Juniper Hotels Ltd Q1 FY27 Earnings Analysis

- Strong demand anticipated going forward, with H1 FY27 expected to be in line with last year and H2 typically stronger. - Growth projected but likely not in double digits for H1 FY27. - Demand was temporarily pushed out from March-April but started picking up significantly in May. - Corporate travel, MICE, and international inbound demand remain resilient despite geopolitical and airline challenges. - Revenue for FY26 grew 11% year-on-year, crossing INR1,000 crores. - Portfolio ARR grew 9% year-on-year, outperforming market comp sets. - Food & Beverage and events segments showing strong growth, with Grand Showroom revenues nearly doubling year-on-year. - EBITDA margin expanded by 400 basis points to 42% in FY26. - New assets like Westin Bengaluru expected to contribute INR30+ crores revenue in FY27 and stabilize by FY28. - Continued focus on higher-paying consumer segments expected to sustain revenue growth.

- Juniper Hotels achieved a 21% YoY growth in EBITDA in FY26, with EBITDA margin expanding by 400 basis points to 42%. - Profit before tax for FY26 increased 57% YoY to INR235.3 crores. - Portfolio ARR grew 9% YoY; continued focus on high-yield segments and operational efficiencies expected to sustain growth. - Positive outlook on sustained strong demand, especially in H2 FY27; Q1 FY27 in line with last year but growth may not be in double digits. - Business demand continues to be strong, with rebound from disruptions and robust corporate, MICE, and international demand anticipated. - Westin Bengaluru expected to stabilize by FY28 with EBITDA margins above 40%. - Capex of roughly INR1,800 crores planned between now and FY30 to add 1,400+ keys; peak debt expected in FY28 with debt-to-EBITDA below 2.5x. - Overall, company confident in continued ARR growth, F&B contribution, and operational efficiency driving profits upwards.

- Total planned capex for 1,400+ keys (including Dwarka) is approximately INR 1,800 crores between now and FY30. - Capex guidance for next 2 years: INR 300 crores for FY27 and INR 700-750 crores for FY28. - Westin Bangalore expected to open in Q2 FY27 with ARR starting around INR 15,000 and revenue contribution of INR 30 crores in FY27; stabilized revenue expected around INR 120 crores. - 500-key luxury hotel development on 2.5-acre land parcel in Dwarka (New Delhi) near Yashobhoomi with minimal upfront investment and low cost per key, expected to be highly value accretive. - Commercial asset development on smaller land parcel adjacent to Grand Hyatt Mumbai (~80,000 sq. ft.), approvals expected by October, construction to start by end of the year, market rental rate around INR 300-325 per sq. ft. - Fully repaid INR 267 crores ECB and INR 108 crores bank debt to de-risk currency volatility; net debt at INR 625 crores with healthy cash position.

- Juniper Hotels Limited has not specifically mentioned any new fundraising through debt or equity in the provided pages. - Current debt position as of FY26: gross debt INR742 crores, net debt INR625 crores, net debt to EBITDA 1.4x. - Fully repaid INR267 crores of ECB and INR108 crores of bank debt in the year, indicating a focus on derisking from USD-INR volatility. - Capex planned between now and FY30 is approximately INR1,800 crores for 1,400+ keys, with capex of INR300 crores expected in FY27 and around INR700-750 crores in FY28. - Debt is expected to peak in FY28 but will remain below the company's target leverage of 2.5x debt-to-EBITDA. - No explicit indication of raising equity or fresh fundraising; future expansions or acquisitions to be evaluated prudently. - Non-cash acquisitions may be considered for Right of First Offer (ROFO) or brownfield assets.

- Juniper Hotels Limited has confirmed firm plans for 3,200 rooms currently (1,800 plus 1,400 keys). - The company maintains a growth focus and is actively evaluating opportunities, especially in key markets like Mumbai and Goa. - Brownfield acquisitions are being considered but only if pricing justifies value generation. - The previously targeted 4,000-room inventory by FY29 has been revised down to around 3,320 by FY30. - The company is cautious, focusing only on assets that are value accretive with strong returns. - Further details on assets under Right of First Offer (ROFO) or other acquisitions are not shared due to sensitivity but will be communicated when confirmed. - Capex guidance: Approximately INR1,800 crore between now and FY30, with projected peak debt (debt-to-EBITDA below 2.5x) by FY28. - Example ongoing projects: Westin Bengaluru opening Q2 FY27, a 500-key development near Yashobhoomi expected to add soon.