Royal Orchid Hotels Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Royal Orchid Hotels Ltd filed with BSE on 29 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
Royal Orchid Hotels reported FY26 consolidated revenue from operations of INR384 crores, up from INR319 crores, with EBITDA of INR110 crores and PAT of INR33 crores after exceptional items. Management attributed part of the PAT decline to a non-cash Ind AS hit of around INR15-16 crores related to the newly opened ICONIQA Mumbai property, and noted the property's occupancy fell in March due to war-related cancellations after strong January and February. The company declined to give forward guidance for FY27-28 citing geopolitical uncertainty, while highlighting an upcoming pipeline of 52 signed hotels and a long-term franchise agreement with Hilton for the Hampton brand.
Numbers mentioned
Revenue from operations: INR384 crores (FY26)
p. 3
“On a consolidated basis for FY26, revenue from operations increased to INR384 crores from INR319 crores last year.”
Chander K. Baljee, page 3 of the filed PDF · View the filing
EBITDA: INR110 crores (FY26)
p. 3
“EBITDA stood at INR110 crores, reflecting the resilience and efficiency of our operating platform.”
Chander K. Baljee, page 3 of the filed PDF · View the filing
Profit after tax: INR33 crores (FY26)
p. 3
“Profit after tax reached INR33 crores after exceptional items.”
Chander K. Baljee, page 3 of the filed PDF · View the filing
Earnings per share: 11.74 rupees (FY26)
p. 3
“Earning per share stood at 11.74 rupees”
Chander K. Baljee, page 3 of the filed PDF · View the filing
Consolidated asset base: INR1,041 crores
p. 4
“Our consolidated asset base has now crossed INR1,041 crores, reflecting the scale and strength we are building into the organization.”
Chander K. Baljee, page 4 of the filed PDF · View the filing
Final dividend: INR2.5 per equity share (FY26)
p. 4
“the Board has recommended a final dividend of INR2.5 per equity share.”
Chander K. Baljee, page 4 of the filed PDF · View the filing
Cash equivalents (consolidated): around INR88 crores
p. 6
“If you really look at our balance sheet published yesterday, our cash equivalents is around INR88 crores in our consolidated balance sheet”
Amit Jaiswal, page 6 of the filed PDF · View the filing
Bank borrowings: around INR91 crores
p. 6
“if you look at our borrowings actually, the bank borrowings is around INR91 crores including the INR45 crores of the new ICONIQA Bombay.”
Amit Jaiswal, page 6 of the filed PDF · View the filing
ICONIQA occupancy: 62% (Q4 FY26)
p. 8
“So the occupancy of ICONIQA was 62% in Q4.”
Amit Jaiswal, page 8 of the filed PDF · View the filing
ICONIQA occupancy in January: around 80% (January)
p. 8
“Jan was, I think, around 80% was there.”
Amit Jaiswal, page 8 of the filed PDF · View the filing
ICONIQA occupancy in February: around 73% (February)
p. 9
“Yeah, Feb was around 73%.”
Amit Jaiswal, page 9 of the filed PDF · View the filing
ICONIQA current quarter occupancy: 81% (Q1 FY27 (April-May))
p. 15
“In the current quarter, we are doing 81% occupancy, Chirag.”
Amit Jaiswal, page 15 of the filed PDF · View the filing
Write-off of pre-operating expenses: INR7.5 crores (FY26)
p. 8
“Yes, INR7.5 crores pre-operating expenses.”
Amit Jaiswal, page 8 of the filed PDF · View the filing
EBITDA excluding ICONIQA: INR103 crores (FY26)
p. 14
“Other than ICONIQA, the EBITDA was INR103 crores and ICONIQA EBITDA was INR7.3 crores.”
Amit Jaiswal, page 14 of the filed PDF · View the filing
PAT growth excluding ICONIQA: 16.8% (FY26)
p. 7
“the growth, the PAT growth without ICONIQA has been around 16.8%.”
Amit Jaiswal, page 7 of the filed PDF · View the filing
Regenta Hotels Private Limited top line: INR55-56 crores (FY26)
p. 17
“So, there we have done a top line of almost INR55 crores -- INR56 crores.”
Amit Jaiswal, page 17 of the filed PDF · View the filing
Regenta Hotels Private Limited EBITDA: INR20 crores (FY26)
p. 17
“Around 20, INR20 crores is the profitability.”
