Kamat Hotels (India) Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Kamat Hotels (India) Ltd filed with BSE on 14 Aug 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
Kamat Hotels reported consolidated revenue of Rs 91 crore for Q1 FY27, up 10% year-on-year, with EBITDA rising 36% to Rs 25 crore and EBITDA margins expanding to 27% from 22% a year earlier. Management attributed the growth to pricing discipline, operational efficiency, and ramp-up of newer properties including Orchid Panchgani, Orchid Rishikesh, Ira by Orchid Hyderabad and Ira by Orchid Bhavnagar. The company also discussed its hotel pipeline, including upcoming openings in Dwarka, Gwalior, Dehradun, Nashik, Rishikesh and Mandvi, and stated its consolidated net debt stood at Rs 38 crore.
Numbers mentioned
Consolidated revenue: Rs 91 crore (Q1 FY27)
p. 6
“Consolidated revenue for the quarter stood at INR 91 crore, a growth of 10% over INR 83 crore in Q1 FY26.”
Milind Wadekar, page 6 of the filed PDF · View the filing
Consolidated EBITDA: Rs 25 crore (Q1 FY27)
p. 6
“Importantly, our focus on driving operating leverage has translated into 36% growth in consolidated EBITDA to INR 25 crore, compared to INR 18 crore same quarter last year.”
Milind Wadekar, page 6 of the filed PDF · View the filing
EBITDA margin: 27% (Q1 FY27)
p. 7
“EBITDA margins have expanded by a robust 530 points that is around 5.3% to 27% for the quarter compared to 22% in Q1 FY26.”
Milind Wadekar, page 7 of the filed PDF · View the filing
Flow through: more than 75% (Q1 FY27)
p. 7
“It was more than 75% despite four new properties added in Q1 FY27.”
Milind Wadekar, page 7 of the filed PDF · View the filing
Same-store revenue growth: 17% (Q1 FY27 vs Q1 FY26)
p. 7
“the revenue grew by 17% year on year and EBITDA grew by 21%.”
Milind Wadekar, page 7 of the filed PDF · View the filing
Orchid Mumbai revenue growth: 35% (Q1 FY27 vs Q1 FY26)
p. 7
“Orchid Mumbai revenue grew 35% year on year with EBITDA up 50% year on year.”
Milind Wadekar, page 7 of the filed PDF · View the filing
Orchid Pune revenue growth: 27% (Q1 FY27 vs Q1 FY26)
p. 7
“Orchid Pune revenue grew 27% year on year and we are rationalizing cost here to improve margins further.”
Milind Wadekar, page 7 of the filed PDF · View the filing
RevPAR growth - Orchid brand: 18% (Q1 FY27)
p. 7
“RevPAR for our two brands that is Orchid and Lotus grew 18% and 17% respectively in Q1 FY27.”
Milind Wadekar, page 7 of the filed PDF · View the filing
PAT growth: 126% (Q1 FY27 vs Q1 FY26)
p. 7
“This combined with strong operating KPIs and stringent cost control drove a 126% growth impact to INR 9.7 crores against INR 4.3 crores last year.”
Milind Wadekar, page 7 of the filed PDF · View the filing
Consolidated debt: Rs 105 crore (Q1 FY27)
p. 7
“The consolidated debt as of last quarter is INR 105 crores with cash, cash equivalent fixed deposits of INR 65 crores resulting in net debt of INR 38 crores.”
Milind Wadekar, page 7 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.
Orchid Dwarka opening — opening in November-December · Q3 FY27
stated firmly by Vishal Vithal Kamat
p. 8
“One is the Orchid Hotel, Dwarka, which should open in this coming November-December.”
Vishal Vithal Kamat, page 8 of the filed PDF · View the filing
Gwalior hotel opening — end October-November · FY27
stated firmly by Vishal Vithal Kamat
p. 8
“And similarly Gwalior, we see it as end October-November.”
Vishal Vithal Kamat, page 8 of the filed PDF · View the filing
Dehradun hotel opening — delayed by another six months
stated conditionally by Vishal Vithal Kamat
p. 5
“That could be delayed by another six months.”
Vishal Vithal Kamat, page 5 of the filed PDF · View the filing
Nashik hotel opening — before Kumbh
stated as an aspiration by Vishal Vithal Kamat
p. 5
“The target is to open before the main Kumbh.”
Vishal Vithal Kamat, page 5 of the filed PDF · View the filing
EBITDA margin — 30% · two to three years
stated as an aspiration by Milind Wadekar
p. 11
“Not immediately. I mean, we have to walk that path. But our internal target is two to three years.”
Milind Wadekar, page 11 of the filed PDF · View the filing
New room key additions — around 400 keys · 12 to 15 months
stated conditionally by Milind Wadekar
p. 12
“So, we are looking at around 400 keys addition, maybe next one year or 15 months from now.”
Milind Wadekar, page 12 of the filed PDF · View the filing
Net debt target — zero
stated as an aspiration by Vishal Vithal Kamat
p. 3
“Our target which was and is to be absolutely zero and we are on the target to make net zero and eventually zero on our balance sheet towards that.”
Vishal Vithal Kamat, page 3 of the filed PDF · View the filing
Revenue/EBITDA guidance for FY27 — FY27
stated conditionally by Milind Wadekar
p. 15
“we don't want to give any guidance as such. But what we can tell you is the tailwinds or growth drivers are very strong, and we are expected to show growth on a quarter-on-quarter basis.”
