KAMAT HOTELS (I) LTD

Operates hotels in India under brands including The Orchid, IRA by Orchid, Lotus Resorts and heritage properties, running 23 properties with 1,900-plus keys across 9 states. Revenue of INR 385.63 crore in FY26 came entirely from hospitality operations — room revenue, food and beverage, and banqueting — serving business travellers, leisure guests, wedding clients, MICE (meetings, incentives, conferences, exhibitions) segments and pilgrimage visitors. The portfolio delivered an average room rate (ARR) of INR 6,051 and 57% occupancy in FY26, with an EBITDA margin of 25.1%. Around 250-260 new keys were added in FY26, creating an EBITDA drag of about INR 10 crore that management expects to recover as these properties mature. A pipeline of approximately 600 keys spans 7 new projects, including the 50-room IRA by Orchid in Bhavnagar (opened June 2026) and a 63-room luxury Orchid in Dwarka signed for December 2026 opening. The IRA Mumbai lease is exiting, removing about INR 50 crore of FY27 revenue but adding INR 1-2 crore to EBITDA. Employee costs at 23.2% of revenue are the largest named operating cost, with a structural step-up of about INR 4 crore per year from the new wage code. The company sits in a net cash position with INR 86 crore of debt at 9.75% and INR 35-40 crore of cash reserves.