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Royal Orchid Hotels Limited (ROHLTD)

₹277.70 +0.07% last close, 16 Oct

📊 NSE: ROHLTD 🏢 Hotels 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Royal Orchid's revenue was ₹107 Cr (+36.1% year on year, -5.3% on the previous quarter), and net profit ₹6.8 Cr (-39.3% year on year); the operating margin was 23.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹107	+36.1%	-5.3%
Operating profit	₹25.4	+29.5%	-0.5%
Net profit	₹6.8	-39.3%	-17.2%
EPS (₹)	2.34	-41.4%	-19.3%
Operating margin	23.7%	—	—

Full quarterly financials → Results calendar →

ROHLTD delivery percentage

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

On Fri, 16 Oct 2026, 62.45% of the ROHLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 66.19%. That is close to its usual level. It traded 2.0 times its average daily volume.

62.45%Delivery, 16 Oct

66.19%Own 20-session average

2.0×Volume vs its average

₹277.70NSE close · +0.07%

Delivery in the last 5 sessions: 73.6% · 57.3% · 72.0% · 75.9% · 62.5%

Delivery across the market →Unusual volume today →

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

Royal Orchid Hotels Submits Demat Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 11:49 AM

Royal Orchid Hotels Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Integrated Registry Management Services confirms that physical share certificates received for dematerialization were processed, mutilated, and cancelled within 15 days. The depositories have been substituted in the register of members as the registered owners. This is a regular administrative disclosure with no impact on business operations or financials.

Compliance certificate submitted under Regulation 74(5) of SEBI (DP) Regulations, 2018
Covers the quarter ended September 30, 2026
RTA confirmed dematerialized certificates were processed and cancelled within 15 days
Issued by Integrated Registry Management Services Private Limited dated October 6, 2026

💡 No action is required as this is a routine regulatory filing. Investors should monitor the upcoming Q2 FY2027 financial results for operational performance.

Royal Orchid Hotels Launches Regenta, Bhadohi; Expands Network to 126+ Hotels

🟡 NEUTRAL ⭐ 4/10

EXPANSION 📅 30 Sep 2026, 02:11 PM

Royal Orchid Hotels Ltd. (ROHLTD) announced the launch of a new property, Regenta, Bhadohi in Uttar Pradesh, via its subsidiary Regenta Hotels Private Limited. This launch strengthens the company's regional footprint and contributes to its portfolio of over 126 operating hotels across India. The property is located 1 km from Bhadohi Railway Station and 42 km from Varanasi Airport, aimed at business and leisure travelers in the carpet industry hub. However, specific financials such as room key additions, investment value, or management contract fee structures were not disclosed.

Launched new property Regenta, Bhadohi in Uttar Pradesh through subsidiary Regenta Hotels Private Limited
Company portfolio stands at 126+ operating hotels across India
Located 1 km from Bhadohi Railway Station and 42 km from Lal Bahadur Shastri International Airport, Varanasi
Number of keys and capex/contract terms not disclosed in the filing

💡 Track whether management updates net key additions and management fee growth during the upcoming quarterly results.

Royal Orchid Hotels Shareholders Approve Rs 2.50 Dividend and All Resolutions at 40th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 03:51 PM

Royal Orchid Hotels Limited announced the voting results of its 40th Annual General Meeting held on September 26, 2026. All four resolutions, including the adoption of FY26 financial statements, payment of a final dividend of Rs 2.50 per share, and director appointments, were passed with requisite majority. Total voter turnout stood at 68.72% of outstanding shares, supported heavily by 100% promoter participation. Notably, 96.05% of voting institutional shareholders opposed resolutions 1, 3, and 4, though promoter backing ensured overall passage.

Final dividend of Rs 2.50 per equity share approved with 99.9998% overall votes in favour
Overall voter turnout was 68.7157% representing 18,845,434 votes polled out of 27,425,215 shares
Public institutions cast 1,193,595 votes (96.0471% of their polled votes) against resolutions 1, 3, and 4
Promoter group polled 17,554,881 votes (99.9146% of holding), voting 100% in favour of all resolutions

💡 Track the dividend payment timeline and observe corporate governance developments given the high proportion of institutional votes cast against non-dividend agenda items.

