Any current/future new fundraising through debt or equity?

The company plans capex for new pipeline assets, which will lead to an increase in debt. Net debt to EBITDA is expected to remain stable at around 1.6x in FY27 despite capex. Over time, net debt to EBITDA is projected to improve to around 1.4x and then closer to 1.0x, assuming EBITDA growth. If any acquisitions occur, net debt to EBITDA could temporarily increase but will stabilize once assets generate EBITDA. No explicit mention of new equity fundraising was made in the call excerpts. The company currently operates with strong financial headroom supported by a strong AA credit rating and cash

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

Acquisition of Coorg ultra-luxury all-villa operational resort (71 keys) announced in Q4 FY26, to be rebranded as The Leela Coorg Forest Sanctuary; focus on immersive nature and wellness hospitality. Planned capex of approx. INR 38 crores for Phase 1 expansion involving 19 additional villas at Coorg. Ongoing greenfield developments progressing on schedule at Bandhavgarh, Srinagar, Sikkim, Agra, Ayodhya, and Ranthambore with no capex escalation. Capex planned for refurbishment and rebranding of Dubai Palm Jumeirah Resort, expected completion by 2028; refurbishment work to start by end of calend

Future growth expectations in sales/revenue/volumes?

Revenue growth expected in FY27 with continued double-digit increases in F&B and management fees, supported by ramp-up of managed hotels like Hyderabad. Coorg property to contribute INR 65-70 crores in revenue in FY27 with occupancy in early 40s; stabilized revenue of INR 165-175 crores expected by year four including 19 villas expansion. Net debt to EBITDA ratio expected to remain stable around 1.6x in FY27, reducing progressively to around 1.0x as new assets start generating EBITDA. Occupancy guidance for FY27: mid-70% for city hotels and mid-60% to late 60% for resorts; overall occupancy in

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

Operating EBITDA grew 19% YoY in FY26 with margin expansion by 167 bps to 49%, demonstrating strong operating leverage and disciplined cost management. Revenues expected to see double-digit growth in Q1 and Q2 FY27, with May and June predicted as exceptional months. Net debt to EBITDA ratio is stable at 1.6x in FY26, expected to decline to 1.4x and then closer to 1x in future years. EBITDA projected to increase as value drivers and new assets come into full operation. Coorg acquisition to contribute INR 65-70 crores revenue in FY27 with healthy EBITDA margins of 50-55% once stabilized. Profit

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Leela Palaces Hotels & Resorts LtdQ1 FY26Leisure Services

Leela Palaces Hotels & Resorts Ltd Q1 FY26 Earnings Call Analysis

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

Price: ₹430P/E: 33.9Market Cap: ₹13.8K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Revenue growth expected in FY27 with continued double-digit increases in F&B and management fees, supported by ramp-up of managed hotels like Hyderabad.
→Coorg property to contribute INR 65-70 crores in revenue in FY27 with occupancy in early 40s; stabilized revenue of INR 165-175 crores expected by year four including 19 villas expansion.
→Net debt to EBITDA ratio expected to remain stable around 1.6x in FY27, reducing progressively to around 1.0x as new assets start generating EBITDA.
→Occupancy guidance for FY27: mid-70% for city hotels and mid-60% to late 60% for resorts; overall occupancy in early 70s.
→After March disruption due to international business impact, April and upcoming months expected to see strong rebound with high single-digit to double-digit RevPAR and revenue growth.
→Continued growth in non-resident covers by 9-12%, driving F&B revenue.
→Expansion pipeline with ongoing construction in Ayodhya, Agra, and Ranthambore on schedule without cost escalations.

Margin guidance

Category 3

→Operating EBITDA grew 19% YoY in FY26 with margin expansion by 167 bps to 49%, demonstrating strong operating leverage and disciplined cost management.
→Revenues expected to see double-digit growth in Q1 and Q2 FY27, with May and June predicted as exceptional months.
→Net debt to EBITDA ratio is stable at 1.6x in FY26, expected to decline to 1.4x and then closer to 1x in future years.
→EBITDA projected to increase as value drivers and new assets come into full operation.
→Coorg acquisition to contribute INR 65-70 crores revenue in FY27 with healthy EBITDA margins of 50-55% once stabilized.
→Profit after tax surged 8.5x from INR 48 crores in FY25 to INR 403 crores in FY26 reflecting structural business strengthening.
→Continued premium positioning and brand equity expected to support sustained pricing power and revenue growth.

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Fundraise plans

→The company plans capex for new pipeline assets, which will lead to an increase in debt.
→Net debt to EBITDA is expected to remain stable at around 1.6x in FY27 despite capex.
→Over time, net debt to EBITDA is projected to improve to around 1.4x and then closer to 1.0x, assuming EBITDA growth.
→If any acquisitions occur, net debt to EBITDA could temporarily increase but will stabilize once assets generate EBITDA.
→No explicit mention of new equity fundraising was made in the call excerpts.
→The company currently operates with strong financial headroom supported by a strong AA credit rating and cash conversion capability, allowing flexibility for funding expansion and capex.
→Overall, the focus is on disciplined capital deployment with manageable debt levels.

Order book

The transcript of Leela Palaces Hotels & Resorts Limited's Q4 FY26 earnings call does not explicitly mention details about the current or expected order book or pending orders. The discussion primarily focuses on: - Financial performance, cost management, and operating metrics. - Expansion and pipeline of new keys (23% growth with 966 additional keys visible). - Ongoing and planned capital expenditure related to new hotel development and refurbishment, including the ARQ membership club expansion. - No specific reference to a formal order book or pending orders backlog was provided. Therefore, there is no detailed quantitative information on current or expected orderbook/pending orders disclosed in the provided document.

Capex plans

Yes

→Acquisition of Coorg ultra-luxury all-villa operational resort (71 keys) announced in Q4 FY26, to be rebranded as The Leela Coorg Forest Sanctuary; focus on immersive nature and wellness hospitality.
→Planned capex of approx. INR 38 crores for Phase 1 expansion involving 19 additional villas at Coorg.
→Ongoing greenfield developments progressing on schedule at Bandhavgarh, Srinagar, Sikkim, Agra, Ayodhya, and Ranthambore with no capex escalation.
→Capex planned for refurbishment and rebranding of Dubai Palm Jumeirah Resort, expected completion by 2028; refurbishment work to start by end of calendar year 2026.
→FY27 and FY28 capex guidance stable with no escalation noted; funded through existing financial headroom and conservative net debt levels (net debt to EBITDA ~1.6x).
→Potential future expansion at Coorg beyond Phase 1 under evaluation once stabilized; current 20 acres used out of 76-acre property.

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