Questions across 38 calls

Karan Khanna

Ambit Capital

Lemon Tree Hotels Limited

Lemon Tree Hotels Limited CC-Jun26.pdf · 2026-05-29

Firstly, Patanjali, given the macro environment, especially with both the largest domestic carriers now announcing capacity cuts for the next 3 months, even in the domestic rooms. How should one think about the occupancy and RevPAR growth environment for specifically the next 2 to 3 months? And if this were to continue, then for full year FY27 as well, especially given most of this capacity reduction is in the metro-to-metro routes.

Secondly, on the signings to openings conversion, while you signed 55 hotels during FY26, openings stood at just 20 hotels with only 1 hotel opened in 4Q. How should one read this and more importantly in FY27 and FY28, where you have about 4,500 Keys to be opened, what are the confidence levels here and risks of slippages if any? And as a follow -up, what should the total managed management fee look like for FY27 and FY28 if the 4,500 Keys opening is on track?

Lemon Tree Hotels Limited CC-Feb26.pdf · 2026-02-10

My first question is on the RevPAR growth during the quarter. Most industry reports mentioned a 12% RevPAR growth for the industry in 3Q FY26. And even your peers have reported RevPAR in the range of 11% -13%-14%. Despite some renovation benefits, you seem to have fallen short here. Could you share the reasons behind this?

Sure. My second question is on the renovation benefits. In the Keys portfolio, we have seen almost 25% RevPAR growth. Are there any other brands where you are expecting such growth going ahead? And consequently, going into FY27, what are your RevPAR growth expectations overall?

Lemon Tree Hotels Limited CC-Nov25.pdf · 2025-11-13

Yes, hi and thanks for the opportunity. My first question is on Aurika, Nehru Place. If you can help us understand because it appears that the total lease payments are at about Rs. 10,000 crore over a 55 -year tenure. What kind of margins are you expecting in this pr oject in the next 5 -7 years? And more importantly, what kind of IRRs have you penciled in while finalizing this project? And as a follow-up, are there any other nonnegotiable parameters that you maintain when considering a greenfield development on your own balance sheet?

Sure. This is helpful. Just as a follow -up on this, if you look at your pipeline of projects, so you have about 2-3 hotels that are currently on the pipeline on your own balance sheet. But essentially, if you look at most of the pipeline, this is largely in the Aurika brand. So is it a conscious strategy to position upcoming own rooms under the luxury segment while ex panding via the asset -light route for the mid -scale segment? As a follow-up, given your balance sheet now supports you to perhaps take on more greenfield opportunities. So what is the thought process for that now going forward, given that while you have announced one project, which is Aurika, Nehru Place, how should we look at future expansion in terms of greenfields going forward?

Lemon Tree Hotels Limited CC-Jun25.pdf · 2025-08-11

Yes, hi. Good afternoon and thank you for the opportunity and congrats on the strong RevPAR outperformance during the quarter despite external headwinds. Firstly, congrats on strengthening the senior management team. If you can just start with some thoughts on the recent senior management appointments and how this will change the growth orbit for Lemon Tree moving forward? And also, if you can share some thoughts on your long -term aspirations for the company and as Executive Chairman, how would you be looking to work closely with Neelendra and Saurabh in helping Lemon Tree move in that direction?

Sure, this is quite helpful. Just a follow -up on this. If we talk about the pipeline of assets, most of the hotels are asset-light currently with just 2 pipeline hotels on your balance sheet in Shimla and the one in Shillong. How should one think about, let us say, future expansion within Fleur? Do we see those announcements coming, let us say, after 18 months or whenever Fleur gets listed independently? Where is the right time to think about more announcements on the asset-heavy front?

InterGlobe Aviation Limited

InterGlobe Aviation Limited CC-Jun26.pdf · 2026-05-29

Firstly, with William Walsh set to take over as CEO in August '26, could you comment on key strategic priorities that are being handed over? And given Mr. Walsh's extensive experience with full-service global carriers, should we anticipate any further shift in IndiGo's hybrid model?

In terms of given his experience as running several shops with full-service global carriers, is there going to be a change in business strategy? Or will it still be more hybrid focused?