Royal Orchid Hotels Shareholders Approve Rs 2.50 Dividend and All Resolutions at 40th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Sep 2026, 03:43 PM

Final dividend of Rs 2.50 per equity share approved with 99.9998% overall votes in favour
Overall voter turnout was 68.7157% representing 18,845,434 votes polled out of 27,425,215 shares
Public institutions cast 1,193,595 votes (96.0471% of their polled votes) against resolutions 1, 3, and 4
Promoter group polled 17,554,881 votes (99.9146% of holding), voting 100% in favour of all resolutions

💡 Track the dividend payment timeline and observe corporate governance developments given the high proportion of institutional votes cast against non-dividend agenda items.

Royal Orchid Hotels Launches 43-Key Regenta Place Property in Baddi, Himachal Pradesh

🟢 POSITIVE ⭐ 4/10

EXPANSION 📅 24 Sep 2026, 11:56 AM

Royal Orchid Hotels Ltd. (ROHL) announced the opening of Regenta Place, Golden Castle, in Baddi, Himachal Pradesh, through its subsidiary Regenta Hotels Private Limited. The new property adds 43 rooms to the chain, targeting corporate travel in the regional pharmaceutical and industrial hub. The launch adds incrementally (<1%) to ROHL's existing operational footprint of 125+ hotels and 6,556+ keys across India. The asset-light addition aligns with the company's broader expansion strategy in North India.

Launched 43-key property Regenta Place, Golden Castle, in Baddi, Himachal Pradesh
Facilities include a 12,000 sq. ft. expansive lawn, 2 banquet halls, and multi-cuisine restaurant PINXX
Strengthens presence in North India with ROHL now operating 125+ hotels nationwide
Located 2 km from Baddi Bus Stand, 27 km from Chandigarh Railway Station, and 50 km from Chandigarh Airport

💡 Track occupancy and RevPAR contributions from new North Indian properties in upcoming quarterly reports, as well as progress toward ROHL's Vision 2030 portfolio goal.

Royal Orchid Hotels Launches 117-Key Regenta Hubballi in Karnataka

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 23 Sep 2026, 11:13 AM

Royal Orchid Hotels Limited (ROHL) has launched Regenta Hubballi in Karnataka through its subsidiary Regenta Hotels Private Limited. The new property adds 117 keys across various room categories alongside extensive banquet and event spaces totaling over 24,000 sq. ft. This launch expands ROHL's network to over 124 properties across India, progressing toward its long-term Vision 2030 target of 22,000+ keys. Given ROHL's current base of over 6,556 keys, the addition represents an incremental capacity increase of ~1.8%.

Property adds 117 rooms and suites to the company's operating inventory
Overall operating footprint reaches 124+ hotels across India
Features large event facilities including a 7,000 sq. ft. indoor hall and 6,500 sq. ft. rooftop venue
Located 8 km from Hubballi Junction Railway Station beside Deshpande Foundation

💡 Track upcoming quarterly occupancy rates and Average Room Rates (ARR) to assess the ramp-up speed of newly opened properties.

Royal Orchid Hotels Launches 66-Key Regenta Magnus in Pune, Scaling to 105 Keys

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 16 Sep 2026, 12:49 PM

Royal Orchid Hotels Ltd. (ROHL) has launched a new upscale property, Regenta Magnus, located in Viman Nagar, Pune, through its subsidiary Regenta Hotels Private Limited. The property currently opens with 66 operational rooms and suites (62 Club Rooms and 4 Executive Suites). An additional 39 rooms are scheduled to be operational by December 2026, bringing the total to 105 keys. The opening adds to ROHL's network of over 123 hotels in India as it pursues its Vision 2030 target of 22,000+ keys.

