Chalet Hotels Ltd — earnings calls

Chalet Hotels reported Q1 FY27 core business revenue (excluding residential) up 10% year-on-year to INR5,140 million with EBITDA up 15% to INR2,400 million and margin expansion of 231 bps to 46.7%. Hospitality revenue grew 9% to INR4,185 million while RevPAR rose 6.5% on the back of an 8.5% increase in average daily rates, though international footfall stayed flat due to the West Asia conflict. Management also detailed progress on the Powai commercial complex, the Vashi and FPS renovations, Athiva Khandala ramp-up, and the commercial real estate business, which posted 18% revenue growth and an 85% EBITDA margin.

Chalet Hotels reported consolidated revenue for FY26 crossing INR25 billion and EBITDA crossing INR10 billion, with ex-residential revenue growing 18% year-on-year and EBITDA up 21%. For Q4 FY26, RevPAR declined 3% year-on-year primarily due to weakness in Mumbai, driven by municipal elections, a long weekend, and geopolitical tensions in West Asia that caused cancellations, particularly among foreign tourist arrivals. Management discussed new acquisitions in Udaipur and an ultra-luxury Ritz-Carlton project in Hyderabad, along with progress on the CIGNUS II Powai and Taj Delhi Airport projects.