JUNIPER HOTELS LIMITED

Owns and operates luxury and premium hotels in Indian metros, with a current portfolio of 1,895 keys including Grand Hyatt Mumbai, Andaz Delhi, and Hyatt Regency Ahmedabad. FY26 operating revenue of INR1,047.7 crores was up 11% Y-o-Y, with portfolio ARR of INR13,457 at 81% occupancy in Q4 and portfolio ARR growing 9% Y-o-Y for the year. Grand Hyatt Mumbai, Andaz Delhi, and Hyatt Regency Ahmedabad each outperformed their competitive sets. The largest non-room revenue contributor mentioned is the Grand Showroom at Grand Hyatt Mumbai, which generated INR28 crores in FY26, with management flagging 25-30% further upside. A pipeline of 5 projects will add 1,400+ keys by FY30, taking the portfolio to 3,320+ keys: a 238-key Westin Bangalore Phase 1 opening Q2 FY27 (targeting INR15,000 starting ARR), a 266-key Westin Bangalore Phase 2 in H2 FY27, and a 500-key luxury hotel on a 2.5-acre DDA land parcel at Dwarka near Yashobhoomi. EBITDA of INR444 crores in FY26 (up 21% Y-o-Y) came with a 400 bps margin expansion to 42%. The largest cost line is 'other operating expenses' at 41.9% of revenue, followed by employee costs at 17.7% and depreciation at 10.7%; capex was 18.9% of revenue in FY26. Total expansion capex of ~INR1,800 crores is planned through FY30 (INR300 crores in FY27, INR700-750 crores in FY28), with peak net debt-to-EBITDA expected to stay below 2.5x.