Launched Regenta Magnus in Pune with 66 current rooms (62 Club Rooms and 4 Executive Suites)
Scheduled addition of 39 keys by December 2026 to reach a total inventory of 105 keys
Banquet facilities comprise three halls (Magnova I, II & III) accommodating up to 192 guests
Expands presence within ROHL's overall operational network of 123+ hotels across India

💡 Track the timely operationalization of the additional 39 keys by December 2026 and monitor occupancy and Average Room Rate (ARR) ramp-up in upcoming quarterly disclosures.

Royal Orchid Hotels Dispatches FY26 Annual Report; 40th AGM Scheduled for Sept 26, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 04 Sep 2026, 08:02 PM

Royal Orchid Hotels Limited has released a letter to shareholders regarding the dispatch of the Annual Report and Notice for its 40th Annual General Meeting (AGM) for FY 2025-26. The AGM will be conducted virtually via Video Conferencing on Saturday, September 26, 2026, at 4:30 PM IST. The cut-off date to determine shareholder voting rights is set for September 19, 2026. Remote e-voting is scheduled between September 23, 2026, and September 25, 2026.

40th AGM scheduled for Saturday, September 26, 2026, at 4:30 PM IST via VC/OAVM
Record/cut-off date for e-voting eligibility set as Saturday, September 19, 2026
Remote e-voting open from September 23, 2026 (9:00 AM IST) to September 25, 2026 (5:00 PM IST)
Cut-off date for electronic circulation of AGM notice was August 28, 2026

💡 Shareholders holding shares on the cut-off date of September 19, 2026, can review the FY26 Annual Report and exercise remote e-voting before September 25, 2026.

Royal Orchid Hotels Convenes 40th AGM on Sept 26, 2026; Recommends ₹2.5/Share Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Sep 2026, 07:32 PM

Royal Orchid Hotels Limited has issued the notice for its 40th Annual General Meeting scheduled for September 26, 2026, via Video Conferencing. Key agenda items include the approval of the FY26 audited accounts and declaration of a final dividend of ₹2.5 per equity share. Members will also vote on the re-appointment of director Mrs. Sunita Baljee and a 2-year second term extension for Independent Director Mr. Venkata Ramana Murthy Pinisetti from October 9, 2026, to October 8, 2028. The cut-off date for e-voting eligibility is September 19, 2026.

40th AGM scheduled for September 26, 2026, at 4:30 PM IST via VC/OAVM
Recommendation to declare a final dividend of ₹2.5 per equity share for FY26
Cut-off date for e-voting determined as September 19, 2026
Special resolution proposed to re-appoint Independent Director Dr. PV Ramana Murthy for a 2-year term ending October 8, 2028

💡 Track voting outcomes post-AGM on September 26, 2026, and look for record date notifications regarding the ₹2.5/share final dividend payout.

Royal Orchid Hotels Clarifies 10-Minute Filing Delay and XBRL EPS Mapping to NSE

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 04 Sep 2026, 05:03 PM

Royal Orchid Hotels Limited (ROHLTD) has submitted a clarification to the NSE regarding procedural queries on its Q1 (June 30, 2026) results. The company stated that the outcome submission on August 11, 2026, experienced a minor 10-minute delay (uploaded at 13:36 hrs vs prescribed 13:26 hrs) due to a localized power outage, digital signature certificate (DSC) technical glitches, and sequential exchange uploads. Additionally, a typographical error in the XBRL filing that mapped Standalone EPS under 'Discontinued Operations' has been corrected and resubmitted, with no impact on underlying financial figures.

Board meeting concluded at 12:56 hours on August 11, 2026, with a 30-minute regulatory submission deadline of 13:26 hours.
Filing was uploaded to NSE NEAPS at 13:36 hours, representing a 10-minute delay caused by power and technical DSC issues.
BSE filing was completed at 13:32 hours prior to the NSE upload.
Standalone EPS was erroneously mapped under discontinued operations in the XBRL utility; corrected utility re-submitted with zero impact on reported profits.

