Leela Palaces Hotels & Resorts Limited (THELEELA)
₹616.30 +3.32% last close, 16 Oct
Q2 FY27 results
Leela Palaces Hotels & Resorts Limited reported Q2 FY27 results on 14 Oct 2026: revenue ₹412 Cr (+32.6% year on year, +17.0% on the previous quarter), and net profit ₹94.6 Cr (+26.6% year on year); the operating margin was 45.6%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹412 | +32.6% | +17.0% |
| Operating profit | ₹188 | +36.1% | +30.9% |
| Net profit | ₹94.6 | +26.6% | +94.0% |
| EPS (₹) | 2.83 | +20.4% | +93.8% |
| Operating margin | 45.6% | — | — |
- Profit -37% below its own trend
- Operating margin expanded 118 bps YoY
- Core business grew faster than reported profit (core profit +59%)
Quality of profit: the core business earned ₹116 Cr before tax; other income and one-off items took ₹5.3 Cr off that, leaving pre-tax profit of ₹110 Cr. Core profit (operating profit less interest and depreciation) moved +58.8% year on year.
Against its own trend: net profit of ₹94.6 Cr was -36.7% against the ₹149 Cr its recent growth pointed to (below trend). This is a statistical baseline, not an analyst estimate.
Share price since the results: +2.5% (close before the filing to the latest close).
THELEELA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 39.97% of the THELEELA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.96%. That is close to its usual level. It closed at a price band (circuit) on 2 sessions in about the last 20.
Delivery in the last 5 sessions: 51.7% · 50.1% · 18.3% · 22.8% · 40.0%
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
Leela Palaces Hotels & Resorts Limited has issued a postal ballot notice seeking shareholder approval for material related party transactions with its associate, Leela BKC Holdings Private Limited. The proposed contracts cover construction and other purposes for an aggregate amount of up to ₹4,500 million (₹450 crore) over a one-year period. This transaction represents ~28% of the company's TTM revenue (₹1,604 crore) and supports its ongoing 250+ key luxury project in Mumbai's Bandra Kurla Complex. The remote e-voting runs from October 17, 2026, through November 15, 2026.
- Material related party transactions proposed up to ₹4,500 million (₹450 crore) with associate Leela BKC Holdings Private Limited.
- Proposed transaction value accounts for ~28% of TTM revenue of ₹1,604 crore.
- E-voting period commences October 17, 2026, and concludes on November 15, 2026.
- Voting eligibility cut-off date was set as Friday, October 09, 2026.
- Related party Leela BKC carries an ICRA: A- (Stable) credit rating.
Leela Palaces Hotels & Resorts released its Q2 FY27 investor presentation, reporting a 33% YoY increase in operating revenue to ₹411.9 Cr (₹4,119 Mn) compared to ₹310.6 Cr in Q2 FY26. Operating EBITDA expanded 36% YoY to ₹187.7 Cr (₹1,877 Mn), supported by strong pricing power with Average Daily Rate (ADR) rising 30% to ₹25,046. RevPAR grew 30% YoY to ₹17,225 with occupancy steady at 69%. The company currently operates 15 properties (4,162 keys) with a pipeline of 10 properties (1,095 keys) targeting 25 properties and 5,257 keys by FY30.
- Q2 FY27 operating revenue surged 33% YoY to ₹411.9 Cr (₹4,119 Mn)
- Operating EBITDA rose 36% YoY to ₹187.7 Cr (₹1,877 Mn) with H1 EBITDA at ₹331.1 Cr (+38% YoY)
- Domestic owned hotels ADR grew 30% YoY to ₹25,046, while RevPAR rose 30% to ₹17,225
- Pipeline consists of 10 hotels with 1,095 keys, targeting 25 properties and 5,257 keys by FY30
- HMA management fees grew 76% YoY to ₹28.9 Cr (₹289 Mn) in Q2 FY27
Leela Palaces Hotels & Resorts reported a strong Q2 FY27 with operating revenue rising 33% YoY to ₹411.9 crore (₹4,119 million) and operating EBITDA climbing 36% YoY to ₹187.7 crore. Profit for the period rose 27% YoY to ₹94.6 crore, supported by an operating EBITDA margin expansion of 118 bps to 46%. Growth was powered by a 30% YoY surge in RevPAR to ₹17,225, led entirely by a 30% increase in Average Daily Rate (ADR) to ₹25,046. The company also strengthened its balance sheet, reducing Net Debt/LTM EBITDA from 1.6x in March 2026 to 1.4x as of September 30, 2026.
