Financial Performance Highlights (FY 2025-26)

  • Revenue from Operations: ₹20,091.50 lakhs (Previous Year: ₹20,331.09 lakhs)
  • Net Profit After Tax: ₹207.99 lakhs (Previous Year: ₹2,612.47 lakhs), representing a decrease of approximately 92.04%
  • Other Income: ₹1,334.82 lakhs (Previous Year: ₹1,509.19 lakhs)
  • Total Revenue: ₹21,426.32 lakhs (Previous Year: ₹21,840.28 lakhs)
  • Earnings Per Share (Basic & Diluted): ₹0.03 (Previous Year: ₹0.40)

Operational Performance

  • Hotel Occupancy: 69% (Previous Year: 73.80%)
  • Average Room Rate (ARR): ₹12,469 (Previous Year: ₹11,170), growth of over 12%
  • Revenue Per Available Room (RevPAR): ₹8,602 (Previous Year: ₹8,242)
  • Total Rooms Revenue: ₹124.96 crore (Previous Year: ₹119.29 crore)
  • Foreign Exchange Earnings: ₹6,049.64 lakhs (Previous Year: ₹5,980.79 lakhs)
  • Foreign Exchange Outgo: ₹412.07 lakhs (Previous Year: ₹306.94 lakhs)

Capital Structure

  • Issued and Paid-up Share Capital: ₹131,85,19,798 divided into 65,92,59,899 equity shares of face value ₹2 each
  • No securities issued or allotted during the year
  • Net Worth: ₹29,115.62 lakhs (Previous Year: ₹28,969.91 lakhs)

Dividend and Reserves

  • Dividend: No dividend recommended for FY 2025-26
  • Reserves: Entire amount of profit retained to adjust with previous years' losses

Key Litigations and Disputes

Litigation with ITC Ltd. on Brookfield Transaction

  • ITC Limited and Russell Credit Limited (holding 8.10% equity) filed petition under Sections 241, 242, 244 of Companies Act, 2013 before NCLT in April 2019
  • NCLT allowed waiver application of ITC on January 24, 2024
  • Company and promoters filed appeals before NCLAT, Delhi
  • SEBI passed order in favor of company on July 23, 2019
  • SAT dismissed ITC's appeal on September 26, 2019
  • Matter pending before Supreme Court of India

Litigations with Airports Authority of India (AAI)

  • Dispute 1 (18,000 sq. meters land):
  • Lease agreement expired January 11, 2016
  • AAI claims enhanced lease rental of ₹17,552 lakhs up to March 31, 2026 (₹15,380 lakhs previous year)
  • Bombay High Court judgment dated June 09, 2025 directed parties to approach Eviction Officer
  • Arbitration proceedings appointed with retired Justice Mr. S.V. Gangapurwala
  • AAI offer letter dated December 01, 2023 for renewal subject to terms
  • Dispute 2 (11,000 sq. meters land):
  • AAI claims ₹80,705 lakhs up to January 31, 2019 (₹28,537 lakhs previous year) for royalty and minimum guaranteed amount
  • Parallel proceedings before Eviction Officer and Arbitrator
  • Total Contingent Liability with AAI: ₹98,257 lakhs

Hyderabad Land Litigation

  • Company sold 3 acres 28 guntas land in Hyderabad for ₹84,42,05,254 in January 2024
  • Sale consideration included ₹44,42,05,254 paid to PBSAMP to settle arbitral award
  • Supreme Court judgment dated September 24, 2025 decided in company's favor

Directors and Key Managerial Personnel

  • Board Composition: 9 Directors (5 Independent, 2 Executive, 2 Non-Executive)
  • Women Directors: 4 (2 Independent)
  • Re-appointments:
  • Mr. Ashok G Rajani as Independent Director for second term from March 30, 2026 to March 29, 2031 (approved via Postal Ballot March 19, 2026)
  • Ms. Amruda Nair liable to retire by rotation, seeking re-appointment
  • Key Managerial Changes:
  • Ms. Sucheta Chaturvedi appointed as Company Secretary effective December 01, 2025
  • Ms. Savitri Yadav resigned effective November 30, 2025

Board and Committee Meetings

  • Board Meetings: 4 meetings during FY 2025-26 (May 22, August 09, November 14, February 12)
  • Audit Committee: 4 meetings
  • Nomination and Remuneration Committee: 3 meetings
  • Stakeholders' Relationship Committee: 1 meeting
  • Risk Management Committee: 2 meetings

Corporate Social Responsibility (CSR)

  • CSR Obligation: ₹39.40 lakhs (2% of average net profit)
  • CSR Spending: ₹39.50 lakhs (slight excess of ₹0.10 lakhs)
  • CSR Activities: Education, welfare, poverty, environment, healthcare, empowerment & disaster management
  • No CSR Committee constituted as amount doesn't exceed ₹50 lakhs

Other Significant Disclosures

  • Whistle Blower Policy: Implemented, 1 complaint received and disposed during year
  • Sexual Harassment: 1 complaint received and disposed during year, none pending
  • Related Party Transactions: All in ordinary course of business at arm's length
  • Internal Financial Controls: Adequate and operating effectively
  • Energy Conservation: Initiatives include LED lighting, HVAC systems, solar panels (230 KW), windmills (4.5 MW)
  • Employee Strength: 387 permanent employees, total manpower 842 (including contract labor)

45th Annual General Meeting Details

  • Date: Thursday, August 27, 2026
  • Time: 11:30 AM IST
  • Mode: Video Conferencing/Other Audio Visual Means (VC/OAVM)
  • Business:

1. Adoption of financial statements

2. Re-appointment of Ms. Amruda Nair as director

  • Record Date: August 20, 2026
  • Remote e-Voting Period: August 24, 2026 (9:00 AM) to August 26, 2026 (5:00 PM)

Going Concern Assumption

The financial statements have been prepared on a going concern basis based on the assumption that the company will obtain favorable judgments and settlements in respect of disputes with AAI, including lease renewal.

Risk Factors

  • Concentration risk from dependence on single hotel in Mumbai
  • Ongoing litigations with AAI impacting operations
  • Geopolitical tensions affecting travel patterns
  • Migration of airline crew business to Navi Mumbai airport