Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - FY27 revenue growth guidance revised upwards to 15-17%, hotel segment 17-19% - Q2 consolidated revenue grew 22% y-y to INR2,484 Cr; EBITDA grew 24% y-y to INR706 Cr; margin expanded 50 bps to 28.4% - Standalone revenue grew 26% y-y to INR1,336 Cr; EBITDA grew 40% y-y to INR520 Cr; margin expanded 400 bps to 38.9% - Portfolio growth: 47 hotels signed, 20 opened in H1 FY27; pipeline 34,800 keys, 94% capital-light - Management fees grew 25% to INR156 Cr; high teens CAGR guidance maintained - Select service brands Ginger, Qmin, Ama, Tree of Life showed strong growth - Strategic merger with Oriental Hotels to complete Apr 1, 2027, expected 6-7% revenue upside in FY28 - ESG initiatives on track with 41% renewable energy use and 361 EV charging stations - Taj brand recognized as world's strongest luxury hotel brand; Taj Falaknuma and Lake Palace retain 3 Michelin keys - International assets provide strategic brand value despite margin challenges; London and Cape Town profitable - MICE and domestic demand remain strong drivers; wedding nights expected to increase in FY27 - No one-offs in margin expansion; positive outlook on margins despite cost pressures - Tier 2/3 city supply growth balanced by strong demand; micro-market dynamics favorable - TajSATS impacted by airline sector challenges but diversifying revenue streams - FY28 expected to outperform FY27 with portfolio expansion and recovery in international business