EIH Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript EIH Ltd filed with BSE on 05 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
EIH Limited reported consolidated revenue growth of 8% for FY26 with EBITDA growth of 3%, while PAT was impacted by one-time items including a wage code impact of Rs 30 crore and a prior-year Mashobra fair valuation gain. Management described FY26 as a volatile year affected by Operation Sindoor, the West Asia conflict, extended monsoon, and flight disruptions, though it said the hotel industry remained resilient with RevPAR growth of 10-12% for the year. The company also outlined its expansion pipeline, including 825 keys of owned hotel additions by 2030 and 24 managed hotels with 1,893 keys.
Numbers mentioned
Consolidated revenue growth: 10% (Q4 FY26)
p. 3
“Consolidated revenue growth was 10% in Q4 while EBITDA grew only by 1%, due to business mix change in Q4.”
Vineet Kapur, page 3 of the filed PDF · View the filing
Consolidated revenue growth: 8% (FY26)
p. 4
“If we look at 12-month consolidated performance Revenue growth of 8% over last year.”
Vineet Kapur, page 4 of the filed PDF · View the filing
EBITDA growth: 3% (FY26)
p. 4
“EBITDA growth was 3% due to change in business mix on a higher OFS growth, as well as OAS business not being there as compared to last year.”
Vineet Kapur, page 4 of the filed PDF · View the filing
Standalone revenue growth: 14% (Q4 FY26)
p. 4
“If we look at the Q4 standalone performance, Revenue growth was at 14%, while EBITDA was flat again due to the business mix change as well as the higher expenses and wage code impact.”
Vineet Kapur, page 4 of the filed PDF · View the filing
Cash and funds balance: Rs 1,335 crore (FY26 year end)
p. 4
“The current cash funds with the company have grown to 1,335 crores versus 1,051 crores at the end of March ‘26.”
Vineet Kapur, page 4 of the filed PDF · View the filing
Cash flow from operations: Rs 993 crore (FY26)
p. 4
“we had cash flow from operations to the tune of 993 crores.”
Vineet Kapur, page 4 of the filed PDF · View the filing
Capex: Rs 680 crore (FY26)
p. 4
“Investments on Capex which was 680 crores in the current year, and we also paid dividends of 97 crores which resulted in a funds balance of 1,335 crores by the end of the year.”
Vineet Kapur, page 4 of the filed PDF · View the filing
Wage code exceptional impact: Rs 30 crore (FY26)
p. 4
“PAT was lower due to a one-time wage code impact of 30 crores, along with the one-time impact of Mashobra in the month of June.”
Vineet Kapur, page 4 of the filed PDF · View the filing
OFS segment revenue: Rs 145 crore (Q4 FY26)
p. 10
“So for Q4, our business for OFS segment was around 145 crores.”
Vineet Kapur, page 10 of the filed PDF · View the filing
Room revenue (owned hotels): Rs 1,216 crore (FY26)
p. 21
“So, the room revenue for the owned hotels was 1,216 crores for the year.”
Vineet Kapur, page 21 of the filed PDF · View the filing
F&B revenue (hotels): Rs 670 crore (FY26)
p. 21
“The F&B revenue was 670 crores.”
Vineet Kapur, page 21 of the filed PDF · View the filing
Full year occupancy (owned hotels): 76.8-77% (FY26)
p. 16
“So, the full year occupancy for our own hotels was 76.8 or 77% for the year.”
Vineet Kapur, page 16 of the filed PDF · View the filing
Full year RevPAR (owned hotels): around 17,400 (FY26)
p. 18
“The full year RevPAR for our own hotels was around 17,400 which was almost, just give me a second.”
Vineet Kapur, page 18 of the filed PDF · View the filing
RevPAR growth (owned hotels): 8.5% (FY26 vs FY25)
p. 18
“Previous year, so RevPAR grew almost by 8.5% versus last year.”
Vineet Kapur, page 18 of the filed PDF · View the filing
Capex spend: Rs 600-700 crore (FY26)
p. 18
“So overall, if you look at our investor update, we've almost spent 600 to 700 crores of CAPEX in the current year.”