- Operating revenue grew 33% YoY to ₹4,119 million; PAT grew 27% YoY to ₹946 million
- Operating EBITDA up 36% YoY to ₹1,877 million with margins expanding 118 bps to 46%
- RevPAR increased 30% YoY to ₹17,225, driven by a 30% increase in ADR to ₹25,046
- Net debt stood at ₹12,150 million, bringing Net Debt/LTM EBITDA down to 1.4x from 1.6x in March 2026
- Pipeline consists of 1,038 keys across 10 properties, with The Leela Jaisalmer and Luxury Residences Mumbai opening in FY27
Leela Palaces Hotels & Resorts reported its standalone Q2 FY27 results (ended September 30, 2026), posting revenue from operations of Rs 121.15 Cr (Rs 1,211.49 million), up 18.9% YoY from Rs 101.86 Cr in Q2 FY26. Standalone EBITDA reached Rs 115.62 Cr (Rs 1,156.16 million) with a strong margin supported by Rs 50.95 Cr in other income. Net profit after tax grew 9.4% YoY to Rs 79.71 Cr compared to Rs 72.85 Cr in the previous year's quarter. Sequentially, Q2 revenue grew 18.2% and PAT jumped 31.0% over Q1 FY27 (Rs 60.86 Cr).
- Standalone Revenue from Operations rose 18.9% YoY to Rs 121.15 Cr (Rs 1,211.49 million) vs Rs 101.86 Cr in Q2 FY26
- Net Profit After Tax grew 9.4% YoY to Rs 79.71 Cr (Rs 797.09 million) vs Rs 72.85 Cr in Q2 FY26
- Standalone EBITDA stood at Rs 115.62 Cr (Rs 1,156.16 million) vs Rs 106.12 Cr in Q2 FY26
- H1 FY27 Net Profit reached Rs 140.57 Cr, up 30.5% YoY from Rs 107.73 Cr in H1 FY26
- Nomination and Remuneration Committee approved grant of 21,61,729 stock options under the ESOP Scheme 2024
Leela Palaces Hotels & Resorts Limited has informed exchanges that its representatives will participate in the Anand Rathi G-200 Summit 2026: Bharat – The Next Engine of Global Growth. The event is scheduled for September 22, 2026, in Mumbai as an in-person one-to-one and group meeting. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the conference. The announcement is a routine compliance disclosure under Regulation 30 of SEBI LODR.
- Meeting scheduled for September 22, 2026, in Mumbai
- Participation in Anand Rathi G-200 Summit 2026
- Format involves one-to-one and group physical meetings
- Company affirmed no unpublished price sensitive information (UPSI) will be shared
Leela Palaces Hotels & Resorts Limited concluded its 7th Annual General Meeting on September 4, 2026, marking its first full financial year as a listed entity. A total of 85 members attended the meeting via video conferencing. Key resolutions transacted included the adoption of standalone and consolidated financial statements for FY26 and the re-appointment of retiring director Ms. Ananya Tripathi. Final e-voting results will be declared separately under Regulation 44.
- 7th AGM conducted successfully via VC/OAVM on September 4, 2026, from 11:00 AM to 12:35 PM IST
- 85 members attended the virtual shareholder meeting
- Transacted 3 ordinary resolutions including FY26 annual accounts adoption and director re-appointment
- Remote e-voting window was active from August 31, 2026 (09:00 AM) to September 03, 2026 (05:00 PM)
Leela Palaces Hotels & Resorts Limited concluded its 7th Annual General Meeting on September 4, 2026, marking its first full financial year as a listed entity. A total of 85 members attended the meeting via video conferencing. The business transacted included the adoption of FY26 standalone and consolidated financial statements and the re-appointment of retiring director Ms. Ananya Tripathi. Voting results under Regulation 44 will be disclosed separately.
- 7th AGM held on September 4, 2026, commencing at 11:00 AM and concluding at 12:35 PM IST
- 85 members participated in the meeting conducted via Video Conferencing / OAVM
- 3 ordinary resolutions transacted covering FY26 financial statements adoption and director re-appointment
- Remote e-voting was open from August 31 to September 3, 2026, along with AGM e-voting
The Leela Palaces Hotels & Resorts has filed its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The report reveals a revenue structure where accommodation services contribute 50.58% and food & beverage services 36.01%. The company currently operates 6 hotels across 4 regions and has 4 additional properties under development. Notably, the company acquired The Leela Coorg Forest Sanctuary on March 16, 2026, which will be integrated into future reporting cycles.
