Chalet Hotels Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 502.00 Cr (-31.73% YoY) and PAT growth of +39.68% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 04, 2026 |
|---|---|
| Revenue (Q2) | Rs. 502.00 Cr (-31.73% YoY) |
| PAT (Q2) | Rs. 216.26 Cr (+39.68% YoY) |
| EBITDA margin | 44.38% (+301 bps YoY) |
| EPS (Q2) | Rs. 9.88 (+39.55% YoY) |
Headline prints are artifacts in both directions: revenue fell 31.73% YoY on the residential handover base effect while PAT rose 39.68% on a one-time Rs.112.50 Cr tax-regime credit; normalized PAT declined 20.55% YoY. The clean signals are ex-residential income growth of 10.67%, hospitality EBIT margin at 30.16% (+168 bps YoY) delivering management's margin-normalization promise, and rental/annuity result growth of 28.08%. The Koramangala Phase 2 handover in H2 FY27 and the ~Rs.3,000 Cr FY27-29 capex cycle (CFO-covered, FCF positive) are the key forward catalysts.
| Driver | What happened | Verdict |
|---|---|---|
| "RevPAR growth in-line with Q1's pace, ADR-led, occupancy still diluted" | No ADR/occupancy/RevPAR KPI in the Q2 filing | Not observable |
| "margins likely expanding… with utilities the main counterweight" | Hospitality EBIT margin 30.16% vs 29.27% Q1 / 28.48% Q2FY26; consolidated 44.38% vs 41.37% YoY — YoY | Played out |
| Power-demand surge "works against the utility line" | Power & fuel +0.38% YoY in absolute terms; 4.89% of income vs 3.35% (base effect) | Partially |
| Handover "sets the residential recognition quantum this quarter" | RE revenue Rs.0.45 Cr; inventories up to Rs.301.42 Cr — deferred within FY27 | Contradicted for Q2 |
| "Rs.290 Mn/month CRE run-rate holding or edging up" | Rental revenue +4.14% QoQ, +22.04% YoY | Played out |
| Funding costs "broadly neutral" | Finance costs −8.05% YoY; CP at 6.60% | Played out |
| "YoY headline comparisons remain base-effect-driven; ex-residential trend is the cleaner read" | Revenue −31.73% YoY reported vs +10.67% ex-RE | Played out |
| Capex phasing/funding split and peak-debt disclosure | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Hospitality EBITDA margin to "return to previous levels or better" in "the coming quarter" | Q2 FY26 earnings call | Hospitality EBIT margin 30.16%, up from 29.27% (Q1 FY27) and 28.48% (Q2 FY26); consolidated EBITDA margin 44.38% vs 41.37% YoY | Met |
| Capex ~Rs.3,000 Cr over FY27–29, largely internal accruals | Q1 FY27 earnings call (raised from Rs.2,500 Cr) | H1 FY27 capex Rs.459.08 Cr vs CFO Rs.483.60 Cr; FCF Rs.24.53 Cr | On Track |
| Koramangala Residential Phase 2 handover in FY27 | Q2 FY26 earnings call | RE segment revenue just Rs.0.45 Cr; inventories up to Rs.301.42 Cr — no handover recognized in Q2 | Too Early |
| Taj Delhi Airport partial launch by Q4 FY27 | Q3 FY26 earnings call | CWIP up Rs.71.47 Cr since Mar-26; no milestone disclosed — spend evidence | On Track |
| ATHIVA Hyderabad (FY2029) / Pune (FY2031) launches | Company MoU announcement, Aug 5, 2026 | No construction-start disclosure in Q2 filing | Too Early |
| Hyatt Regency Airoli, 36 months from approvals | Q3 FY26 earnings call | Not addressed in the filing | Too Early |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.