The call has ended.

Key takeaways

Q2 EBITDA more than doubled to ₹22 Cr on occupancy gains; ADR flat near 3%. Net debt cut to ₹31 Cr after ₹30 Cr repayment. H2 acceleration asserted, never quantified.

Highlights
Revenue growth	Revenue +12% YoY to ₹86 Cr; same-store +31%, Mumbai exit distorts.
Margins	EBITDA margin 26% (+13ppt) vs 28% H1; sustainability asserted, unquantified.
Demand visibility	Oct encouraging; Diwali-hit Nov; Q3 'good track' unquantified; Goa foreign demand strong.
Management confidence	Over-optimistic: H2 'much faster' growth claimed, no numbers given.

Growth

Revenue +12% to ₹86 Cr; EBITDA +131% to ₹22 Cr, driven by occupancy (50→58%), ADR up ~3%.

Outlook

No H2 revenue or EBITDA number given; FY30 targets: 31 properties, 3,000+ keys, ARR ₹8,000 (+33%).

Risks

ADR flat ~3%; Bhavnagar and Rishikesh loss-making; Plaza royalty raised 3%→5%, minority concern unresolved; Diwali-hit November.

Last quarter's promises, checked

Partly delivered

Guided net-zero debt, no date; net debt ₹38 Cr → ₹31 Cr after ₹30 Cr repayment (= PARTIAL)
Guided 63-room Dwarka Nov–Dec 2026 → current call cites 266 keys, managed, no date (= PARTIAL)

Missed

Guided QoQ revenue growth from ₹91 Cr (Q1) → delivered ₹86 Cr (= MISS)
Guided EBITDA margin stable or improving from 27% → delivered 26% (= MISS)
Guided Gwalior opening by Diwali / end Oct–Nov → current call lists Dec–Jan (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 6:34 PM IST. Open it on ALFA Filings ›