Vineet Kapur, page 18 of the filed PDF · View the filing
Mumbai land conversion cost: around Rs 330 crore (FY26)
p. 23
“Yeah, so out of the expenditure, the maximum expenditure we spent was on Mumbai land conversion, which was roughly around 330 crores, where our leasehold land has been converted to freehold.”
Vineet Kapur, page 23 of the filed PDF · View the filing
Oberoi Rajgarh Palace spend: Rs 125 crore (FY26)
p. 23
“We have spent money on The Oberoi Rajgarh Palace, last year was a bigger amount of spend considering that we had gone and put the hotel in operation, at 125 crores.”
Vineet Kapur, page 23 of the filed PDF · View the filing
International hotels RevPAR growth: 13% (Q4 FY26)
p. 3
“On RevPAR for Q4 we grew at 13% and the increase happened both, across the hotels.”
Vineet Kapur, page 3 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Hebbal mixed-use development — 1.3 million square feet total, including 7.6 million square feet commercial space · by 2030
stated firmly by Vikram Oberoi
p. 11
“And that will include an Oberoi Hotel, a Trident Hotel and about 7.6, just over 7.6 million square feet of commercial space, which will include commercial, some F&B, and some retail as well.”
Vikram Oberoi, page 11 of the filed PDF · View the filing
Owned hotel key additions — 825 keys · by 2030
stated firmly by Vineet Kapur
p. 5
“By 2030 we will be adding 825 keys to our hotels portfolio, starting from Trident Vizag which opens in 2027 which is through EIH Associated Hotels, an associate company of EIH.”
Vineet Kapur, page 5 of the filed PDF · View the filing
Managed hotel key additions — 1,893 keys across 24 hotels
stated firmly by Vineet Kapur
p. 5
“When we look at the pipeline summary for managed hotels, we’re going to add 24 hotels with 1,893 keys.”
Vineet Kapur, page 5 of the filed PDF · View the filing
Oberoi Grand renovation opening — partial opening, 50 keys · September this year
stated conditionally by Vikram Oberoi
p. 13
“Currently, we're sticking to that.”
Vikram Oberoi, page 13 of the filed PDF · View the filing
Capex — higher towards FY29-30 · FY29-30
stated firmly by Vineet Kapur
p. 18
“Considering the new hotels and the old hotels which are coming through, we'll keep spending in that range in the next one or two years. And that will go up, I will not disclose the numbers, but it will go up higher towards ‘29-30 when other bigger hotels come into play.”
Vineet Kapur, page 18 of the filed PDF · View the filing
Mashobra hotel operation — continue running the hotel · till October
stated conditionally by Vineet Kapur
p. 21
“We continue to run the hotel which is valid for six months. So that will be till October. We are still waiting for further development on that. Till October, we are running it.”
Vineet Kapur, page 21 of the filed PDF · View the filing
Trident Nariman Point renovation — four floors renovation · six months
stated firmly by Vikram Oberoi
p. 23
“Yeah, so the Trident Nariman Point is six months. And like I said, that's already underway.”
Vikram Oberoi, page 23 of the filed PDF · View the filing
Average room rate strategy — drive revenue through ARR growth
stated as an aspiration by Vikram Oberoi
p. 7
“One is to drive revenue. And our objective has always been to drive it through average room rates, given our premium positioning, and that will continue to be our efforts.”
Vikram Oberoi, page 7 of the filed PDF · View the filing
Rate premium positioning — maintain highest rates in market
stated as an aspiration by Vikram Oberoi
p. 18
“So, our objective is to maintain rate premium positioning.”
Vikram Oberoi, page 18 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said January demand was unexpectedly weak, possibly linked to negative international press on air quality, while February saw strong demand aided by better weather and the AI summit.
Answered by Vikram Oberoi
Asked by Deepak Saha: What drove the strong February ARR growth and the weak January RevPAR?
p. 7
“we saw that there were deficiencies in January business; it just wasn't picking up. We ran various promotions to try and drive business, with limited success.”
Vikram Oberoi, page 7 of the filed PDF · View the filing
Management said the two levers are driving average room rates and eliminating cost waste, given limited new owned hotel supply until FY28.
