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EIH Limited (EIHOTEL)

₹302.25 +2.65% last close, 16 Oct

📊 NSE: EIHOTEL 🏢 Hotels 📢 Latest filing: 01 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q4 FY26)

In its latest reported quarter, Q4 FY26, EIH's revenue was ₹895 Cr (+8.2% year on year, +2.5% on the previous quarter), and net profit ₹249 Cr (-4.8% year on year); the operating margin was 37.3%.

Q4 FY26 (₹ Cr)	Value	YoY vs Q4 FY25	QoQ
Revenue	₹895	+8.2%	+2.5%
Operating profit	₹334	-4.8%	-11.2%
Net profit	₹249	-4.8%	-2.3%
EPS (₹)	3.80	-5.9%	-2.3%
Operating margin	37.3%	—	—

Full quarterly financials → Results calendar →

EIHOTEL delivery percentage

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

On Fri, 16 Oct 2026, 36.0% of the EIHOTEL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.38%. That is close to its usual level. Volume was 0.5 times its average, well below normal.

36.0%Delivery, 16 Oct

49.38%Own 20-session average

0.5×Volume vs its average

₹302.25NSE close · +2.65%

Delivery in the last 5 sessions: 52.3% · 46.2% · 56.7% · 23.0% · 36.0%

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

EIH Ltd Receives ₹92.56 Lakh Income Tax Penalty for AY 2016-17

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 01 Oct 2026, 06:17 PM

EIH Limited received a penalty order from the Income-tax Department under Section 271(1)(c) for Assessment Year 2016-17, imposing a penalty of ₹92.56 lakh. The penalty pertains to additions involving a Transfer Pricing Adjustment of ₹1.83 crore and a Section 40(a)(i) disallowance of ₹0.84 crore. The penalty was levied on a protective basis as the assessing officer has not yet passed the appeal-effect order following partial relief granted by CIT(A). The amount is negligible against EIH's TTM PAT of ₹657 crore (<0.15%), and the company is appealing the order before the ITAT.

Penalty imposed under Section 271(1)(c) for AY 2016-17 totals ₹92,56,326
Pertains to a Transfer Pricing Adjustment of ₹1.83 crore
Includes a disallowance under Section 40(a)(i) amounting to ₹0.84 crore
Order received on 30th September 2026 at 10:54 PM

💡 Track the outcome of pending appeals before the Income Tax Appellate Tribunal (ITAT) and the consequential appeal-effect order.

EIH Limited Schedules Institutional Meet with Ashika Institutional Equities on Sept 1, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 27 Aug 2026, 12:39 PM

EIH Limited has informed the exchanges of an upcoming institutional meeting with Ashika Institutional Equities scheduled for Tuesday, September 1, 2026, at 11:30 A.M. This is a routine investor interaction under SEBI (LODR) Regulations, 2015. No unpublished price sensitive information is expected to be shared. The announcement does not carry any operational or financial impact.

Meeting scheduled with Ashika Institutional Equities on September 1, 2026
Scheduled meeting time is 11:30 A.M.
Filing submitted on August 27, 2026
Schedule remains subject to change as per the company's intimation

💡 Track subsequent disclosures or investor presentation uploads, if any, following the scheduled interaction.

EIH Q1 FY27: Revenue Up 15% YoY to ₹698 Cr; Pipeline of 30 New Properties by 2031

🟢 POSITIVE ⭐ 5/10

EARNINGS 📅 17 Aug 2026, 06:52 PM

EIH Limited reported a 15% YoY increase in consolidated revenue to ₹698 crore for Q1 FY27, up from ₹609 crore in Q1 FY26. Consolidated EBITDA grew to ₹207 crore from ₹195 crore, while net profit stood at ₹120 crore. Overall portfolio RevPAR rose to ₹12,801 compared to ₹11,352 last year, driven by strong domestic travel demand offsetting foreign arrival slowdowns. The management reiterated an expansion pipeline of nearly 30 new properties operational by 2031, including a major mixed-use development at Hebbal comprising 1.3 million sq ft.

