ROYAL ORCHID HOTELS LTD

Operates a chain of hotels across India under the Royal Orchid, Iconiqa (premium), and Regenta brands, using a mix of directly-operated properties and asset-light management contracts, franchise agreements, and revenue-share deals. The current portfolio covers approximately 124 hotels and about 11,000 keys across 80 cities, including signed pipeline properties. Iconiqa Mumbai, the flagship owned property, operates at roughly 300 keys and recorded Q4 FY26 occupancy of 62%, recovering to 81% in April-May 2026. A 10-year licensing deal with Hilton targets 125 Hampton by Hilton hotels across 6 states, with first signings expected in FY27. The Regenta Hotels subsidiary runs the managed-contract business and contributed INR 55-56 crore of FY26 revenue and INR 20 crore of EBITDA. A 52-hotel signed pipeline (~3,600 rooms) sits behind these brands, with about 522 revenue-share keys expected to come on-stream during the year; the Vision 2030 plan targets 345 hotels and 22,000 keys. On the cost side, other operating expenses are 60.5% of revenue, employee costs 26.9%, and materials 9.0%. The balance sheet holds about INR 100 crore of cash against INR 91 crore of borrowings.