Chalet Hotels Limited announces its results for the quarter ending December
31, 2025.
Strong operating performance: RevPAR up 12% YoY; ADR up 16% YoY
Occupancy remained buoyant across micro-markets
o New inventory at Bangalore (129 keys added in H1 FY26) and Khandala (147-keys fully operational mid-Nov’25 onwards)
o Renovation at Four Point Sheraton at Vashi and construction work at Powai had a temporary impact on occupancy at MMR
Athiva Resort & Spa, Khandala: First quarter post full launch; have received very encouraging guest feedback
Rebranding: Courtyard by Mariott Aravali Resort re-branded to Aravali Marriott Resort & Spa, Delhi-NCR
Commercial Real estate: ~150,000 sqft additional leasing at Powai, Mumbai (including LoI)
For 7th year in a row, we have been certified by Great Place to Work with above industry benchmark scores
Consolidated Performance for Q3 FY26
| INR Million | Q3FY26 | Q3FY25 | YoY % | Q2FY26 | QoQ % | FY25 |
|---|---|---|---|---|---|---|
| Total Income | 5,892 | 4,645 | 27% | 7,438 | -21% | 17,541 |
| EBITDA | 2,726 | 2,114 | 29% | 3,077 | -11% | 7,722 |
| Margin (%) | 46.3% | 45.5% | 76 bps | 41.4% | 490 bps | 44.0% |
| PBT | 1,672 | 1,184 | 41% | 2,049 | -18% | 4,343 |
| Tax | 432 | 218 | 98% | 501 | -14% | **2,918 |
| PAT | 1,241 | 965 | 29% | 1,548 | -20% | 1,425 |
| EPS (INR.) | *5.67 | *4.42 | – | *7.08 | – | 6.53 |
Not annualized. Basic EPS
Segmental Performance for Q3 FY26 – Hospitality
| INR Million | Q3FY26 | Q3FY25 | YoY % | Q2FY26 | QoQ % | FY25 |
|---|---|---|---|---|---|---|
| Occupancy (%) | 68% | 70% | -2.3 pp | 67% | 1.2 pp | 73% |
| Average Room Rate (INR) | 14,970 | 12,944 | 16% | 12,170 | 23% | 12,094 |
| RevPAR (INR) | 10,162 | 9,090 | 12% | 8,115 | 25% | 8,781 |
| Revenue | 4,913 | 4,005 | 23% | 3,802 | 29% | 15,209 |
| EBITDA | 2,226 | 1,847 | 20% | 1,521 | 46% | 6,804 |
| Margin (%) | 45.3% | 46.1% | -0.8 pp | 40.0% | 5.3 pp | 44.7% |
Segmental Performance for Q3 FY26 – Rental & Annuity
| INR Million | Q3 FY26 | Q3 FY25 | YoY % | Q2 FY26 | QoQ % | FY25 |
|---|---|---|---|---|---|---|
| Revenue | 744 | 577 | 29% | 738 | 1% | 1,970 |
| EBITDA | 621 | 455 | 37% | 607 | 2% | 1,540 |
| Margin (%) | 83.5% | 78.9% | 4.6 pp | 82.3% | 1.2 pp | 78.2% |
Segmental Performance for Q3 FY26 – Residential Project
| INR Million | Q3 FY26 | Q3 FY25 | YoY % | Q2 FY26 | QoQ % | FY25 |
|---|---|---|---|---|---|---|
| Revenue | 166 | – | – | 2,821 | – | – |
| EBITDA | 41 | -59 | – | 1,073 | – | -204 |
| Margin (%) | 24.4% | – | – | 38.0% | – | – |
Development Pipeline Updates
The Taj at Delhi Airport: Construction progressing steadily; expect completion by Q4 FY27.
Cignus II, Powai: Second commercial tower at The Westin Powai Lake advancing on schedule; slated for completion in FY27.
Management Commentary
Speaking on the financial results, Shwetank Singh, MD & CEO, Chalet Hotels Limited says, “Q3 saw strong traction across key operating metrics, with healthy growth in revenue and EBITDA, supported by double-digit RevPAR expansion. Athiva has shown early momentum and has started contributing to our portfolio performance. The onset of the festive and wedding season, saw sustained demand from MICE and leisure travel which effectively translates to revenue growth. We remain confident of maintaining operating momentum in the coming quarters.”