- Accommodation services contributed 50.58% of total turnover for FY26
- Food and beverage services accounted for 36.01% of the revenue mix
- The company has 4 hotels currently under development across India
- Total permanent workforce includes 1,007 employees and 1,757 workers
- Acquired The Leela Coorg Forest Sanctuary on March 16, 2026
The Leela Palaces Hotels & Resorts has released its FY 2025-26 Business Responsibility and Sustainability Report (BRSR), confirming its operational footprint and revenue structure. The company's revenue is primarily driven by accommodation (50.58%) and food and beverage services (36.01%). As of March 31, 2026, the company has 4 hotels under development in India, supplementing its 6 operating hotels within the reporting boundary. Additionally, the company completed the acquisition of The Leela Coorg Forest Sanctuary on March 16, 2026, which will be included in future reporting cycles.
- Accommodation services contributed 50.58% of total turnover in FY26
- Food and beverage services accounted for 36.01% of the revenue
- The company has 4 hotels currently under development across India
- Total permanent workforce stands at 2,764, comprising 1,007 employees and 1,757 workers
- Acquired The Leela Coorg Forest Sanctuary on March 16, 2026
TheLeela has scheduled its 7th Annual General Meeting (AGM) for September 4, 2026, to be held via video conferencing. The agenda includes the formal adoption of FY26 financial statements, where the company reported a consolidated revenue of ₹768.08 cr and a net profit of ₹222.61 cr. Shareholders will also vote on the re-appointment of Ms. Ananya Tripathi as a Non-Executive Director, who attended 8 board meetings during the last fiscal year. The record date for electronic notice distribution was August 7, 2026.
- 7th Annual General Meeting scheduled for September 4, 2026, at 11:00 AM IST.
- FY26 annual revenue stood at ₹768.08 cr with a high operating margin of 62.07%.
- Re-appointment of Ms. Ananya Tripathi as Non-Executive Director; she holds directorships in other listed entities like Arvind Fashions.
- Electronic notice distribution was based on the Benpos Date of August 7, 2026.
- Participation limit for the virtual AGM set at 1,000 members on a first-come-first-served basis, excluding large shareholders (>2%).
TheLeela (formerly Schloss Bangalore Limited) has scheduled a physical investor meeting at the Equirus India Growth Summit in Mumbai on August 13, 2026. The company will participate in one-to-one and group meetings with institutional investors. This follows a strong performance in the December 2025 quarter, where the company reported a net profit of ₹147.89 cr on revenue of ₹457.43 cr. The company has clarified that no unpublished price sensitive information will be shared during these interactions.
- Investor meeting scheduled for August 13, 2026, in Mumbai.
- Participation in the Equirus India Growth Summit via one-to-one and group formats.
- Company reported a high operating margin of 62.07% for FY26.
- Recent quarterly revenue (Dec 2025) reached ₹457.43 cr with a PAT of ₹147.89 cr.
- Management is currently overseeing a $503 million (approx. ₹4,200 cr) enterprise value transaction in Dubai.
TheLeela (formerly Schloss Bangalore Limited) has scheduled its 7th Annual General Meeting (AGM) for September 4, 2026, to be conducted via video conferencing. This follows a strong FY26 performance where the company reported revenue of ₹768.08 cr and a net profit of ₹222.61 cr. Investors should anticipate the release of the Annual Report, which will provide detailed updates on the ₹4,200 cr ($503 million) Dubai Palm Jumeirah acquisition and the BKC Mumbai project. The meeting is expected to address the company's 15-19% growth target and its transition toward asset-light management contracts.
- 7th Annual General Meeting scheduled for September 4, 2026, at 11:00 A.M. IST
- Company reported FY26 revenue of ₹768.08 cr with an operating margin of 62.07%
- FY26 net profit reached ₹222.61 cr, reflecting strong luxury hospitality demand
- Dubai Palm Jumeirah transaction valued at approximately ₹4,200 cr ($503 million)
- Targeting ₹150 cr stabilized EBITDA from the upcoming BKC Mumbai hotel project
TheLeela has announced a capital commitment of up to ₹185 crore in its 76%-owned subsidiary, Buildminds Real Estate Private Limited. This investment, to be executed via Compulsorily Convertible Preference Shares (CCPS) in tranches until FY29, is specifically earmarked for the development of a new 5-star hotel in Ayodhya. The total investment represents approximately 24% of the company's FY26 revenue of ₹768.08 crore, marking a significant capital allocation toward religious tourism. Buildminds is currently in the development phase with zero turnover reported for FY26.
