Leela Palaces Hotels & Resorts Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 6 Aug 2026 | Leisure Services | Market Cap: ₹16.8K Cr
The Leela targets mid-to-high-teen EBITDA growth for FY’26, driven by strong operating momentum and portfolio enhancements. The company expects mid-to-high-teens EBITDA growth for FY’26, driven by operating EBITDA excluding treasury income.
From Leela Palaces Hotels & Resorts Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹562
Market Cap
₹16.8K Cr
P/E Ratio
37.4
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Leela Palaces Hotels & Resorts Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹484 Cr, net profit ₹172 Cr.
Full financials →📊 Revenue & Sales Performance
- →The Leela targets mid-to-high-teen EBITDA growth for FY’26, driven by strong operating momentum and portfolio enhancements.
- →H1 FY’26 saw 16% RevPAR growth and 18% revenue increase, with revenue expected to continue growing supported by retail, corporate, and groups segments.
- →Double-digit RevPAR growth is expected in H2 FY’26, supported by large events and increasing international business.
- →Expansion through new projects, including Dubai Palm Jumeirah and BKC Mumbai, will add approximately INR 300 crores EBITDA and deliver attractive yields.
- →Owned pipeline developments in Udaipur, Mumbai, Srinagar, Agra, Ayodhya, Ranthambore, and Bandhavgarh are expected to add incremental EBITDA of INR 250 crores by FY’30.
- →Aiming for INR 2,000 crores EBITDA by FY’30, with additional EBITDA growth expected from acquisitions and capital-light hotel management agreements.
- →Continued focus on luxury ecosystem, direct sales, and improving operating leverage to support sustainable growth.
📈 Profitability & Margins
- →The company expects mid-to-high-teens EBITDA growth for FY’26, driven by operating EBITDA excluding treasury income.
- →For H2 FY’26, confident of sustaining strong double-digit RevPAR growth, maintaining momentum from H1.
- →EBITDA expected to grow from INR 700 crores in FY’25 to close to INR 1,200 crores by FY’30 from same-store growth and existing ownership hotels.
- →New pipeline projects (Agra, Ayodhya, Bandhavgarh, Ranthambore, Srinagar), excluding BKC and Dubai, to add about INR 250 crores EBITDA by FY’30.
- →Additional INR 500 crores EBITDA anticipated by FY’30 from new acquisitions and portfolio growth.
- →Dubai and BKC projects expected to contribute around INR 300 crores EBITDA on approximately INR 800 crores capital deployed with high ROI.
- →The company targets INR 2,000 crores EBITDA by FY’30, leveraging asset enhancements, international expansion, and capital-light HMA models.
- →Overall, continuous improvement in profitability highlighted by four consecutive profitable quarters and positive PAT momentum.
🏗️ Capital Expenditure Plans
- →BKC Hotel Project: Leela's capital contribution is around INR 800 crores (50% stake), including land and construction. Brookfield fully owns and funds the office side. Expected stabilized EBITDA of INR 150 crores with 16%-17% yield on cost. CAPEX to be spent over approximately 4 years, with much of it back-ended.
- →Dubai Acquisition: Leela holds a 25% stake with an equity investment of about $49 million (part of a $503 million enterprise value). Plan to sell the 182 residences to recover capital within 3 years. The 350+ keys hotel will remain with Leela and generate ongoing management fees and EBITDA.
- →Pipeline Projects: Development underway in Udaipur, Mumbai (BKC), Srinagar, Agra, Ayodhya, Ranthambore, Bandhavgarh, and luxury residences (ARQ Club). These will add incremental EBITDA (~INR 250 crores expected).
- →Capital-light HMA expansions in Sikkim, Mumbai planned for high-margin growth with limited capital outlay.
- →Overall strategy targets high teens ROCE growth with prudent capital deployment and partner funding.
💰 Fundraising & Capital Structure
- →For the Dubai acquisition, Leela Palaces will fund its $49 million equity contribution (~INR 400 crores) entirely from internal accrual and existing cash balances, with no incremental debt planned.
- →Non-recourse debt for the Dubai JV is being finalized with bankers; terms and finance costs will be disclosed later, but this debt will not be consolidated on Leela’s balance sheet.
- →The BKC project CAPEX of INR 800 crores will be funded over four years, primarily from Leela’s strong balance sheet and cash; no immediate plans for raising new debt or equity were mentioned.
- →Leela currently holds more than INR 1,000 crores in cash and has a low net debt to EBITDA (0.5x), with no need for external fundraising immediately.
- →Overall, no explicit mention of new debt or equity fundraising; Leela plans to fund expansions and acquisitions prudently using internal accruals and existing cash.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Leela Palaces Hotels & Resorts Ltd Q2 FY26 results?
The Leela targets mid-to-high-teen EBITDA growth for FY’26, driven by strong operating momentum and portfolio enhancements. The company expects mid-to-high-teens EBITDA growth for FY’26, driven by operating EBITDA excluding treasury income.
What is Leela Palaces Hotels & Resorts Ltd share price analysis?
Leela Palaces Hotels & Resorts Ltd currently shows a neutral. The stock trades at a P/E of 37.4 with a market cap of ₹16,773 Cr. Investors should review the full earnings analysis for detailed insights.
Is Leela Palaces Hotels & Resorts Ltd planning capital expenditure?
BKC Hotel Project: Leela's capital contribution is around INR 800 crores (50% stake), including land and construction.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.