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Chalet Hotels Limited (CHALET)

₹850.25 +0.91% last close, 16 Oct

📊 NSE: CHALET 🏢 Hotels 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Chalet Hotels' revenue was ₹512 Cr (-42.7% year on year, -8.2% on the previous quarter), and net profit ₹86.1 Cr (-57.6% year on year); the operating margin was 45.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹512	-42.7%	-8.2%
Operating profit	₹234	-34.5%	-12.0%
Net profit	₹86.1	-57.6%	-47.2%
EPS (₹)	3.93	-57.7%	-47.2%
Operating margin	45.7%	—	—

Full quarterly financials → Results calendar →

CHALET delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 43.84% of the CHALET shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.23%. That is close to its usual level. Volume was 0.2 times its average, well below normal.

43.84%Delivery, 16 Oct

48.23%Own 20-session average

0.2×Volume vs its average

₹850.25NSE close · +0.91%

Delivery in the last 5 sessions: 51.0% · 43.2% · 56.4% · 40.0% · 43.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Stock Exchanges Reject Reclassification of 4 Promoter Entities to Public for Chalet Hotels

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 08 Oct 2026, 06:47 PM

Chalet Hotels Limited announced that stock exchanges have rejected its application to reclassify 4 promoter group entities to the public category under Regulation 31A of SEBI LODR Regulations. The entities involved are Sundew Real Estate, Pramaan Properties, Content Properties, and Sycamore Properties. Exchanges cited that their majority shareholder is Mindspace Business Parks REIT, whose sponsors/unitholders hold majority control in Chalet Hotels, failing Regulation 31A(3)(b) criteria. Consequently, these entities will continue to be classified under the Promoter Group (overall promoter holding currently stands at 67.29%).

Application rejected by stock exchanges via letters dated October 7, 2026
Involves 4 entities: Sundew Real Estate, Pramaan Properties, Content Properties, and Sycamore Properties
Stock exchanges cited ownership link via Mindspace Business Parks REIT failing Regulation 31A(3)(b)
Entities will continue to be classified under the Promoter Group (total holding at 67.29%)

💡 Watch for any subsequent appeal or revised filings regarding promoter shareholding classifications in upcoming quarterly shareholding patterns.

ICRA Upgrades Chalet Hotels' Outlook to Positive; Enhances NCD Limit to ₹500 Cr

🟢 POSITIVE ⭐ 6/10

OTHER 📅 30 Sep 2026, 03:04 PM

ICRA Limited has reaffirmed Chalet Hotels Limited's credit rating at [ICRA] AA- for its long-term facilities and upgraded the rating outlook from 'Stable' to 'Positive'. The agency also reaffirmed the short-term rating at [ICRA] A1+. Additionally, the proposed Non-Convertible Debentures (NCD) limit has been doubled from ₹250 crore to ₹500 crore. This outlook upgrade highlights strengthening credit metrics against the company's total debt of ₹2,105 crore.

Long-term rating reaffirmed at [ICRA] AA- with outlook upgraded from Stable to Positive
Short-term non-fund and unallocated limits reaffirmed at [ICRA] A1+
Proposed Non-Convertible Debentures limit enhanced from ₹250 crore to ₹500 crore
Rating revision communicated via ICRA letter dated September 29, 2026

💡 Monitor upcoming quarterly interest costs and terms of any proposed NCD issuances to see if the positive rating outlook yields lower borrowing spreads.

Chalet Hotels Issues ₹100 Crore Commercial Paper at 6.60% Rate

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 29 Sep 2026, 07:08 PM

Chalet Hotels has completed the allotment of 2,000 Listed, Rated, Taxable Commercial Papers (CPs) aggregating to ₹100 crore on a private placement basis. The instrument carries an issue price of ₹98,46,87,000 with a coupon rate of 6.60% and a tenure of 86 days maturing on December 24, 2026. The CPs are rated CRISIL A1+ and will be listed on the Wholesale Debt Market (WDM) segment of the BSE. Relative to the company's existing total debt of ₹2,105 crore, this represents short-term working capital funding equivalent to ~4.75% of total debt.

Allotted 2,000 commercial papers of face value ₹5,00,000 each aggregating to ₹100 crore
Issued at a discounted amount of ₹98,46,87,000 with a coupon rate of 6.60%
Short tenure of 86 days with maturity and redemption scheduled on December 24, 2026
Secured credit rating of CRISIL A1+ by CRISIL Ratings Limited
Proposed for listing on the Wholesale Debt Market (WDM) Segment of BSE Limited

💡 Track the timely redemption or rollover of the paper on December 24, 2026, alongside short-term borrowing costs in upcoming Q3 FY27 balance sheet disclosures.