Q1 FY27 consolidated revenue grew 15% YoY to ₹698 crore compared to ₹609 crore in Q1 FY26
Consolidated EBITDA increased to ₹207 crore (vs ₹195 crore in Q1 FY26), with PAT reaching ₹120 crore
Overall portfolio RevPAR rose to ₹12,801 from ₹11,352, with owned hotels RevPAR increasing from ~₹13,000 to ~₹15,000
Robust pipeline of ~30 new properties targeted for operation by 2031 across managed and owned formats
Hebbal project development underway featuring 2 hotels and over 1.3 million sq ft of commercial space

💡 Track the ramp-up of new properties like Oberoi Rajgarh, construction milestones for the Hebbal project, and the recovery of high-margin foreign tourist arrivals in H2 FY27.

EIH Limited Releases Video Recording of Investor Meet Held on August 12, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 06:24 PM

EIH Limited has provided the public access link to the video recording of its Investor Meet/Call conducted on August 12, 2026. This filing follows the initial intimation sent on August 6, 2026, and is a standard transparency measure. The call likely covered the company's FY26 performance, where it reported a TTM revenue of Rs 2,939 Cr and an OPM of 34.8%. Investors can use this recording to gauge management's progress on their 'capital-light' expansion strategy and the target of 50 new hotels by 2030.

Investor Meet/Call successfully conducted on August 12, 2026
Recording link made available to the public on the same day, August 12, 2026
Follows the prior intimation letter dated August 6, 2026
Company maintains a strategic vision to open 50 new properties by 2030
Current operational capacity stands at 4,144 keys across 30 hotels

💡 Investors should review the recording for specific commentary on RevPAR growth trends and the execution timeline for the 10 projects currently under development.

15% Revenue Growth in Q1 FY27; EIH Plans 30 New Properties by 2031

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 10:24 AM

EIH Limited reported a 15% YoY increase in consolidated revenue to ₹698 Cr for Q1 FY27, driven by strong demand in the luxury segment. Consolidated PAT rose to ₹120 Cr, though the prior year's base was lower due to a ₹110 Cr exceptional item. The company maintains a robust liquidity position with ₹1,368 Cr in surplus funds. A clear expansion roadmap is now in place, targeting 30 new properties (approximately 2,658 keys) by 2031 across owned and managed models.

Consolidated revenue grew 15% YoY to ₹698 Cr in Q1 FY27, representing ~24% of TTM revenue.
Expansion pipeline detailed with 30 new properties (2,658 keys) scheduled for opening by 2031.
Surplus funds increased to ₹1,368 Cr as of June 30, 2026, providing high financial flexibility.
The Oberoi brand achieved a RevPAR of ₹16,090, an 8.2% increase YoY, maintaining industry leadership.
Consolidated EBITDA stood at ₹207 Cr with a margin of 29.6% for the quarter.

💡 Monitor the execution timeline of the 30-hotel pipeline, particularly the 7 owned properties starting in 2027. Watch for the management's expected revival in foreign tourist arrivals for the remainder of FY27.

EIH Limited Approves Rs 1.50 Dividend at 76th AGM; All Resolutions Passed

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Aug 2026, 05:59 PM

EIH Limited (Oberoi Group) concluded its 76th Annual General Meeting on August 07, 2026, with shareholders approving all four proposed resolutions. A key outcome for investors is the formal declaration of a Rs 1.50 per share dividend for FY26, representing a 75% payout on the Rs 2.00 face value. The meeting also confirmed the re-appointment of Mr. Manoj Harjivandas Modi as a director and approved commissions for Non-Executive Independent Directors. Voting participation was significant, with over 44.18 crore valid votes cast for the dividend resolution.

Approved a dividend of Rs 1.50 per fully paid-up equity share of Rs 2.00 each for FY26.
Total valid votes cast in favor of the dividend resolution reached 44,18,20,587.
Re-appointment of Mr. Manoj Harjivandas Modi as a director passed with 99.97% votes in favor.
Approval for commission payments to Non-Executive Independent Directors passed with 99.99% favorability.
Remote e-voting period was conducted from August 04 to August 06, 2026.

