KAMATHOTEL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹118 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
₹39 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Kamat Hotels reported Q3 FY26 revenue of INR 118 crore (+12% YoY), with EBITDA at INR 39 crore (33.14% margin) and PAT at INR 19 crore (-26.9% YoY). The revenue growth was driven by stronger November performance and improved occupancies at Orchid Mumbai (80% vs 74% YoY, ARR up to INR 7,818 from INR 7,165), partially offset by headwinds from Shimla/Manali road disruptions and delayed hotel openings in Jamnagar, Chandigarh, and Hyderabad. Pune renovation boosted room rates to INR 6,400-6,700 from INR 5,500-5,700. Management acknowledged Q3 underperformance versus peers, citing mature hotel portfolio limitations and new property ramp-up costs. Full-year revenue guidance of INR 400 crore is now expected to be missed by 5-7% due to project delays. 280-290 new rooms are targeted for the coming calendar year across Derdun, Gualier, Bhagar, and Nashik. Key risks include continued Shimla/Manali pressure, Mumbai supply headwinds causing ADR plateauing, and delayed Pune/Nashik expansion impacting near-term EBITDA recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Full-year topline guidance of INR 400 crore will likely be missed by 5-7% due to delayed hotel openings and external disruptions including aviation issues and road problems in leisure destinations.
- Cumulative 280-290 rooms across Derdun, Gualiar, Bhagar, and Nashik expected to open in the coming calendar year, with pre-opening expenses of max INR 1.5 crore for all hotels combined.
- Pune hotel undergoing renovation will expand from 387 to 410 rooms with additional banquet venues, expected to drive revenue from current year itself with full potential next financial year.
- Net debt levels have already reached approximately INR 50-65 crore, ahead of the previously stated target, providing balance sheet flexibility.
Risks flagged
- For the second consecutive year, Manali road flooding has severely impacted the hotel's performance. This has been a recurring issue affecting both summers, with operations functioning but traction remaining below expectations.
- With 2,500 rooms of new supply entering Vashi/Navi Mumbai, management acknowledged that ADR will systematically plateau though occupancies may hold due to MICE demand from Jio Convention Center and NESCO.
- Hotels in Derdun, Gualiar, Nashik, and Bhagar have been delayed by 2-9 months due to owner-related issues and external factors. Management admitted they have hired staff and incurred capex/opex for properties not yet open, creating drag.
- An investor who visited the property questioned underperformance during peak season, noting peer hotels were fully occupied. Management responded defensively, citing adult-only policy (no children under 15) as deliberate positioning with 80% foreign clientele.
Key quotes
- We might lose out by around 5 to 7%. We will see about that, based on how this other risk water goes we would have plus minus 5-7% we see.
- What happens is one advantage is that we get a true picture of our operations and we get a true picture of the cash in hand literally as good as rather than anything.
- There will come a systematic plateauing of the ADR... occupancies will remain, they will not fall but they will not grow as what people were expecting.
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