Key Financial Figures (Consolidated)

Income Statement (Q2 FY27 vs Q2 FY26)

  • Revenue from operations: ₹5,511.48 million (vs ₹4,893.33 million in Q2 FY26)
  • Other income: ₹311.20 million (vs ₹651.87 million in Q2 FY26)
  • Total income: ₹5,822.68 million (vs ₹5,545.20 million in Q2 FY26)
  • Profit before tax: ₹807.62 million (vs ₹1,199.75 million in Q2 FY26)
  • Tax expense: ₹470.27 million (vs ₹557.42 million in Q2 FY26)
  • Profit for the period (net): ₹337.35 million (vs ₹642.33 million in Q2 FY26)
  • Earnings per share (EPS): ₹1.00 (vs ₹2.25 in Q2 FY26)

Income Statement (H1 FY27 vs H1 FY26)

  • Revenue from operations: ₹10,939.47 million (vs ₹9,967.87 million in H1 FY26)
  • Other income: ₹426.87 million (vs ₹776.36 million in H1 FY26)
  • Total income: ₹11,366.34 million (vs ₹10,744.23 million in H1 FY26)
  • Profit before tax: ₹1,420.34 million (vs ₹2,002.70 million in H1 FY26)
  • Tax expense: ₹863.55 million (vs ₹961.12 million in H1 FY26)
  • Profit for the period (net): ₹1,579.17 million (vs ₹1,040.58 million in H1 FY26)
  • Earnings per share (EPS): ₹4.46 (vs ₹3.40 in H1 FY26)

Balance Sheet (as of September 30, 2026)

  • Total assets: ₹112,491.81 million (vs ₹106,806.04 million as of March 31, 2026)
  • Total equity: ₹69,478.98 million (vs ₹67,607.95 million as of March 31, 2026)
  • Total liabilities: ₹43,012.82 million (vs ₹39,198.09 million as of March 31, 2026)
  • Borrowings (non-current + current): ₹24,763.64 million (vs ₹20,348.30 million as of March 31, 2026)

Cash Flow (H1 FY27)

  • Net cash from operating activities: ₹3,555.68 million
  • Net cash used in investing activities: ₹5,243.56 million
  • Net cash from financing activities: ₹1,433.85 million
  • Net decrease in cash: ₹254.03 million
  • Cash and equivalents at period end: ₹2,325.98 million

Key Financial Figures (Standalone)

Income Statement (Q2 FY27 vs Q2 FY26)

  • Revenue from operations: ₹1,624.15 million (vs ₹1,474.25 million in Q2 FY26)
  • Other income: ₹278.47 million (vs ₹284.92 million in Q2 FY26)
  • Profit before tax: ₹809.91 million (vs ₹761.70 million in Q2 FY26)
  • Profit for the period (net): ₹663.07 million (vs ₹559.76 million in Q2 FY26)
  • Earnings per share (EPS): ₹2.84 (vs ₹2.40 in Q2 FY26)

Income Statement (H1 FY27 vs H1 FY26)

  • Revenue from operations: ₹3,169.42 million (vs ₹2,901.90 million in H1 FY26)
  • Other income: ₹550.86 million (vs ₹526.45 million in H1 FY26)
  • Profit before tax: ₹1,579.90 million (vs ₹1,440.13 million in H1 FY26)
  • Profit for the period (net): ₹1,245.47 million (vs ₹1,040.48 million in H1 FY26)
  • Earnings per share (EPS): ₹5.33 (vs ₹4.46 in H1 FY26)

Operational and Strategic Highlights

Subsidiaries and Joint Ventures

The consolidated results include the following entities:

  • 16 subsidiaries (including step-down subsidiaries)
  • 2 joint ventures

Significant subsidiaries contributing to consolidated results:

  • 10 subsidiaries reviewed by their auditors had total assets of ₹45,157.92 million, total revenues of ₹447.49 million (Q2) and ₹894.80 million (H1), and net profit of ₹240.22 million (Q2) and ₹283.02 million (H1).
  • 1 joint venture resulted in a Group share of net loss of ₹22.54 million (Q2) and ₹36.87 million (H1).

Recent Acquisitions

1. Narmada Estates Private Limited: Panchshil Corporate Park Private Limited (subsidiary) subscribed to a 50.02% equity stake for ₹886.80 million. An initial ₹300 million was paid, with the balance to be paid in tranches. Classified as a joint venture from May 22, 2026.

2. Sun Leisure (India) Private Limited: Acquired 100% by Soham Leisure Ventures Private Limited (subsidiary) for ₹500 million on April 07, 2026. It operates "Sol De Goa" hotel in Goa.

3. Kelzai Eco Reserves Private Limited: Acquired 100% equity and preference share capital by the Holding Company for ₹2,818.80 million on July 09, 2026. It owns a 420-acre resort property in the Mumbai Metropolitan Region (MMR).

Segment Performance (Consolidated)

The Group operates in three reportable segments:

1. Hospitality: Q2 revenue ₹4,197.55 million; segment result ₹148.45 million

2. Commercial Leasing: Q2 revenue ₹1,300.49 million; segment result ₹1,042.89 million

3. Others: Q2 revenue ₹103.42 million; segment result ₹80.03 million

Regulatory and Legal Matters

1. Maldives Foreign Currency Act: Effective September 1, 2026, requires conversion of a portion of monthly foreign currency gross sales into Maldivian Rufiyaa (MVR). Management is engaging with authorities (Maldives Monetary Authority) and evaluating mitigation strategies.

2. Scheme of Amalgamation: The Board's scheme to amalgamate three wholly-owned subsidiaries (Eon-Hinjewadi, Restocraft, Wellcraft) with the Holding Company faced an NCLT order dated September 23, 2026, directing meetings of shareholders and creditors. The Board has approved filing an appeal against this order.

Exceptional Items

Consolidated:

  • A net deferred tax credit of ₹1,022.38 million was recognized in Q1 FY27 (included in H1 results) due to exercising the option under Section 115BAA of the Income-tax Act, 1961.
  • For FY26, exceptional items included ₹30.07 million for new labour codes and ₹50.85 million for additional depreciation on a temporarily suspended hotel (Aloft Whitefield).

Standalone:

  • A net deferred tax expense of ₹53.02 million was recognized in Q1 FY27 due to the same tax regime change.
  • For FY26, an exceptional item of ₹19.98 million was recognized for new labour codes.

Other Income Note

Consolidated other income for Q2 FY26 includes a net gain on foreign exchange fluctuations of ₹206.77 million.

Capital Structure

  • Paid-up equity share capital: ₹233.54 million (face value ₹1 each)
  • Other equity (consolidated): ₹56,262.79 million
  • Other equity (standalone): ₹48,271.00 million

Auditor's Review

The financial results were reviewed by SR BC & CO LLP, Chartered Accountants. Their review report, dated November 02, 2026, states that based on their review, nothing has come to their attention that causes them to believe the accompanying statement contains any material misstatement.