💡 This is a routine administrative clarification. Investors should continue monitoring core operational performance, including Average Room Rates (ARR), occupancy, and progress on the hotel expansion pipeline.

Royal Orchid Hotels Initiates Application for Discotheque License at Bengaluru Property

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 28 Aug 2026, 05:22 PM

Royal Orchid Hotels Limited (ROHLTD) has initiated the application process to obtain a Discotheque License for its hotel property located at No. 1, Golf Avenue, HAL Airport Road, Bengaluru. Following a directive from the Office of the Commissioner of Police dated August 19, 2026, the company is issuing a statutory public notice inviting public objections or suggestions within 15 days. The company confirmed that there is no operational or material financial impact at the current application stage, with potential revenue contributions to be evaluated after licensing and launch.

Application initiated under The Licensing and Controlling of Places of Public Entertainment (Bengaluru City) Order, 2005.
Statutory public notice issued inviting public objections and suggestions within a 15-day window.
Police Commissioner Endorsement No. COPBCP/MAG/MAG(DT)/16/2025 issued on August 19, 2026.
Property located at No. 1, Golf Avenue, adjoining KGA Golf Course, Kodihalli, Bengaluru.

💡 Track the completion of the 15-day public feedback period and subsequent formal license grant from the Bengaluru licensing authority.

Royal Orchid Hotels Q1 Concall: Revenue Rises 36% YoY to ₹107 Cr; PAT Drops to ₹6.4 Cr on Lease Costs

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 20 Aug 2026, 12:17 PM

Royal Orchid Hotels Limited released its Q1 FY27 earnings call transcript. Consolidated revenue increased 36% YoY to ₹107 crore, supported by the operationalization of ICONIQA Mumbai, while EBITDA rose 39% YoY to approximately ₹33 crore with a 30.7% margin. Net profit declined to ₹6.4 crore from ₹10.9 crore in Q1 FY26 due to higher finance costs, depreciation, and upfront Ind AS 116 lease accounting impacts. The company added 5 hotels (237 keys) in Q1 and maintains a pipeline of 50+ signed hotels to open over the next 18 to 24 months under its asset-light expansion model.

Q1 consolidated revenue rose 36% YoY to ~₹107 crore compared to ₹79 crore in Q1 FY26
EBITDA grew 39% YoY to ~₹33 crore, with EBITDA margin improving slightly to 30.7%
Reported PAT fell to ₹6.4 crore from ₹10.9 crore YoY, affected by Ind AS lease adjustments and finance costs
Portfolio expansion: Added 5 managed/franchise hotels (237 keys) in Q1, with 50+ hotels signed for launch over 18-24 months
Operational metrics: JLO hotels achieved 70% occupancy with ADR rising to ₹6,233 (vs ₹5,488 YoY); managed portfolio ADR rose to ₹4,300

💡 Track the ramp-up and EBITDA conversion of new leased properties like ICONIQA Mumbai, along with quarterly additions from the 50+ hotel pipeline.

ROHLTD Discloses Audio Recording of Q1 FY27 Earnings Call Held on August 14, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 11:03 PM

Royal Orchid Hotels Limited has published the audio/video recording of its investor meet held on August 14, 2026. The call discussed the unaudited standalone and consolidated financial results for the first quarter ended June 30, 2026. This submission is a standard regulatory compliance disclosure under SEBI LODR Regulation 30(6).

Earnings conference call conducted on August 14, 2026
Covers financial results for the quarter ended June 30, 2026
Filing made pursuant to SEBI LODR Regulation 30(6)

💡 Investors seeking qualitative insights on room rates, occupancy, and expansion plans can access the audio recording via the company website.

