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...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
42%Questions answered6Evaded / deflected12Questions audited
Answered
High priority
Ramp-up timeline for Delhi airport hotel keys
Asked by Adid, ICI Securities
Management gave specific numbers and timeline for room ramp-up.
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Question
could you help us understand how we are looking at the gradual ramping up of the hotel in terms of the number of keys considering it is a big box hotel?
Management (likely Shweta or Gorav)
We are targeting about 150 rooms for the end of this year and then in a staggered manner post that ramping up to 3780 odd rooms within the next quarter.
Evasive
Medium priority
Demand trends in current quarter and additional drivers
Asked by Adid, ICI Securities
Management gave only qualitative, non-specific commentary on demand trends.
no specific numbersgeneric statements
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Question
demand trends in the current quarter right because it's traditionally been the best quarter for us especially in the business hotels any color you'd like to give on the demand and any additional drivers which are helping us on the demand side across geographies
Management
It is one of our high quarters and not just for the socials it's also for the mice events. The weather is helpful too and we expect a similar trend in the coming quarter as well.
Partial answer
High priority
ARR progression and outlook in MMR region
Asked by Rahul Jan, Philip Capital
Management gave directional growth but no specific ARR figures or outlook.
no specific ARR numbersqualitative only
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Question
how do you see the ARR progressing in the MMR regions and in the near-term to medium-term what is your outlook on the ARR growth going forward in this region?
Gorav
MMR for us has come in in the later singledigit growth so we've actually been outperforming the market on the whole. Mumbai operates at very high levels of performance both on the occupancy and the ADR side.
Evasive
Medium priority
Impact of Aravalli resort rebranding on metrics
Asked by Rahul Jan, Philip Capital
Management did not quantify the rate change or distinguish between one-time and trend.
no specific ARR impactvague timeline
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Question
how the guest experience actually changes after the rebranding and how do you see the rate change from courtyard to a Marriott hotel will that be more of a transitionary trend or will it be a more one-time uplift in the ARR?
Gorav
We believe this will over time in the next two to three quarters as we go into contracting of larger mice as well as weddings into the season of next year we see that this will actually give us a potential upside from where we have operated in the past.
Answered
High priority
One-time margin impacts and Udaipur property details
Asked by Samit Senna, Aquiry Capital
Management provided specific one-time items and quantified the total impact.
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Question
Can you speak about the margins in the hospitality business? Can you help us through what's kind of one time what should go away next year and if anything else is going to be added next year?
CFO (likely Shweta)
There are one-off expenses because of the excise license name changes which we have done in our two properties Novotel and Bangalore. Plus there was one property tax issue in Bangalore which was also a one-time settlement. This total amounts to around 2.5 to 3 cr rupees which will be one-time spent.
Evasive
High priority
Udaipur property condition and capex timeline
Asked by Samit Senna, Aquiry Capital
Management declined to provide any specifics on capex or timeline.
no capex numbersno timelinedeferred details
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Question
Can you talk about the condition it is in what sort of incremental capex any timeline around that?
Shayan (likely)
We have taken a resort which is not operational today and will require extensive refurbishment work and we'll also look at adding some additional rooms to it. At this stage we will just leave it at that.
Answered
High priority
FIT levels compared to pre-COVID and impact of trade deals
Asked by Samit Senna, Aquiry Capital
Management gave a specific percentage and confirmed above pre-COVID levels.
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Question
Do you have a sense of what the FIT levels whether they are above pre-COVID level or have they started to increase any any sort of guidance in that would be very helpful.
Gorav
40% of our business across the board comes from foreigners and that percentage remains intact with the added rooms that have come in. So that essentially means that we are above pre-COVID levels.
Evasive
Medium priority
Luxury segment stance and leisure mix evolution
Asked by Pratik Kumar, Jefferies
Management did not quantify the luxury mix evolution despite being asked.
no percentage mixqualitative only
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Question
Can you discuss again your stance on luxury segment? You have taken back to back positions in luxury assets in recent times including the one to how do you see luxury mix in a roomix evolving over medium.
Management (likely Shweta)
We have always believed that the upper upscale and luxury segment is our playground. We see that it will continue to be the most exciting space and that's where we plan to stay.
Partial answer
High priority
Impact of leisure mix on margins
Asked by Pratik Kumar, Jefferies
Management acknowledged dilution but did not quantify the impact on margins.
no margin impact quantification
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Question
Does this mix change of leisure versus business and geography have some impact on your margins because we have like been lower on margins as you said there are like some one-offs but are your business margins expected to be lower incrementally on year-on-year basis?
Management
Definitely when you bring in leisure portfolio into a very high performing business portfolio, there will be some dilution of margins. But that doesn't mean that our asset management teams are not working overnight to sort of correct it.
Answered
High priority
MMR outperformance drivers and Bangalore occupancy decline
Asked by Avesh Bakshi, Sundara Mutual Fund
Management explained specific drivers for outperformance and reason for occupancy decline.
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Question
What drove our outperformance versus the broader market in MMR? And secondly also on the Bangalore micro market the 10% kind of an occupancy decline. So what exactly explained this?
Gorav
We have added in both our hotels some sort of food and beverage additionally to what we had in the past. The drop in occupancy is mainly because we've added additional 130 rooms and that's stabilizing very rapidly.
Evasive
Medium priority
Goa market outlook and triggers for turnaround
Asked by A Katan, Access Capital
Management gave no concrete triggers for turnaround, only general optimism.
no specific triggersvague timeline
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Question
Over the last couple year and a half we have seen that from the industry data that Goa market has not really done so well and given that we have a couple of assets coming up in that. How do we see that now and what do you think that could be the trigger for the turnaround in that market?
Management
We are actually not phased by these temporary blips. We are still about 3 years away from our first hotel opening and we would definitely expect a reversal on trend. January has been quite strong for Goa as compared to last year.
Evasive
High priority
Adiva resort performance numbers pre and post rebranding
Asked by Karan Karna, Ambbit Capital
Management declined to provide any specific performance numbers or comparisons.
no specific numbersrefused comparison
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Question
Could you share some numbers regarding performance of the resort pre and post rebranding and how would the ARR and occupancy look like in third quarter versus let's say third quarter last year.
Management (likely Shweta)
We are no longer actually even looking at comparing our performance to pre-branding versus post-branding because we expected a massive jump in ADRs. We have managed to maintain very high levels of ADR.