Chalet Hotels Limited

Chalet Hotels Limited CC-May26.pdf · 2026-05-15

Just two quick questions. Firstly, in terms of the guidance for pipeline addition for FY '27, given that you've already crossed 5,000 keys with positive guidance at the start of the year. So how should we think about that going into FY '27? And which segment will it be more leisure or business? So that's question number one. And secondly, just a clarification on Ritz -Carlton Hyderabad. Is the capex number INR560 crores, which is as per the presentation or INR630 crores as per the earlier press release? And is it safe to assume INR25,000 ARR and 80% stabilized occupancy? And by when can we expect stabilization of this hotel? And just a follow-up on this, what can be the lease payments, more like 15% lease payment to Mindspace REIT or will it be higher? And in that context, what kind of margins are you expecting for this project?

Sure. And on the pipeline for FY '27, Shwetank, how does that look like? Is there a guidance you'd like to lay out for that?

Chalet Hotels Limited CC-Feb26.pdf · 2026-02-03

Just a couple of questions from my side. Firstly, Shwetank, on Athiva Resort in Khandala, while it's only been a few days, but could you share some numbers regarding performance of the resort pre and post rebranding? And how would the ARRs and occupancy lo ok like in third quarter versus, let's say, third quarter last year?

This is helpful. Just a follow -up on the Udaipur property. Are you also looking to rebrand that into an Athiva once you've concluded the transaction?

The Indian Hotels Company Limited

The Indian Hotels Company Limited CC-May26.pdf · 2026-05-11

Congrats on double -digit RevPAR growth during the quarter despite external headwinds. My first question to you, Puneet and Ankur, with the overall crude oil volatility and global geopolitical scenario feeding into aviation costs and broader inflation, whil e we haven't heard anything yet, but if we start seeing capacity reduction announcements by domestic carriers over the next few months and if this volatility continues, how should we think about the second-order impact on travel demand, pricing power and perhaps even the operating margins over the next 2 to 3 years?

And just on the comments regarding RevPAR. And if you look at FY '26, despite several one - off headwinds every quarter, you still manage 78% occupancy and 8% RevPAR growth for FY '26. But going into FY '27, where you're also talking about the industry tailw inds and also a favourable base. The 7% or 8% RevPAR guidance like-for-like, is that on the lower end because of these geopolitical uncertainties? Or are we nearing somewhere the fag end of the cycle wherein growth here on will not be pricing led, but not-like-for-like driven?

The Indian Hotels Company Limited CC-Feb26.pdf · 2026-02-12

Hi. Good evening. Thanks for taking my questions. Firstly, Puneet, you spoke about Taj Bandstand. On slide 15, if I look at the revenue potential of the asset, is it safe to assume that you are building an ARR of around 38,000 to 40,000 at 78% to 80% occupancy at the time of stabilization? And can you reiterate the timelines for first year of stabilization? And when you are building these numbers, what kind of ARR growth are you pencilling in here over, let's say, next 5 years to 7 years by when the asset should stabilize?

Sure, this is helpful. Secondly, just shifting gears to this quarter, given that this was the first quarter aft er quite a while where the growth was entirely like -for-like. So, is the 11 %-12% consolidated revenue growth something you expect to remain largely constant going ahead into 4Q and FY’27 as well? And in the past, you used to talk about double-digit RevPAR growth and now double-digit revenue growth. So, are you now seeing the rate growth cycle close to peaking, especially given that even for Taj, the RevPAR growth was around 8%?

The Indian Hotels Company Limited CC-Sep25.pdf · 2025-11-04

Thanks for the opportunity. Could you firstly just a clarification. Just a clarification. In the last call, you mentioned that when a hotel breaches the 80% occupancy mark, typically you tend to see a lot of rising power for that hotel. But if we look at slide number 29 of your presentation where Mumbai H1 occupancy stood at 84%, but despite that, the RevPAR growth was only 2%. So, help us reconcile this, because if I look at Kolkata, again at 83%, you'd seen about 17% growth. So, what's the outlook for Mumbai, let's say, for the second half of the year? And more importantly, how should we read this data, comparing it to what you said in the last call?

So, just continuing on this slide, if we look at Rajasthan, Goa, and Kerala, and with increasing outbound travel, and perhaps many international destinations that are offering cheaper stays, do you expect some pressures on RevPARs to continue, particularly for leisure destinations going ahead, or do you see the high single-digit RevPAR growth continuing for the leisure part of the portfolio as well?

