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Revenue gap from Orchid Mumbai closure
View Risks →Kamat Hotels India Ltd — Q4 FY26
Kamat Hotels reported a strong Q4 FY26 with consolidated revenue of ₹110 crore (+19% YoY) and EBITDA margin expanding 213 bps to 29%.
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Kamat Hotels reported a strong Q4 FY26 with consolidated revenue of ₹110 crore (+19% YoY) and EBITDA margin expanding 213 bps to 29%. PAT surged 59% to ₹18 crore, driven by robust domestic demand and cost controls. However, the loss of the Orchid Mumbai lease (₹50 crore revenue) will pressure FY27 top line, though EBITDA impact is neutral to positive. New properties (260 keys added in FY26) are stabilizing and expected to contribute meaningfully in FY27. Management remains cautiously optimistic but flagged execution delays due to LPG shortages and rising labor costs from the new wage code. Key risk: slower-than-expected ramp-up of new hotels may not fully offset the Mumbai revenue gap.
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New keys added in FY26
260
+260 keys YoY
Approximately 260 keys were added across new properties in FY26.
Occupancy rate (overall)
~65%
-5pp YoY
Occupancy declined due to new hotels ramping up; expected to improve in FY27.
ADR (overall)
~₹5,500
-3% YoY
ADR fell as new hotels with lower rates diluted the portfolio average.
Total debt
₹86 crore
-₹21 crore YoY
Debt reduced from ~₹107 crore; cash balance of ₹35-40 crore maintained.
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Guidance and risk preview
The Orchid Bhavnagar property is expected to open by June 2026, ahead of earlier estimates.
Loss of ~₹50 crore annual revenue from the Orchid Mumbai lease may not be fully replaced by new properties in FY27.
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