Chalet Hotels Closes Trading Window from October 1, 2026 for Q2 Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Sep 2026, 05:17 PM

Chalet Hotels Limited announced the closure of its trading window starting Thursday, October 1, 2026, pursuant to SEBI Insider Trading Regulations. The closure is for the declaration of unaudited financial results for the quarter and six months ended September 30, 2026. The window will remain shut until 48 hours after the declaration of the financial results. The exact date of the board meeting will be intimated separately.

Trading window closes effective Thursday, October 1, 2026
Applies to all Designated Persons and their immediate relatives
Closure extends until 48 hours after the declaration of Q2 / H1 FY27 financial results
Date of Board Meeting for financial results will be notified separately

💡 Watch for the upcoming announcement of the Board Meeting date to track when the Q2 and half-year financial results will be declared.

Chalet Hotels AGM: Shareholders Approve Debt Fundraise via Private Placement and Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 Sep 2026, 08:28 PM

Chalet Hotels submitted the scrutinizer's report for its Annual General Meeting held on September 21, 2026, confirming that all resolutions were approved with requisite majorities. Key approvals include the adoption of FY26 financial statements, payment of final dividend, re-appointment of Director Ravi Raheja (98.62% votes in favour), and appointment of Independent Director Gautam Mehra (98.80% in favour). Additionally, a special resolution enabling fundraise through debt securities on a private placement basis was passed with 100% approval from voted shares.

All AGM resolutions passed with requisite majority; overall voter turnout stood at 95.78% (20.97 Cr votes polled out of 21.89 Cr shares)
Special resolution to raise funds via debt securities on a private placement basis approved with 100% votes in favour
Approval granted for FY26 final dividend payment and adoption of standalone and consolidated financial statements
Director Ravi Raheja re-appointed with 98.62% votes in favour (1.38% against among institutional votes)

💡 Watch for future board disclosures regarding any specific debt issuance amounts, coupon rates, or timing under the newly approved debt fundraise enablement.

Chalet Hotels AGM Approves Re. 1 Dividend & Private Placement Debt Fundraise

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Sep 2026, 07:41 PM

Chalet Hotels Limited concluded its 41st Annual General Meeting on September 21, 2026, through video conferencing. Shareholders approved all agenda items, including the adoption of FY26 financial statements and a final dividend of Re. 1 per equity share. Members also passed an enabling special resolution to raise funds via private placement of debt securities. Additionally, the reappointment of Director Ravi Raheja and appointment of Gautam Mehra as an Independent Director were approved.

41st Annual General Meeting held on September 21, 2026, concluded at 4:49 p.m.
Approval of final dividend of Re. 1 per equity share for FY 2025-26
Passed special resolution for raising funds through issue of debt securities on a private placement basis
Appointment of Gautam Mehra as Independent Director and re-appointment of Director Ravi Raheja approved

💡 Track the formal scrutiniser voting report disclosure and watch for subsequent board filings regarding the quantum and terms of any debt securities issued under the approved private placement resolution.

Chalet Hotels to Attend Annual Investor Conference – G200 Summit on September 22, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Sep 2026, 03:52 PM

Chalet Hotels Limited has informed the exchanges regarding its scheduled participation in an investor conference. The company will attend the Annual Investor Conference – G200 Summit on September 22, 2026. The interaction is slated to be an in-person group meeting. No material non-public financial information or operational data was disclosed in the filing.

Participation scheduled for September 22, 2026
Event: Annual Investor Conference – G200 Summit
Format of interaction: In-person Group meeting
Filing submitted under Regulation 30(6) of SEBI LODR

💡 Monitor any investor presentation or transcript uploaded following the September 22, 2026 conference for operational updates regarding occupancy and RevPAR trends.

Chalet Hotels Acquires 100% of Lakeview Mercantile for ~170-Room Luxury Resort in Goa

🟢 POSITIVE ⭐ 7/10

M&A 📅 07 Sep 2026, 09:18 PM

Chalet Hotels has completed the acquisition of 100% equity share capital of Lakeview Mercantile Company Private Limited on September 7, 2026, making it a wholly-owned subsidiary. The target entity owns a land parcel at Bambolim in Goa with development potential for a ~170-room luxury resort. This follows the initial intimation from May 12, 2025, and expands Chalet's pipeline from its existing capacity of 3,359 keys across 11 luxury hotels. Financial consideration details were not disclosed in this filing but were referenced to the prior intimation.