- Proposed investment of up to ₹185 crore in subsidiary Buildminds Real Estate Private Limited.
- Funds dedicated to the construction and development of a new 5-star hotel at Ayodhya.
- Investment to be completed in tranches on or before Financial Year 2028-2029.
- TheLeela currently holds a 76% equity stake in Buildminds; management control remains unchanged.
- Buildminds reported zero turnover for the last three financial years (FY24-FY26) during the pre-operational phase.
The Leela reported a strong Q1 FY27 with operating revenue growing 28% YoY to Rs 352 crore and operating EBITDA rising 41% to Rs 143.4 crore. Despite geopolitical disruptions impacting international travel early in the quarter, RevPAR grew 17% driven by a 10% increase in ADR and improved occupancy of 67.5%. The company expanded its pipeline by signing a 30-key luxury resort in Tadoba with a project cost of Rs 120 crore. Management highlighted a record 41% EBITDA margin and a significant 86% jump in asset-light management fees (HMA).
- Operating EBITDA grew 41% YoY to INR 143.4 crore, achieving a record Q1 margin of 41%
- RevPAR increased 17% YoY, supported by a 10% rise in Average Daily Rate (ADR) and occupancy reaching 67.5%
- Signed a new 30-key luxury resort project in Tadoba, Maharashtra, with an estimated cost of INR 120 crore
- Hotel Management Agreement (HMA) fees surged 86% YoY to INR 26.2 crore, reflecting a shift toward asset-light growth
- The portfolio now stands at 25 properties with 5,257 keys, including 10 projects in the pipeline
The Leela Palaces Hotels & Resorts Limited has scheduled three physical investor conferences between August 10 and September 17, 2026. The company will meet with institutional investors at events hosted by Nirmal Bang, Elara India, and Jefferies in Mumbai and Gurgaon. These meetings will follow one-to-one or group formats to discuss publicly available information. The company reported a strong FY26 revenue of ₹768.08 cr with a high operating margin of 62.07%.
- August 10, 2026: Participation in Nirmal Bang Institutional Equities Semi-Annual Investor Conference in Mumbai.
- September 2, 2026: Attendance at Ashwamedh – Elara India Dialogue 2026 in Mumbai.
- September 17, 2026: Participation in Jefferies 5th India Forum in Gurgaon.
- FY26 Financial Context: The company achieved a revenue of ₹768.08 cr and a net profit of ₹222.61 cr.
- Operational Metric: Average Daily Rate (ADR) stood at ₹19,290 in Q2 FY26, reflecting strong pricing power.
Financial Performance
Revenue Growth by Segment
Total revenue grew 18% YoY to INR 634.8 Cr in H1 FY26. Room revenue increased 15% to INR 278.2 Cr, Food & Beverage (F&B) revenue grew 11% to INR 226.9 Cr, and Hotel Management Agreement (HMA) fees rose 14% to INR 30.5 Cr.
Geographic Revenue Split
Revenue is split between City Hotels and Resorts; City Hotels saw 14.5% RevPAR growth in H1 FY26, while Resorts experienced a 22.5% RevPAR increase. Bengaluru is identified as a key market.
Profitability Margins
The company achieved a significant turnaround with H1 FY26 Profit After Tax (PAT) of INR 83.4 Cr compared to a loss of INR 126.2 Cr in H1 FY25. Operating margins expanded due to a 77% incremental revenue flow-through to EBITDA.
EBITDA Margin
Reported EBITDA margin stood at 45.5% for H1 FY26, a 555 bps expansion from 39.9% in H1 FY25. Q2 FY26 EBITDA margin reached 48.2%, up 246 bps YoY.
Capital Expenditure
Planned CAPEX includes INR 800 Cr for the BKC Mumbai hotel project over the next 4 years. The company is also investing $49 million (approx. INR 410 Cr) for a 25% equity stake in a Dubai Palm Jumeirah asset.
