Nature of Disclosure: Regulatory filing pursuant to Regulation 30 of SEBI Listing Regulations, containing the company's unaudited standalone and consolidated financial results for Q2 FY27 (quarter ended September 30, 2026) and six months ended September 30, 2026.

Key Financial Performance - Core Operations (Ex-Residential):

  • Total Income: ₹5,110 million in Q2 FY27, up 10.7% YoY from ₹4,617 million in Q2 FY26, but down 0.6% QoQ from ₹5,140 million in Q1 FY26.
  • EBITDA: ₹2,274 million in Q2 FY27, up 13.5% YoY from ₹2,004 million in Q2 FY26, but down 5.2% QoQ from ₹2,400 million in Q1 FY26.
  • EBITDA Margin: 44.5% in Q2 FY27, expanded by 110 basis points YoY from 43.4% in Q2 FY26, but declined from 46.7% in Q1 FY26.

Key Financial Performance - Consolidated:

  • Total Income: ₹5,114 million in Q2 FY27, down 31.2% YoY from ₹7,438 million in Q2 FY26, and down 1.9% QoQ from ₹5,213 million in Q1 FY26.
  • EBITDA: ₹2,270 million in Q2 FY27, down 26.2% YoY from ₹3,077 million in Q2 FY26, and down 6.6% QoQ from ₹2,431 million in Q1 FY26.
  • EBITDA Margin: 44.4% in Q2 FY27, improved from 41.4% in Q2 FY26, but declined from 46.6% in Q1 FY26.
  • Profit Before Tax (PBT): ₹1,241 million in Q2 FY27, down 39.4% YoY from ₹2,049 million in Q2 FY26, and down 6.4% QoQ from ₹1,325 million in Q1 FY26.
  • Tax: Credit of ₹921 million in Q2 FY27 compared to a credit of ₹501 million in Q2 FY26 and a credit of ₹464 million in Q1 FY26.
  • Profit After Tax (PAT): ₹2,163 million in Q2 FY27, up 39.7% YoY from ₹1,548 million in Q2 FY26, and up 151.1% QoQ from ₹861 million in Q1 FY26.

Segmental Performance - Hospitality:

  • Average Daily Rate (ADR): ₹13,546 in Q2 FY27, up 11.3% YoY from ₹12,170 in Q2 FY26, and up 2.3% QoQ from ₹13,247 in Q1 FY26.
  • Occupancy: 64.2% in Q2 FY27, down 2.4 percentage points YoY from 66.7% in Q2 FY26, and down 0.5 percentage points QoQ from 64.8% in Q1 FY26.
  • Revenue Per Available Room (RevPAR): ₹8,702 in Q2 FY27, up 7.2% YoY from ₹8,115 in Q2 FY26, and up 1.4% QoQ from ₹8,582 in Q1 FY26.
  • Total Income: ₹4,115 million in Q2 FY27, up 8.2% YoY from ₹3,802 million in Q2 FY26, but down 1.7% QoQ from ₹4,185 million in Q1 FY26.
  • EBITDA: ₹1,691 million in Q2 FY27, up 11.2% YoY from ₹1,520 million in Q2 FY26, but down 5.2% QoQ from ₹1,784 million in Q1 FY26.
  • EBITDA Margin: 41.1% in Q2 FY27, improved from 40.0% in Q2 FY26, but declined from 42.6% in Q1 FY26.

Segmental Performance - Rental Annuity (Commercial Real Estate):

  • Occupancy: 91% as reported.
  • Monthly Revenue Run-Rate: Increased to ₹300 million in September 2026 from ₹290 million in June 2026.
  • Total Income: ₹901 million in Q2 FY27, up 22.0% YoY from ₹738 million in Q2 FY26, and up 4.1% QoQ from ₹865 million in Q1 FY26.
  • EBITDA: ₹750 million in Q2 FY27, up 23.5% YoY from ₹607 million in Q2 FY26, and up 2.0% QoQ from ₹735 million in Q1 FY26.
  • EBITDA Margin: 83.2% in Q2 FY27, improved from 82.3% in Q2 FY26, but declined from 85.0% in Q1 FY26.

Tax Impact Disclosure:

During Q2 FY27, the holding company elected to adopt the concessional tax regime under Section 206 of the Income Tax Act, 2025 (formerly Section 115BAA). This regime applies a tax rate of 25.17% (22% plus surcharge and cess) instead of the regular 34.94% rate. Consequently, the company remeasured its opening deferred tax liabilities (net) as of April 1, 2026, and recognized a tax credit of ₹1,125 million in the current quarter. This makes the tax expense for the quarter and six months ended September 30, 2026, not comparable to previous periods.

Acquisition:

On September 7, 2026, the holding company acquired 100% shareholding of Lakeview Mercantile Company Private Limited (LMCPL) for a net consideration of ₹992 million. This acquisition was accounted for as an asset acquisition, not a business combination under Indian accounting standards.

Development Pipeline Updates:

  • CIGNUS II, Powai, Mumbai: Construction progressing; substantial completion expected by end of FY27.
  • Taj Delhi International Airport, New Delhi: Construction progressing steadily; expected opening in early FY28.
  • The Ritz-Carlton, Hyderabad: Foundation work in progress; Guest Room ID design initiated.
  • Udaipur Resort: Expansion potential being evaluated; branding under evaluation.
  • Hyatt Regency, Airoli, Navi Mumbai: 70% foundation work completed; waterproofing in progress.
  • All other key projects reported to be on track.

Operational and Strategic Highlights:

  • Rebranded a business hotel in Navi Mumbai as 'ATHIVA Pulse, Navi Mumbai Autograph Collection'.
  • Leisure portfolio delivered 34% RevPAR growth YoY.
  • Management commentary cited reduced air connectivity and higher airfares impacting certain business travel markets, but overall strength in leisure properties and operational efficiencies.

Management Commentary:

MD & CEO Shwetank Singh stated: "Our Q2 performance reflects the strength of our hospitality portfolio and our continued focus on driving operational efficiencies... Our leisure properties performed particularly well, delivering 34% RevPAR growth, supported by improvements in both occupancy and room rates... We are also making encouraging progress across our brand portfolio, with the launch of ATHIVA Pulse in Navi Mumbai... With Taj Delhi International Airport and CIGNUS II, Powai progressing towards completion, and an expanding ATHIVA pipeline, we are well-positioned for our next phase of growth."