Royal Orchid Q1 FY27: Revenue Grows 38.5% to ₹114.7 Cr; PAT Impacted by Lease Accounting

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 02:34 PM

Royal Orchid Hotels reported a robust 38.5% YoY increase in consolidated revenue to ₹114.7 Cr for Q1 FY27, primarily driven by the new Iconiqa Mumbai property and a 13.6% rise in Average Room Rates (ARR) to ₹6,233. While EBITDA grew 39.1% to ₹32.9 Cr, consolidated PAT fell 39.3% YoY to ₹6.8 Cr due to significant Ind-AS 116 adjustments (lease accounting) which added ₹20.2 Cr to depreciation and finance costs. The company's inventory has expanded to 11,369 keys (including signed hotels), progressing toward its Vision 2030 target of 22,000+ keys.

Consolidated Total Income rose 38.5% YoY to ₹114.7 Cr in Q1 FY27.
Average Room Rate (ARR) improved by 13.6% YoY to ₹6,233 with 70.6% occupancy.
Iconiqa Mumbai contributed ₹20.1 Cr in its first full quarter, targeting an annual run-rate of ₹80-100 Cr.
Finance costs surged 235.6% YoY to ₹13.2 Cr, largely due to Ind-AS 116 lease liability interest.
Total portfolio reached 173+ hotels and 11,369 keys including signed properties.

💡 Investors should monitor the operational break-even and margin profile of the Iconiqa Mumbai property excluding Ind-AS 116 impacts, and track the execution of the 38 upcoming hotel signings to meet the FY26 target of 9,875 operational keys.

38.5% Revenue Growth in Q1 FY27; ₹2.50 Dividend Recommended

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 06:19 PM

Royal Orchid Hotels reported a strong 38.5% YoY growth in consolidated total income to ₹114.70 crore for Q1 FY27. While EBITDA grew 39.1% to ₹32.93 crore, Consolidated PAT declined to ₹6.79 crore from ₹11.19 crore in the previous year, largely due to Ind-AS 116 accounting adjustments which reduced PAT by ₹3.40 crore. The company added 5 new hotels (237 keys) during the quarter and maintains a robust pipeline of 50+ properties. A final dividend of ₹2.50 per share has been recommended with a record date of August 28, 2026.

Consolidated Total Income rose 38.5% YoY to ₹114.70 crore in Q1 FY27
EBITDA increased 39.1% YoY to ₹32.93 crore, maintaining operational momentum
Added 5 new hotels with 237 keys across Hyderabad, Tirupati, Ahmedabad, and Rishikesh
Recommended a final dividend of ₹2.50 per equity share (25%) for FY 2025-26
Robust pipeline of 50+ upcoming properties representing over 3,600 keys

💡 Monitor the impact of Ind-AS 116 on future profitability and the execution timeline of the 3,600-key pipeline. Investors should also note the record date of August 28, 2026, for the ₹2.50 dividend.

View All ROHLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 8.7% YoY to INR 169.6 Cr in H1 FY26. Room revenue increased by 18% YoY, while other services revenue grew by 34% YoY. H1 FY25 revenue was INR 157.6 Cr, up 5.8% YoY, driven by improved occupancy and Average Room Rates (ARR).

Geographic Revenue Split

High geographical concentration with over 40% of inventory located in Karnataka and Gujarat. Rajasthan and Maharashtra each contribute over 10% of the total keys, exposing the company to city-specific volatility.

Profitability Margins

Operating margins stood at 20.7% in H1 FY25, a decline from 26.0% in H1 FY24. This compression was due to sub-optimal occupancy in newly opened hotels, higher employee costs, and renovation expenses. Net profit for Q2 FY26 was INR 4.3 Cr.

EBITDA Margin

EBITDA for H1 FY26 was INR 44.5 Cr, reflecting a 9% YoY growth. Q2 FY26 EBITDA was INR 20.8 Cr, up 7% YoY. OPBDIT/OI margin for FY24 was 28.4% compared to 33.1% in FY23.

Capital Expenditure

Planned maintenance and renovation capex of INR 25.0 Cr for H2 FY25, followed by INR 30.0 Cr each in FY26 and FY27. The asset-light model limits major project capex as 80% of rooms are under management or franchise contracts.

