Key Financial Figures

Consolidated H1 FY27 Performance (Year-over-Year Comparison):

  • Total Income: ₹93.99 Cr (vs. ₹58.31 Cr in H1 FY26) - 61.2% growth
  • EBITDA: ₹24.68 Cr (vs. ₹13.64 Cr in H1 FY26) - 80.9% growth
  • EBITDA Margin: 26.50% (vs. 24.29% in H1 FY26) - +221 basis points improvement
  • PAT: ₹3.68 Cr (vs. ₹1.36 Cr in H1 FY26) - 170.7% growth
  • PAT Margin: 3.95% (vs. 2.42% in H1 FY26) - +153 basis points improvement

Consolidated Q2 FY27 Performance (Year-over-Year Comparison):

  • Total Income: ₹48.79 Cr (vs. ₹31.86 Cr in Q2 FY26) - 53.1% growth
  • EBITDA: ₹12.89 Cr (vs. ₹8.82 Cr in Q2 FY26) - 46.1% growth
  • EBITDA Margin: 26.74% (vs. 28.64% in Q2 FY26) - -190 basis points
  • PAT: ₹2.23 Cr (vs. ₹4.38 Cr in Q2 FY26) - -49.1%
  • PAT Margin: 4.63% (vs. 14.23% in Q2 FY26) - -960 basis points

Quarterly Sequential Growth (Q2 FY27 vs Q1 FY27):

  • Total Income grew 8.0%
  • EBITDA grew 9.3%
  • PAT grew 54.0%

Operational Highlights

Standalone Performance:

  • Revenue from operations (Marriott Hyderabad and Courtyard by Marriott Hyderabad) grew 20.7% YoY to ₹67.81 Cr in H1 FY27

Property Portfolio:

  • Three Marriott-branded properties in Hyderabad with total 538 room keys
  • Marriott Hyderabad and Courtyard by Marriott located in Central Business District
  • Marriott Executive Apartments located in Gachibowli IT and financial corridor

Expansion Timeline:

  • December 2026: Upgraded 10,000 sq ft banquet space reopens
  • January 2027: Brand-new 10,000 sq ft banquet hall opens
  • Total event space: 20,000 sq ft adjacent to 463 rooms at Marriott
  • Full banquet revenue expected from Q4 FY27

Capital Structure and Balance Sheet

Rights Issue Details:

  • Amount raised: ₹105.83 Cr
  • Shares allotted: 92,03,008 equity shares
  • Allotment date: September 15, 2026
  • Issue price: ₹115 per share (including ₹105 premium)
  • Purpose: Debt repayment and general corporate purposes

Balance Sheet Position (as of September 30, 2026):

  • Net worth: ₹375.90 Cr (increased from ₹266.80 Cr on March 31, 2026)
  • Cash and current investments: ₹125.55 Cr
  • Debt-to-equity ratio: 0.70x (improved from 0.99x)

Corporate Actions and Integration

Subsidiary Integration:

  • Marriott Executive Apartments (SLN Terminus Hotels & Resorts Pvt. Ltd.) became wholly owned subsidiary effective December 29, 2025
  • Novation Agreement executed on September 29, 2026
  • Operations transferred to Viceroy Hotels Limited name effective October 1, 2026
  • Note: Q2 FY26 and H1 FY26 figures do not include this subsidiary

Management Commentary

Mr. Ravinder Reddy Kondareddy, Managing Director & CEO, stated that H1 FY27 has been strong with consolidated total income growing 61%, EBITDA growing 81%, and profit after tax rising 2.7 times over H1 FY26. He noted that EBITDA margin expanded 286 basis points (discrepancy with reported 221 bps noted).

He highlighted healthy demand in Hyderabad from corporate travel, MICE, and weddings, with the second half traditionally being the busier season for city hotels. The upgraded convention centre and new Courtyard by Marriott at Madhapur are expected to enhance capacity to serve this demand.

Historical Context

  • FY26 consolidated performance: Total Income ₹149.73 Cr, EBITDA ₹44.57 Cr, PAT ₹18.32 Cr
  • H1 FY27 EBITDA of ₹24.68 Cr represents 55% of full-year FY26 EBITDA
  • H1 FY27 Total Income of ₹93.99 Cr represents 63% of FY26 Total Income

Accounting Notes

EBITDA includes other income; margins are computed on revenue from operations. All figures are consolidated and include the wholly owned subsidiary SLN Terminus Hotels & Resorts Pvt. Ltd. (Marriott Executive Apartments) from December 29, 2025.