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Margin dilution from flight catering business mix
View Risks →EIH Associated Hotels Limited — Q3 FY26
EIH reported consolidated revenue of ₹910 crore for Q3 FY26, up 9% YoY, but PAT declined 9% due to a one-time wage code impact of ~₹30 crore.
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EIH reported consolidated revenue of ₹910 crore for Q3 FY26, up 9% YoY, but PAT declined 9% due to a one-time wage code impact of ~₹30 crore. On a like-for-like basis (excluding lounge business loss and Mashobra), revenue growth was 14%. The luxury segment RevPAR grew 5.4% (Oberoi) and upper upscale 12.5% (Trident), though occupancy was impacted by December flight disruptions (26% higher cancellations) and new hotel ramp-up. Management remains optimistic about February demand, citing strong forward bookings and events like the AI Summit. The development pipeline stands at 30 properties (~2,450 keys). Key risk: margin dilution from the high-revenue, low-margin flight catering business (OFS) as it replaces the lost lounge business.
ईआईएच ने तीसरी तिमाही में 910 करोड़ रुपये की कमाई की, जो पिछले साल से 9% ज्यादा है। लेकिन मुनाफा 9% घट गया क्योंकि कंपनी को नए वेज कोड के कारण एक बार में 30 करोड़ रुपये का खर्च उठाना पड़ा। अगर लाउंज कारोबार और मशोबरा के नुकसान को हटा दें, तो कमाई 14% बढ़ी। लक्जरी होटलों की कमाई 5.4% और ट्राइडेंट की 12.5% बढ़ी, लेकिन दिसंबर में उड़ानों में रुकावट के कारण बुकिंग रद्दी 26% ज्यादा रही। कंपनी को फरवरी में एआई समिट जैसे आयोजनों से अच्छी उम्मीद है। भविष्य में 30 नए होटल खोलने की योजना है। जोखिम: हवाई खानपान कारोबार से मुनाफा कम हो सकता है।
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Oberoi RevPAR Growth (Q3)
5.4%
+5.4% YoY
Luxury segment RevPAR growth for Oberoi brand, impacted by new hotel ramp-up and flight disruptions.
Trident RevPAR Growth (Q3)
12.5%
+12.5% YoY
Upper upscale segment RevPAR growth for Trident brand, outperforming industry growth of 8.6%.
OFS Revenue (Q3)
₹135 crore
+25-30% YoY
Flight catering (OFS) revenue grew strongly, offsetting the loss of the high-margin Mumbai lounge business.
Development Pipeline Keys
2,450
+280 keys QoQ
30 properties in pipeline; 4 new management contracts signed in Q3 (Oberoi Kabini, Hampi, etc.).
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Guidance and risk preview
Management indicated that February is traditionally strong and all signs point to a very strong month for the company and the industry.
The high-revenue OFS business has lower margins than the lost lounge business, compressing overall EBITDA margins.
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