💰 Financial Performance

Revenue Growth by Segment

Total income from operations grew 92.05% YoY in H1 FY26 to INR 68.37 Lakhs from INR 35.60 Lakhs in H1 FY25. Standalone income for Q2 FY26 was INR 57.35 Lakhs, representing a 122.54% increase over Q2 FY25 (INR 25.77 Lakhs).

Geographic Revenue Split

100% of revenue is derived from India, with historical operations centered in Goa and project sites in Delhi.

Profitability Margins

The company reported a consolidated net loss of INR 26.67 Lakhs for Q2 FY26. Historically, FY25 showed a net profit of INR 79.99 Cr, primarily due to exceptional items related to asset settlements. Standalone operating profit was negative INR 0.33 Cr in Jun 2024.

EBITDA Margin

Operating profit margin is currently negative as expenses (INR 0.33 Cr in Jun 2024) and interest (INR 1.04 Cr per quarter) far exceed operational income (INR 0.57 Cr in Q2 FY26).

Capital Expenditure

Not disclosed in available documents; the company transitioned to an asset-light model after the sale of its primary revenue-generating asset in FY19.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company faces a fixed interest burden of INR 1.04 Cr per quarter.

⚙️ Operational Drivers

Raw Materials

Not applicable for the hospitality and tours/travels segment; expenses are primarily administrative and operational overheads.

Capacity Expansion

Current hotel room capacity is 0 following the sale of Hotel Park Hyatt Goa in FY19. No specific expansion timeline for the new tours and travels segment is disclosed.

Manufacturing Efficiency

Not applicable; the company is in the hospitality and services sector.

📈 Strategic Growth

Growth Strategy

The company is pivoting from asset-heavy hotel ownership to an asset-light model focusing on tours and travels management services. Growth is also contingent on the recovery of INR 85 Cr plus interest from IFCI following a Supreme Court-allowed appeal against a recovery officer's order.

Products & Services

Hotel operations and management services, and newly added tours and travels segment services.

Brand Portfolio

Blue Coast Hotels Ltd.

New Products/Services

Tours and travels segment; expected revenue contribution percentage is not disclosed.

Market Expansion

Amended business objectives to venture into the tours and travels segment; target regions are not specified.

🌍 External Factors

Industry Trends

The hospitality industry is evolving toward asset-light management models; Blue Coast is positioning itself by pivoting to tours and travels after losing its primary physical asset.

Competitive Moat

The company currently lacks a sustainable moat as its primary competitive advantage (the Park Hyatt Goa property) was auctioned in FY19. The transition to services is in an early stage with no established brand leadership.

Macro Economic Sensitivity

Highly sensitive to tourism and hospitality industry trends in India.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and SEBI (Prohibition of Insider Trading) Regulations 2015 is mandatory.

Legal Contingencies

Pending CS (OS) 176/2015 Kamal Sharma & ors Vs. Blue Coast Infrastructure Development Pvt Ltd regarding the Delhi Project failure. Recovery Officer order dated Nov 10, 2025, for IFCI to remit INR 85 Cr plus interest from Park Hyatt Goa sale proceeds is currently under appeal in the Supreme Court (Order dated Dec 3, 2025). Contingent liabilities stand at INR 77.9 Cr.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the outcome of the legal battle for the INR 85 Cr recovery from IFCI and the resolution of INR 77.9 Cr in contingent liabilities, which could impact the company's ability to fund its new tours and travels venture.

Geographic Concentration Risk

100% of operations are concentrated in India, specifically Goa and Delhi.

Third Party Dependencies

Significant dependency on IFCI for the remittance of INR 85 Cr from sale proceeds and on the legal system for the resolution of representative suits.

Technology Obsolescence Risk

The company has implemented structured digital database software to monitor and report insider trading, indicating a basic level of digital transformation in governance.

Credit & Counterparty Risk

Receivables quality is reflected in the low debtor days of 4.08 as of March 2021.