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Kamat Hotels Q3 Revenue Grows 12% to ₹118 Cr; PAT Declines to ₹19 Cr Amid Expansion Delays
Kamat Hotels reported a 12% YoY increase in Q3 revenue to INR 118 crore, though PAT declined to INR 19 crore from INR 26 crore due to a high base effect and operational challenges. The company faced headwinds from aviation disruptions and road connectivity issues in Shimla and Manali, alongside delays in opening approximately 280-290 new rooms. Management highlighted a successful renovation in Pune, where ARRs increased by nearly 15-18% following upgrades. Despite short-term margin pressure from new hotel pre-opening expenses, the company maintains a semi-asset light growth strategy.
Key Highlights
Q3 Consolidated Revenue grew 12% YoY to INR 118 crore with an EBITDA margin of 33.14%
Net Profit for Q3 fell to INR 19 crore compared to INR 26 crore in the previous year's quarter
Approximately 280-290 new rooms across Dehradun, Gwalior, Bhavnagar, and Nashik are expected to open in the coming year
Orchid Pune saw ARRs rise to INR 6,400-6,700 from INR 5,500-5,700 following phase 1 renovation
9M-FY26 revenue reached INR 276 crore, a 4% YoY increase, with a total PAT of INR 21 crore
💼 Action for Investors
Investors should monitor the timely commissioning of the delayed 280-290 rooms as they are critical for future revenue growth. While Pune's ARR growth is a positive indicator, the impact of pre-opening expenses on margins warrants a cautious outlook in the near term.
Kamat Hotels Q3 Revenue Grows 11.6% to ₹1,177 Mn; EBITDA Margins Contract to 33.1%
Kamat Hotels (India) Limited reported a 11.6% YoY increase in Q3 FY26 revenue to ₹1,177 Mn, though PAT declined 27.1% to ₹191 Mn. The company is executing its 'KHIL 3.0' strategy, focusing on aggressive debt reduction with a target of ₹500 Mn by the end of FY26, down from ₹3,273 Mn in FY23. While revenue is growing, EBITDA margins have seen a sharp decline from 41.9% to 33.1% YoY. The company maintains a strong expansion pipeline of 700+ keys across 9 new properties to drive future growth.
Key Highlights
Q3 FY26 Revenue increased 11.6% YoY to ₹1,177 Mn; 9M FY26 PAT fell 40.7% to ₹211 Mn.
EBITDA for Q3 FY26 stood at ₹390 Mn, a YoY decline of 11.8% with margins dropping 876 bps.
Debt significantly reduced to ₹1,153 Mn as of H1-FY26, with a target to reach ₹500 Mn by FY26 end.
Expansion pipeline includes 9 new properties with 700+ keys, aiming for a total of 2,500+ keys by FY26.
Group level ARR stood at ₹6,400 with a 50% occupancy rate and 65% of sales coming from repeat customers.
💼 Action for Investors
Investors should monitor the company's ability to stabilize margins while scaling up its new property pipeline. The aggressive debt reduction is a significant long-term positive, but short-term operational cost pressures warrant a cautious approach.
Kamat Hotels Q3 Net Profit Declines 39% YoY to ₹15.24 Crore; Revenue Flat at ₹79.06 Crore
Kamat Hotels (I) Limited reported a flat revenue performance for Q3 FY26, with revenue from operations at ₹79.06 crore compared to ₹79.37 crore in the same period last year. Net profit experienced a sharp decline of 39.4% YoY, falling to ₹15.24 crore from ₹25.15 crore, impacted by higher operating expenses and a ₹3.07 crore exceptional charge related to new labour codes. While sequential revenue grew 55% from Q2 FY26 due to seasonality, the YoY margin contraction is a concern. The company continues to navigate an ED investigation and is seeking a lease extension for its Konark property beyond September 2025.
Key Highlights
Revenue from operations remained stagnant at ₹79.06 crore vs ₹79.37 crore in the previous year's corresponding quarter.
Net Profit (PAT) fell significantly by 39.4% YoY to ₹15.24 crore from ₹25.15 crore.
Recognized an exceptional expense of ₹3.07 crore due to incremental gratuity liability from new Labour Code regulations.
Finance costs rose to ₹4.46 crore in Q3 FY26 from ₹3.95 crore in Q3 FY25.
Company is awaiting formal lease extension for Lotus Resort Konark, currently granted only until September 2025.
💼 Action for Investors
Investors should be cautious as the company failed to grow revenue during the peak hospitality season while margins were squeezed by rising costs. Monitor the resolution of the ED investigation and the formalization of the Konark lease extension as these remain key overhangs.
Kamat Hotels Q3 Net Profit Declines 39% YoY to ₹15.24 Cr; Revenue Flat at ₹79.06 Cr
Kamat Hotels (India) Limited reported a flat revenue performance for Q3 FY26 at ₹79.06 crore compared to ₹79.37 crore in the previous year. Net profit witnessed a significant decline of 39.4% YoY to ₹15.24 crore, impacted by rising employee benefits and an exceptional gratuity charge of ₹3.08 crore. The company is managing legal complexities, including a ₹5 crore provision for an ED investigation and a pending lease extension for its Konark property. Operating margins were pressured by higher food, beverage, and employee costs during the quarter.
Key Highlights
Revenue from operations stood at ₹79.06 crore, showing a marginal decline from ₹79.37 crore in Q3 FY25.
Net profit dropped to ₹15.24 crore from ₹25.15 crore YoY, a decrease of approximately 39.4%.
Exceptional item of ₹3.08 crore recorded as gratuity liability following the notification of new Labour Codes.
Employee benefit expenses rose to ₹15.96 crore from ₹13.66 crore in the year-ago period.
The company maintains a ₹5 crore provision regarding an ongoing Enforcement Directorate (ED) investigation.
💼 Action for Investors
The sharp decline in profitability and flat revenue growth are concerning; investors should wait for signs of margin recovery and operational efficiency. Key risks to monitor include the final outcome of the ED investigation and the formal renewal of the Konark resort lease.