Completed execution of Share Purchase Agreement and 100% acquisition on September 7, 2026
Acquired entity owns land at Bambolim, Goa with potential for a ~170-room luxury resort
Lakeview Mercantile Company Private Limited has become a wholly-owned subsidiary
Follows initial disclosure submitted to exchanges on May 12, 2025

💡 Track management commentary on project capex, development timelines, and the brand operator partnership for the Goa luxury resort.

Chalet Hotels: Weblink Intimation for FY26 Integrated Annual Report Dispatched to Shareholders

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 31 Aug 2026, 05:56 PM

Chalet Hotels Limited has informed the stock exchanges regarding the communication dispatched to shareholders whose email addresses are not registered with the company or depository. Pursuant to Regulation 36 of SEBI LODR Regulations, 2015, the letter provides the direct weblink to access the Integrated Annual Report for FY2026. This is a procedural compliance filing and entails no financial or operational impact on the company.

Compliance filing under Regulation 36(1)(b) of SEBI LODR Regulations, 2015
Direct communication dispatched on August 28, 2026 to shareholders without registered emails
Provides direct web access to the FY2026 Integrated Annual Report and previous years' reports
Requests shareholders to register/update email addresses with depository participants

💡 Shareholders can access the FY2026 Integrated Annual Report on the company website to review comprehensive operational and ESG disclosures ahead of the Annual General Meeting.

Chalet Hotels sets AGM for Sep 21; seeks approval for Rs 1,000 Cr debt issuance & Re 1 dividend

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 29 Aug 2026, 06:26 PM

Chalet Hotels Limited has issued the notice for its 41st Annual General Meeting scheduled for September 21, 2026. Key agenda items include shareholder approval for a final dividend of Re 1 per equity share for FY26 and an enabling special resolution to issue debt securities up to Rs 1,000 crore on a private placement basis within one year. The proposed Rs 1,000 crore debt limit represents ~41.9% of TTM revenue (Rs 2,387 crore) and ~47.5% of existing debt (Rs 2,105 crore). The cut-off date for e-voting eligibility is September 15, 2026.

41st AGM convened for September 21, 2026, with remote e-voting running from September 18 to September 20, 2026.
Seeking enabling approval to raise up to Rs 1,000 crore via Non-Convertible Debentures/debt instruments on private placement basis.
Proposed final dividend of Re 1 per equity share for FY 2025-26 put forward for shareholder approval.
Approval sought for reappointment of Director Mr. Ravi Raheja and appointment of Mr. Gautam Mehra as Independent Director.

💡 Track shareholder voting results on or before September 23, 2026, and watch for any subsequent tranches of NCD issuances against the Rs 1,000 crore borrowing authorization.

Chalet Hotels to Attend Elara India Dialogue Investor Conference on Sept 2, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Aug 2026, 08:22 PM

Chalet Hotels Limited has scheduled participation in the Ashwamedh – Elara India Dialogue 2026 investor conference on September 2, 2026. The meeting will be an in-person group interaction with institutional investors and analysts. No material operational or financial updates or price-sensitive information were shared in this routine regulatory intimation.

Participation scheduled for the Ashwamedh – Elara India Dialogue 2026 conference
Meeting date scheduled for September 2, 2026
Interaction format confirmed as an in-person group meeting

💡 Track if any investor presentation or transcript is uploaded following the conference on September 2, 2026.

Rebrands 152-Key Navi Mumbai Hotel to Athiva Pulse, Autograph Collection

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 25 Aug 2026, 11:09 AM

Chalet Hotels Limited has officially rebranded its 152-room property in Navi Mumbai (formerly Four Points By Sheraton Vashi) to Athiva Pulse, Navi Mumbai - Autograph Collection, effective August 25, 2026. This marks the company's second Athiva-branded property and the second Autograph Collection hotel by Marriott International to open in India. The repositioned property includes 34 suites, a 30,000 sq. ft. wellness and lifestyle ecosystem, and 30,000 sq. ft. of event space. Representing about 4.5% of Chalet's 3,389 operational keys, this repositioning is aimed at driving higher Average Daily Rates (ADR) and premium banquet yields.

