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Construction disruption at Powai impacting occupancy
View Risks →Chalet Hotels Limited — Q3 FY26
Chalet Hotels delivered a strong Q3 FY26 with consolidated revenue growing 27% YoY to ₹589.2 crore and EBITDA up 29% YoY to ₹272.6 crore, with EBITDA margin expanding 76 bps to 46.3%.
bullish
high
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Chalet Hotels delivered a strong Q3 FY26 with consolidated revenue growing 27% YoY to ₹589.2 crore and EBITDA up 29% YoY to ₹272.6 crore, with EBITDA margin expanding 76 bps to 46.3%. Hospitality RevPAR grew ~12% driven by 16% ADR growth, though occupancy dipped 230 bps due to new inventory stabilization in Bangalore and Kandala. Commercial real estate revenue rose 29% YoY to ₹74.4 crore, with occupancy at 83% and a monthly exit run rate of ₹25 crore. Management highlighted robust demand tailwinds from domestic travel, weddings, and MICE, and expects margins to improve as new rooms stabilize. Key risks include potential margin dilution from leisure assets and construction disruptions at Powai and Delhi airport hotel.
चैलेट होटल्स ने तीसरी तिमाही में शानदार प्रदर्शन किया। कुल कमाई 27% बढ़कर ₹589.2 करोड़ हो गई। कमाई में से मुनाफा (EBITDA) 29% बढ़कर ₹272.6 करोड़ रहा, और मुनाफे की दर 46.3% हो गई। होटलों में कमरे की कीमत (ADR) 16% बढ़ने से प्रति कमरा कमाई (RevPAR) 12% बढ़ी, लेकिन बेंगलुरु और कंडाला में नए कमरे जुड़ने से भरने की दर (occupancy) थोड़ी घटी। कार्यालयों की कमाई 29% बढ़कर ₹74.4 करोड़ हुई, जिसमें 83% जगह भरी हुई है। कंपनी को घरेलू यात्रा, शादियों और मीटिंगों से अच्छी मांग दिख रही है। नए कमरे स्थिर होने पर मुनाफा और बढ़ेगा। लेकिन छुट्टी वाली जगहों और पवई-दिल्ली एयरपोर्ट होटल के निर्माण से कुछ जोखिम हैं।
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Read Transcript →Quarter Snapshot
RevPAR Growth
12%
+12% YoY
Hospitality RevPAR grew 12% YoY, driven by 16% ADR growth; excluding Himalayas resort, RevPAR was up 10%.
ADR Growth
16%
+16% YoY
Overall ADR grew 16% YoY, reflecting strong pricing power across markets.
Commercial Real Estate Monthly Exit Run Rate
₹25 crore
+29% YoY
December monthly revenue exit run rate for CRE was ₹25 crore, with occupancy at 83%.
Net Debt
₹2,000 crore
N/A
Net debt stood at ₹2,000 crore; average cost of finance reduced 14 bps QoQ to 7.48%.
What Changed vs Last Quarter
NEW
CRE monthly rent run rate target of ₹28-30 crore by FY27
Expect to ramp up monthly rent run rate to ₹28-30 crore over FY27, from current ₹25 crore.
NEW
Leisure mix target of ~20% of total business
Conscious strategy to increase leisure segment to around 20% of overall business mix.
UPDATED
Delhi airport hotel partial launch by Q4 FY27
Targeting partial launch of ~150 rooms by end of FY27, with full ramp-up to ~380 rooms by Q1 FY28.
UPDATED
Capex of ~₹2,500 crore over FY27-FY29
Planned capex of around ₹2,500 crore over FY27 to FY29, primarily funded through internal accruals.
DROPPED
Commercial real estate monthly rent target of ₹30 crore by March 2026
Management expects to achieve ₹30 crore per month rental run-rate by end of FY26, up from current ₹24.5 crore.
DROPPED
Aiva brand to cover six properties with 900 keys over next few years
Five additional properties identified for transition to Aiva brand, totaling 900 keys.
NEW RISK
Construction disruption at Powai impacting occupancy
Ongoing construction at Signis 2 Powai is causing temporary occupancy loss at nearby hotel due to noise and dust; expected to stabilize over next two quarters.
NEW RISK
Delhi airport hotel timeline delays
Revised timeline for Delhi airport hotel due to pollution-related stoppages; partial launch now expected by Q4 FY27 instead of earlier.
NEW RISK
Margin dilution from leisure portfolio
Leisure assets like Aiva Kandala operate at lower margins than business hotels, potentially diluting overall EBITDA margins.
NEW RISK
Goa project approval delays
South Goa hotel project delayed due to dissolution of local CRZ committee; critical approval pending, pushing construction start.
RISK GONE
New hotel supply in Mumbai airport belt
Addition of ~1,000 rooms in Sahar area has impacted banquet business and may pressure occupancy and rates at JW Marriott Sahar.
RISK GONE
Weather and seasonality impact on resorts
Heavy rainfall and fewer long weekends led to lower occupancy in resort properties; risk of recurrence.
RISK GONE
Delay in Goa project approvals
NGT approval pending; construction start expected in Q4 FY26 but subject to regulatory timelines.
RISK GONE
Leasing activity slowdown in commercial real estate
Leasing was muted in Q2 due to ongoing discussions with key accounts; risk of slower-than-expected occupancy ramp-up.
Fast read
Guidance and risk preview
Targeting partial launch of ~150 rooms by end of FY27, with full ramp-up to ~380 rooms by Q1 FY28.
Ongoing construction at Signis 2 Powai is causing temporary occupancy loss at nearby hotel due to noise and dust; expected to stabilize over next t...
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