Kamat Hotels (India) Ltd

AGM Details

• AGM held Sep 26, 2026 at 11:30 a.m. via VC/OAVM.
• Record date for voting eligibility: Sep 18, 2026.
• Remote e-voting open Sep 23–25, 2026.
• Six members eligible to vote on the resolutions.

Resolutions and outcomes

• Ordinary: Standalone financials adopted — Passed.
• Ordinary: Consolidated financials adopted — Passed.
• Ordinary: Re-appointment of Dr. V. V. Kamat — Passed.
• Special: ESOP Scheme 2026 approved — Passed.
• Special: ESOP grant under Scheme 2026 approved — Passed.
• Special: Continue director beyond age 75 approved — Passed.

Director changes

• Dr. Vithal V. Kamat retires by rotation; re-appointment approved.

Kamat Hotels (India) Ltd — Closure of Trading Window from Oct 01, 2026 until 48 hours after the declaration of unaudited standalone and consolidated financial results for the quarter ended September 30, 2026

AGM Details

• AGM date/time/mode: 26 September 2026, 11:30 IST, via VC/OAVM.
• Remote e-voting window: Sep 23 09:30 to Sep 25 17:00; e-voting closed 12:37.
• Chairmanship: ordinary items chaired by Dr. Vithal V. Kamat; Item 3 by Ajit Naik.
• Quorum present; meeting concluded at 12:22 IST.

Resolutions

• Item 1 (Ordinary): Adoption of standalone financial statements for FY 2025-26.
• Item 2 (Ordinary): Adoption of consolidated financial statements for FY 2025-26.
• Item 3 (Ordinary): Re-appointment of Dr. Vithal V. Kamat by rotation.
• Item 4 (Special): Approval of Employee Stock Option Scheme 2026.
• Item 5 (Special): Approval of ESOPs for subsidiary employees under ESOP 2026.
• Item 6 (Special): Continuation of Vilas R. Koranne as Non-Executive Independent Director beyond 75.

Business Highlights

• Expansion noted with 650+ new operational keys added to inventory.

Financial performance

• Consolidated Revenue from operations: Rs 385.6 Cr, up 8% YoY.
• Consolidated EBITDA: Rs 96.8 Cr; margin 25.1%.
• Consolidated PAT: Rs 38.6 Cr; down 17.2% YoY.
• Consolidated Net Worth: Rs 332.6 Cr; up 19.4%.
• Consolidated Debt: Rs 110.8 Cr; down 13.2%.
• ROE: 11.6%; ROCE: 13.9%.
• Debt-to-Equity: 0.33x; Debtors turnover: 25.4x.
• EPS (Basic): Rs 12.71; Diluted: Rs 12.71.
• Dividend for FY2025-26: not declared.
• Interest coverage: 2.9x.

Expansion & operations

• Opened six hotels in FY2025-26 across Chandigarh, Rishikesh, Hyderabad, Panchgani, Dwarka and Goa.
• Growth driven by leased, revenue-sharing, and management-contract openings.
• Planned openings in FY2026-27 include Gwalior, Dehradun, Nashik, Bhavnagar.
• ILex Developers & Resorts Limited became KHIL subsidiary on 1 Apr 2025; KHIL holds 32.92%.
• CHPL became KHIL’s wholly owned subsidiary from 3 Feb 2025.
• Ilex reclassified from joint venture to subsidiary; consolidation from Apr 2025.

Dividends & capital allocation

• Dividend: KHIL did not recommend any dividend for FY2025-26.
• Charter on CSR funding; no General Reserve transfer during year.

Governance & leadership

• Board comprises 10 directors; four meetings held in 2025-26.
• CFO changes: Smita Nanda resigned 15 May 2026; Milind Wadekar appointed 1 Aug 2026.
• ESOS 2026: Special resolution; up to 8,84,500 options; vesting 1-5 years; listing on exchanges.
• Independent Woman Director required under SEBI LODR; KHIL complies.
• Statutory Auditors: M/s N. A. Shah Associates LLP; Internal Auditors: M/s Kirtane & Pandit LLP.

CSR & environmental initiatives

• CSR obligation: Rs 98.12 L; spent Rs 97.10 L; unspent Rs 97.10 L moved to Unspent CSR Account.
• CSR committee chaired by Ajit A. Naik; members Vilas Koranne, Tej Contractor, Harinder Kaur, Vidita Kamath.
• Projects include Belapur and Mahim Garden maintenance; Aurangabad social initiatives.
• Environmental initiatives: LED lighting, sensors, heat-pump water heating, STP recycling, vermicompost program.

Risks & going concern

• OHPPL: current liabilities exceed assets; going concern supported by EBITDA and holding-company backing.
• MPPL: losses and eroded net worth; management expects continued support and potential restructuring.
• Regulatory & labour-code developments may affect costs and compliance.

