Please find enclosed the transcript of the Leela Palaces Hotels & Resorts Limited Q1 FY27 Earnings Conference Call held on July 31, 2026

AI summary - Q1 FY27 operating revenue grew 28% y-y to INR3.52bn; operating EBITDA rose 41% y-y to INR1.43bn with 41% margin - Domestic room revenue up 25% y-y; international demand recovering with June showing 1% y-y growth - RevPAR grew 17% driven by 10% ADR increase and 4ppt occupancy rise; resorts up 24%, city hotels 14% - Tadoba resort project signed for INR1.2bn, 30 keys, targeted CY30 completion - Coorg resort rebranded with nearly doubled ADR and EBITDA breakeven in Q1 - FY27 guidance: double-digit RevPAR growth, mid-to-high teens EBITDA growth - Net debt/EBITDA at 1.6x; comfortable leverage up to 2.5x for value-accretive capex - Dubai JV operational break-even; Leela takeover and renovation planned for CY27 - Direct bookings doubled to 16% of revenue; lower distribution costs support EBITDA margins - Management fees grew 86% y-y; growth expected with portfolio ramp-up and new openings