Current/ Expected Orderbook/ Pending Orders?

The capex requirement to deliver the key count growth is estimated around INR 1,800 to 1,900 crores between FY '28 and '29. Majority of the capex will commence from FY '27, peaking in FY '28, and spreading into late FY '29. Key count is expected to increase from approximately 1,900 to 4,091 rooms. New projects contributing significantly include the Bengaluru project (508 keys), Guwahati (340 keys including 111 at Kaziranga), and bid submissions in Delhi NCR and Andaman. ROFO (Right of First Offer) assets integration is delayed due to regulatory and compliance procedures involving three listed

Any current/future new fundraising through debt or equity?

Juniper Hotels Limited plans capex of around INR1,800-1,900 crores between FY '28 and '29 for new hotel projects. Funding for this capex will come through a prudent mix of project-level debt and equity. The company currently has a net bank debt to EBITDA ratio of 1.4x, providing significant headroom for additional debt on a prudent basis. Future free cash flow generation supports the capability to fund growth without stressing the balance sheet. The strategy is to deleverage bank debt primarily using IPO proceeds; outstanding ECBs (about $35 million) will be paid out from free cash flow gradua

Any current/future capex/capital investment/strategic investment?

Capex requirement to deliver key count growth is around INR 1,800 to 1,900 crores between FY '28 and FY '29. Majority of capex will commence from FY '27, with FY '28 being significant and continuation into FY '29. Funding through a prudent mix of debt and project-level equity; current net bank debt to EBITDA is 1.4x with headroom for debt. Phase 1 of Bangalore project adding 235 keys, expected ready by end of current fiscal; Phase 2 adding 273 keys starting FY '27. Luxury resort in Kaziranga (111 keys) under development, ground broken in September 2025. 340 key project designed in Guwahati as

Future growth expectations in sales/revenue/volumes?

Revenue for Q2 FY26 reached a record INR235 crores, driven by 7% ARR growth across the portfolio. The portfolio outperformed competing hotels in Mumbai, Delhi, and Ahmedabad in both ARR and occupancy. Strong demand momentum expected in the second half of the year due to wedding seasons, festivals, and increased MICE activity. New hotel additions: Bangalore Phase 1 (235 keys) to open next fiscal, Phase 2 (273 keys) planned for FY27; Kaziranga luxury resort with 111 keys; Guwahati project with 340 keys in design phase. Ongoing bids for new developments in Andaman Islands and Delhi’s Yashobhoomi

Future growth expectations in earnings/operating earnings/profits/EPS?

Q2 FY26 showed EBITDA margin growth to 36% with expectations to trend towards 40%+ in H2, indicating margin expansion. Profit before tax up 38% Y-o-Y in Q2; profit after tax turned positive at INR16.8 crores versus a loss previously, signaling profitability recovery. Continued ARR growth (9% portfolio-wide in October) and occupancy improvement expected, supporting earnings. Expansion pipeline with new hotels and key count growth from ~1,900 to over 4,000 rooms by FY29 anticipated to boost revenues. Capex of around INR1,800-1,900 crores planned till FY29, funded by a mix of debt and internal ac

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Juniper Hotels LtdQ3 FY25Leisure Services

Juniper Hotels Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹202P/E: 28.7Market Cap: ₹4.5K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Revenue for Q2 FY26 reached a record INR235 crores, driven by 7% ARR growth across the portfolio.
→The portfolio outperformed competing hotels in Mumbai, Delhi, and Ahmedabad in both ARR and occupancy.
→Strong demand momentum expected in the second half of the year due to wedding seasons, festivals, and increased MICE activity.
→New hotel additions: Bangalore Phase 1 (235 keys) to open next fiscal, Phase 2 (273 keys) planned for FY27; Kaziranga luxury resort with 111 keys; Guwahati project with 340 keys in design phase.
→Ongoing bids for new developments in Andaman Islands and Delhi’s Yashobhoomi convention center.
→Expected capital expenditure of INR1,800-1,900 crores between FY28 and FY29 funded via debt and equity.
→Continued ARR growth (e.g., Grand Hyatt ARR up 10% Y-o-Y in October) and occupancy expected to improve.
→Focus on capturing high-end corporate and leisure demand to sustain revenue expansion.

Margin guidance

Category 2

→Q2 FY26 showed EBITDA margin growth to 36% with expectations to trend towards 40%+ in H2, indicating margin expansion.
→Profit before tax up 38% Y-o-Y in Q2; profit after tax turned positive at INR16.8 crores versus a loss previously, signaling profitability recovery.
→Continued ARR growth (9% portfolio-wide in October) and occupancy improvement expected, supporting earnings.
→Expansion pipeline with new hotels and key count growth from ~1,900 to over 4,000 rooms by FY29 anticipated to boost revenues.
→Capex of around INR1,800-1,900 crores planned till FY29, funded by a mix of debt and internal accruals, aligned to growth strategy.
→Forex losses from ECBs are being managed; aim to reduce through hedging, improving net finance costs.
→Overall, strengthening demand, cost efficiencies, and asset upgrades support positive earnings and profit trajectory.

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Fundraise plans

Yes

→Juniper Hotels Limited plans capex of around INR1,800-1,900 crores between FY '28 and '29 for new hotel projects.
→Funding for this capex will come through a prudent mix of project-level debt and equity.
→The company currently has a net bank debt to EBITDA ratio of 1.4x, providing significant headroom for additional debt on a prudent basis.
→Future free cash flow generation supports the capability to fund growth without stressing the balance sheet.
→The strategy is to deleverage bank debt primarily using IPO proceeds; outstanding ECBs (about $35 million) will be paid out from free cash flow gradually.
→They are actively bidding for new assets, indicating potential future capital needs.
→No explicit mention of new equity fundraising in the immediate term, focus appears on managing debt prudently.

Order book

Yes

→The capex requirement to deliver the key count growth is estimated around INR 1,800 to 1,900 crores between FY '28 and '29.
→Majority of the capex will commence from FY '27, peaking in FY '28, and spreading into late FY '29.
→Key count is expected to increase from approximately 1,900 to 4,091 rooms.
→New projects contributing significantly include the Bengaluru project (508 keys), Guwahati (340 keys including 111 at Kaziranga), and bid submissions in Delhi NCR and Andaman.
→ROFO (Right of First Offer) assets integration is delayed due to regulatory and compliance procedures involving three listed entities.
→The company remains committed to delivering growth through these ongoing and new projects irrespective of ROFO delays.

Capex plans

Yes

→Capex requirement to deliver key count growth is around INR 1,800 to 1,900 crores between FY '28 and FY '29.
→Majority of capex will commence from FY '27, with FY '28 being significant and continuation into FY '29.
→Funding through a prudent mix of debt and project-level equity; current net bank debt to EBITDA is 1.4x with headroom for debt.
→Phase 1 of Bangalore project adding 235 keys, expected ready by end of current fiscal; Phase 2 adding 273 keys starting FY '27.
→Luxury resort in Kaziranga (111 keys) under development, ground broken in September 2025.
→340 key project designed in Guwahati as a strategic expansion into Northeast India.
→Submitted bids for Greenfield developments in Port Blair and Neil Island (Andaman and Nicobar).
→Bid submitted for strategic development near Yashobhoomi in Delhi and for DDA Dreamland in Dwarka.
→Focus on capturing growth in emerging markets and leveraging government infrastructure investments.

How does Juniper Hotels Ltd rank vs peers in Leisure Services?

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1Juniper Hotels Ltd

Rev 3Mar 2

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