Milind Wadekar, page 15 of the filed PDF · View the filing
Renovation CAPEX guidance — next quarter
stated conditionally by Milind Wadekar
p. 16
“So, we'll give guidance on that maybe next quarter or so.”
Milind Wadekar, page 16 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 Dwarka and Gwalior are on track for later openings, with some owner-side delays but no supply chain issue tied to the war.
Answered by Milind Wadekar
Asked by Rohan Joshi: Are the planned property openings on track or has supply chain / LPG availability affected timelines?
p. 8
“So, Rohan, if your question is supplying chain challenges on account of war, has that impacted? The answer is no.”
Milind Wadekar, page 8 of the filed PDF · View the filing
Management expects the improving occupancy trend to continue through the remaining quarters given seasonal business pickup.
Answered by Milind Wadekar
Asked by Rohan Joshi: What is the outlook for occupancy in Q2 and Q3?
p. 8
“So, Q1 occupancy growth has shown good trend, and we expect this trend to continue for the remaining three quarters.”
Milind Wadekar, page 8 of the filed PDF · View the filing
The CFO said the company is evaluating growth options and highlighted comfortable balance sheet leverage.
Answered by Milind Wadekar
Asked by Gunit Singh: Is there a strategic pivot planned by the new CFO?
p. 9
“So, we are evaluating various growth options. I mean, I don't want to say anything now.”
Milind Wadekar, page 9 of the filed PDF · View the filing
Management said no, all such hotels are now profitable after lease charges.
Answered by Milind Wadekar
Asked by Gunit Singh: Are hotels opened before FY26 still loss-making?
p. 10
“No, no, not really, not really. I mean, all are making profit after lease charges.”
Milind Wadekar, page 10 of the filed PDF · View the filing
Management explained they choose between ARR and occupancy growth depending on the micro market, citing Mumbai as an example of prioritizing occupancy.
Answered by Milind Wadekar
Asked by Gunit Singh: What is driving flat ARR at Orchid hotels and are price hikes planned?
p. 10
“Now, as I already covered in my opening remarks, my Mumbai property occupancy went up to 91% and RevPAR went up to almost 40%.”
Milind Wadekar, page 10 of the filed PDF · View the filing
Management said the margin improvement is structural, from both revenue growth and cost rationalization including renewable energy adoption.
Answered by Milind Wadekar
Asked by Pranav Naik: What drove the EBITDA margin improvement and is it sustainable?
p. 11
“Pranav, this is long-term. I mean, our target is to take EBITDA margins up to 30% and it comes from both.”
Milind Wadekar, page 11 of the filed PDF · View the filing
Management listed the pipeline properties and gave a 12-15 month timeframe with possible delays.
Answered by Milind Wadekar
Asked by Akshay Sawla: What is the current hotel pipeline and expected additions in FY27?
p. 12
“So, we are looking at around 400 keys addition, maybe next one year or 15 months from now. That is Gwalior, Dehradun, Dwarka, Nashik, Rishikesh and Mandvi Kutch.”
Milind Wadekar, page 12 of the filed PDF · View the filing
Management declined to give specific guidance but pointed to strong growth drivers.
Answered by Milind Wadekar
Asked by Gunit Singh: Can management give topline or EBITDA guidance for the year?
p. 15
“So, Gunit, we don't want to give any guidance as such. But what we can tell you is the tailwinds or growth drivers are very strong, and we are expected to show growth on a quarter-on-quarter basis.”
Milind Wadekar, page 15 of the filed PDF · View the filing
Management said most properties are leased with minimal capex, and guidance on renovation capex would come next quarter.
Answered by Milind Wadekar
Asked by Ronak Agarwal: What CAPEX is planned for FY27 and FY28?
p. 16
“Okay. So, most of our properties are on lease where our component of CAPEX is very minimum.”
Milind Wadekar, page 16 of the filed PDF · View the filing
Risks flagged
Delays in new hotel openings due to owner-side capex and execution issues
p. 8
“And in Gwalior, it is opening now, but it could have opened a little earlier, but then based on whatever the owner, because the owner has to do the capex, the owner has to do the various certain things.”
Vishal Vithal Kamat, page 8 of the filed PDF · View the filing
Dehradun project delayed significantly
p. 8
“I mean, like Dehradun should have opened a long time back, at least a year back.”
Vishal Vithal Kamat, page 8 of the filed PDF · View the filing
Nashik project delayed due to technical issues beyond owner's control
p. 8
“Nashik has been a little delayed due to certain technical points, which is beyond the scope of the owner, considering certain things which are there.”
Vishal Vithal Kamat, page 8 of the filed PDF · View the filing
New hotels post an initial P&L loss before stabilizing
p. 10
“So, those are, but naturally in the initial, there is going to be a P&L loss on that front.”
Vishal Vithal Kamat, page 10 of the filed PDF · View the filing
ARR growth constrained by competitive market resistance in some markets
p. 10
“So, I mean, where we think there will be resistance to further improvement in ARR, we go through occupancy route.”
Milind Wadekar, page 10 of the filed PDF · View the filing
Global travel disruptions such as fuel shortages and airline cancellations affected outbound travel patterns
p. 4
“airline cancellations were rampant not only in the Gulf where it was due to war but it is also in Southeast Asia where certain countries could not meet their requirement of fuel for aviation and hence many had curtailed”
Vishal Vithal Kamat, page 4 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.