💡 Investors should monitor the company's next communication regarding the dividend payment date, as the resolution has now been formally ratified by shareholders.

EIH Limited Concludes 76th AGM; Approves FY26 Dividend and Director Re-appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Aug 2026, 03:40 PM

EIH Limited (The Oberoi Group) conducted its 76th Annual General Meeting on August 07, 2026. Shareholders approved the audited financial statements for FY26, which reported a TTM revenue of ₹2,939 Cr and PAT of ₹657 Cr. Key resolutions included the declaration of a dividend for FY26 and the re-appointment of Manoj Harjivandas Modi as a Director. The management reiterated its 'capital-light' strategy to add 50 new hotels by 2030, focusing on managed properties to improve margins.

76th Annual General Meeting held on August 07, 2026, with 72 members in attendance.
Shareholders approved the adoption of audited financial statements for the year ended March 31, 2026.
Re-appointment of Manoj Harjivandas Modi as a Director was transacted as an ordinary business.
Management reiterated a strategic vision to open 50 new properties by 2030, with 10 projects currently in development.
Approval granted for the payment of commission to Non-Executive Independent Directors.

💡 Investors should monitor the upcoming disclosure of the consolidated Scrutinizer Report for voting percentages and watch for the specific dividend payout dates. The long-term focus remains on the execution of the 50-hotel expansion target by 2030.

15% Revenue Growth in Q1 FY27; EIH Adds 667 Keys to Management Pipeline

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Aug 2026, 08:55 PM

EIH Limited reported a 15% YoY increase in consolidated revenue to ₹698 crore for Q1 FY27, supported by resilient luxury travel demand. While consolidated PAT surged 226% to ₹120 crore, this was largely due to a low base; PAT excluding exceptional items grew a modest 1%. Crucially, the company added six new management agreements totaling 667 keys across India and Egypt, advancing its 'capital-light' expansion strategy. EBITDA margins saw slight compression as EBITDA growth (6%) trailed revenue growth (15%).

Consolidated revenue increased 15% YoY to ₹698 crore for the quarter ended June 30, 2026
Added 6 new management agreements totaling 667 keys, including properties in Kabini, Hampi, Coorg, Cairo, Amritsar, and Pavana
Consolidated EBITDA grew 6% YoY to ₹208 crore, reflecting some margin pressure compared to revenue growth
Consolidated PAT (excluding exceptional items) grew 1% YoY to ₹120 crore
Renewable energy consumption reached 40%, with a strategic target to hit 70% by 2030

💡 Watch for the conversion of the 667-key pipeline into operational status and its impact on management fee income, which is typically higher-margin. Investors should also monitor if EBITDA growth can catch up to revenue growth in upcoming quarters.

The Oberoi Grand Kolkata re-opening delayed to September 2028 due to restoration scope

🔴 NEGATIVE ⭐ 6/10

OTHER 📅 06 Aug 2026, 07:14 PM

EIH Limited has announced a significant extension to the renovation timeline for its flagship property, The Oberoi Grand in Kolkata. The expected re-opening date has been revised to September 2028, citing local construction restrictions and an expanded scope for structural restoration and conservation. This delay means the property will remain non-operational for a longer period, impacting the company's revenue potential from its current 4,144-key portfolio. The announcement follows a Board meeting held on August 6, 2026.

Revised re-opening date for The Oberoi Grand set for September 2028
Board meeting concluded at 6:40 P.M. on 06th August 2026 to approve the update
Delay attributed to construction restrictions in Kolkata and increased structural restoration scope
Company currently operates 4,144 keys across 30 hotels (9 owned, 21 managed)
TTM Revenue stands at Rs 2,939 Cr with a healthy OPM of 34.8%

💡 Investors should monitor for any specific financial disclosures regarding the refurbishment costs and the potential impact on the company's FY27 and FY28 revenue targets.

