Thank you. We will now begin the question -and-answer session. [Operator Instructions] Our first question comes from the line of Binay Singh from Morgan Stanley. Please go ahead.

Hi team, congrats for good set of numbers given the environment we are in. Could you throw a bit more light on how were trends in March , because we see quite a sharp drop in occupancy , whereas, the war impact could have been only there for one month? So , could you specifically share some trends on March and how is April, May also trending? That will be the first question.

Hi Binay, good evening. The West Asia war has had an impact on travel as we all know, both inbound and outbound. So just to give some context, Leela has almost a 50%-50% share in terms of both international and domestic business. Our domestic business has not been impacted at all, and whilst some part of our international business has been impacted from a key source market. Just for context, d espite the disruption for the overall quarter, we have achieved a 15% ADR growth and a 6% RevPAR growth year -on-year, despite the disruption in the month of March. What we have also done… we have strengthened our domestic customer base, which has allowed our occupancy in April to recover, to answer your question, to similar levels as last year , and healthy RevPAR growth versus same time last year. This is also basis on the strength of our robust sales and distribution channels in India where we have over 300 person sales associates, nine regional sales offices, and revenue members on the ground that control nearly two-thirds of our revenue, which comes from our direct channels. We continue to be very nimble, keep watching the situation very closely, and keep working with agility on all the segmentation, and we expect the domestic market to remain a strong opportunity for future growth as well as we approach the holiday season, wh ile the inbound presents a future opportunity given the strong brand recall and the brand love that we have from our key source markets post stabilization.

Thanks for that. But just to, sort of, in terms of any numbers on how March is and how, like, so March would have been down double -digit for us and then in April are we talking about high single digit RevPAR growth?

So March, yes, there was an impact on occupancy. I would say because some of our key source markets like US and UK, there was an impact in terms of occupancy, but our resilience on a pricing power and all that allowed us to mitigate that impact of occupan cy through our ADR. But as I mentioned, in April, we have seen the pace come back to same time last year levels, but we definitely expect maybe a high single digit or early double-digit growth in the month of April.

Okay. So, we are saying that the high single digit RevPAR growth in the month of April, which in a way is a good outcome compared to March?

But Binay, just to add, May and June will be very exceptional good performance months for us and for the quarter we will do a double-digit growth in revenues and EBITDA.

Also Binay, for context, if you look at it, the only segment for us that was impacted was international, and H1 typically, if you talk the next six months is almost one-third of H2 in terms of the impact that it has on our overall business plan. So, we are very resilient in that sense, Yes.

And typically – and international contribution also would be lower for you in this quarter, right, given the weather?

So, it's dropped from a 50% share to around 40-odd-percent share where our domestic has risen to approximately 60%.

So, the management fees for the full year we have done approx management fees of INR 95 crores we have done, and we are looking towards the next year , we'll have a growth again because our managed hotels will have ramped up. So then we have improvement in the whole management fees, because Hyderabad hotel has ramped up to almost 62% occupancy, when the managed hotels, some of the key hotels are doing well. So that will have a double-digit growth in our management fees as well moving forward.

Okay, team, I'll come back in the queue.

Thank you. The next question comes from the line of Karan from Ambit Capital. Please go ahead.

Yes, hi. Thanks for the opportunity. Just a couple of questions from my side. Anuraag, firstly, have you seen any meaningful cancellations or postponements in MICE Events due to the evolving geopolitical environment, and are these events getting deferred into upcoming quarters, or are being lost altogether?

So, Karan, thanks, great question. We , obviously, had cancellations in MICE Events that were booked across the portfolio in the month of March, because of all the geopolitical tensions. What we did, we have given them credit notes and deferred them between the next six to nine months, so we expect many of them, a very high percentage of them coming back to us in the next few quarters.

Sure. And then secondly on the Coorg acquisition, how's been the initial response, and when you say INR 170 crores of stabilized revenue, what kind of ARRs are you pencilling in for that number, and also does that include the 19 villa expansion in Phase 1?

