Leela Palaces Hotels & Resorts runs luxury palace hotels and resorts across India, and its Q2 print comes against a monsoon-season quarter in which domestic air traffic fell 4.8% YoY in July and 6.3% in August. The key things the results will speak to are whether double-digit RevPAR growth held after Q1's 17% and how the company's finance-cost tailwind from IPO-funded debt repayment flows through to margins.
| Results date | October 14, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 351.956 Cr |
| Previous quarter PAT | Rs. 48.755 Cr |
| Previous quarter EBITDA margin | 41% operating EBITDA margin, up 383 bps |
| Market cap | Rs. 19,601.66 Cr |
| CMP | Rs. 586.95 |
The board meeting was scheduled for October 14, 2026, to consider unaudited standalone and consolidated results for the quarter and half-year ended September 30, 2026. The trading window had closed from October 1 until 48 hours after results declaration.
The Q2 FY27 earnings call was scheduled for October 14, 2026, at 5:00 PM IST, with CEO Anuraag Bhatnagar, CFO Ravi Shankar and SVP–FP&A & IR Abhishek Agarwal.
The quarter tests whether Leela's FY27 guidance of double-digit RevPAR growth and mid-to-high-teens EBITDA growth survives the monsoon season and a softening domestic air-travel proxy, after Q1 FY27 delivered 17% RevPAR growth to Rs. 13,982. Q2 FY26 RevPAR was Rs. 13,262 on 68.7% occupancy, so the seasonal dip versus Q1 is built into the annual pattern, while July foreign tourist arrivals of 722,705, up 5.3% YoY, and the recovery in international room revenue from a 10% YoY decline in March to 1% growth in June offer support. Margins enter the quarter with a structural tailwind: the portfolio excluding Coorg delivered over 60% EBITDA flow-through in Q1, operating EBITDA margin expanded 383 bps YoY to 41%, and finance costs were down 54% YoY after Rs. 2,300 Cr of IPO proceeds went to debt repayment, with the repo rate held flat at 5.25% through the quarter. On the balance sheet, the path from 1.6x net debt-to-EBITDA toward 1x depends on whether the approved Ayodhya (up to Rs. 185 Cr) and Tadoba (up to Rs. 120 Cr) commitments were drawn during Q2. The call is also likely to cover Coorg's ramp after its Q1 operational EBITDA break-even, the year-end opening target for Jaisalmer and Leela Residences, and the Dubai asset's rehabilitation and handover timeline.
FY27 guidance and FY30 EBITDA bridge
Q2 operating KPIs vs Q1 FY27
Coorg ramp-up
Pipeline execution and capital commitments
Dubai and BKC project updates
Management's FY27 occupancy guidance is early-70s blended, mid-70s in city hotels and mid-to-late-60s in resorts. Q1 FY27 occupancy was 67.5%, up 3.9 percentage points YoY.
Management has said Leela would fund 50% of the hotel, with approximately Rs. 800 Cr capital contribution, while Brookfield would fully fund and own the office component. The project is currently in site-preparation and design-development stages.
Leela holds a 25% equity stake with a total equity investment of USD 70 million including planned future capex, and management has cited stabilized earnings of Rs. 180 Cr with recovery expected through sales of residences over 2-3 years. Handover and rehabilitation were planned early the following year, with renovation intended within 12 months and rebranding to The Leela.
Management said it would first stabilize the operating asset and then work on the 19-key brownfield expansion, with estimated capex of Rs. 38 Cr. The property reached operational EBITDA break-even in Q1 FY27, with ADR nearly doubling post-acquisition.