EIH Limited Q1 PAT Rises to ₹127 Cr; Revenue Grows 15.6% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Aug 2026, 06:55 PM

EIH Limited reported a 15.6% YoY increase in standalone revenue to ₹599.80 Cr for the quarter ended June 30, 2026. Net profit surged to ₹127.09 Cr compared to ₹36.36 Cr in the same quarter last year, primarily because the base quarter (Q1 FY26) was impacted by a ₹110.32 Cr exceptional loss related to the Wildflower Hall dispute. On a normalized basis (Profit Before Exceptional Items), growth was a steady 6.4% YoY, reflecting resilience in the luxury hospitality segment during a seasonally weak quarter.

Revenue from operations increased 15.6% YoY to ₹599.80 Cr from ₹518.77 Cr.
Net Profit reached ₹127.09 Cr, a significant jump from ₹36.36 Cr in the previous year's quarter due to the absence of exceptional losses.
Profit Before Exceptional Items and Tax grew 6.4% YoY to ₹169.72 Cr.
Employee benefit expenses rose 16.6% YoY to ₹148.73 Cr, reflecting higher operational costs.
Other expenses increased by 21.6% YoY to ₹237.09 Cr, impacting operating margins.

💡 Investors should monitor RevPAR trends as the industry enters the stronger second half of the fiscal year and track the execution of the company's 'capital-light' strategy to add 50 hotels by 2030.

EIH Limited Schedules Q1FY27 Earnings Call for August 12, 2026

🟡 NEUTRAL ⭐ 2/10

EARNINGS 📅 06 Aug 2026, 11:45 AM

EIH Limited has announced its earnings conference call for the first quarter of FY27, scheduled for August 12, 2026, at 11:00 AM IST. The call will be led by MD & CEO Vikram Oberoi and CFO Vineet Kapur to discuss the unaudited financial results for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported a TTM revenue of Rs 2,939 Cr and a PAT of Rs 657 Cr. Investors will look for updates on the company's 'capital-light' expansion strategy and its target of 50 new hotels by 2030.

Earnings conference call scheduled for August 12, 2026, at 11:00 AM IST
Discussion will focus on unaudited financial results for the quarter ended June 30, 2026
Management representation includes MD & CEO Vikram Oberoi and CFO Vineet Kapur
Company currently maintains a portfolio of 4,144 keys across 30 hotels
EIH reported a TTM OPM of 34.8% and a market cap of Rs 21,324 Cr

💡 Monitor the Q1FY27 results on August 12 to evaluate if the company is maintaining its 24% expected growth rate and to get updates on the 10 projects currently under development.

EIH Limited Submits Routine SEBI Regulation 74(5) Compliance Certificate for Q1 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jul 2026, 01:07 PM

EIH Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by the Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited, confirms the processing of dematerialization requests for the quarter ended June 30, 2026. This is a standard administrative filing required by all listed entities to confirm that share certificates have been mutilated and the depository's name substituted in the records. It has no impact on the company's financial health or its market capitalization of Rs 21,893 Cr.

Compliance certificate issued for the quarter ended June 30, 2026
Certificate provided by RTA MUFG Intime India Private Limited dated July 7, 2026
Official submission to NSE and BSE completed on July 15, 2026

💡 No action is required as this is a procedural regulatory filing. Investors should monitor upcoming quarterly financial results for updates on the company's 'capital-light' expansion strategy.

EIH Limited Schedules 76th AGM for August 7, 2026; Releases FY26 Annual Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 08:18 PM

EIH Limited has announced that its 76th Annual General Meeting (AGM) will be held on August 7, 2026, via video conferencing. The company has dispatched physical letters to shareholders whose email addresses are not registered, providing them with the web link to the Annual Report for the Financial Year 2025-26. This is a standard regulatory procedure following a fiscal year where the company reported a TTM revenue of ₹2,939 Cr and a PAT of ₹657 Cr. The cut-off date for identifying shareholders for this communication was July 3, 2026.

