Key Operational Highlights

Hospitality Performance (Q1 FY27 vs Q1 FY26)

  • Combined Portfolio RevPAR: Increased 6.5% YoY to ₹8,582 (from ₹8,059)
  • Average Daily Rate (ADR): Increased 8.5% YoY to ₹13,247 (from ₹12,207)
  • Occupancy: Decreased 1.2 percentage points to 64.8% (from 66.0%)
  • Business Hotels RevPAR: Increased 4.7% YoY to ₹8,469
  • Resorts RevPAR: Increased 19.0% YoY to ₹9,314
  • Resorts Performance: Driven by 6.5% ADR growth to ₹18,250 and 5.4 pp occupancy improvement to 51.0%
  • Athiva Resort & Spa, Khandala: Continues ramp-up with positive guest feedback
  • Staff to Room Ratio: Improved to 0.98x from 0.97x in Q1 FY26

Market Performance by Region

  • Mumbai Metropolitan Region: Demand recovered in June after limited city events and catering cancellations
  • Hyderabad: Demand strengthened mid-May onwards led by MICE, Rugby tournament, and banking/pharma relocations
  • Bengaluru: Demand remained concentrated in ORR with limited spillover to Whitefield
  • Pune: Delivered strong rate momentum with stable corporate & transient demand
  • Leisure Destinations: Demand strengthened on summer holidays and reduced overseas travel

Commercial Real Estate

  • Run Rate: ₹290 million in June 2026
  • Occupancy: 91% including LOI of 66k sqft signed in May 2026 for CIGNUS Bengaluru

Residential Project

  • Units Handed Over: 1 unit in Q1 FY27 vs 95 units in Q1 FY26
  • Revenue: ₹73 million (Q1 FY27) vs ₹4,391 million (Q1 FY26)
  • EBITDA: ₹31 million (Q1 FY27) vs ₹1,628 million (Q1 FY26)
  • EBITDA Margin: 41.9% (Q1 FY27) vs 37.1% (Q1 FY26)

Financial Performance

Consolidated Statement of Profit & Loss (₹ million)

| Particulars | Q1 FY27 | Q1 FY26 | YoY Change |

| Total Income | 5,213 | 9,083 | -42.6% |

| Total Expenditure | 2,783 | 5,373 | -48.2% |

| EBITDA | 2,431 | 3,711 | -34.5% |

| EBITDA Margin % | 46.6% | 40.9% | +577 bps |

| Depreciation and Amortization | 612 | 539 | +13.6% |

| Finance costs | 395 | 485 | -18.7% |

| Exceptional items | 98 | - | - |

| Profit before tax | 1,325 | 2,686 | -50.7% |

| Total Tax | 464 | 655 | -29.1% |

| Profit after tax | 861 | 2,031 | -57.6% |

| EPS Basic (₹)* | 3.93 | 9.30 | -57.5% |

*Note: EPS not annualized

Ex-Residential Performance (₹ million)

| Particulars | Q1 FY27 | Q1 FY26 | YoY Change |

| Total Income | 5,140 | 4,692 | +9.5% |

| EBITDA | 2,400 | 2,083 | +15.2% |

| EBITDA Margin % | 46.7% | 44.4% | +231 bps |

Balance Sheet & Capital Structure

  • Net Debt: ₹20,405 million (Q1 FY27) vs ₹19,206 million (FY26)
  • Net Worth: ₹37,844 million (Q1 FY27) vs ₹36,972 million (FY26)
  • Strategic Investments: ₹3,337 million (Q1 FY27) vs ₹4,393 million (FY26)
  • Interest Rate: 7.4% (Q1 FY27) vs 7.5% (FY26)

Significant Events & Transactions

Voluntary Separation Scheme

  • The company introduced a voluntary separation scheme (VSS) at one of its Hotel Units
  • Compensation for employees who opted for VSS aggregated to ₹98.49 million for Q1 FY27
  • This is classified as an exceptional item in the financial statements

Acquisition

  • On May 5, 2026, the company acquired 100% shareholding of Seasons Hotels Private Limited (SHPL)
  • Consideration: ₹1,710 million
  • Accounting Treatment: Accounted as asset acquisition (does not constitute a business under Indian accounting standards)

Growth Pipeline & Project Updates

Under Construction Hospitality Projects

  • Taj Delhi International Airport, New Delhi: ~380 rooms, expected Q4 FY27* (70 rooms operational by Q4 FY27, balance in Q1 FY28)
  • Athiva Resort & Spa at Varca, South Goa: 205 rooms, expected FY28
  • Ritz Carlton at Hyderabad: 330 rooms, expected Q4 FY29
  • Hyatt Regency at Airoli, Navi Mumbai: 276 rooms, expected Q4 FY29

In Planning Hospitality Projects

  • Premium Resort at Udaipur: ~144 rooms (exploring expansion potential), approvals to be attained post acquisition closure
  • Athiva Resort & Spa at Bambolim, North Goa: ~170 rooms, ~36 months post approval
  • Athiva Resort & Convention Centre, Thiruvananthapuram: ~150 rooms

Total Pipeline

  • Hospitality Grand Total: ~1,655 rooms across various development stages

Key Project Updates

  • CIGNUS Powai® Tower II, MMR: Development progress noted with Q4 FY26 shore piling & excavation, Q1 FY27 foundation & substructure waterproofing commenced
  • Projects being developed on warm-shell lease basis by Mindspace REIT

Corporate Recognition

  • Great Places to Work® Recognition: 8th Rank in "Mid-size Workplaces", 7th consecutive year of receiving the recognition

Sustainability Initiatives

  • RE100 Target: 61% electricity sourced from renewable sources, targeting 100% by 2030
  • EP100 Target: 85% energy productivity achieved, targeting double by 2028
  • EV100 Target: 100% guest fleet as EVs, all operational assets equipped with EV charging points
  • Net-Zero Commitment: Target to achieve Net-Zero Greenhouse Gas Emissions by 2040
  • Memberships: India Business & Biodiversity Initiative (IBBI), United Nations Global Compact Network (UNGC) India
  • Achievement: First hospitality brand to achieve Climate Group's EV100 Target

Leadership

  • Board of Directors: 9 members including Chairman Joseph Conrad D'Souza, Promoters Ravi C. Raheja and Neel C. Raheja, and Managing Director & CEO Shwetank Singh
  • Management Team: Includes CFO Nitin Khanna, COO Gaurav Singh, Chief Projects Officer Salil Khare, and Chief Growth & Product Officer Manoj Agarwal

Investor Relations Contact

  • Deepak Khetan: deepak.khetan@chalethotels.com, investorrelations@chalethotels.com
  • EY Investor Relations - Runjhun Jain: Runjhun.jain1@in.ey.com