Financial Performance Highlights

Consolidated Results (₹ in million):

  • Q2 FY27 Revenue: ₹5,114.15 (vs ₹7,438.21 in Q2 FY26)
  • Q2 FY27 Net Profit: ₹2,162.55 (vs ₹1,548.19 in Q2 FY26) - 39.7% increase
  • H1 FY27 Revenue: ₹10,327.29 (vs ₹16,521.59 in H1 FY26)
  • H1 FY27 Net Profit: ₹3,023.80 (vs ₹3,579.47 in H1 FY26)
  • EPS (Basic) Q2 FY27: ₹9.88 (vs ₹7.08 in Q2 FY26)

Standalone Results (₹ in million):

  • Q2 FY27 Revenue: ₹4,804.01 (vs ₹7,210.61 in Q2 FY26)
  • Q2 FY27 Net Profit: ₹2,283.50 (vs ₹1,675.13 in Q2 FY26) - 36.3% increase
  • H1 FY27 Revenue: ₹9,465.01 (vs ₹15,906.70 in H1 FY26)
  • H1 FY27 Net Profit: ₹3,150.84 (vs ₹3,720.52 in H1 FY26)
  • EPS (Basic) Q2 FY27: ₹10.43 (vs ₹7.66 in Q2 FY26)

Key Financial Metrics

Consolidated Ratios:

  • Debt Equity Ratio: 0.69 (vs 0.72 in Q2 FY26)
  • Debt Service Coverage Ratio: 2.04 (vs 2.20 in Q2 FY26)
  • Interest Service Coverage Ratio: 5.44 (vs 6.78 in Q2 FY26)
  • Current Ratio: 0.68 (vs 0.62 in Q2 FY26)
  • Net Profit Margin: 42% (vs 21% in Q2 FY26)

Significant Transactions and Events

Tax Regime Change:

  • The Company opted for Section 206 of Income-tax Act, 2025 (concessional tax regime at 25.17% vs regular 34.94%)
  • Resulted in remeasurement of deferred tax liabilities and tax credit of ₹1,125 million in current quarter
  • This significantly impacted quarterly tax expense and profitability

Acquisitions:

  • Acquired 100% of Seasons Hotels Private Limited on May 5, 2026 for ₹1,710 million
  • Acquired 100% of Lakeview Mercantile Company Private Limited on September 7, 2026 for net consideration of ₹992 million
  • Both acquisitions accounted for as asset acquisitions (not business combinations)

Legal Matter Resolution:

  • Supreme Court judgment dated May 26, 2026 regularized land allotment for Navi Mumbai hotel property (Athiva Pulse)
  • CIDCO confirmed receipt of stipulated payments and regularization completion on September 9, 2026
  • Resolves long-standing Public Interest Litigation matter dating back to 2003-04

Voluntary Separation Scheme:

  • Implemented VSS at one hotel unit in Q1 FY27
  • Compensation cost of ₹98.49 million recognized under exceptional items

Debt Instruments:

  • Listed NCDs: ₹750 million outstanding, secured by first ranking pari-passu charge over JW Sahar Marriott & Sahar Retail properties
  • Commercial Papers: Issued ₹1,000 million at 6.60% p.a. due December 24, 2026 with CRISIL A1+ rating
  • Security coverage ratio for NCDs: 2.62x based on book value

Segment Performance

Consolidated Segment Revenue (Q2 FY27):

  • Hospitality (Hotels): ₹4,114.53 million
  • Real Estate: ₹4.51 million
  • Rental/Annuity Business: ₹900.59 million
  • Unallocated: ₹94.52 million

Capital Structure

  • Paid-up equity share capital: ₹2,189.94 million (face value ₹10 per share)
  • Consolidated net worth: ₹39,798.77 million as of September 30, 2026
  • Standalone net worth: ₹40,495.69 million as of September 30, 2026

Board Meeting Details

  • Meeting held on November 4, 2026
  • Commenced at 2:00 p.m., concluded at 4:27 p.m.
  • Results reviewed by Audit Committee and approved by Board of Directors

Additional Information

  • Investor complaints: Nil pending, received, disposed during the quarter
  • The statutory auditors expressed unmodified opinion on the financial results
  • Scheme of Arrangement with Sonmil Industries and The Dukes Retreat pending NCLT approval