Kamat Hotels (I) LimitedHospitality & TourismKAMATHOTEL
Q1 FY27 concall · earnings callKamat Hotels (I) Limited
Kamat Hotels delivered robust top-line growth and strong EBITDA expansion in Q1, driven by operational efficiency and a favorable domestic travel environment.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹91 Cr | 10% | |
| Consolidated EBITDA | ₹25 Cr | 36% | |
| EBITDA Margin | 27% | 530 points | |
| Flow Through | more than 75% | — | |
| Same Store Revenue Growth | 17% | — | |
| Same Store EBITDA Growth | 21% | — | |
| Orchid Mumbai Revenue Growth | 35% | — | |
| Orchid Mumbai EBITDA Growth | 50% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹110.89 Cr+28.8% YoY+29.9% QoQ | ₹26.18 Cr-37% YoY+213.5% QoQ | ₹8.63-48.8% YoY+199.7% QoQ |
| Q2 FY25 | ₹85.38 Cr+33.4% YoY+15.8% QoQ | ₹8.35 Cr+27733.3% YoY+680.4% QoQ | ₹2.88+28700% YoY+638.5% QoQ |
| Q1 FY25 | ₹73.76 Cr+5.9% YoY-12.7% QoQ | ₹1.07 Cr-3.6% YoY-49.8% QoQ | ₹0.39-13.3% YoY-52.4% QoQ |
| Q4 FY24 | ₹84.51 Cr+5% YoY-1.8% QoQ | ₹2.13 Cr-99.2% YoY-94.9% QoQ | ₹0.82-99.3% YoY-95.1% QoQ |
| Q3 FY24 | ₹86.08 Cr+2.7% YoY+34.5% QoQ | ₹41.57 Cr+49.7% YoY+138466.7% QoQ | ₹16.86+43.2% YoY+168500% QoQ |
TL;DR
- Consolidated revenue grew 10% to INR 91 crore.
- Consolidated EBITDA grew 36% to INR 25 crore with margins expanding to 27%.
- New properties in Panchgani, Rishikesh, Hyderabad, and Bhavnagar are scaling up.
- Net debt is comfortable at INR 38 crore.
- Management targets further EBITDA margin expansion to 30% in 2-3 years.
- Hotel pipeline of ~400 keys planned over the next 12-15 months.
Said on the call
“Kamat Hotels is on a turnaround journey. The foundations the company has laid over the years will help us to scale up rapidly, strengthening operating performance and achieve structurally higher EBITDA as we grow.”
From the Q&A
| Topic | What management said |
|---|---|
| New Property Timelines | Dwarka (63 rooms) expected November-December; Gwalior expected end October-November; Dehradun delayed by ~6 months; Nashik, Rishikesh, Mandvi on track. Supply chain challenges from war are behind them. |
| Occupancy Trajectory | Q1 occupancy trend expected to continue for remaining quarters. Business hotels typically cross 75-80% occupancy. |
| Growth Strategy & Capital | Evaluating various growth options, including both asset-light (lease/revenue share) and owned hotels (brownfield or land parcels). Balance sheet can support raising debt up to INR 300 crore based on forward EBITDA. |
| Loss-Making Hotels | New hotels have start-up losses due to mobilization expenses but stabilize in 2-3 years. Hotels opened before FY26 are all making profit after lease charges. |
| Average Room Rate (ARR) Strategy | Performance judged by RevPAR. Where ARR hikes face resistance, they drive occupancy. Strategy is case-by-case based on micro-market dynamics. |
| EBITDA Margin Target | Long-term target is to take EBITDA margins to 30%, with plans like moving to renewable energy. The path to 30% is expected to take 2-3 years. |
| Demand Mix & Tailwinds | Growth drivers include business travel, leisure, experiential travel, and MICE. The trend of limited outbound travel due to global turmoil was a tailwind, but domestic leisure travel is structurally increasing. |
| Cash Deployment Priority | Surplus cash will be judiciously deployed for growth, not for further deleveraging or shareholder returns. |
Guidance
- Expect growth on a quarter-on-quarter basis.
- Target to take EBITDA margins up to 30% in two to three years.
- Around 400 keys addition expected in the next 12-15 months across Gwalior, Dehradun, Dwarka, Nashik, Rishikesh, and Mandvi.
- New properties take two to three years to mature and become EBITDA positive.
Source
Summary written from the transcript filed by Kamat Hotels (I) Limited for the call held on 14 Aug 2026; published 18 Aug 2026, 20:29 IST.
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