Any current/future new fundraising through debt or equity?

No immediate plans for new debt; current debt stands at INR172.5 crores with a lock-in till July 2024. The company plans to refinance this existing debt around July 2024, aiming for a lower interest rate and possibly reducing the principal amount. No intention to take on additional debt for expansion; growth is being funded through strong internal cash flows. No mention of upcoming equity fundraising; past share issuance at INR97 per share was discussed but completion status not detailed. Focus remains on cleaning up the balance sheet, reducing debt, and using internal accruals for renovation

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

Kamat Hotels India Limited does not have any major capex planned for existing properties beyond their regular upgradation budgets. Upgradation capex planned for 2023-24 is within existing budgets and not of material nature. New properties primarily operate on a leasehold model, which requires minimal upfront capital expenditure as they are taken on a turnkey basis. The company is responsible mainly for lighter movable items and manpower costs for leased properties, with no major fixed asset investments required. Renovations have been internally funded without additional borrowings, e.g

Future growth expectations in sales/revenue/volumes?

Kamat Hotels targets growth from approximately INR300 crores in revenues (FY '23) to INR400 crores by FY '25. The increase is fueled by adding about 10 new hotels, each expected to generate around INR10 crores in revenue on average. Existing mature hotels are expected to see only marginal revenue growth, with the bulk of top-line growth coming from expansion. Occupancy rates in current hotels are near peak (around 85%), limiting growth from existing properties. The company plans to increase properties from 21 to 25 and keys from 1,300 to approximately 2,200 by FY '25. Revenue growth trajectory

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

The company expects revenue to grow from INR 300 crores in FY'23 to INR 400 crores by FY'25, driven primarily by addition of around 10 new hotels, mostly on lease model. EBITDA margins are guided between 30% to 35%, consistent with historical performance. Incremental top-line growth of around INR 100 crores is anticipated from the eight new properties coming online, targeted to generate close to INR 30 crores incremental EBITDA. Consolidated EBITDA for FY'25 is expected to reach approximately INR 130 crores, based on current guidance. Operating margins are expected to normalize to 30%-35% post

Current/ Expected Orderbook/ Pending Orders?

Kamat Hotels India Limited currently has eight upcoming properties in the pipeline under the leasehold model. These properties include newly announced locations such as Noida, Toyam, and Ayodhya (three announced in the recent quarter). The company has expressed confidence in scaling up operations based on their expansion strategy and past learnings. The eight new properties are expected to start operations from November and December onwards. The company plans to share detailed cumulative annual lease amounts and renovation expenses related to these upcoming properties soon. Expansion is focuse

Kamat Hotels (India) LtdQ2 FY24Leisure Services

Kamat Hotels (India) Ltd Q2 FY24 Earnings Call Analysis

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

Price: ₹225.29P/E: 15.8Market Cap: ₹662 CrSector: Leisure Services

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Kamat Hotels targets growth from approximately INR300 crores in revenues (FY '23) to INR400 crores by FY '25.
The increase is fueled by adding about 10 new hotels, each expected to generate around INR10 crores in revenue on average.
Existing mature hotels are expected to see only marginal revenue growth, with the bulk of top-line growth coming from expansion.
Occupancy rates in current hotels are near peak (around 85%), limiting growth from existing properties.
The company plans to increase properties from 21 to 25 and keys from 1,300 to approximately 2,200 by FY '25.
Revenue growth trajectory is supported by leasing new properties under a leasehold model, which requires minimal upfront capex.
Management expects steady or slightly increasing Average Room Rates (ARR), supported by market dynamics and industry-wide collaboration on pricing.
EBITDA margins expected in the range of 30-35% on increased revenues.

Margin guidance

Category 3

The company expects revenue to grow from INR 300 crores in FY'23 to INR 400 crores by FY'25, driven primarily by addition of around 10 new hotels, mostly on lease model.
EBITDA margins are guided between 30% to 35%, consistent with historical performance.
Incremental top-line growth of around INR 100 crores is anticipated from the eight new properties coming online, targeted to generate close to INR 30 crores incremental EBITDA.
Consolidated EBITDA for FY'25 is expected to reach approximately INR 130 crores, based on current guidance.
Operating margins are expected to normalize to 30%-35% post one-time expenses related to new leases and renovations.
PAT is expected to improve as interest costs reduce substantially from current elevated levels due to refinancing by mid-2024.
The company plans to use internal accruals and refinancing to manage debt and fund expansion, supporting earnings growth.

See what Kamat Hotels (India) Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

No immediate plans for new debt; current debt stands at INR172.5 crores with a lock-in till July 2024.
The company plans to refinance this existing debt around July 2024, aiming for a lower interest rate and possibly reducing the principal amount.
No intention to take on additional debt for expansion; growth is being funded through strong internal cash flows.
No mention of upcoming equity fundraising; past share issuance at INR97 per share was discussed but completion status not detailed.
Focus remains on cleaning up the balance sheet, reducing debt, and using internal accruals for renovation and expansion.

Order book

Kamat Hotels India Limited currently has eight upcoming properties in the pipeline under the leasehold model.
These properties include newly announced locations such as Noida, Toyam, and Ayodhya (three announced in the recent quarter).
The company has expressed confidence in scaling up operations based on their expansion strategy and past learnings.
The eight new properties are expected to start operations from November and December onwards.
The company plans to share detailed cumulative annual lease amounts and renovation expenses related to these upcoming properties soon.
Expansion is focused more on lease or ownership models to maintain qualitative control and benefit from upside potential.
No upfront capex is required for these leasehold properties, as they are taken on an almost turnkey basis.

See what Kamat Hotels (India) Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Kamat Hotels India Limited does not have any major capex planned for existing properties beyond their regular upgradation budgets.
Upgradation capex planned for 2023-24 is within existing budgets and not of material nature.
New properties primarily operate on a leasehold model, which requires minimal upfront capital expenditure as they are taken on a turnkey basis.
The company is responsible mainly for lighter movable items and manpower costs for leased properties, with no major fixed asset investments required.
Renovations have been internally funded without additional borrowings, e.g., Nashik hotel's renovation was completed from internal accruals.
The focus is on expanding through leased hotels rather than ownership to reduce upfront capex and operational risks.
Capital utilization is planned to include refinancing debt to reduce interest costs and support growth using internal cash flows rather than fresh debt or large capital investments.

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