Chalet Hotels Limited Reports Strong Q2 Fy27 Results

Mumbai, November 05, 2026: Chalet Hotels Limited announces results for the second quarter ending September 30, 2026. 

Chalet Hotels Limited reported an 11% year-on-year increase in income from its core hospitality and annuity businesses to INR 5,110 million in Q2 FY27. EBITDA from core operations (excluding residential) grew 13% to INR 2,274 million, with margins expanding by 110 basis points to 44.5%.

Key Highlights for Q2 FY27:

• Total Income from core operations (ex-Resi) at INR 5,110 Mn, up 11% as compared to Q2FY26
• EBITDA from core operations (ex-Resi) at INR 2,274 Mn up 13% as compared to Q2FY26
• EBITDA Margin from core operations (ex-Resi) at 44.5%, up 110 bps as compared to Q2FY26
• Consolidated PAT at INR 2,163 Mn, up 40% as compared to Q2FY26
• Hospitality Segment Performance:

• RevPAR up by 7% YoY to INR 8,702 Mn; leisure portfolio performing exceptionally well
• Revenue at INR 4,115 Mn, up by 8% from Q2FY26
• EBITDA at INR 1,691 Mn, up by 11% from Q2FY26

• Commercial Real Estate (Rental/Annuity) Performance:

• Occupancy at 91%
• Monthly revenue run-rate moving up to INR 300 Mn in Sep’26 – up from INR 290 Mn for Jun’26
• Revenue at INR 901 Mn, up by 22% from Q2FY26
• EBITDA at INR 750 MN, up by 23% from Q2FY26

• Rebranded business hotel at Navi Mumbai as ATHIVA® Pulse, Navi Mumbai – Autograph Collection

Speaking on the financial results, Shwetank Singh, MD & CEO, Chalet Hotels Limited said, “Our Q2 performance reflects the strength of our hospitality portfolio and our continued focus on driving operational efficiencies. Despite reduced air connectivity and higher airfares impacting certain business travel markets, we delivered an 11.3% YoY growth in ADR and a 7.2% increase in RevPAR. Our leisure properties performed particularly well, delivering 34% RevPAR growth, supported by improvements in both occupancy and room rates.

Overall, the business continued to demonstrate healthy growth, contributing to improved operating margins. We are also making encouraging progress across our brand portfolio, with the launch of ATHIVA Pulse in Navi Mumbai. The initial response from the guests has been positive, reinforcing our confidence in its potential.

With Taj Delhi International Airport and CIGNUS II, Powai progressing towards completion, and an expanding ATHIVA pipeline, we are well-positioned for our next phase of growth. Our strong balance sheet and disciplined approach to development give us the confidence to capitalise on the long-term opportunities in Indian hospitality.”

Core Business Performance (ex-Residential)                                                                     

INR Million

Particulars (Ex-Resi)		Q2FY27		Q2FY26		YoY%		Q1FY26		QoQ%		FY26
Total Income		5,110		4,617		10.7%		5,140		(0.6%)		20,741
EBITDA		2,274		2,004		13.5%		2,400		(5.2%)		9,573
EBITDA Margin %		44.5%		43.4%		1.1 pp		46.7%		(2.2%)		46.2%

Consolidated Performance                                                          

INR Million

Particulars		Q2FY27		Q2FY26		YoY%		Q1FY26		QoQ%		FY26
Total Income		5,114		7,438		(31.2%)		5,213		(1.9%)		28,124
EBITDA		2,270		3,077		(26.2%)		2,431		(6.6%)		12,301
EBITDA Margin %		44.4%		41.4%		3.0%		46.6%		(2.2%)		43.7%
PBT		1,241		2,049		(39.4%)		1,325		(6.4%)		8,187
Tax		921		(501)		NM		(464)		NM		(1,736)
PAT		2,163		1,548		39.7%		861		151.1%		6,450

Notes:

• During the current quarter ended 30 September 2026, the Holding Company has decided to exercise the option available under Section 206 of the Income tax Act, 2025 (erstwhile Section 115BAA of the Income-tax Act, 1961), which provides eligible domestic companies a concessional tax regime at an rate of 25.17% (22% plus applicable surcharge and cess), in lieu of the regular corporate tax rate of 34.94%. Accordingly, the Holding Company has remeasured the opening balance of its deferred tax liabilities (net) as at 01 April 2026 and has accounted tax credit of ₹ 1,125 million relating to the same in the current quarter. Hence tax expense for the quarter/six months ended 30 September 2026 is not comparable with other reported periods.
• On 7 September 2026, the Holding Company acquired 100% shareholding of Lakeview Mercantile Company Private Limited ("LMCPL") for a net consideration of ₹ 992 million. This acquisition does not constitute a business under Indian accounting standards and is accounted as asset acquisition. 

Segmental Performance                                                               

INR Million

HOSPITALITY
Particulars	Q2FY27	Q2FY26	YoY%	Q1FY26	QoQ%	FY26
ADR (Rs)	13,546	12,170	11.3%	13,247	2.3%	13,727
Occupancy (%)	64.2%	66.7%	(2.4%)	64.8%	(0.5%)	67.2%
RevPAR (Rs)	8,702	8,115	7.2%	8,582	1.4%	9,226
Total Income	4,115	3,802	8.2%	4,185	(1.7%)	17,311
EBITDA	1,691	1,520	11.2%	1,784	(5.2%)	7,603
EBITDA Margin %	41.1%	40.0%	1.1%	42.6%	(1.5%)	43.9%
RENTAL ANNUITY
Particulars	Q2FY27	Q2FY26	YoY%	Q1FY26	QoQ%	FY26
Total Income	901	738	22.0%	865	4.1%	3,061
EBITDA	750	607	23.5%	735	2.0%	2,544
EBITDA Margin %	83.2%	82.3%	0.9%	85.0%	(1.7%)	83.1%

Development Pipeline Updates:

• CIGNUS® II, Powai, Mumbai: Construction progressing; substantial completion expected by FY27 end.
• Taj Delhi International Airport, New Delhi: Construction progressing steadily; expect opening in early-FY28.
• The Ritz-Carlton, Hyderabad: Foundation work in progress; Guest Room ID design initiated.
• Udaipur Resort: Expansion potential, branding under evaluation.
• Hyatt Regency, Airoli, Navi Mumbai: 70% foundation work completed; waterproofing in progress.
• All other key projects are on track.