Credit Rating & Borrowing

ICRA assigned a 'Stable' outlook with interest coverage at 4.7x and Net Debt/OPBITDA at 1.7x for FY24. CARE Ratings revised ratings due to non-cooperation and noted delays in debt repayment in the FY24 audit report.

⚙️ Operational Drivers

Raw Materials

Human Capital/Labor (significant reliance), F&B Supplies (perishables), Utilities (Electricity/Water), and Guest Amenities (Plastic/Toiletries).

Import Sources

Primarily sourced locally within India, specifically in states of operation like Karnataka, Gujarat, Rajasthan, and Maharashtra to support regional hotel clusters.

Key Suppliers

Not specifically named, but involves local vendors for F&B and contract staffing agencies for hospitality services.

Capacity Expansion

Current inventory of 6,556 keys as of September 2024 (119+ hotels). Planned expansion to 9,875 keys (including signed hotels) by FY26 and a long-term target of 22,000+ keys by FY30.

Raw Material Costs

Employee costs increased in H1 FY25, contributing to margin contraction. Procurement strategies focus on cost optimization and reducing water and plastic consumption to improve environmental impact.

Manufacturing Efficiency

Efficiency is measured by occupancy rates and ARR. H1 FY25 saw growth in both metrics despite a temporary lull during the General Elections in Q1 FY25.

Logistics & Distribution

Distribution is driven by digital platforms and regional marketing campaigns targeting heritage, wildlife, and staycation segments.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Vision 2030 aims for 3x growth to 345+ hotels and 22,000+ keys. Strategy involves aggressive expansion via management contracts (asset-light), targeting high-growth markets, and focusing on premium pricing and operational efficiency.

Products & Services

5-star and 4-star hotel rooms, economy hotel stays, luxury resorts, service apartments, MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, and wedding venues.

Brand Portfolio

Royal Orchid, Royal Orchid Central, Regenta Central, Regenta Inn, Regenta, and ICONIQA.

New Products/Services

Launch of ICONIQA Mumbai in Q2 FY26; focus on 'drivable destinations' and curated packages for wildlife and heritage getaways.

Market Expansion

Recent expansion into Punjab, Odisha, Haryana, and Himachal Pradesh to reduce geographic concentration in Western and Southern India.

Strategic Alliances

80% of properties operated under management contracts or franchise agreements with various property owners.

🌍 External Factors

Industry Trends

Shift toward asset-light models to improve ROE; increasing demand for social MICE and weddings; growth in domestic leisure travel to drivable destinations.

Competitive Landscape

Competes with other national hotel chains; maintains competitive ROE of 19% and focuses on premium pricing to differentiate.

Competitive Moat

Moat built on an asset-light model which provides high ROE (19% vs peers) and scalability. Brand diversification across price points (5-star to economy) allows capture of wide guest segments.

Macro Economic Sensitivity

Highly sensitive to economic cycles and global trade; IMF projections of 1.5% lower global trade growth in 2025 due to tariffs may impact business travel and FTAs.

Consumer Behavior

Shift toward staycations, daycations, and road-trip friendly experiences within 300-400 km of major cities.

Geopolitical Risks

Vulnerable to exogenous events such as geopolitical crises, terrorist attacks, and disease outbreaks, as seen during the FY21-FY22 pandemic impact.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (LODR) and Prohibition of Insider Trading regulations. Subject to data security and privacy risks inherent in the hospitality sector.

Environmental Compliance

Focus on reducing energy, water, and plastic consumption; increasing green initiatives to mitigate exposure to natural disasters and extreme weather.

Legal Contingencies

SEBI issued an order regarding the classification of Ksheer Sagar Developers Private Limited (KSDPL) as an associate instead of a subsidiary in FY22. The Securities Appellate Tribunal (SAT) stayed this order on November 5, 2024. Impairment testing is ongoing for investments/loans in subsidiaries/associates totaling 50% of total assets (approx INR 67.3 Cr).