Financial Performance Highlights

Standalone Results for Q2 FY27 (Quarter ended September 30, 2026):

  • Revenue from operations: ₹53.39 crore (₹58.53 crore in Q1 FY27; ₹50.85 crore in Q2 FY26)
  • Total income: ₹60.63 crore (₹65.86 crore in Q1 FY27; ₹57.68 crore in Q2 FY26)
  • Profit before tax: ₹9.54 crore (₹14.15 crore in Q1 FY27; ₹5.12 crore in Q2 FY26)
  • Net profit: ₹7.11 crore (₹10.63 crore in Q1 FY27; ₹3.85 crore in Q2 FY26)
  • Basic EPS: ₹2.41 (₹3.61 in Q1 FY27; ₹1.31 in Q2 FY26)

Standalone Results for H1 FY27 (Half year ended September 30, 2026):

  • Revenue from operations: ₹111.92 crore (₹107.01 crore in H1 FY26)
  • Total income: ₹126.48 crore (₹120.65 crore in H1 FY26)
  • Profit before tax: ₹23.69 crore (₹16.54 crore in H1 FY26)
  • Net profit: ₹17.74 crore (₹12.35 crore in H1 FY26)
  • Basic EPS: ₹6.02 (₹4.19 in H1 FY26)

Consolidated Results for Q2 FY27:

  • Revenue from operations: ₹83.73 crore (₹90.54 crore in Q1 FY27; ₹75.13 crore in Q2 FY26)
  • Net profit attributable to owners: ₹4.68 crore (₹9.40 crore in Q1 FY27; loss of ₹2.94 crore in Q2 FY26)
  • Basic EPS: ₹1.59 (₹3.19 in Q1 FY27; loss of ₹1.00 in Q2 FY26)

Consolidated Results for H1 FY27:

  • Revenue from operations: ₹174.27 crore (₹157.77 crore in H1 FY26)
  • Net profit attributable to owners: ₹14.08 crore (₹0.70 crore in H1 FY26)
  • Basic EPS: ₹4.78 (₹0.24 in H1 FY26)

Board Approvals

The Board of Directors at their meeting held on November 03, 2026 approved:

1. Unaudited Standalone and Consolidated Financial Results for quarter and half year ended September 30, 2026

2. Investment of up to ₹168 crore in Orchid Hotels Pune Private Limited (wholly owned subsidiary) through Optionally Convertible Debentures/Unsecured Redeemable Non-Convertible Debentures

3. Grant of 178,000 Restricted Stock Units (RSUs) to eligible employees under 'Kamat Hotels (India) Limited - Employee Stock Option Scheme 2026'

Key Financial Position (Standalone as of September 30, 2026)

  • Total assets: ₹644.19 crore (₹633.95 crore as of March 31, 2026)
  • Equity share capital: ₹30.07 crore (unchanged)
  • Other equity: ₹402.74 crore (₹385.32 crore as of March 31, 2026)
  • Borrowings: ₹72.67 crore (₹86.55 crore as of March 31, 2026)
  • Lease liabilities: ₹70.09 crore (₹56.96 crore as of March 31, 2026)

Emphasis Matters from Auditors

The statutory auditors highlighted several emphasis matters in their limited review report:

1. PMLA Matter: The company deposited ₹500 lakhs with Enforcement Directorate pursuant to PMLA Court order dated January 9, 2025, with corresponding provision made as exceptional expense in earlier quarters. No further communication received from ED.

2. Lease Extension Uncertainty: The company's lease for Lotus Resort - Konark expired February 2024, extended only until September 2026. Management expects extension until February 2029 based on past experience and ongoing discussions with Government of Odisha. Net book value of related assets: ₹256.01 lakhs.

3. Recoverable Security Deposit: Security deposit of ₹680 lakhs remains unrefunded from terminated lease arrangement (effective April 1, 2026). Additional ₹36.41 lakhs recoverable for PPE. Company recognized interest income of ₹61.37 lakhs @18% p.a. Management confident of recovery based on written confirmation from counterparty.

Subsidiary Company Matters

  • OHPPL: Current liabilities exceed current assets. Management believes going concern basis appropriate due to business revival, positive EBITDA, operational support from holding company, and asset values exceeding borrowings.
  • OHPPL Lease Dispute: Accounted liability of ₹2,315.24 lakhs for disputed lease rent (November 1, 2014 to September 30, 2026). Bombay High Court appointed sole arbitrator. Waiver application for COVID-19 period pending.
  • MPPL: Incurred losses, net worth fully eroded, recognized impairment loss of ₹348.41 lakhs. Going concern basis maintained due to future business prospects and holding company support commitment.

ESOP Grant Details

  • 178,000 stock options (RSUs) granted to eligible employees
  • Exercise price: ₹10 per option
  • Vesting period: Not earlier than 1 year and not later than 4 years from grant date
  • Exercise period: 4 years from vesting date
  • Scheme compliant with SEBI (SBEB) Regulations, 2021