The Indian Hotels Company Limited CC-Jun25.pdf · 2025-07-17

I had three questions, Puneet and Ankur. So first, if you talk about the RevPAR growth of 13% that we've seen in the international portfolio. This seems to have surpassed that of domestic growth for the first time in a while with United Holdings and PM Hotel seeing a sharp growth. Can you throw some light on this? What's driving the growth here? And what's the outlook for rest of FY '26? Do you expect the international portfolio to, in fact, do a higher RevPAR growth compared to the domestic portfolio in FY '26?

So this is helpful. Just talking a bit about your domestic portfolio. And if I look at Slide 8 and 19 of the presentation, so about 74% of your revenue, domestic re venue comes from business cities. And if I look at Slide number 19, where you've highlighted the other growth that you've seen, particularly in most of the key business cities. So help me reconcile these numbers because 11%, 12% growth on a consol basis, but some of the markets, particularly Slide number 19 are seeing almost 19%, 50% kind of a growth rate. And so are there some cities or some markets or some hotels who had the RevPAR growth or possibly the ARR growth is lower than what we have seen for the rest of the portfolio, if you could emphasize that? And also on Hyderabad, what's driven such a sharp 50% growth during the quarter?

Brigade Enterprises Limited

Brigade Enterprises Limited CC-May26.pdf · 2026-05-07

Yes, hi, good afternoon and thanks for the opportunity. Just a couple of questions from my end. Firstly, Pavitra o n the pre -sales guidance of INR 9,000 crores, if I look at the unsold inventory of around INR 10,000 crores and sustaining sales track record of around 55%, is it safe to infer you're building sales from new launches at around INR3,500 crores? And if that's the case, isn't this a very conservative number considering historically, you have seen 35% to 40% sales in new launches and you're guiding for a INR12,000 crores launch pipeline for FY'27?

Sure. And on the launch guidance of 12 million square feet, so if you can just give some color in terms of what are the current status in terms of approvals and any indication on quarter wise breakup for the 12 million square feet of launches?

Brigade Enterprises Limited CC-Feb26.pdf · 2026-02-02

Hi team, thank you for the opportunity. Just a couple of questions from my end. Firstly, Pavitra, there have been talks of excess unaffordability in Bengaluru market, which are limiting future price hikes. Could you share some thoughts on the pricing environment and on the kind of like- to-like price increase you expect from both Bengaluru and Chennai? And as a follow-up, what kind of like-to-like price hikes were taken across the already launched projects during the quarter?

Sure. This is helpful. Secondly, if we look at Slide 9 of your 4Q FY '25 presentation, you were fairly confident of launching 16 residential projects totalling 12 million square feet over the next 4 quarters. But if I look at Slide 28 of your current investor presentation, you have just launched less than 4.5 million square feet of residential projects in 9 months FY '26. So can you help us reconcile these numbers and why launches this year have been skewed more towards 4Q versus the previous years where they were largely spread out across quarters. Say, in FY '25, you had 2 million, 2.5 million square feet worth of launches every quarter?

Aditya Birla Real Estate Limited

Aditya Birla Real Estate Limited CC-May26.pdf · 2026-05-07

Just a couple of questions from my side. Firstly, K.T., sustenance sales seem quite healthy for the fourth quarter, almost at 20%. For the INR 7,300 crores of inventory that you have remaining, what kind of sustenance sales do you foresee going into FY '27?

That's fine. Just following up on the Mumbai market, if you could just talk a bit about the overall market, given that you've seen 1% growth in absorption and 2% growth in supply. And yet your existing inventory in Mumbai is at about INR 4,000 crores and the pipeline inventory for FY '27 is also very much concentrated in Mumbai, especially Worli. So how are you looking at the luxury market in MMR overall? And how do you plan to manage launch time lines to allow for ample response to the launches? And also on the launch pipeline, if you can talk a bit about at what stages of approval are all these projects currently at? I'm just trying to understand the downside risk in terms of launch delays that one can build in these projects?

Aditya Birla Real Estate Limited CC-Feb26.pdf · 2026-01-29

Just a couple of questions from my end. K.T. in the last call, you spoke about maintaining the FY '26 sales guidance of INR8,000 crores. Given that Niyaara Phase 3 is now pushed to FY '27, do you still maintain that outlook? Also in Niyaara, you were expecting Tower C launch in March, but now given that it's delayed, can you talk about the market outlook overall, especially Worli given the plethora of luxury and ultra-luxury launches that were introduced recently?

Sure. Sir, just a follow-up, K.T., on the launches that are slated for fourth quarter, is it possible to share the exact timeline or are there any chances of, let's say, spillover in launches of these projects as well?

