growth was rate-led with a strategic focus on increasing ADR across the portfolio.
  • F&B revenue returned to double-digit growth in Q2 after a muted Q1 impacted by event cancellations due to the West Asia crisis.
  • Market-wise Performance: Bangalore showed strong growth with 12% RevPAR growth to INR7,600. Other markets saw 8% RevPAR growth with a deliberate strategy to prioritize ADR over occupancy.
  • Net cash position stood at INR29 crores as of September 30, 2026.
  • Post-IPO, INR468 crores was deployed towards debt repayment, reducing finance costs by over 28%.
  • Debt was refinanced from an unsecured facility at 10.25% to a secured facility at 8.1%.

Expansion Pipeline & Capex:

  • Planned capex: INR3,600 crores for expansion
  • Capex deployed to date: INR484 crores (INR84 crores in H1 FY27)
  • Expected capex for H2 FY27: INR400-450 crores
  • Portfolio expansion target: From 1,600 keys to 3,300 keys by FY31
  • Luxury and upper upscale mix target: Increase from 14% today to 31% by FY29 and 38% by FY31
  • Upcoming opening: Courtyard by Marriott Chennai (45 keys) in H2 FY27
  • Future openings: Two Fairfield by Marriott properties in Bangalore towards end of FY28

Forward-Looking Statements & Guidance:

  • Management expects strong Q3 FY27 supported by festive demand, wedding season, and healthy MICE calendar.
  • Revenue growth guidance: Maintained at mid-teens range for FY27.
  • EBITDA growth guidance: Targeting mid-teens growth.
  • Net debt to EBITDA expected to peak at 3.5-4x in FY28/FY29, with DSCR maintained at 2-2.5x.
  • The company is actively evaluating acquisition opportunities outside current markets, with a target to finalize a deal in the next 2-3 quarters.

Sustainability:

  • Renewable energy accounts for 67% of total energy needs across the portfolio.

Additional Notes Section

  • The document is a transcript of the earnings conference call submitted to the stock exchanges as a regulatory disclosure.
  • The transcript contains detailed financial figures for Q2 and H1 FY27, operational metrics, management commentary, and Q&A with analysts.
  • No separate attachments were mentioned in the provided data text; the transcript itself was the enclosure.
  • The document contains substantial financial data and forward-looking operational guidance.