Answered by Vikram Oberoi
Asked by Deepak Saha: What are the growth drivers for FY27-FY28 given limited owned-key additions?
p. 7
“with existing inventory, there are really two options only. One is to drive revenue.”
Vikram Oberoi, page 7 of the filed PDF · View the filing
Management said performance has been better than expected, led by strong domestic demand.
Answered by Vikram Oberoi
Asked by Vinamra Hirawat: How have April and May trended in ARR and occupancy?
p. 9
“broadly, it's been better than what we'd expected, just given what's happening in the world.”
Vikram Oberoi, page 9 of the filed PDF · View the filing
Management said rates have been strong from the start and the hotel has outperformed budget, though occupancy ramp-up takes time.
Answered by Vikram Oberoi
Asked by Vaibhav Mule: How has Oberoi Rajgarh performed in its first six months?
p. 11
“The rate has been strong right from the beginning. So, rate hasn't been an issue. But having said that, the hotel has done better than what we had budgeted.”
Vikram Oberoi, page 11 of the filed PDF · View the filing
Management said a change in the site location required redesign, causing the delay.
Answered by Vikram Oberoi
Asked by Vaibhav Mule: Why has the Oberoi Gandikota timeline shifted from 2028 to 2030?
p. 23
“there was a slight change in the location of the site, which caused the delay.”
Vikram Oberoi, page 23 of the filed PDF · View the filing
Management attributed the increase to business growth, higher OFS-related airport levy, repair and maintenance, CSR expenditure, legal expenses and donations.
Answered by Vineet Kapur
Asked by Amit Kadam: Why did other expenses rise 20% in Q4?
p. 20
“Also because OFS business has grown where we pay airport levy, that particular percentage has also contributed to the expense being higher.”
Vineet Kapur, page 20 of the filed PDF · View the filing
Management said the case was settled and the hotel will continue to be run until October pending further development.
Answered by Vineet Kapur
Asked by Amit Kadam: Will the Mashobra O&M contract continue in FY27?
p. 21
“the case already was settled in the month of June. Now beyond this, we should not see any impact coming on the part of Mashobra.”
Vineet Kapur, page 21 of the filed PDF · View the filing
Management detailed the capex split across Mumbai land conversion, Rajgarh, and ongoing renovations, and said Rajgarh's revenue potential is hard to quantify but comparable to other profitable Oberoi leisure hotels.
Answered by Vikram Oberoi
Asked by Rajiv Bharti: What is the split of the Rs 680 crore capex and expected Rajgarh revenue potential?
p. 24
“if you look at our Oberoi leisure hotels, the Vilas’, they are extremely profitable. And if that helps you in estimating what Rajgarh will be, that may be a good start to estimating those numbers.”
Vikram Oberoi, page 24 of the filed PDF · View the filing
Risks flagged
West Asia conflict impacting foreign travel to India
p. 3
“The crisis in the Middle East has an impact on every business, every industry, including hospitality”
Vikram Oberoi, page 3 of the filed PDF · View the filing
Negative international press on air quality potentially suppressing January travel demand
p. 7
“India got, unfortunately, a lot of very negative publicity in the international press on the very poor quality of air we have in North India.”
Vikram Oberoi, page 7 of the filed PDF · View the filing
Lack of flight connectivity limiting Khajuraho hotel demand
p. 12
“Khajuraho typically has flights from Delhi that operate in the winter months, and flights stop operating in the summer months.”
Vikram Oberoi, page 12 of the filed PDF · View the filing
Delays in managed hotel pipeline due to owner-controlled execution
p. 15
“there have been some delays with management contracts, and we don't control those. It really depends on the owners.”
Vikram Oberoi, page 15 of the filed PDF · View the filing
Possible occupancy pressure from supply additions in FY29-FY30
p. 18
“the demand might not keep pace with the supply addition.”
Deepak Saha, page 18 of the filed PDF · View the filing
Rupee devaluation and geopolitical impact on foreign bookings
p. 19
“we definitely saw bookings going down on our foreign room nights.”
Vineet Kapur, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.