Amit Jaiswal, page 17 of the filed PDF · View the filing
Regenta Hotels Private Limited PBT: around INR17 crores (FY26)
p. 18
“No, INR20 crores is the EBITDA number. And after that, we transfer 5% as the brand fee to the parent company. So the PBT numbers is around INR17 odd crores.”
Amit Jaiswal, page 18 of the filed PDF · View the filing
International guest share: 19% (Q4 FY26)
p. 15
“If you really look at it, Q4FY26, 30,000 means almost 19% guests were international travellers as against 80.8% guests in domestic.”
Amit Jaiswal, page 15 of the filed PDF · View the filing
Average daily rate (ADR): grown from 5,800 to 6,000 and odd (FY26)
p. 15
“So from 5,800, we have grown to 6,000 and odd.”
Amit Jaiswal, page 15 of the filed PDF · View the filing
Signed hotel pipeline: 52 hotels, 3,600 rooms
p. 5
“There are a large number of hotels, there are 52 hotels which are signed and comprising of 3,600 rooms”
Chander K. Baljee, page 5 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.
Hotel count — 345 hotels · by 2030
stated as an aspiration by Chander K. Baljee
p. 5
“By 2030, we aim to reach 345 hotels, grow to 22,000 keys, strengthen our asset light business model, deeply integrate AI and technology into operations and build stronger connected loyalty ecosystem through Regenta Rewards.”
Chander K. Baljee, page 5 of the filed PDF · View the filing
CapEx for revenue-share hotels — INR5 crores to INR10 crores · next one year
stated firmly by Chander K. Baljee
p. 13
“Those do not require more than INR 5 crores to INR10 crores as a CapEx, which company has the money.”
Chander K. Baljee, page 13 of the filed PDF · View the filing
Revenue and EBITDA guidance — FY27-28
stated conditionally by Amit Jaiswal
p. 7
“However, after the first quarter, we'll be in a better position to give you a guidance, what we will be doing in '27-'28.”
Amit Jaiswal, page 7 of the filed PDF · View the filing
ICONIQA PAT profitability — profitable at PAT level · FY27-28
stated conditionally by Amit Jaiswal
p. 14
“Probably this year also PAT will be negative and maybe in '27-'28, we will move to a profitable position.”
Amit Jaiswal, page 14 of the filed PDF · View the filing
Managed hotel segment performance — FY27
stated as an aspiration by Keshav Baljee
p. 22
“we believe it will be a better year than last year. We believe that we are working hard towards it.”
Keshav Baljee, page 22 of the filed PDF · View the filing
Hampton by Hilton hotels — 125 operational hotels · 10 years
stated as an aspiration by Keshav Baljee
p. 23
“eventually, the idea is to have 125 operational Hampton by Hilton hotels.”
Keshav Baljee, page 23 of the filed PDF · View the filing
Fee-based management income share of EBITDA — one third to half · next three to five years
stated as an aspiration by Keshav Baljee
p. 13
“The EBITDA calculation would be somewhere one third to half, but I mean, maybe it's going to be tough to tell, depends on how much we sign up in the next three to five years.”
Keshav Baljee, page 13 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 growth will continue via an asset-light strategy combining managed, franchised and revenue-share (flexi-lease) hotels.
Answered by Chander K. Baljee
Asked by Sucrit Patil: What strategic levers is the company prioritizing to expand its portfolio and how is asset-light expansion balanced with owned property?
p. 6
“So, we're going to expand on all the fronts.”
Chander K. Baljee, page 6 of the filed PDF · View the filing
Management said giving guidance was difficult due to geopolitical issues but the company remains focused on improving performance.
Answered by Amit Jaiswal
Asked by Bharat Gianani: What was the impact of the West Asia crisis in Q4 and what medium-term guidance can be given for FY27-28?
p. 7
“keeping the geopolitical issues in place, how it is going, it has become very, very difficult for us to give any guidance.”
Amit Jaiswal, page 7 of the filed PDF · View the filing
Management explained the write-off arose from the year-end audit disagreeing with capitalization treatment.