So Coorg, Karan, just to take you back is like we have recently acquired Coorg on 18th of March as you know. So right now, our focus is to whilst the real estate is amazing and the asset quality is extremely good, it's fully built up on Leela standards with a seven -acre lake and an all -villa property. Right now, there's a lot of work happening, lot of training happening in terms of soft aspects, something that Leela is known for. This is our first foray into a forest sanctuary experiential destination product; hence we are very, very excited about it. These are right now simulations and early guest feedback has been very, very positive about the asset, and we have not rebranded it yet. There's a site visit and evaluation happening as we progress, and we are looking forward to rebrand it at the end of this quarter, or early next quarter as a full-fledged Leela Forest Sanctuary, and that is when we expect all our distribution to start kicking in and with all The Leela, you know, in terms of loyalty programs and the key customers and all of that. The initial response and the guest feedback has been very, very encouraging, although it's not yet been rebranded. Several touchpoints are experiential, which are catering to the next generation travellers, MICE, wellness -seeking travellers, and even people who are seeking longer itineraries to experience the entire ecosystem in the destination. This is the kind of funnel that we are already building up going forward. And to your specific question in terms of expansion, once we open the hotel and stabilize, we’ll definitely evaluate, because just to remind you, only 20 acres out of these 76 acres has been used up right now. So , we definitely see an opportunity to do that, but we'll come back to you at a right time, because right now our focus is to open it on brand and open it soon as The Leela Forest Sanctuary.

Sure. And last question to you Ravi, for Ayodhya, Agra, and Ranthambore, we are now looking at CY28 instead of FY28, so is there a slight delay here ? And also if you could talk a bit about the cost inflation that you might be seeing in terms of construction cost , and then how are you looking at the capex number for FY27 and '28?

So just to answer in terms of these three hotels, we have just put CY, basis one or two quarters of construction risk always moves because of the approval when you open the hotel . All the approvals of all these three hotels are already in place ; the funding is already in place, the construction has started. So that's the reason we have, you know, it's all on pace. The capex numbers for these hotels remains the same, there is no escalation in the cost, Karan . So the numbers remain the same.

Great. Thanks Ravi. Thanks, Anuraag, and all the best.

Thank you, Karan.

Thank you. The next question comes from the line of Dipak Saha from Ashika Institutional Equities. Please go ahead.

Yes, hi. Thanks for the opportunity. So , first question is , if you can highlight, I mean, overall revenue growth mid-double digit and RevPAR growth 6%. So , the faster element of growth is coming from F&B, or management fees for the quarter?

So F&B also contributes 40% of the hotel revenue. If you see our F&B , banquet grew by more than 10%, F&B is close to a double-digit growth, and even our managed hotel income has also improved with Hyderabad property ramping up to the full potential of almost 62% and ADR growth almost 1.2x of the market. And we also got additional HMA fees from our hotels because of the contract terms that we have. As a result, we have been able to get a double -digit revenue and EBITDA growth.

And just a follow-up on that. Sir, then in the F&B growth side, the non-guest footfalls are higher, I mean, are quite significant in alignment with what we saw last quarter?

Yes, our non-resident covers have increased by almost 9% to 10% for the quarter , and for the full year they have almost grown by 12%. So , our focus continues in driving both non -resident covers and growing our in-house capture ratio.

See Mr. Saha, sorry, I just have to add something to what Ravi mentioned. If you recollect, in every quarter, we have been saying that Leela, our biggest differentiator is the luxury ecosystem. We give as much importance to food and beverage experiences and dining programs as we do to the rest of our business. F&B is nearly 40% of our business, which has grown by 15% as Ravi mentioned, and a very high percentage of non-resident footfalls across all our events and spaces and restaurants.

Got it . That's helpful. S ir, one last question , on the Dubai side, I know it's very early and dependent on lot of things beyond our control, but just from taking over that particular property, do we have any plans in terms of fast-forwarding or delaying, what's the status there in terms of taking it over and upgrading it to a Leela brand? Is there any change compared to where we were earlier?

No change in our plans. Firstly, I'd like to just remind everyone that everyone is safe on the ground and our physical asset has not been impacted at all. It's also worth noting that we are a 25% shareholder there, and impact to our larger business plan is minimal. We are also fortunate to have a strong capital partner in Brookfield, who's the remaining 75% owner. So, none of our plans have been impacted because of these geopolitical events. It's very hard to predict how these events will pan out in the future and what the recovery will look like, but one thing we are very clear about is that the new supply in Dubai is going to be very muted in the near and long-term, which will eventually create a very positive fundamental in the long run. I'm sure you have seen lot of headlines in the market regarding hotels shutting down in Dubai or refurbishments in the near -term and long -term. While our hotel continues to remain operational and we are focused on breaking even operationally at this stage, there could be an opportunity for us to take a larger market share when the market recovers. Anyway, our plan is to start a refurbishment work; this was our original plan as well, by the end of this calendar year, which we would then accelerate and reopen and launch the property in 2028 under The Leela brand. By this time, we are hopeful, I mean, we are talking of , like, significant 12 to 15 months from now , that we are hopeful that this market would have seen a recovery regarding residential sales, which was a part of our business plan. We had budgeted sufficient time to execute the sales over the next two, three years.

