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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹582 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
₹272.6 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Targeting partial launch of ~150 rooms by end of FY27, with full ramp-up to ~380 rooms by Q1 FY28.
- Expect to ramp up monthly rent run rate to ₹28-30 crore over FY27, from current ₹25 crore.
- Planned capex of around ₹2,500 crore over FY27 to FY29, primarily funded through internal accruals.
- Conscious strategy to increase leisure segment to around 20% of overall business mix.
Risks flagged
- 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.
- Revised timeline for Delhi airport hotel due to pollution-related stoppages; partial launch now expected by Q4 FY27 instead of earlier.
- Leisure assets like Aiva Kandala operate at lower margins than business hotels, potentially diluting overall EBITDA margins.
- South Goa hotel project delayed due to dissolution of local CRZ committee; critical approval pending, pushing construction start.
Key quotes
- We have always believed that the upper upscale and luxury segment is our playground and the way we see the rising income levels, the fact that travel is becoming a non-discretionary spend very rapidly, we believe that's where the play is.
- We have managed to maintain very high levels of ADR and most importantly during these days more than the business what counts is the positioning.
- Our competitive borrowing cost is a clear reflection of the strength of our balance sheet, the credibility we have built with our lenders and our continued ability to access capital at increasingly competitive rates.
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