Rebranded 152-room hotel (including 34 suites) from Four Points by Sheraton to Athiva Pulse, Autograph Collection
Features a 30,000 sq. ft. wellness ecosystem ('The Daily Club') and 30,000 sq. ft. of event space
Marks the second Athiva-branded hotel for Chalet and second Autograph Collection property in India
Represents ~4.5% of Chalet's total operating portfolio of 3,389 keys across 11 hotels

💡 Monitor upcoming quarterly disclosures for RevPAR and ADR expansion in the Navi Mumbai micro-market following this premium brand repositioning.

Chalet Hotels Sets Sep 11, 2026 as Record Date for FY26 Final Dividend; AGM on Sep 21

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 24 Aug 2026, 08:27 PM

Chalet Hotels Limited has scheduled its Annual General Meeting (AGM) for FY 2025-26 on Monday, September 21, 2026, via Video Conferencing. The company has fixed Friday, September 11, 2026, as the record date for determining shareholder eligibility for the FY26 final dividend. Upon shareholder approval at the AGM, the final dividend will be disbursed within 30 days.

Record date for FY25-26 final dividend fixed as September 11, 2026
Annual General Meeting (AGM) scheduled for September 21, 2026 at 4:00 PM IST
Final dividend to be paid within 30 days of AGM shareholder approval

💡 Investors seeking dividend entitlement must hold the stock prior to the ex-dividend date associated with the September 11, 2026 record date.

381-Key Expansion: Chalet Hotels Adds Two New Properties in Hyderabad and Pune

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 05 Aug 2026, 09:15 PM

Chalet Hotels has expanded its growth pipeline by 381 keys through a strategic lease agreement with Mindspace REIT for two new 'ATHIVA' branded properties. The Hyderabad project (150 keys) involves repurposing an existing building with a launch target of FY2029, while the Pune project (231 keys) is a grey-shell development targeting FY2031. This expansion increases Chalet's total pipeline to ~2,036 keys, which represents a significant ~60% increase over its current operational capacity of 3,389 keys. The capital-efficient model defers major capex to the fit-out stage, with estimated costs ranging from ₹10.8 million to ₹13.5 million per key.

Addition of 381 keys (150 in Hyderabad, 231 in Pune) to the growth pipeline under the in-house ATHIVA brand.
Total inventory (including pipeline) to reach ~5,500 keys, a ~62% increase from the current 3,389 operational keys.
Fit-out costs estimated at ₹13.5 million per key for Hyderabad and ₹10.8 million per key for Pune.
Hyderabad project launch scheduled for FY2029; Pune project for FY2031.
Strategic lease model with Mindspace REIT reduces site-acquisition risks and defers capex to later development stages.

💡 Investors should monitor the execution milestones for the Hyderabad (FY29) and Pune (FY31) launches and track the performance of the 'ATHIVA' brand as it scales to become a pan-India lifestyle brand.

381-Room Expansion: Chalet Hotels Signs MoUs for New Hotels in Pune and Hyderabad

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 05 Aug 2026, 08:30 PM

Chalet Hotels has entered into binding MoUs to add 381 rooms to its portfolio through long-term leases with Mindspace Business Parks REIT SPVs. The expansion includes a 231-room hotel in Pune (FY31) and a 150-room hotel in Hyderabad (FY29) under the 'ATHIVA' brand. The estimated fit-out investment is approximately Rs 452 crore, representing ~16.3% of TTM revenue. This move utilizes an asset-light lease model to expand its luxury footprint in key commercial hubs.

Addition of 381 new rooms to the existing 3,359-key portfolio, representing an 11.3% capacity increase
Estimated fit-out investment of Rs 452 crore (Rs 10.8M to Rs 13.5M per key) to be funded via internal accruals and debt
Phased rollout with the Hyderabad project expected by FY2028-29 and Pune by FY2030-31
Strategic entry into the 'Upper Upscale' segment with the ATHIVA brand in high-demand corporate micro-markets

💡 Monitor the execution timeline for the Hyderabad office-to-hotel conversion and the impact of the 'ATHIVA' brand positioning on the company's overall Average Daily Rate (ADR).

View All CHALET Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Income grew 22% YoY to INR 17,541.22 million. Hospitality segment revenue increased 18% to INR 15,208.47 million, driven by a 20% rise in Room Revenue (INR 9,626.17 million) and 13% in F&B (INR 4,545.60 million). Rental & Annuity segment grew 59% to INR 1,969.78 million, with Lease Rent up 54% to INR 1,675.26 million.

Geographic Revenue Split

Mumbai Metropolitan Region (MMR) contributes 55% of revenue, followed by Hyderabad at 21%, Bengaluru at 13%, Pune/Khandala at 5%, NCR at 5%, and Uttarakhand at 1%.

