Please find enclosed the transcript of the Q4 FY26 Earnings Conference Call held on April 28, 2026

Leela Palaces reported strong Q4 FY26 with operating revenue up 12% YoY to INR 484 crore and EBITDA margin expanding 57 bps to 55%. For full year FY26, operating revenue grew 15% to INR 1,527 crore with EBITDA margin at 49%, up 167 bps. PAT surged 8.5x to INR 403 crore from INR 48 crore in FY25. ADR grew 15% driving RevPAR growth of 6% despite March geopolitical disruptions impacting international occupancy. International mix dropped from 50% to 40% but domestic demand remained robust with April recovery to prior year occupancy levels. Expansion is on track with 23% key growth, Coorg acquisition adding 71 keys, and 9 properties in pipeline (Ayodhya, Agra, Ranthambore targeted for CY28). ARQ membership club targeting 2,000 members at stabilization with INR 45 lakh initiation fee. Net debt to EBITDA at comfortable 1.6x.