Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Q2 FY27 operating revenue grew 33% y-y to INR 4,119 million; operating EBITDA up 36% to INR 1,877 million with 46% margin - H1 FY27 operating revenue +30%, EBITDA +38%, PAT +72% to INR 1,433 million - RevPAR grew 30% with 700 bps suite occupancy rise; strong domestic and international demand - Management fees grew 76%, asset-light earnings share rising - Capex pipeline progressing; 5,200 keys by FY30 with 50% owned and 50% managed - Dubai JV EBITDA breakeven; renovation planned early FY28 - BKC Mumbai mixed-use project on track for CY30; shareholders' approval pending for FSI purchase - Strong balance sheet: net debt INR 12,150 million, net debt/EBITDA 1.4x - Q3 and H2 FY27 outlook strong; mid-to-high teens EBITDA growth expected - Multiple new hotels and resorts opening FY27-FY28 including Jaisalmer, Mumbai Residences, Srinagar, Bandhavgarh, Agra, Ayodhya, Ranthambore, Sikkim - F&B revenue grew 21%, with 44% from banquets/MICE and 56% from outlets