Unaudited Financial Results for the period ended 30th September, 2025.
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Vikram Kamats Hospitality Ltd (BSE: 539659) reported its Q2 and H1 FY26 results along with a clean (unqualified) auditor's review. On a standalone basis, revenue from operations rose ~29% YoY to ₹1,308.22 lakhs for H1 FY26 (₹629.67 lakhs in Q2, up ~25% YoY), while standalone profit after tax jumped ~867% to ₹106.64 lakhs (₹106.64 vs ₹11.02 lakhs) helped by lower base and higher other income. On a consolidated basis (including subsidiary Vitizen Hotels Ltd), revenue grew ~47% YoY to ₹2,495.17 lakhs but consolidated PAT sharply declined ~53% to ₹14.20 lakhs, with the subsidiary barely breaking even. The company raised fresh capital via a ₹10.20 crore preferential allotment of 13.6 lakh equity shares at ₹75/share to non-promoters (post-quarter, on 30 October 2025), while warrant conversions continue. Borrowings rose and capital work-in-progress increased significantly, indicating ongoing expansion. A final dividend of ₹0.30 per share for FY25 was declared.
Mixed picture for shareholders: strong top-line and standalone earnings growth signals improving core restaurant/hospitality business, but weak consolidated profitability due to the drag from subsidiary Vitizen Hotels tempers this. Existing shareholders face meaningful dilution from the fresh preferential issue and pending warrant conversions (11.08 lakh warrants still outstanding). Heavy capacity expansion via CWIP, right-of-use assets and rising debt suggests growth is being aggressively funded — a positive if executed well, but raises execution and leverage risk in the near term.