HLV Sep 2026 Q2 sales rise 28%, but losses and airport lease dispute persist

Emphasis of matterRevenue growth above 20%Net loss reportedEBITDA margin expansionResults View source PDF Explain this filing

HLVLTD · price

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Price reactionminutes from the announcement price · days from the prior close

-1.7%Reaction day

₹5.74

prior close

₹5.65

announcement price

In-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used-2.5%+0.7% vs market

Hotels & Resorts peers, median of 53sector-0.4%-1.3% vs sector

On the reaction day the stock moved 0.7 pts more than Nifty Microcap 250 and 1.3 pts less than its Hotels & Resorts peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

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Reaction day

-1.7-2.5+0.7-0.4-1.3

Next day

-3.3-1.1-2.2+0.2-3.5

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-6.1+1.3-7.4+1.8-7.9

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UpDownMarket · Nifty Microcap 250Sector · Hotels & Resorts peers, median of 53Pending

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AI summary

Unaudited Q2 sales rose 27.8% year on year to Rs 4,578 lakh, but HLV posted a Rs 699 lakh net loss versus Rs 992 lakh. Six-month sales rose 20.8% to Rs 9,246 lakh, while loss narrowed to Rs 777 lakh from Rs 1,339 lakh. Operating cash flow was Rs 813 lakh. Results assume favourable airport authority lease rulings and renewal. Disputed rent not booked was Rs 584 lakh in Q2 and Rs 18,719 lakh cumulatively, with a separate Rs 80,705 lakh claim.

Likely market impact

Revenue improved, but continued losses and dependence on a favourable airport lease outcome keep the stock high risk despite positive cash flow.

By the numbersStandalone · Q2 FY27 vs Q2 FY26

	Q2 FY27	Q2 FY26	Change
Revenue	₹45.78 Cr	₹35.83 Cr	+27.8%
Operating profit	−₹10.53 Cr	−₹11.89 Cr	loss narrowed
Profit after tax	−₹6.99 Cr	−₹9.92 Cr	loss narrowed
EBITDA margin	-7.9%	-20.5%	+12.6 pp

From the company's XBRL filing, not from the text above. Operating profit = profit before tax − exceptional items − other income. EBITDA = profit before tax + finance costs + depreciation − other income.