Hotel Portfolio Overview

Kamat Hotels operates 24 properties across multiple ownership models:

  • 02 Owned (Freehold) hotels with 429 keys
  • 12 Leased hotels with 1,000 keys
  • 05 Managed hotels with 245 keys
  • 05 Revenue Share hotels with 239 keys

Geographical Distribution:

  • Maharashtra: 9 properties
  • North India: 6 properties
  • Gujarat: 3 properties
  • Goa: 2 properties
  • Odisha: 3 properties
  • South India: 1 property

Quarterly Financial Performance (Consolidated)

Q2 FY27 vs Q2 FY26:

  • Total Income: INR 861 Mn vs INR 769 Mn, up 12% YoY
  • EBITDA: INR 224 Mn vs INR 97 Mn, up 131% YoY
  • EBITDA Margin: 26% vs 13%, expansion of 1,300 basis points
  • Profit Before Tax: INR 82 Mn vs INR (5) Mn
  • Profit After Tax: INR 54 Mn vs INR (22) Mn
  • Diluted EPS: INR 1.59 vs INR (1)
  • Tax: INR 28 Mn vs INR 17 Mn, up 65% YoY

Same Store Performance (excluding Ira Mumbai & Orchid Shimla from Q2 FY26 and Ira Bhavnagar):

  • Revenue: INR 850 Mn vs INR 651 Mn, up 31% YoY
  • EBITDA: INR 232 Mn vs INR 117 Mn, up 98% YoY
  • EBITDA Margin: 27% vs 18%, expansion of 900 basis points

Half-Yearly Financial Performance (Consolidated)

H1 FY27 vs H1 FY26:

  • Income: INR 1,792 Mn vs INR 1,614 Mn, up 11% YoY
  • EBITDA: INR 495 Mn vs INR 296 Mn, up 67% YoY
  • EBITDA Margin: 28% vs 18%, expansion of 1,000 basis points
  • Profit Before Tax: INR 218 Mn vs INR 73 Mn, up 199% YoY
  • Profit After Tax: INR 151 Mn vs INR 20 Mn, up 655% YoY
  • PAT Margin: 8% vs 1%, expansion of 719 basis points

Operational Metrics

Quarterly Performance:

  • Average Room Rate (ARR): INR 5,744 vs INR 5,572, up 3% YoY
  • Revenue Per Available Room (RevPAR): INR 3,332 vs INR 2,786, up 20% YoY
  • Occupancy Rate: 58% vs 50%, up 800 basis points YoY

Half-Yearly Performance:

  • ARR: INR 5,709 vs INR 5,671, up 1% YoY
  • RevPAR: INR 3,540 vs INR 2,949, up 20% YoY
  • Occupancy Rate: 62% vs 52%, up 1,000 basis points YoY

Brand-wise Performance Metrics

Q2 FY27 vs Q2 FY26:

Average Room Rate (ARR):

  • Orchid: INR 6,142 vs INR 5,979, up 3%
  • Ira by Orchid: INR 4,227 vs INR 4,749, down 11%
  • Lotus: INR 5,260 vs INR 5,331, down 1%
  • Fort JadhavGadh: INR 9,055 vs INR 8,286, up 9%

Occupancy Rate:

  • Orchid: 61% vs 47%, up 30% YoY
  • Ira by Orchid: 55% vs 65%, down 15% YoY
  • Lotus: 39% vs 38%, up 3% YoY
  • Fort JadhavGadh: 36% vs 20%, up 80% YoY

RevPAR:

  • Orchid: INR 3,762 vs INR 2,810, up 34%
  • Ira by Orchid: INR 2,337 vs INR 3,087, down 24%
  • Lotus: INR 2,062 vs INR 2,026, up 2%
  • Fort JadhavGadh: INR 3,302 vs INR 1,657, up 99%

Debt Position

  • Total Gross Debt: INR 1,110 Mn as of September 30, 2026
  • Historical Debt: INR 1,150 Mn (December 31, 2025), INR 1,120 Mn (March 31, 2026)
  • Post-quarter repayment: INR 300 Mn loan repaid to Axis Finance Limited after September 30, 2026
  • Net Debt: INR 961 Mn after adjusting for cash & cash equivalents and fixed deposits of INR 647 Mn

Company Overview & History

  • Incorporated on March 21, 1986 by Dr Vithal Indira Venkatesh Kamat
  • Operates premium brand The Orchid, mid-scale premium hotels IRA by Orchid, and Toyam by Orchid
  • The Orchid is Asia's first chain of five-star environment-sensitive hotels with 95+ national and international awards
  • Growth primarily through leased properties, revenue-share arrangements, and management contracts

Strategic Brand Portfolio

1. The Orchid: Premium eco-friendly hotels (1,285 keys across 9 locations)

2. IRA by Orchid: Mid-scale premium hotels (464 keys across 9 locations)

3. Heritage & Leisure: Experiential stays (143 keys across 8 locations)

4. Wellness & lifestyle: Luxury wellness retreats (21 keys at Toyam, Pune)

Upcoming Properties

The company has 7 new properties scheduled to open:

  • December 2026: Gwalior (50 rooms, leased), Dehradun (96 rooms, leased), Dwarka (63 rooms, managed), Nashik (57 rooms, managed)
  • March 2027: Rishikesh (44 rooms, revenue sharing)
  • December 2027: Mandavi Kutch (155 rooms, managed)
  • December 2029: Puri (156 rooms, leased)

Future Strategy - KHIL 3.0

Growth Targets for FY2030:

  • Number of States: 11 (from current 10)
  • Number of Properties: 31 (from current 24)
  • Number of Keys: 3,000+ (from current 1,900+)
  • Average Room Rate: INR 8,000+ (from current INR 6,051)

Focus Areas:

  • Asset-light growth through management contracts and franchising
  • Enhanced customer experience through standardized service and loyalty programs
  • Digital focus with strengthened online marketing capabilities
  • Judicious capital allocation for sustainable growth
  • Talent development to address industry-wide shortage

Board Members

Executive Leadership:

  • Dr Vithal Venkatesh Kamat (Executive Chairman and Managing Director) - 38+ years experience
  • Mr Vishal Vithal Kamat (Executive Director) - 15 years experience

Non-Executive Directors:

  • Ms Vidita Vithal Kamat (Non-Independent Director)
  • Mr Sanjeev Rajgarhia (Independent Director)
  • Mr Koranne (Independent Director)
  • Mrs Harinder Pal Kaur (Independent Director)
  • Mr Ramnath P. Sarang (Independent Director)
  • Mr Tej Mayur Contractor (Independent Director)
  • Mr Ajit Naik (Independent Director)
  • Mr Kaushal K. Biyani (Non-Executive Non-Independent Director)

Investor Relations Contact

Valorem Advisors:

  • Mr. Anuj Sonpal
  • Tel: +91-22-3507-5100
  • Investor Kit: http://valoremadvisors.com/kamat