Got it. Thank you. That's really helpful and all the best for FY27. Thank you.

Thank you. The next question comes from the line of Girish Choudhary from Avendus Spark. Please go ahead.

Yes, hi, good evening . Thanks for the opportunity. Firstly , on Coorg, I mean, regarding your assumptions of INR 165 crores to INR 175 crores stabilized revenues, when do you think this can be achieved in year one or year two? And as a follow-up, for the 19 villas, which are expected to come up, any capex number and when will that be spent?

So, the INR 165 crores of revenue numbers includes the 19 villas that we had planned for Phase 1. This number will be achieved in the year four when those 19 villas will also come into play. The capex that we have planned for those additional villas are around INR 38 crores that we would spend to make those 19 villas.

Okay, noted. And just on the occupancies, how should we look at for fiscal '27? The blended occupancies for the year fiscal '26 were 69%, so how should we see between your city properties and the resorts? For fiscal '26, we saw meaningful improvement in occupancy for resort properties, so how should we see for FY27?

So, occupancy for FY27 will be in early 70s for sure. The city hotel will do in mid -70s and resorts will be doing in mid-60s to late 60s.

Got it. Thank you.

Thank you. The next question comes from the line of Akash from Nomura Holdings. Please go ahead.

Yes, hi. Congratulations on great performance. Sir, just to run again on the 4Q FY26 numbers, I think this time room and F&B revenue numbers were not penned down in the PPT. Could we just get the exact room and F&B revenue for 4Q FY26; room, F&B, and HMA fees?

So, maybe we can connect on a separate call to review deep dive numbers on the rooms and F&B and HMA. But what we had spoken earlier that rooms grew by, you know, for the quarter four by almost 6%, F&B grew by almost double -digit numbers, and HMA other income also grew by double-digit numbers.

Understood. And how much revenue would we get from the Coorg acquisition in FY27? What, kind of, top line are we seeing from that hotel specifically?

So this will be our first operating year where we are right now working on the whole rebranding process, and will be doing the occupancy in early 40s for the first full year. We'll do somewhere around INR 65 crores to INR 70 crores will be the first year of revenue , and very healthy EBITDA margins we'll do, as we do in our Leela portfolio hotels, which will be almost 50- 55% (stabilized) which we do for other resort hotels in our portfolio.

Understood. That's all the questions I have. Thank you.

Thank you. The next question comes from the line of Abhay Khaitan from Axis Capital. Please go ahead.

Yes, thank you for the opportunity. So, firstly, on the 4Q performance, if you can help break the RevPAR growth of 6% into city hotels and resort hotels? And also, for April, as you mentioned that the growth is actually tracking for a single digit growth, so there also , are we seeing like a broad-based growth across city or resort, or is this one segment better than the other?

So, if you talk about the occupancy, Abhay, we did an occupancy growth at quarter four, FY26 we were 72%, last year we did 78%, that was 6%, that was mainly because of the war impact. If the war cancellation would not have happened, we would have done similar occupancy or a little more than what we did for quarter four FY25. But if you look at the ADR, ADR grew by almost 15% from a INR 27,000 we went to INR 32,000. As a result, the RevPAR was 6% because of the occupancy drop.

And the occupancy has dropped in our city hotels , which had a larger share of international business. So, I just want to reiterate that the only sub -segment of demand that got impacted because of the war was our international business from our key source markets. But we see that dampening as we go forward and we see that not reflecting in the future pace of bookings. Our resorts were insulated and resorts continued to, like Ravi mentioned earlier, May and June, we see a very strong rebound happening in resorts and even in April we see - this compression getting offset even in our city hotels.

Understood. That is very helpful. My second question is , again, follow-up on what you mentioned right now. So, given that if the international travellers are offset by higher domestic, do we see some risk to other revenues or the F&B revenues , and therefore, on the margin side, or do we expect that to remain same Y-o-Y?

Not really. What we have seen over the last few years, or especially at The Leela, we can talk with confidence basis our last eight quarters, that our domestic travel lers travel as much, they stay as long. Whilst the international business has a larger, longer length of stay, because typically if you come from long -haul markets like the US, you would probably stay for 3.5 to four nights, where the average domestic trave ller would stay for two to 2.5 nights, but the spending on F&B, the spending on ancillary revenue is the same. And, but going back, given the brand love and the recall that we have in international markets, Leela has always been voted as one of the finest luxury brands in the world consistently by the users and the customers. We expect when the international business s tarts coming back to its normal state, we'll be the first to pick up and bounce from there, which gives us another layer of opportunity.

