Kamat Hotels (India) Ltd

- Currently, there is no plan to convert the promoter's minority stake in Ilex Developers into 100%; no indication of fundraising linked to this. - The company has a total loan of INR 86 crore with an interest rate of 9.75%. - The management prefers to maintain cash reserves (INR 35-40 crore) for contingencies rather than prepay debt. - Expansions are being funded through internal accruals using EBITDA, not through fresh debt or equity. - The company emphasizes financial comfort and fulfilling lender obligations without creating stress from new borrowings. - No mention was made of any imminent or planned fundraising through equity. - Overall, the approach is to avoid unnecessary debt repayment now and to use internal resources for growth.

- The company is undertaking expansions funded primarily through internal accruals using EBITDA, avoiding stress on finances. - Around 150 to 200 keys are targeted to be operationalized in FY27, indicating ongoing property additions and hotel openings. - New hotel projects include the IRA by Orchid Bhavnagar, expected to open by June FY27. - Delays in some openings such as Orchid Dehradun and Orchid Nashik have been encountered due to owner dependencies and geopolitical/supply chain challenges. - The company is managing supply chain issues, especially for imported materials, which affect renovation and CAPEX timelines. - All expansions and new hotel openings aim to fill the revenue gap created by IRA Mumbai closure and to generate positive EBITDA contributions. - No mention of large-scale acquisitions or stake increases (e.g., in Ilex developers), but strategic tie-ups and asset utilization are in progress.

- Growth in FY27 is cautiously optimistic; no specific revenue guidance was provided (Page 12). - Excluding IRA Mumbai (discontinued), current top line is around INR 330-340 crore (Page 12). - New hotel openings and partial openings of existing hotels are expected to fill the revenue gap left by IRA Mumbai (Page 13). - Approximately 150-200 new keys expected to be operationalized in FY27, contributing to growth (Page 12). - All new properties opened recently, including Panchgani, Rishivan, Sambhaji Nagar, are expected to mature and contribute EBITDA positively in FY27 (Page 11). - Despite an expected degrowth in top line due to IRA Mumbai closure (approx. INR 50 crore), other properties and expansions aim to offset this loss (Page 10). - Expansion funded internally from EBITDA, no additional financial stress anticipated (Page 14).

- No specific top-line growth guidance provided for FY27 due to variable factors (Page 12). - EBITDA expected to improve as new hotels mature and stabilize, reducing pre-opening cost drags (Page 11, 12). - EBITDA drag from new properties was approx. INR 10 crore in FY26, with INR 6 crore expected to be absorbed into routine operations in FY27 (Page 12). - Despite INR 50 crore revenue loss from IRA Mumbai discontinuation, EBITDA impact is neutral to positive by INR 1-2 crore due to reduced admin costs; other properties expected to fill revenue gaps (Page 9, 10). - Management cautious but optimistic, focusing on improving EBITDA as new properties mature and operational efficiencies improve (Page 6). - PAT and EBITDA can improve with better stabilization of hotels; current challenges including wage code impact and inflation-related cost pressures are being managed (Page 10, 11). - No immediate plans for aggressive debt prepayment; excess cash used for contingencies and expansion funded through internal accruals (Page 14).

- The company is facing delays in some projects due to owner dependencies and supply chain challenges. - Key projects delayed include Orchid Nashik and Orchid Dehradun; however, IRA by Orchid Bhavnagar is expected to open by June. - Material supply issues persist, especially due to LPG crisis impacting tile manufacturing and imported materials. - Supply chain disruptions have caused practical challenges, such as partial availability of ordered materials, leading to redesigned plans and shifted timelines. - Dehradun hotel's opening is estimated for September, with uncertainty regarding market conditions at that time. - Overall, project execution is challenging but ongoing, with the company prepared to manage hiccups stemming from geopolitical and supply uncertainties.