CHALET HOTELS LIMITED

Runs hotels, develops and sells residential real estate, and earns rental income from commercial office space. In FY26, hospitality (hotels) was the largest revenue stream at 61.6% of segment revenue at Rs 1,731.131 cr, drawing guests across a portfolio of more than 5,000 keys; Q1 FY27 hospitality RevPAR was Rs 8,582 (+6.5% YoY) with average rate up 8.5% and leisure hotels delivering 19% RevPAR growth. The real estate segment contributed 26.3% of segment revenue at Rs 738.312 cr from sale of residential apartments, an inherently lumpy line — Q1 FY27 saw only 1 unit handed over versus 95 a year earlier. The rental/annuity business contributed Rs 306.086 cr (10.9% of segment revenue) by leasing commercial office space at the Powai complex in Mumbai, including the 0.9 mn sqft Cygnus 1 (over 90% occupied, ~Rs 1,300 mn annual EBITDA) with a further 0.9 mn sqft Cygnus 2 commissioning in FY27-28. The largest cost line is other operating expenses at 27.4% of revenue, followed by employee costs at 10.4%; depreciation runs at 8.3%, reflecting the asset-heavy hotel and property model. EBITDA margin was 44.4% in FY26, and management has guided to ~Rs 30 bn of capex over FY27-FY29 to grow the hotel pipeline (currently 1,655 keys across projects like Ritz-Carlton Hyderabad) and commercial real estate.