And also Abhay, if you see our non-resident covers, those are growing almost 12% Y-o-Y, that also helps in driving our F&B revenue even if you have a slightly lower international mix.

Great. That is very helpful. Thank you.

Thank you. The next question comes from the line of Vaibhav Mule from Haitong India Securities. Please go ahead.

Hi, sir. Thanks for the opportunity, and congratulations on strong set of numbers, especially in a weak demand period. My first question was on our revenue growth. We reported RevPAR growth of 6%, while revenue has grown by 14% year -on-year. I just wanted to understand the bridge between the room revenue growing by 6%, F&B growing by 9% to 10%, while HMA again is, as you said, would be in low double digits. So , have we seen additional delta coming in from Coorg resort, which is pretty significant? And is there also delta t hat's coming in from our commercial leased area in Bangalore property?

We already explained the rationale for the increase in the double -digit numbers. If you look at the room revenue , growth has been impacted by 6% occupancy drag due to the war. F&B contributes around 40% of the total hotel revenue, which grew by double -digit numbers. We have also seen the HMA fees grow double-digit in some of our managed properties based on our management contracts and ramp-up of recently opened hotel like Hyderabad. Also, we have seen a strong growth in HMA fees in this quarter and expect this trajectory to continue. This is on the back of the ramp -up in our performance across several managed properties along with our ability to charge higher fees in some cases where we ha ve invested key money in the past.

Understood sir. And secondly on Dubai asset, for Palm Jumeirah Resort, since current environment is uncertain, and we have seen real estate prices plummeting in Dubai market itself, is there a possibility that we may have to take any write -offs on our investment in Dubai in the near-term if the situation persists for a longer period, is that a possibility?

We are evaluating the situation, but we don't see any such possibility. And as we had said, that the basis, on which we had underwritten this asset in terms of our real estate pricing was very conservative, and it's too early for us to say how the situation will pan out and we'll evaluate it. We have a very, very strong asset management focus , and we'll keep everybody posted as the situation and the market evolves. We are evaluating the situation literally every day , and we'll block and tackle as required.

Understood, sir. And lastly on the weddings portion, did we see any benefit in March in terms of shift from some of the weddings , which were planned outside India, which got shifted into domestic leisure markets? And going forward in Q1 and Q2 as well, do you expect more traction coming in from weddings?

So, yes, that's correct. There were some of the weddings that were booked in the Middle East, we were able to take three of such weddings in our hotels in the month of March, and there are queries also in the month of April and May for some of such weddings, which will also help to drive incremental revenue on the wedding segment.

Understood, sir. Thank you so much, and all the best.

Thank you.

Thank you. The next question comes from the line of Achal Kumar from HSBC Bank. Please go ahead.

Hi, thanks for the opportunity. First of all, I wanted to move away from revenue and just want to understand about the cost. So , basically in this Q4, I think most of the costs were quite inflated.…

Sorry, Achal, you're not clear. Can you repeat that?

Hello, sir. So, I had a question on the cost side only. Now, that we are facing some disruption in the Dubai property, are we expecting any cost overruns to impact margins , or will that not be a huge cost overrun for us?

It will not be a huge any cost impact for us. Anyway, the operator who manages the hotel will continue to manage till end of this year, and our plan was that we'll get the handover on 1 January, 2027 and we'll refurb the hotel by end of that year and rebrand 1 January , 2028. The plan remains the same and there is no cost overrun on that front.

Okay, great. Sir, secondly, can you maybe detail out what plans we have for the ARQ franchise and what is our revenue model? Are we going for a membership model , and what are revenue expectations there for '27-'28 maybe?

Thank you for that question. I mean, ARQ is really a great milestone achievement in our asset portfolio. We opened the first ARQ club in Leela Palace Bengaluru in the last financial year, which is FY26, and we are opening two ARQ clubs in this financial year, one in this quarter itself in Leela Palace New Delhi and the second one in Chennai. These are great members invite-only club and a very rarefied spaces , which create a compounding impact for the rest of our business, and gives us access to lifetime access to ultra- HNI and HNI customers. There is an initiation fee model for , which a member has to pay and membership is only by invite. So , they have to pay an initiation fee , and then there's a run-rate fee that they have to pay every year. The memberships are currently either for 10 years or for lifetime. This is what we are doing for our founding members, and eventually as we grow, we'll also evaluate other membership models so that whilst we are being very, very relevant when it comes to the quality of the real estate and the privileges and programming, and then we can scale up to have the larger share of memberships there.

Got it, sir. Any idea on what, kind of, number are you targeting, if not the revenue number, but what, kind of, membership number are you targeting?