Answered by Amit Jaiswal
Asked by Chirag Singhal: Was the INR5.5 crore pre-operating expense write-off for ICONIQA fully taken in Q4 or for the whole year?
p. 8
“it was found that around INR5.5 crores of pre-operating expenses, which we thought we can capitalize it, but they didn't agree.”
Amit Jaiswal, page 8 of the filed PDF · View the filing
Management declined to give a forward-looking number given current uncertainty.
Answered by Chander K. Baljee
Asked by Udit Sehgal: Can cash PAT reach INR100 crores by FY28?
p. 10
“I don't think we should give any statements like this. At this stage, because of this uncertainty in the world, I will refrain from giving any forward-looking statements.”
Chander K. Baljee, page 10 of the filed PDF · View the filing
Management estimated roughly a third to half depending on the mix of flexi-lease, franchise and management signings.
Answered by Keshav Baljee
Asked by Tanya Kalra: What percentage of future EBITDA is expected from fee-based management income?
p. 13
“I would say it would probably be a third of our total, but it does depend on how many flexi leases we sign.”
Keshav Baljee, page 13 of the filed PDF · View the filing
Management said PAT profitability could occur in FY26-27 but Ind AS provisions could delay it to FY27-28.
Answered by Amit Jaiswal
Asked by Anubhav Jain: When will ICONIQA Mumbai become profitable at the PAT level?
p. 14
“So as far as PAT level profitable is concerned, it will be profitable in '26, '27 itself.”
Amit Jaiswal, page 14 of the filed PDF · View the filing
Management declined to give a specific number, citing the fluid war situation, but expects a better year than last year.
Answered by Keshav Baljee
Asked by Chirag Singhal: What is the guidance for FY27 for the managed hotels segment given flat growth in FY26?
p. 22
“That being said, we believe it will be a better year than last year.”
Keshav Baljee, page 22 of the filed PDF · View the filing
Management confirmed the Hampton keys are part of the existing roadmap, with 125 hotels to be signed over 10 years.
Answered by Keshav Baljee
Asked by Rahul Bhangadia: Is the Hampton by Hilton portfolio part of the 22,000-key Vision 2030 roadmap or additional to it?
p. 23
“It's part of the roadmap. The 125 hotels is signings in a period of 10 years.”
Keshav Baljee, page 23 of the filed PDF · View the filing
Risks flagged
Geopolitical/war-related disruption affecting occupancy and ADR
p. 7
“however, last one month post-war, definitely the business has got hit. The ADRs is in challenge, the occupancies are in challenge, and it continues to grow, you know, it continues to be the challenge like that.”
Amit Jaiswal, page 7 of the filed PDF · View the filing
Rising costs including labour wages
p. 7
“Even in today's Bangalore, if you see Times of India, Bangalore, there's a big article on the cost going up, and increase in the labour wages and all the stuff.”
Amit Jaiswal, page 7 of the filed PDF · View the filing
Construction delays due to supply disruptions
p. 17
“there's been a problem in sourcing tiles from Morbi because of the LPG crisis. So, one of the projects had got delayed because of that.”
Chander K. Baljee, page 17 of the filed PDF · View the filing
Construction slowdown due to war impacting pipeline timelines
p. 16
“unfortunately construction also has been relatively disrupted due to the war. A lot of the costs have gone up.”
Keshav Baljee, page 16 of the filed PDF · View the filing
New labour code and fuel price increases raising costs
p. 22
“This new labour code and the fuel prices have added to this thing and the labour code expenses are very, very high.”
Chander K. Baljee, page 22 of the filed PDF · View the filing
Potential minimum wage increases impacting hotel industry
p. 22
“there is a news article in the Bangalore paper that they are planning to increase the minimum wages. And if they do that, it's going to be a disaster for the hotel industry.”
Chander K. Baljee, page 22 of the filed PDF · View the filing
Airlines disruption affecting occupancy
p. 11
“Then we were hit by this airlines chaos, Indigo chaos. Now yeah, although the thing lasted only a couple of days, but there's fear factors there. So occupancies across the group went down for about almost 15 days.”
Chander K. Baljee, page 11 of the filed PDF · View the filing
Non-cash Ind AS accounting impact on PAT for new hotel
p. 7
“there were one thing which has hit us is the, the Ind AS, INR15 crores -- INR16 crores Ind AS hit has come, which is notional and which is not in cash.”
Amit Jaiswal, 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.