Congratulations on a resilient set of numbers. I just have one question on the operating leverage side. The annual stand -alone portfolio, I mean, the revenue has grown high -single-digit, but we've still managed to expand our margins at a decent rate in FY '26. And FY '26 consol numbers on the margin front were relatively flattish, but we're still seeing good healthy like -for-like and non-like-for-like growth. So how do you see the margins going forward? Do we still have room for operating leverage to play out in the system? Or is it more of a mix between the non-like-for-like and like-for-like growth?
Questions across 5 calls
Rahul Jain
Phillip Capital
The Indian Hotels Company Limited
I just had a couple of questions for you. The first one is on how do you see the U.S. and U.K. subsidiary performing in the rest of FY '25 - '26? Is there any demand outlook? Any significant change as the EBITDA performance for especially the U.S. market is on the positive trend? So is there anything that you can elaborate on?
Got it, sir. Sir, my second question i s regarding the hotel that you're opening in Uttarakhand in Q4, in the franchisee model. Is there any -- could you highlight any key differentiation from our current operating models? And how does the franchisee differentiate from what we are currently doing?
Good evening, sir. Just wanted to get a broad understanding on how the Ginger Santacruz performance has fared. And how do you see it performing in the next H2?
Got it. And sir, secondly, on a broader level, when you look at emerging markets, how do you see the demand and supply mismatch in emerging markets versus your key markets? And what sort of an opportunity is there in these markets for IHCL going forward?
Good evening sir. I have a couple of questions from my side. First question is on the New York market given that our entity has definitely seen a growth in Q1 and even the EBITDA margin has improved. Could you throw some light on the performance of the recoveries in that market, particularly?
Okay. Got it. And sir question three from my side is on a structural basis when we look at management fees that IHCL ea rns which is between 5% to 7% of the hotel revenue. On a structural basis in the long term, do you see that us negotiating better fees going forward? And what is the scope of this on the upside in the long term?
Lemon Tree Hotels Limited
My first question is basically on the strategy that you mentioned earlier in Mumbai is right now more occupancy led. How do you expect this to transition to a more ARR- led strategy? Is there a timeline or a threat level that you would like to reach before you switch to an ARR-led strategy in this market?
Understood, sir. My second question is on the Pune market. We have seen a very healthy RevPAR growth in this market as well for the quarter. Any specific reason on why we are seeing a healthy growth? Or is it more macro led or a one -off for this quarter?