See, the current initiation fee is INR45 lakh plus GST. As I said, this is only through invite. We have a waiting list and a funnel of memberships across all the major metros. We are meeting them. Our overall goal on stabilization once we have all the clubs open , and let me also tell you in addition to Bangalore, Chennai, and New Delhi, we are also looking for the ARQ club in Mumbai as well, and this has also come on the feedback of our guests . We are looking at an overall stabilized number of 2,000 members, because at that number we feel is the right fit where we can serve them, take care of them, and give them that kind of a luxury experience they have paid for.

Thank you. Ladies and gentlemen, due to time constraints, we will take the last question from Vinamra Hirawat from Jefferies Group. Please go ahead.

Sir, congrats on a good quarter. Sir, depreciation…

Vinamra, you are not audible now.

Was 1.8% versus FY25 and '26 was block, whereas , last year this was 2.5%. Is there a reason for this, and do we see any spike in this going forward?

So, our net debt to EBITDA is 1.6x as of FY26, and we expect a similar net debt to EBITDA in the next year as well, and this would go down to a 1x and even a lower number as we move forward.

Sorry sir, I was talking about depreciation, not net debt?

So, depreciation will almost INR100 crores will remain in the same line in the next two , three years. Only when we have the new hotels operating, then only the depreciation numbers will start to increase marginally.

Okay, okay, got it. Thank you.

Thank you. The next question comes from the line of Achal Kumar from HSBC Bank. Please go ahead.

Yes, hi. I'm sorry my line was disconnected. So , as I started, I wanted to understand about the cost. So, basically if I look at all the cost, all looks inflated. So , for example, employee cost, F&B cost, everything is as a percentage of revenue are significantly above the Q4 last year. So, what's the reason? Is it like only impact on March revenue had such a big impact? And then going forward, are you thinking about taking any steps to cut down your cost to protect your margins? So that's my first question if you could please give a bit of a color and understanding on that.

So, Achal, we have a very active asset management approach and cost management, a very efficient cost structure. Most of our costs have just grown by inflation. Only there have been cost increase in sales and marketing and sales commission for the obvious clear rea son. If you see the flow -through has been 60%, this is industry leading flow-through margin, even if you look at our EBITDA margin, we are operating at a 49% EBITDA margin, which is 167 bps better than same time last year full year. If you look at all the cost, all the cost is a lower percentage to a GOR , except for sales and marketing and commissions , where obviously Expedia and Agoda started charging on a gross basis rather than net basis. That was one of the main reasons, and obviously our share of GHA revenue also increased and some commission on the sales side, which has increased. Otherwise all other cost as a percentage of revenue is lower than what was last year.

But Ravi, I mean , if you see employee cost, in Q4 last year it was 15.9%, in Q4 this year it is 16.6%. Similarly, your other costs are up 70 bps. So I mean, not only the marketing cost, looks like all the costs have gone up. So that's where I wanted to understand what the reason for that?

I'll tell you in payroll, obviously, there has been impact of accrual for the new labour code where we have taken a impact on the both the leave encashment and gratuity, that has been a exceptional item in the payroll cost that has come in. Other, we have added few employees for the new value drivers that we have added as a result of that cost. This year you will see our value drivers firing in full cylinders, and the revenue impact will come, but those people have already been hired for the simulations and the training piece. If you exclude all that, our payroll cost has increased by only 8% to 8.5%.

So, should we expect these costs to go down as a percentage of revenue going forward?

It should, it should.

Okay. My second question is about the about the net debt to EBITDA. Of course, you are at 1.6, which looks very comfortable. Going forward, how do you see in FY27, do you think its stable, do you think it's going down further, or do you think because of the capex coming through , it could go up a bit? So what is your colour, any thoughts on that please?

So, I'll tell you we, obviously, our debt will increase for the capex that we'll do for the pipeline asset, but since our EBITDA will increase, our net debt to EBITDA will remain in the similar levels of 1.6x, and moving forward it will come down to lower to 1.4 , and then come to closer to one. Obviously, if we do more acquisition then it would go a little higher, but once all these assets start generating EBITDA, it will come to a very comfortable level even below one.

Right, okay. And my last question is on your comment regarding the city hotel versus resorts. So, it would be great if you could give a bit of a colour in terms of performance ARRs and occupancy by different cities like Delhi, Bangalore and all, that will be very helpful please?

So that, Achal, we can connect separately and we can give you the occupancy.

Sure, sure. Perfect, perfect. Thank you so much, Ravi.

Thank you. Ladies and gentlemen, in the interest of time, that was the last question for today. For any further queries, please reach out to the investor relations team at Leela. Thank you for joining us. You may now disconnect your lines.

Thank you.

Thank you.