Subsidiaries & group structure

• KHIL has 7 wholly owned subsidiaries; plus 1 subsidiary Ilex (Apr 2025).
• CHPL acquired as KHIL subsidiary on 3 Feb 2025.
• Ilex moved from JV to subsidiary; KHIL consolidates its results from Apr 2025.

AGM Details

• AGM date and time: 26 September 2026 at 11:30 AM IST via VC/OAVM.
• Mode: Video Conferencing or Other Audio Visual Means; no physical venue.
• Remote e-voting window: Sep 23–25, 2026; cut-off date Sep 18, 2026.

Ordinary Business

• Adopt standalone financial statements for the year ended.
• Adopt consolidated financial statements for the year ended.
• Re-appoint Dr. Vithal V. Kamat as Director, retiring by rotation.

ESOS 2026 – Company

• Approve ESOS 2026 for Company employees up to 8,84,500 options.
• Options convert to equal number of shares; rank pari passu.
• Adjustments allowed for rights, bonus, merger; ceiling may increase.
• Shares issued under ESOS to be listed on stock exchanges.
• Board authorized to list shares and modify the Scheme per laws.
• Vesting: 1 year minimum, 5 years maximum; 4-year exercise window.
• Max options per employee per grant: 2,50,000.
• Exercise price not below face value; may reflect market price at grant.

ESOS 2026 – Subsidiaries

• Approve ESOS 2026 for employees of subsidiary companies under the Scheme.
• Ceiling and terms mirror Company Scheme.
• Separate special resolution required for subsidiary benefits.

Directors & Continuation

• Continue Vilas R. Koranne as Non-Executive Independent Director beyond 75.
• Term: 29 Jun 2026 to 28 Jun 2031; continues beyond 75; no remuneration.

Meeting Details

• Date and time: Aug 27, 2026, 12:00 IST; virtual investor group meet organized by Valorem Advisors.

Participants

• Key company participants: Company Secretary & Compliance Officer.

Purpose

• Purpose: Schedule/intimation of Analysts and Institutional Investors Meet.

Additional Notes

• Presentation will be available on the company website.
• Public-domain information only; UPSI will not be discussed.

Financial Performance

• Q1 FY27 consolidated revenue: Rs. 91 crores, up ~10% YoY.
• EBITDA: Rs. 25 crores; margin 27% (vs 22% in Q1 FY26).
• EBITDA flow-through: >75% on incremental revenue despite 4 new hotels.
• Same-store revenue up 17% YoY; EBITDA up 21% (excl. Ira Mumbai, new hotels).
• Mumbai occupancy 91%; RevPAR up about 40%.
• Orchid portfolio RevPAR growth: 18%; Lotus: 17% in Q1 FY27.
• ARR (ex-Ira Mumbai) ~ INR 4,069; RevPAR ~ INR 2,466 (3% growth).
• Debt: INR 105 cr; cash/investments: INR 65 cr; net debt: INR 38 cr.
• Balance sheet is comfortable; target to reach net zero over time.

Operating Update

• New properties scaling: Panchgani, Rishikesh, Ira by Orchid Hyderabad, Bhavnagar.
• Orchid Dwarka 63-room hotel to open by December this year.
• Gwalior expected to open by Oct/Nov; Dehradun delayed (~6 months).
• Nashik progressing; Rishikesh expansion on track; Mandvi on track.
• Brand.com direct bookings improving; loyalty program assisting occupancy and ARR.
• Mumbai 91% occupancy and high-margin performance illustrated in portfolio.

Balance Sheet and Cash Flow

• Debt 105 cr; cash and equivalents 65 cr; net debt 38 cr.
• Leverage remains comfortable; balance sheet is turning more robust.
• Debt capacity: up to INR 300 cr (3x forward EBITDA) on the balance sheet.
• Capital allocation: growth-driven; mix of managed/leased and owned hotels.

Projects and Capex

• Most properties on lease; minimal capex unless renovations required.
• Renovation/upgrades planned for Mumbai and Pune properties; capex guidance to come next quarter.
• Brownfield opportunities and land parcels under consideration for new hotels.
• Pipeline: ~400 keys addition in 12–15 months (Gwalior, Dehradun, Dwarka, Nashik, Rishikesh, Mandvi Kutch).

Guidance and Q&A

• EBITDA margin target: 30% in 2–3 years; not immediate.
• Milind Wadekar: Not immediately; path to 30% margin over 2–3 years.
• Capex план: normal repair & maintenance for next two years; renovation/upgrades later.
• Expected mix: expansion via asset-light and owned hotels; some brownfield/refurbishment possible.
• Q&A confirms 400-key additions in 12–15 months; tiered market strategy across Tier-1/2/3 cities.
• New property ramp-up: mature occupancy in 2–3 years; new hotels reach EBITDA-positive status in 2–3 years.