Leela Palaces Hotels & Resorts Limited

Leela Palaces Hotels & Resorts Limited CC-Jan26.pdf · 2026-01-16

Hi, Anuraag. Hi, Ravi. Thanks for the opportunity and congrats on a very strong quarter. My first question to you, Anuraag, 20% RevPAR growth in the quarter seems very strong, given that the industry faced some headwinds in December. Two things. One, what were the numbers for October and November combined versus December? And secondly, the results seem nearly 30% YOY RevPAR growth. How much of this can be attributed to one of MICE activities that you had witnessed during the quarter?

And then Ravi, just a number on October -November combined RevPAR versus what you have seen in December.

Leela Palaces Hotels & Resorts Limited CC-Oct25.pdf · 2025-10-14

Thanks for the opportunity and congrats for another great quarter. Firstly, two clarifications, Ravi. One, if you can help simplify the BKC development for us, what were the CAPEX commitments earlier and what would be the CAPEX now? I understand it will be INR 800 crores. But given that you won't be doing the commercial project over there, so is there any evaluation behind that at which this transaction has been done with the private entity? So, firstly, just clarification, Ravi, if you can help simplify the BKC development now, given that you were looking at 50% share in the hotel and the commercial project earlier, and now I think entirely 50% in the hotel. So, what kind of changes in terms of the overall CAPEX including land are we looking at for the BKC project? And second, given that now the entire commercial project will be developed by the private entity, so is there some evaluation done for that? Or is it reflected in the overall construction and land cost for the project?

Sir, just a follow -up on just another clarification. When you look at the mid -teen EBITDA guidance for FY’26, if I look at first half itself, you have done about 34% and about 22% on operating EBITDA. So, are you expecting some moderation in terms of RevPAR or the margin in second half or is that more of a conservative guidance for second half of FY’26?

Leela Palaces Hotels & Resorts Limited CC-Jun25.pdf · 2025-07-22

Yes, hi. Thanks for the opportunity and congrats on a great quarter. So Anuraag, my first question to you, well, you did speak about the trends that you're seeing in the current quarter as well. But more importantly, if you think about the FTA recovery, which has been a challenge for the industry, how are the trends playing out for you, particularly in the July, August, September quarter? And more importantly, as we enter the season-heavy period of second half, what are the expectations going into that?

Sure. And just looking at the occupancies for FY25, it stood at 65%. How should we think about scope for increase here, given that you have a mix between leisure and business properties, where demand will vary greatly based on seasonality for leisure and working days for business hotels?

Prestige Estates Projects Limited

Prestige Estates Projects Limited CC-Jun25.pdf · 2025-08-06

Just a couple of questions from my end. Firstly, if I look at Slide Number 22, your upcoming launches, most of this is largely skewed in Bangalore for the rest of the year. Given all the news flow that we're hearing around job cuts in the IT sector and the larger feedback that we get from channel partners about pricing sort of pr essure in the Bangalore market where rate hikes are becoming more of a challenge. How do you see this in terms of the overall market trends? And more importantly, what's the on- ground sales that you're getting as far as price hikes that you've been able to take in your current projects?

Sure. And second question, if I look at Slide 23, the GDV of new acquisitions done during quarter 1 FY '26. What kind of IRRs are you pencilling in, in terms of new acquisitions that you're doing this quarter? And more importantly, how have you seen the IRRs trending over the last two or three years in all the new project acquisition that you've done?

Oberoi Realty Limited

Oberoi Realty Limited CC-Jun25.pdf · 2025-07-22

Hi, Vikas. Thanks for the opportunity. Just a couple of questions from my side. In the previous earnings call, you've spoken about flight to quality and preference for grade A developers at a time when real estate market gets jittery. But if you look at the Y -o-Y trends in terms of sustaining sa les, the number of units that were sold in base quarter, let's say, 1Q FY25 for Forestville, Eternia and Sky City combined were more than 90 units. But this time around, we've seen about 45 units being sold this quarter. Similarly, at Jardin, the sales momentum also fell to about 20 units per quarter post the launch. So, this seems quite low. Could you share some thoughts on possible reason behind this slowdown and some of the major push backs that you're seeing from customers when they look at these products?

Sure. Just as a follow-up to this, how are you thinking about future launches in terms of Thane, the future phases? Are there any changes to the timelines? Or will you stick to the previous timelines as far as future phase launches are concerned?