Credit Rating & Borrowing
The company holds a 'AA Stable' credit rating. Average cost of debt was reduced from 9.1% to 8.4% following refinancing, with loan tenures extended from 8 to 15 years.
Operational Drivers
Raw Materials
Primary operational costs include Food and Beverages consumed, which are part of the INR 346.1 Cr operating expenses in H1 FY26 (7% increase YoY).
Capacity Expansion
Current portfolio is being expanded with the BKC Mumbai project (250+ keys) and the acquisition of a luxury asset in Dubai. HMA expansions include Sikkim and Mumbai.
Raw Material Costs
Operating expenses (including F&B and employee benefits) represented 54.5% of total revenue in H1 FY26, increasing 7% YoY to INR 346.1 Cr.
Manufacturing Efficiency
Occupancy improved to 69% in Q2 FY26 (up 4 percentage points). The company achieved a high Net Promoter Score (NPS) of 86, driving pricing premiums.
Logistics & Distribution
Distribution is optimized through direct channels; the retail segment grew 23% YoY in Q2 FY26 specifically through brand.com and direct sales.
Strategic Growth
Expected Growth Rate
15-19%
Growth Strategy
Growth will be driven by a mix of same-store RevPAR increases (targeting 3x market growth), asset-light HMA expansions in Sikkim and Mumbai, and strategic co-investments in high-yield markets like BKC Mumbai (16% expected yield) and Dubai (expected INR 55-65 Cr annual HMA fees).
Products & Services
Luxury hotel room stays, premium Food & Beverage (F&B) services, banqueting and event hosting, and third-party hotel management services (HMA).
Brand Portfolio
The Leela, Leela Palaces Hotels & Resorts.
New Products/Services
New managed properties in Sikkim and Mumbai, and the upcoming BKC Mumbai hotel are expected to contribute significantly to future EBITDA, with BKC alone targeting INR 150 Cr stabilized EBITDA.
Market Expansion
Expansion into Dubai's Palm Jumeirah to capture international feeder markets and entry into the Mumbai BKC financial hub.
Market Share & Ranking
The company achieved a 13 percentage point increase in market share over the India luxury hospitality segment in H1 FY26.
Strategic Alliances
Joint venture with Brookfield Properties for the BKC Mumbai development and partnership with Middle Eastern families for the Dubai asset.
External Factors
Industry Trends
The luxury hospitality industry is seeing robust demand; Leela is positioning itself to capture this through premiumization and increasing its direct-to-consumer (Retail) mix to 58%.
Competitive Landscape
Competes with other luxury hotel chains; currently outperforming the India Luxury Segment benchmark in RevPAR growth.
Competitive Moat
Moat is sustained by the 'The Leela' brand prestige, an NPS of 86, prime real estate locations with high entry barriers, and the financial backing of Brookfield (75.91% stake).
Macro Economic Sensitivity
Highly sensitive to luxury travel trends and domestic economic activity; RevPAR growth is currently 3x the industry benchmark due to strong macro-tailwinds.
Consumer Behavior
Shift toward direct bookings and high-yield retail segments, which grew 23% in Q2 FY26.
Geopolitical Risks
Expansion into Dubai introduces exposure to Middle Eastern geopolitical stability and international travel regulations.
Regulatory & Governance
Industry Regulations
Operations are subject to standard hospitality regulations, including land lease agreements with authorities like MMRDA for the BKC project.
Environmental Compliance
The company is committed to building an environmentally responsible organization, though specific compliance costs are not quantified.
Taxation Policy Impact
Effective tax expense for H1 FY26 was INR 25.5 Cr on a Profit Before Tax of INR 108.9 Cr.
Risk Analysis
Key Uncertainties
Execution risk of the INR 800 Cr BKC project and the $503M Dubai acquisition. Susceptibility to hospitality industry cyclicality.
Geographic Concentration Risk
Significant revenue concentration in major Indian metros, particularly Bengaluru and Mumbai.
Third Party Dependencies
Heavy reliance on sponsor Brookfield for capital infusion, strategic guidance, and co-investment in large-scale developments.
Technology Obsolescence Risk
The company is mitigating digital risks by enhancing its 'brand.com' platform to drive direct sales.
Credit & Counterparty Risk
Low credit risk indicated by a robust cash balance of INR 1,059.6 Cr and a Net Debt to EBITDA ratio of 0.5x.
