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Revenue
₹740 Cr
verified against source
Revenue YoY
94%
reported change
EBITDA
₹310 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Chalet Hotels reported a strong Q2 FY26 with consolidated revenue surging 94% YoY to ₹740 crore, driven by residential project revenue recognition of ₹280 crore. Excluding residential, core hospitality and commercial revenue grew 20% YoY, with EBITDA up 25% and margins expanding 144 bps to 43.4%. Hospitality revenue rose 13% YoY to ₹380 crore, supported by 16% ARR growth to ₹12,170, though occupancy dipped 7pp to 67% due to weather disruptions and new room ramp-up. Commercial real estate revenue jumped 76% to ₹73.8 crore with 82.3% EBITDA margins. Management guided for a strong H2, citing festive season, weddings, and MICE demand. The launch of the Aiva brand marks a strategic evolution, with six properties identified for transition. Risks include new supply in Mumbai's airport belt impacting occupancy and potential delays in Goa project approvals.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve ₹30 crore per month rental run-rate by end of FY26, up from current ₹24.5 crore.
- Planned capital expenditure of ₹2,500 crore over three years, primarily funded through internal accruals.
- Construction on schedule; hotel expected to open in first half of next financial year with partial inventory.
- Five additional properties identified for transition to Aiva brand, totaling 900 keys.
Risks flagged
- Addition of ~1,000 rooms in Sahar area has impacted banquet business and may pressure occupancy and rates at JW Marriott Sahar.
- Heavy rainfall and fewer long weekends led to lower occupancy in resort properties; risk of recurrence.
- NGT approval pending; construction start expected in Q4 FY26 but subject to regulatory timelines.
- Leasing was muted in Q2 due to ongoing discussions with key accounts; risk of slower-than-expected occupancy ramp-up.
Key quotes
- Aiva is not a pivot. It's an evolution in our journey. It strengthens our developer and owner DNA while positioning us for the future.
- Our total debt servicing is now covered by our cash flows from the commercial real estate segment, which enables the hospitality business to pursue further growth accretive activities.
- We continue to prioritize quality over pace in terms of tenant selection.
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