76th Annual General Meeting scheduled for August 7, 2026, at 11:30 A.M.
Cut-off date for identifying shareholders without registered emails was July 3, 2026.
Annual Report for Financial Year 2025-26 is now accessible via the company's website.
Company currently operates 4,144 keys across 30 hotels with a target of 50 new hotels by 2030.

💡 Investors should access the Annual Report via the provided link to review management's detailed outlook on the 'capital-light' expansion model and the status of the 10 projects currently under development.

₹1.50 Dividend Proposed; EIH Limited Schedules 76th AGM for August 7, 2026

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 14 Jul 2026, 08:13 PM

EIH Limited has issued a notice for its 76th Annual General Meeting (AGM) to be held on August 7, 2026. The board has recommended a dividend of ₹1.50 per share for FY26, which represents a dividend yield of approximately 0.44% at the current price of ₹339.1. Key agenda items include the re-appointment of Mr. Manoj Harjivandas Modi as a director and a proposal to pay commissions to Non-Executive Independent Directors, capped at ₹25 lakh per director annually. The total estimated dividend payout of ~₹98 crore is well-supported by the TTM PAT of ₹657 crore.

Dividend of ₹1.50 per equity share (75% of face value ₹2) recommended for FY26.
Record date for dividend and voting eligibility set for July 31, 2026.
Proposed commission for Independent Directors capped at ₹25,00,000 per annum per director.
Mr. Manoj Harjivandas Modi, aged 68, seeking re-appointment as a Director liable to retire by rotation.
Remote e-voting period scheduled from August 4, 2026 (10:00 AM) to August 6, 2026 (5:00 PM).

💡 Investors should note the record date of July 31, 2026, for dividend eligibility and watch for management commentary during the AGM regarding the progress of the 10 ongoing development projects.

EIH Limited to Close Trading Window from July 1, 2026, for Q1 FY27 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 05:10 PM

EIH Limited has announced the closure of its trading window for all directors and designated persons starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the board's consideration of un-audited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially declared. This is a standard regulatory procedure and does not reflect any change in business fundamentals.

Trading window closure begins on July 1, 2026, for all designated persons.
Closure is specifically for the review of un-audited financial results for the quarter ending June 30, 2026.
The window will reopen exactly 48 hours after the financial results are announced to the exchanges.
The specific date for the Board Meeting to approve these results will be notified separately.

💡 Investors should watch for the upcoming announcement of the Board Meeting date to know when the Q1 FY27 financial performance will be disclosed.

View All EIHOTEL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) grew 24% YoY in FY24 to INR 2,511.46 Cr, following a 100% growth in FY23 to INR 2,019.01 Cr. Q2FY26 revenue grew 2% YoY to INR 597.9 Cr, though growth was tempered by the absence of revenue from The Oberoi Grand and Oberoi Airport Services.

Geographic Revenue Split

The portfolio is geographically diversified across India (Udaipur, Jaipur, Chandigarh, Shimla, Agra, Chennai, Bhubaneswar) and international markets. International hotels saw a RevPAR growth of 7% to 8% in Q2FY26. Domestic air passenger traffic, a key driver, declined by 2.4% in Q2FY26 affecting domestic segments.

Profitability Margins

PAT for FY24 was INR 677.71 Cr (27% margin) and increased to INR 769.90 Cr in FY25. However, Q2FY26 PAT dropped significantly to INR 36.88 Cr due to operational adjustments and the closure of specific units. Profitability is supported by high ARRs of INR 16,471 in FY23, up 67% from FY22.

EBITDA Margin

PBILDT margin was 30% in Q1FY25, a slight moderation from 34% in Q1FY24 due to rising employee and maintenance costs. Q2FY26 EBITDA was INR 188.5 Cr, a 9% decline YoY from INR 208.2 Cr, primarily due to the exit of The Oberoi Grand and Airport Services from the current year's financials.

Capital Expenditure

Planned average annual Capex is INR 400 to 500 Cr over the next 3-5 years. Key projects include expansion in Goa and the Hebbal project in Bengaluru. Total funds position as of Sept 2025 stands at a healthy INR 1,057 Cr to support these expansions.

