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Revenue
₹113.03 Cr
verified against source
Revenue YoY
26.6%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Royal Orchid Hotels reported a strong Q3 FY26 with revenue from operations growing 26.6% YoY and room revenue surging 45% YoY, driven by the successful launch of Iconica Mumbai which contributed ₹17.4 crore in its initial months. EBITDA grew 13.8% YoY reflecting cost efficiency. The company crossed 10,700 keys across 168+ hotels with 47+ in pipeline. Management guided for ₹420 crore revenue in FY26 and reiterated the ₹500 crore target for FY27-28. Iconica is expected to turn profitable in Q4 with quarterly revenue of ₹23-24 crore, peaking at ₹28-30 crore next year. The subsidiary sale (sub-₹30 crore after tax) will strengthen the balance sheet. Risk: Non-Iconica organic growth remains in single digits, and the 47-pipeline hotel conversion timeline is uncertain.
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Guidance to track
- Management expects full-year FY26 revenue to be around ₹420 crore, driven by Iconica and existing portfolio.
- The company reiterated its aspirational target of ₹500 crore revenue by FY27-28, supported by new hotel openings and revenue share properties.
- Iconica Mumbai is expected to generate ₹23-24 crore in Q4 FY26, with peak quarterly revenue of ₹28-30 crore in FY27.
- Managed hotel fee revenue is projected to grow from ~₹45 crore in FY26 to ₹55-58 crore in FY27, with ~48% EBITDA margin.
Risks flagged
- Excluding Iconica, revenue growth was in single digits, indicating reliance on new property additions for meaningful expansion.
- The 47 hotels in the pipeline may take 1-1.5 years to become operational, with potential delays due to licensing and construction issues.
- Notional interest and depreciation from Ind AS 116 (₹12 crore in Q3) depress reported PAT, though cash flows are unaffected.
- Management was evasive on how the sub-₹30 crore (after tax) from the subsidiary sale will be deployed, creating uncertainty for investors.
Key quotes
- We have now crossed a significant milestone 10,700 keys across 168 plus hotels including upcoming properties with 47 plus hotels in the pipeline.
- Our target for 2030 was to do eight and we announced that in June. Now after that we opened the iconica number one.
- The notion that revenue sharing is more profitable than management actually needs just a little introspection because there is an inherent risk to revenue sharing but when it comes to management right it is pure cash flow.
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