Kamat Hotels (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Kamat Hotels (India) Ltd filed with BSE on 16 May 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 Q4 FY26 consolidated revenue of INR 110 crores, up approximately 19% year-on-year, with EBITDA of INR 32 crores at a 29% margin and PAT of INR 18 crores, up 59% year-on-year. For full year FY26, consolidated revenue was INR 386 crores reflecting 8% growth, EBITDA was INR 97 crores at a 25.1% margin, and PAT was INR 39 crores at a 10.1% margin. Management discussed occupancy and ARR declines at IRA and Fort Jadhavgadh due to new hotel additions diluting brand-level metrics, the discontinuation of the IRA Mumbai lease, rising labor costs from the new wage code, and the appointment of a new CFO, Mr. Milind Wadekar.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR 110 crores (Q4 FY26)
p. 4
“It was basically, on a consolidated basis, revenue for the 4th Quarter stood at INR 110 crores, representing an increase of approximately 19% year-on-year.”
Vishal Vithal Kamat, page 4 of the filed PDF · View the filing
EBITDA: INR 32 crores (Q4 FY26)
p. 4
“EBITDA for the quarter also was at INR 32 crores, improving the EBITDA margins to 29%, reflecting an expansion of 213 basis points year-on-year.”
Vishal Vithal Kamat, page 4 of the filed PDF · View the filing
Profit after tax: INR 18 crores (Q4 FY26)
p. 4
“Profit after tax for the quarter stood at INR 18 crores, representing a 59% year-on-year increase, while PAT margins stood at 16%.”
Vishal Vithal Kamat, page 4 of the filed PDF · View the filing
Revenue: INR 386 crores (FY26)
p. 4
“For the full year FY26, the consolidated revenue stood at INR 386 crores, reflecting an 8% growth.”
Vishal Vithal Kamat, page 4 of the filed PDF · View the filing
EBITDA: INR 97 crores, 25.1% margin (FY26)
p. 4
“The EBITDA for the year stood at INR 97 crores with EBITDA margins of 25.1%, while the profit after tax stood at INR 39 crores, translating into a PAT margin of 10.1%.”
Vishal Vithal Kamat, page 4 of the filed PDF · View the filing
IRA Mumbai top-line contribution: INR 50 crores (FY26)
p. 9
“So, IRA Mumbai was contributing top-line almost INR 50 CR.”
Vishal Vithal Kamat, page 9 of the filed PDF · View the filing
Total company loan: INR 86 crores
p. 14
“And we have INR 86 CR as our total company loan.”
Vishal Vithal Kamat, page 14 of the filed PDF · View the filing
Cash in hand: approximately INR 40 crores
p. 14
“And we have cash in hand, approximately, between INR 35 CR and INR 40 CR. I think it's around INR 40 CR.”
Vishal Vithal Kamat, page 14 of the filed PDF · View the filing
Interest rate on borrowing: 9.75%
p. 14
“So, sir, our current interest rate from Axis Finance is at 9.75%.”
Vishal Vithal Kamat, page 14 of the filed PDF · View the filing
Keys added: approximately 250-260 keys (FY26)
p. 12
“Approximately 250-260 keys were added.”
Vishal Vithal Kamat, page 12 of the filed PDF · View the filing
Wage code impact: INR 4 crore
p. 9
“So, first and foremost, the wage code impact has been about INR 4 crore, which is there to stay.”
Vishal Vithal Kamat, page 9 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.
IRA Bhavnagar opening — June opening · June
stated firmly by Vishal Vithal Kamat
p. 4
“So, Bhavnagar IRA will open by June.”
Vishal Vithal Kamat, page 4 of the filed PDF · View the filing
Dehradun hotel opening — estimated September opening · September
stated conditionally by Vishal Vithal Kamat
p. 7
“We estimate it to come in September.”
Vishal Vithal Kamat, page 7 of the filed PDF · View the filing
New keys operationalized — 150 to 200 keys · FY27
stated conditionally by Vishal Vithal Kamat
p. 12
“This year we should be looking at operating additionally opening at least 150 to 200 keys.”
Vishal Vithal Kamat, page 12 of the filed PDF · View the filing
EBITDA from IRA Mumbai closure — INR 1 crore to INR 2 crore improvement · FY27
stated firmly by Vishal Vithal Kamat
p. 9
“So, you can say technically EBITDA positive by INR 1 crore, INR 1.5 crore and INR 2 crores at least.”