Credit Rating & Borrowing

Short-term instruments are rated CARE A1+. The company is net debt negative as of March 31, 2023, with a robust capital structure. Management guides that overall gearing will not exceed 0.2x even after accounting for future debt-funded capex.

⚙️ Operational Drivers

Raw Materials

Consumption of provisions, wines, and other perishables represents approximately 10.5% of total revenue, amounting to INR 62.7 Cr in Q2FY26.

Capacity Expansion

Current capacity is 4,144 keys across 30 hotels (9 owned, 21 managed). The company has a strategic vision to open 50 new properties by 2030, with 10 projects currently under planning and development in locations like Madhya Pradesh, Goa, and Thailand to be completed over the next four fiscals.

Raw Material Costs

Consumption costs increased 10.2% YoY in Q2FY26 to INR 62.7 Cr from INR 56.9 Cr. Procurement is managed to support premium luxury standards across the Oberoi and Trident brands.

Manufacturing Efficiency

Portfolio occupancy increased to 73% in FY23 from 47% in FY22. RevPAR growth of 8% to 10% in H1FY26 indicates high asset utilization and pricing efficiency.

📈 Strategic Growth

Expected Growth Rate

24%

Growth Strategy

Growth will be achieved through a 'capital-light' expansion model increasing the number of managed properties, which are margin-accretive. The company is targeting 50 new hotels by 2030 and is currently developing 10 projects in high-growth leisure destinations like Goa and international markets like Nepal and Thailand.

Products & Services

Luxury hotel accommodations, managed hotel services, airline catering, airport restaurant/lounge operations, air charter services, and car hire/leasing.

Brand Portfolio

Oberoi, Trident.

New Products/Services

Expansion into new leisure destinations like Madhya Pradesh and Andhra Pradesh; managed contracts are expected to be margin-accretive despite lower revenue share percentages.

Market Expansion

Targeting 10 new projects in the next four fiscals across India, Nepal, and Thailand to capture rising domestic and international leisure demand.

Market Share & Ranking

Maintains a leading position in the Indian luxury hospitality segment with RevPAR consistently higher than the industry average.

Strategic Alliances

Joint ventures include Mumtaz Hotels (102 keys) and various management contracts with property owners for 21 of their 30 hotels.

🌍 External Factors

Industry Trends

The industry is in an upcycle with RevPAR increasing 8-10% YoY. Trends show a shift toward managed contracts (asset-light) and a strong recovery in weddings and corporate MICE events post-pandemic.

Competitive Landscape

Competes with global and domestic luxury chains; competition is increasing due to rising room supply in major Indian metros.

Competitive Moat

The 'Oberoi' brand equity and premium service standards create a high barrier to entry. This moat is sustainable due to consistently higher-than-average RevPAR and a strong tangible net worth of INR 3,691.44 Cr providing financial flexibility.

Macro Economic Sensitivity

Highly sensitive to GDP growth and tourist arrival trends. A decline in domestic air passenger traffic by 2.4% in Q2FY26 correlated with slower revenue growth.

Consumer Behavior

Shift toward luxury leisure travel and high-end social events (weddings) is driving demand for premium properties.

Geopolitical Risks

International travel continues to be impacted by geo-political disruptions in key markets, affecting the inflow of high-spending overseas tourists.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to government policies on tourism, international travel regulations, and local hospitality standards. Compliance with SEBI Regulation 30(6) for investor disclosures is maintained.

Environmental Compliance

The company aims to achieve Net Zero by 2050, utilizing green architecture and energy-efficient operational improvements.

Taxation Policy Impact

Tax expense for Q2FY26 was INR 49.9 Cr on a pre-tax profit of approximately INR 166.5 Cr, implying an effective tax rate of ~30%.

⚠️ Risk Analysis

Key Uncertainties

Cyclical and seasonal nature of the hotel industry (peak Oct-Mar) can cause significant quarterly volatility in earnings. Exogenous factors like disease outbreaks or terrorist attacks pose high-impact risks to occupancy.