Profitability Margins

Operating Profit Margin improved to 34% from 32% (+2 pp). Net Profit Margin declined to 8% from 19% (-11 pp) primarily due to a one-time deferred tax reversal of INR 2,021.72 million. Return on Net Worth dropped to 5% from 15% (-10 pp).

EBITDA Margin

Consolidated EBITDA grew 28% YoY to INR 7,721.89 million with a margin of 44% (up from 42% in FY24). Standalone EBITDA margin reached 45% (INR 7,642.48 million).

Capital Expenditure

FY25 capital expenditure was INR 610.90 Cr for ongoing projects, plus INR 530 Cr for the acquisition of The Westin Resort & Spa, Himalayas. Planned capex is INR 2,500-2,600 Cr over FY2026-FY2028.

Credit Rating & Borrowing

Assigned [ICRA] AA- (Stable) for NCDs and Term Loans, and [ICRA] A1+ for short-term limits. CRISIL reaffirmed 'CRISIL AA-/Stable/A1+'. Finance costs decreased 19% to INR 1,590.82 million following debt prepayment from INR 1,000 Cr QIP proceeds.

⚙️ Operational Drivers

Raw Materials

Food & Beverage supplies (representing 26% of total expenses), hotel consumables, and maintenance utilities.

Import Sources

Primarily sourced from domestic markets in Maharashtra, Karnataka, and Telangana to support regional hotel clusters.

Capacity Expansion

Current capacity is 3,359 keys across 11 luxury hotels as of October 2025. CRE segment has 1.8 million sq. ft. operational with 0.9 million sq. ft. under development in Powai, Mumbai.

Raw Material Costs

Total expenses increased 18% to INR 9,819.33 million. Procurement strategies focus on operational efficiency and cost-optimization measures which helped sustain a 40.6% operating margin in H1 FY2026.

Manufacturing Efficiency

Overall Occupancy remained stable at 73%. Average Daily Rate (ADR) increased 13% to INR 12,094, and RevPAR grew 13% to INR 8,781.

📈 Strategic Growth

Expected Growth Rate

22%

Growth Strategy

Growth is driven by organic inventory additions, strategic acquisitions (e.g., Westin Himalayas), and leasing of newly developed CRE assets (2.4 million sq. ft. total pipeline). The residential segment in Koramangala is expected to generate INR 300-400 Cr in cash flows over the next 2-3 years.

Products & Services

Luxury hotel room stays, Food & Beverage services, Commercial Real Estate (CRE) leasing, and Residential apartment sales.

Brand Portfolio

The Westin, Marriott Executive Apartments, Four Points by Sheraton, Novotel, and Lakeside Chalet.

New Products/Services

Residential segment recognized INR 721.3 Cr revenue in H1 FY2026 from 150 flats; CRE segment grew 89.9% to INR 147.0 Cr in H1 FY2026 due to new leasing.

Market Expansion

Expansion into new geographies including Uttarakhand (Westin Himalayas) and Goa. Ongoing development of 0.9 million sq. ft. CRE in Powai.

Market Share & Ranking

Established position in the luxury hospitality segment across 7 major Indian cities; dominant 55% revenue concentration in MMR.

Strategic Alliances

Long-term management contracts with Marriott International and Accor.

🌍 External Factors

Industry Trends

Hospitality industry is growing with a favorable demand-supply gap; shift towards integrated developments (Hotel + CRE) to diversify revenue streams.

Competitive Landscape

Competes with other luxury hotel chains in major metros; market dynamics are currently favorable due to rising demand and limited new supply.

Competitive Moat

Moat built on prime land parcels in high-barrier-to-entry urban markets and long-term partnerships with global brands like Marriott, ensuring high ADR and RevPAR sustainability.

Macro Economic Sensitivity

Highly sensitive to GDP growth and corporate travel cycles; inflationary pressures impact operating costs and consumer discretionary spending.

Consumer Behavior

Sharp rebound in both domestic leisure and international business travel post-pandemic.

Geopolitical Risks

Recent tensions with neighbors and active conflict with Pakistan are cited as significant risks to near-term business stability.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI Listing Regulations and SEBI (Share Based Employee Benefits) for ESOP allotments.

Taxation Policy Impact

Impacted by Finance Act 2024 which withdrew indexation benefits, leading to a one-time deferred tax asset reversal of INR 2,021.72 million in Q2 FY25.