Vishal Vithal Kamat, page 9 of the filed PDF · View the filing
Chandigarh hotel revenue target — North of INR 20-22 crore · FY27
stated as an aspiration by Vishal Vithal Kamat
p. 9
“But this year we expected to do INR 20 crore North.”
Vishal Vithal Kamat, page 9 of the filed PDF · View the filing
FY27 top-line growth guidance — FY27
stated as an aspiration by Vishal Vithal Kamat
p. 12
“I would not like to speculate on any or give any guidance or give any kind of input on that point.”
Vishal Vithal Kamat, page 12 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 IRA Mumbai contributed about INR 50 crore in top line with roughly INR 20 crore EBITDA, but the closure would actually be EBITDA positive due to admin cost removal.
Answered by Vishal Vithal Kamat
Asked by Pankaj: What was IRA Mumbai's contribution to FY26 top line and bottom line, and how will the loss be recovered?
p. 9
“So, IRA Mumbai was contributing top-line almost INR 50 CR.”
Vishal Vithal Kamat, page 9 of the filed PDF · View the filing
Management cited a new wage code impact of about INR 4 crore that is permanent, a one-time INR 2 crore payout from IRA closure, and payroll costs from new hotels that will get absorbed as those properties mature.
Answered by Vishal Vithal Kamat
Asked by Pankaj: What explains the roughly 4% EBITDA margin compression from FY25 to FY26?
p. 9
“One of the major costs, if you see, sir, has gone up is our labor cost.”
Vishal Vithal Kamat, page 9 of the filed PDF · View the filing
Management explained other income includes rental income and inter-company interest, including repayment with interest from a sister concern, Ilex; a detailed breakdown on finance cost was deferred.
Answered by Vishal Vithal Kamat
Asked by Guneet Singh: What is driving the other income of INR 10 crore and the increase in finance cost despite lower borrowings?
p. 10
“We have rental income. We have other income from cross basically interest from our companies given to each other.”
Vishal Vithal Kamat, page 10 of the filed PDF · View the filing
Management said approximately 250-260 keys were added, with a broad EBITDA drag of about INR 10 crore, of which INR 6 crore would be recovered through routine operations.
Answered by Vishal Vithal Kamat
Asked by Sagar Tanna: How many keys were added in FY26 and what was the EBITDA drag from newer properties?
p. 12
“Broadly if I have to say that, I would say that you can take INR 10 crore broadly as the drag in terms of if I was to say this is the labor cost, this is the deployment cost, this is the various other expenses.”
Vishal Vithal Kamat, page 12 of the filed PDF · View the filing
Management said there was no plan to prepay debt, preferring to retain cash as a contingency buffer while funding expansion through internal accruals.
Answered by Vishal Vithal Kamat
Asked by Sanjeev Pandya: Given the excess cash balance, will the company use it to prepay debt rather than hold contingency cash?
p. 14
“Sir, there is no point in me prepaying INR 86 CR. with this INR 40 CR and bring it down to INR 46 CR.”
Vishal Vithal Kamat, page 14 of the filed PDF · View the filing
Risks flagged
Material and supply availability challenges, including LPG shortages affecting tile manufacturing and construction, delaying new project execution
p. 3
“And at the same time, new project executions would be challenging because of material supply availability today because of LPG.”
Vishal Vithal Kamat, page 3 of the filed PDF · View the filing
Delays in upcoming hotel projects such as Orchid Dehradun, Orchid Gwalior and Orchid Nashik
p. 3
“With this backdrop, we also know that overall, we have some upcoming projects which have got delayed, whether it is the Orchid Dehradun, Orchid Gwalior, the IRA by Orchid in Bhavnagar.”
Vishal Vithal Kamat, page 3 of the filed PDF · View the filing
Reduced international flight capacity and foreign travel affecting inbound tourism
p. 4
“Including domestic aviation companies also have reduced their foreign travel, like Air India has cancelled.”
Vishal Vithal Kamat, page 4 of the filed PDF · View the filing
Loss of IRA Mumbai property and associated top-line contribution
p. 9
“That INR 50 CR is now not going to be there.”
Vishal Vithal Kamat, page 9 of the filed PDF · View the filing
Rising labor costs due to new wage code implementation
p. 9
“But what is not there to stay is approximately, you can say, INR 2 crore of impact in terms of payout from the closure of IRA.”
Vishal Vithal Kamat, page 9 of the filed PDF · View the filing
Uncertainty and delays in imported material availability affecting construction timelines
p. 7
“But now there is a gap. So, we have to manage it.”
Vishal Vithal Kamat, page 7 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.