Enclosed

Chalet Hotels reported its Q4 FY26 and full year results. Full year consolidated revenue crossed INR 25 billion with EBITDA crossing INR 10 billion. Q4 revenue grew 6% YoY to INR 5,711 million with EBITDA up 8% to INR 2,786 million, and EBITDA margin improved by 100 basis points to 48.8%. Ex-residential revenue grew 18% YoY to INR 20,741 million with EBITDA margin expanding 97 bps to 46.2%. The company added two new projects to its pipeline: Udaipur Resort (144 keys for INR 1,710 million) and a Ritz-Carlton hotel in Hyderabad (330 keys, INR 5,600 million fit-out cost). Total keys now exceed 5,000 with a pipeline of approximately 1,655 keys. RevPAR declined 3% YoY in Q4 primarily due to Mumbai underperformance and geopolitical tensions impacting foreign tourist arrivals, with the company losing approximately 9,000 room nights in March. Net debt was reduced from INR 25 billion to approximately INR 19 billion despite deploying approximately INR 19 billion towards growth capex and acquisitions. The company plans capex of approximately INR 30 billion over FY27 to FY29, expected to be largely funded through internal accruals.