AGM Details

The 19th Annual General Meeting is scheduled for Tuesday, 15th September 2026 at 11:00 AM (IST) through Video Conference (VC)/Other Audio Visual Means (OAVM).

Key AGM Dates:

  • Cut-off date to vote on AGM Resolutions: 8th September 2026
  • Book Closure Date: 9th September 2026 to 15th September 2026 (both days inclusive)
  • E-voting period: 11th September 2026 (09:00 AM) to 14th September 2026 (05:00 PM)
  • AGM Date: 15th September 2026 at 11:00 AM

Business to be Transacted

Ordinary Business:

1. To receive, consider and adopt audited financial statements for FY 2025-26 with reports of Board of Directors and Auditors

2. To appoint director in place of Mr. Umesh Saraf (DIN: 00017985) who retires by rotation and offers himself for re-appointment

Special Business:

3. To consider re-appointment of Mr. Mahendran S as Manager of the Company for one year from 1st October 2026 to 30th September 2027 with remuneration not exceeding ₹20,00,000 per annum

Financial Performance Highlights FY 2025-26

Operating Performance:

  • Hotel Operating Revenue: ₹147.94 crores (8.80% growth YoY)
  • Rooms Revenue: ₹77.16 crores
  • Average Room Rate: ₹8,918 (12.68% growth)
  • Occupancy: 72.94% (stable)
  • F&B Revenue: ₹65.77 crores (6.30% growth)

Financial Metrics:

  • Total Income: ₹165.75 crores (from ₹156.21 crores in FY25)
  • EBITDA: ₹66.80 crores (19.67% growth)
  • Profit Before Tax: ₹33.66 crores
  • Profit After Tax: ₹24.70 crores (50.15% growth from ₹16.45 crores in FY25)
  • Debt EBITDA level: 2.2 times

Balance Sheet Position:

  • Healthy balance sheet with adequate liquidity
  • No dividend declared due to adjustment of carried forward losses despite current year profit
  • No change in share capital during the year

Key Developments and Investments

Asian Hotels (West) Limited (AHWL) Exposure:

  • Company has extended loan of ₹174.80 crores (excluding accrued interest) to Novak Hotels Private Limited (NHPL) for restoration and revival of Hyatt Regency Mumbai property
  • Trading suspension of AHWL shares revoked by SEBI on 2nd April 2026
  • Board granted approval on 28th May 2026 to exercise Buy Option of the property to the extent of entitlement under framework agreement
  • Further actions being taken as per Framework Agreement terms

Sustainability Initiatives:

  • EarthCheck Silver Certified property
  • 89% of electricity consumption from wind power (renewable energy)
  • Implemented Bio-CNG gas system with manifold network
  • Energy efficiency upgrades including cooling tower replacement, chiller water pipeline insulation, and new Building Management System

Property Upgrades:

  • Modernization of guest and service elevators
  • Complete refurbishment of gymnasium
  • Expansion of Smart TV facilities across guest rooms
  • Upgrades to critical infrastructure

Corporate Governance

Board Composition:

  • Mr. Arun Kumar Saraf (Non-Executive Promoter Director)
  • Mr. Umesh Saraf (Non-Executive Promoter Director)
  • Mr. Varun Saraf (Non-Executive Director)
  • Mr. Avali Srinivasan (Non-Executive Independent Director)
  • Mrs. Rita Bhimani (Non-Executive Independent Director)
  • Mr. Pawan Kumar Sikka (Non-Executive Independent Director)

Key Managerial Personnel:

  • Mr. Mahendran S (Manager)
  • Mr. T. N Thanikachalam (Senior Vice President & CFO)
  • Ms. Yasotha Benazir N (Company Secretary & Compliance Officer)

Committee Structure:

  • Audit Committee: Mr. Avali Srinivasan (Chairman), Mr. Umesh Saraf, Mrs. Rita Bhimani, Mr. Pawan Kumar Sikka
  • Nomination and Remuneration Committee: Mr. Avali Srinivasan (Chairman), Mr. Arun Kumar Saraf, Mr. Pawan Kumar Sikka
  • Stakeholders Relationship Committee: Mr. Avali Srinivasan (Chairman), Mrs. Rita Bhimani, Mr. Umesh Saraf
  • Risk Management Committee: Mr. Arun Kumar Saraf (Chairman), Mr. Umesh Saraf, Mr. Avali Srinivasan

Auditors:

  • Statutory Auditors: V Singhi & Associates (appointed for 5 years up to 20th AGM)
  • Internal Auditor: SPR & Co (re-appointed for 2 years from January 2026 to December 2027)
  • Secretarial Auditor: V Mahesh & Associates (appointed for 5 years)

Compliance Status:

  • No qualifications in statutory audit report
  • No material orders from regulators/courts impacting going concern status
  • No fraud reported by auditors
  • Complied with sexual harassment prevention guidelines (no complaints received)

Related Party Transactions

Transactions with related parties were at arm's length and in ordinary course of business, including:

  • Services provided to Asian Hotels (East) Limited: ₹49,560
  • Services received from Juniper Hotels Limited: ₹1,43,64,200
  • Remuneration to KMPs: Mr. T.N. Thanikachalam (₹70,38,306), Ms. Yasotha Benazir N (₹12,97,900), Mr. Mahendran S (₹15,58,917)
  • Loan to Novak Hotels Private Limited: ₹31,20,00,000

Credit Rating

CRISIL reaffirmed ratings on 4th July 2025:

  • Long Term Rating: CRISIL BBB/Stable
  • Short Term Rating: CRISIL A3+
  • Total Bank Loan Facilities Rated: ₹170 Crore

Shareholding Pattern

  • Promoter holding: 65.63% (Saraf Industries Limited: 41.90%, Mrs. Ratna Saraf: 23.44%)
  • 99.99% of paid-up capital dematerialized as on 31st March 2026
  • 8,352 shareholders with 17,291,696 equity shares outstanding

Forward-looking Statements

Management remains optimistic about long-term prospects of Chennai and Indian hospitality industry. Priorities for FY 2026-27 include:

  • Strengthening service quality and guest engagement
  • Increasing direct bookings
  • Expanding F&B and MICE businesses
  • Realizing benefits of technology, sustainability and infrastructure investments