Any current/future new fundraising through debt or equity?

Currently, Kamat Hotels aims to keep debt light and grow mainly through internal accruals. The company has a debt of around ₹120 crores with an interest rate of approximately 10.5%. They plan to pay off this loan in about 3 years without needing additional borrowing. No immediate plans for new fundraising through debt or equity were mentioned. Growth is expected through leases and asset acquisitions funded internally, avoiding unnecessary borrowing. The company is being patient and prudent, focusing on sustainable growth rather than rapid expansion requiring external funds. If a strong hospita

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

The company is focusing on steady growth through lease and asset acquisition, keeping debt low. There is no immediate plan to splurge on new purchases; they prefer being patient and prudent with cash. Expansion involves taking properties mostly on lease or revenue share agreements rather than outright purchases. Internal accruals are being used for upgrading existing hotels; for example, upgrading of Ira by Orchid in Nasik with improved ADR. New properties in the pipeline include Gwalior, Chandigarh, Dehradun, Bhavnagar, Hyderabad, and Noida, expected to contribute significant revenue. Some pl

Future growth expectations in sales/revenue/volumes?

Revenue target revised from ₹400 crores to ₹350 crores for FY’25 due to delays in opening key properties (Orchid Dehradun and Orchid Chandigarh). Expected revenue from upcoming properties: - Chandigarh: ~₹30 crores - Dehradun: ~₹30 crores - Bhavnagar: ~₹10 crores (delayed) - Noida: ~₹10 crores - Hyderabad: ~₹8 crores - Gwalior: ~₹20 crores (recently signed) Growth strategy focuses on steady, quality expansion with leased or revenue-share properties rather than rapid scale-up. Repeat customer base is strong at 37%, expected to grow with new properties. H2 sales expected to be strong

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

Kamat Hotels expects to achieve an EBITDA of around Rs. 100 crores in FY25, up from Rs. 36 crores in H1 FY25, reflecting strong H2 performance. Margins are expected to stabilize close to 30% going forward. The company plans steady growth, focusing on quality properties mainly on lease or revenue share to avoid overexpansion risks. Revenue targets for FY25 were revised down from Rs. 400 crores to Rs. 350 crores mainly due to delays in launching Orchid Chandigarh and Dehradun hotels; these will boost next year’s performance. New properties like Gwalior and Hyderabad should contribute incremental

Kamat HotelsQ2 FY25Leisure Services

Kamat Hotels Q2 FY25 Earnings Call Analysis

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

Price: ₹237P/E: 16.7Market Cap: ₹699 CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Revenue target revised from ₹400 crores to ₹350 crores for FY’25 due to delays in opening key properties (Orchid Dehradun and Orchid Chandigarh).
Expected revenue from upcoming properties:
- Chandigarh: ~₹30 crores
- Dehradun: ~₹30 crores
- Bhavnagar: ~₹10 crores (delayed)
- Noida: ~₹10 crores
- Hyderabad: ~₹8 crores
- Gwalior: ~₹20 crores (recently signed)
Growth strategy focuses on steady, quality expansion with leased or revenue-share properties rather than rapid scale-up.
Repeat customer base is strong at 37%, expected to grow with new properties.
H2 sales expected to be stronger than H1 with a 60:40 revenue ratio; aim to reach ₹100 crores EBITDA this year.
Average Room Rate (ARR) growth expected at minimum 10-15% in H2.
Sectoral challenges include market fatigue in over-traveled destinations, focusing on offbeat and evergreen locations for growth.

Margin guidance

Category 3

Kamat Hotels expects to achieve an EBITDA of around Rs. 100 crores in FY25, up from Rs. 36 crores in H1 FY25, reflecting strong H2 performance.
Margins are expected to stabilize close to 30% going forward.
The company plans steady growth, focusing on quality properties mainly on lease or revenue share to avoid overexpansion risks.
Revenue targets for FY25 were revised down from Rs. 400 crores to Rs. 350 crores mainly due to delays in launching Orchid Chandigarh and Dehradun hotels; these will boost next year’s performance.
New properties like Gwalior and Hyderabad should contribute incremental revenues ranging roughly Rs. 8-20 crores.
Average Room Rates (ARR) expected to grow by 10-15% minimum.
Net debt expected to be neutral or surplus by FY25-end due to strong cash generation and EBITDA.
Repeat customer base at 37% signals strong loyalty supporting sustainable profitability.

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

Fundraise plans

Currently, Kamat Hotels aims to keep debt light and grow mainly through internal accruals.
The company has a debt of around ₹120 crores with an interest rate of approximately 10.5%.
They plan to pay off this loan in about 3 years without needing additional borrowing.
No immediate plans for new fundraising through debt or equity were mentioned.
Growth is expected through leases and asset acquisitions funded internally, avoiding unnecessary borrowing.
The company is being patient and prudent, focusing on sustainable growth rather than rapid expansion requiring external funds.
If a strong hospitality opportunity arises, they might consider selling assets or raising funds then, but no current plans exist.

Order book

The transcript does not specifically mention any current or expected order book or pending orders for Kamat Hotels India Limited. However, relevant points related to growth and property openings are: - Multiple upcoming properties planned in Noida, Chandigarh, Hyderabad, Bhavnagar, Dehradun, and Gwalior. - Orchid Chandigarh and Orchid Dehradun hotel openings have been delayed but expected before the end of the financial year. - Gwalior hotel recently signed. - Growth plan focuses on taking properties primarily on lease or revenue-sharing models rather than outright purchases. - Management emphasizes steady and robust growth rather than rapid expansion. - No explicit numeric order book or pending order figures are provided in the transcript. Thus, while there is a clear pipeline of new properties and expansions, no quantified current or expected order book data is disclosed.

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

Capex plans

Yes

The company is focusing on steady growth through lease and asset acquisition, keeping debt low.
There is no immediate plan to splurge on new purchases; they prefer being patient and prudent with cash.
Expansion involves taking properties mostly on lease or revenue share agreements rather than outright purchases.
Internal accruals are being used for upgrading existing hotels; for example, upgrading of Ira by Orchid in Nasik with improved ADR.
New properties in the pipeline include Gwalior, Chandigarh, Dehradun, Bhavnagar, Hyderabad, and Noida, expected to contribute significant revenue.
Some planned hotel openings have been delayed (e.g., Orchid Chandigarh and Dehradun).
No current updates on the NH8 plot due to external developments; holding for strategic advantage.
The company aims to grow primarily through internal cash generation and cautious strategic investments rather than debt-funded expansion.

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Kamat Hotels Q2 FY25 Earnings Call Analysis

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Capex plans

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