Chalet Hotels Ltd

- Revenue growth expected to stay strong driven by stabilizing new inventory in Bangalore, Khandala, and upcoming Delhi hotel (operational by Q1 FY'28). - RevPAR growth anticipated to be in double digits or higher due to rate increases and occupancy stabilization, especially in Bangalore. - Margins expected to improve as new inventory stabilizes; business hotel margins to revert to previous high levels while resort margins remain lower. - EBITDA margin in hospitality segment remains resilient (46%), with one-offs like excise license and property tax not recurring. - Commercial Real Estate business provides stable cash flows, with occupancy and rentals increasing, supporting overall profitability. - Planned capex of approx. INR 25 billion over FY'27-FY'29 funded mainly by internal accruals supports long-term growth. - With new hotel openings and recovery in disrupted markets like Rishikesh, overall profit and EPS growth are expected to improve in coming years.

- As of February 03, 2026, Chalet Hotels Limited has a capital work in progress and assets pending business commencement amounting to INR 7.2 billion. - Planned capital expenditure for FY '27 to FY '29 is around INR 25 billion covering Hospitality and Commercial Real Estate businesses. - The planned capex will primarily be funded through internal accruals. - This capital plan excludes any additional projects that may be undertaken. - The company continues to evaluate commercial space projects, such as the Koramangala commercial tower, where a decision on strata sale versus leasing is pending and guidance is expected in the next earnings call.

- Chalet Hotels Limited currently has no immediate plans for new debt or equity fundraising. - The company has sufficient headroom on its balance sheet to fund acquisitions and growth. - CFO Nitin Khanna stated they have strong commercial run rates and loan-to-value ratios that cover existing loans. - Planned capex of around INR 25 billion over FY 27 to FY 29 will primarily be funded through internal accruals. - Recently raised INR 1 billion via commercial paper at a competitive coupon rate, demonstrating access to affordable debt. - The balance sheet provides financial muscle to pursue potential strategic opportunities without immediate need for external funding.

- Planned capex of around INR 25 billion over FY '27 to FY '29 for Hospitality and Commercial Real Estate businesses, primarily funded through internal accruals (Page 7). - Capital work in progress and assets pending business commencement amounted to INR 7.2 billion at the end of the quarter (Page 7). - Ongoing projects include renovation at Four Points, Vashi (becoming an Athiva brand) and construction at Powai (CIGNUS II project) targeted for FY '27 launch (Pages 5, 16). - Hyatt Regency Airoli project has received environmental clearances; approximately 36 months construction timeline post approvals (Page 5). - Delhi Airport hotel delayed; partial launch targeted by Q4 FY '27 and staggered room openings thereafter, with up to 380 rooms planned (Page 6). - Acquired land in Rishikesh for potential brownfield expansion next to existing property (Page 16). - Strategy includes acquiring and refurbishing luxury and leisure properties, e.g., Udaipur resort requiring extensive refurbishment (Page 10).

- Expect strong revenue and RevPAR growth for the coming year, with stabilization in Mumbai and additional inventory from Delhi contributing from FY '28 onwards (Page 14). - Stabilization of new inventory in Bangalore and Khandala anticipated over next 2-3 quarters for Bangalore and over the coming year-plus for the resort (Page 15). - Revenue growth is currently outpacing RevPAR growth due to inventory additions; a convergence towards RevPAR-driven growth is expected in FY '27 as inventory stabilizes (Page 14). - Planned capex of around INR 25 billion over FY '27 to FY '29 aims to drive long-term sustainable growth, primarily funded through internal accruals (Page 7). - The expanding leisure segment targeted to reach around 20% of overall business, supporting growth (Page 9). - Addition of large inventory such as the Delhi Airport hotel (380 rooms by Q1 FY '28) will further enhance revenue potential (Page 6). - Market outlook remains positive with international demand expected to grow post trade deals, supporting continued revenue growth (Page 9).