Kamat Hotels (India) Ltd

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.

Meeting Details

• Date and time: August 12, 2026 at 12:00 IST.
• Meeting type and mode: Earnings conference call audio recording (virtual).
• Organiser: Valorem Advisors.
• Key company participants: Company Secretary & Compliance Officer.
• Purpose: Audio recording of Q1 & FY27 earnings conference call.
• Availability: Recording posted on company website.

Business Overview

• KHIL operates luxury to mid-market hotels under Orchid, IRA by Orchid, Lotus, and Fort JadhavGadh brands.
• Uses asset-light model including leases, revenue sharing, and management contracts to expand footprint.
• Orchid is Asia's first ecotel hospitality chain with sustainability focus.
• Group ARR and occupancy reflect mix of owned, leased, and managed properties.
• Pipeline includes 7 new properties totaling 620+ keys across 5 states.

Key Operational Highlights

• Opened IRA by Orchid, Bhavnagar, a 50-key leased property in Gujarat.
• Entered agreement to manage a 63-key Orchid hotel in Dwarka, opening Dec 2026.
• Q1 FY27 occupancy rose to 66% from 55% YoY.
• EBITDA margin expanded 530 basis points YoY to 27%.
• PAT margin improved 559 bps YoY to 11% in Q1 FY27.
• New properties added; ARR moderated due to ramp-up.
• Pipeline: 7 new properties and 620+ keys across 5 states.

Financial Performance

• Operational income ₹905 Mn, up 10% YoY.
• EBITDA ₹246 Mn, up 36%, margin 27%.
• PBT ₹136 Mn, up 72%; PAT ₹97 Mn, up 126%.
• PAT margin 11% vs 5%.
• EPS diluted ₹3.19 vs ₹1.42.
• Net debt ₹383 Mn; cash & equivalents ₹662 Mn.
• Group ARR ₹5,678; occupancy 66% (group level).

Capital Structure & Liquidity

• Debt substantially reduced since FY24.
• Net debt ₹383 Mn after cash ₹662 Mn deposits.
• Liquidity position improved due to deleveraging.

Strategic Priorities & Outlook

• Focus on topline growth via RevPAR and new projects.
• Cost optimization and digitization to drive margins.
• Strengthen brand portfolio, expand distribution, enter high-growth cities.
• Asset-light expansion targeting 30%+ EBITDA margins.
• Capex allocation focused on growth; disciplined funding.
• Deploy capital judiciously for growth.

Risks & Mitigation

• New properties ramp-up may suppress ARR in near term.
• Mitigation: cost optimization and digitalization to sustain margins.

Governance & Leadership

• Board comprises independent directors; core management team listed.
• CFO Milind Wadekar; Group GM Nikhil Singh; SVP Ops Varun Sahni.
• Chairman Dr. Vithal Kamat; Executive Director Vishal Kamat.
• Independent Directors include Harinder Pal Kaur, Ramnath Sarang, Tej Mayur Contractor, Ajit Naik.

Financial highlights

• Standalone Q1 FY27: Revenue ₹5,852.73 lakhs; PAT ₹1,062.91 lakhs; EPS ₹3.50.
• Standalone Q1 FY27: Total income ₹6,585.87 lakhs.
• Consolidated Q1 FY27: Total income ₹9,301.29 lakhs; PAT ₹969.39 lakhs; EPS ₹3.19.
• Consolidated Q1 FY27: Revenue from operations ₹9,053.66 lakhs.

Corporate actions & governance

• ESOS 2026: up to 8,84,500 options; exercise price at face value; vesting over four years.
• Internal Auditor: M/s Kirtane & Pandit LLP reappointed for FY 2026-27.
• Director continuation: Vilas Koranne to remain NED beyond 75, subject to shareholder approval.
• AGM: 39th AGM on Sept 26, 2026 via VC/OAVM.
• No reportable Ind AS-108 segments; hospitality is the only segment.
• Going concern: OHPPL and MPPL continue on going concern basis with holding company support.
• ED matter: ₹500 lakhs deposited; no further communication received.
• Lease extension: Lotus Resort-Konark extended to Sept 2026; expected extension to Feb 2029.

Meeting Details

• Date and time: August 12, 2026, at 12:00 IST.
• Mode: Group earnings conference call, virtual.

Participants

• Organiser: Valorem Advisors (Investor Relations).
• Company management: Executive Director; CFO; Company Secretary & Compliance Officer.

Purpose

• Discuss Q1-FY2027 unaudited results for quarter ended June 30, 2026.

Additional Notes

• Recording or transcript availability not specified.

Meeting Details

• Board meeting on August 11, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve Unaudited Standalone and Consolidated Financial Results for quarter ended June 30, 2026.
• Notice of 39th AGM for FY 2025-26.

Other Notes

• Trading window closed until 48 hours after the unaudited results announcement.

Dematerialisation processing and listing

• Securities received for dematerialisation during the period were confirmed to depositories.
• Securities dematerialised have been listed on the stock exchanges where the earlier issued securities are listed.
• Physical certificates were mutilated and cancelled after verification, and the depository's name substituted as registered owner within timelines.