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INVESTOR PRESENTATION Q2 FY26
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Safe Harbour 2 This release has been prepared by Chalet Hotels Limited (CHL) and the information on which it has been based or derived from sources that we believe to be reliable. Whilst all reasonable care has been taken to ensure the facts stated are accurate and the opinions given are fair and reasonable, neither CHL, nor any director or employee of CHL shall in any way be responsible for the contents. Certain statements in this release concerning our future growth prospects are forward-looking statements within the meaning of applicable securities laws and regulations, and which involve a number of risks and uncertainties, beyond the control of the Company, that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Chalet Hotels Limited may, from time to time, make additional written and oral forward looking statements, including our reports to shareholders. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company. The Company also expects the media to have access to all or parts of this release and the management’s commentaries and opinions thereon, based on which the media may wish to comment and/or report on the same. Such comments and/or reporting maybe made only after taking due clearance and approval from the Company’s authorized personnel. The Company does not take any responsibility for any interpretations/ views/commentaries/reports which may be published or expressed by any media agency, without the prior authorization of the Company’s authorized personnel. This release does not constitute a sale offer, or any invitation to subscribe for, or purchase of equity shares.
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Proud to introduce our Brand: ATHIVA Hotels & Resorts 3 6 A new-age premium lifestyle hospitality brand, built on the ethos of joy, wellness and sustainability! Hotels 900+ Keys* *Includes keys in pipeline Athiva Resort & Spa, Khandala Our Debut Athiva Property: Coming Soon: 1. Athiva, Navi Mumbai 2. Athiva Resort & Spa, Aksa Beach, Mumbai 3. Athiva Resort & Spa, Varca, Goa 4. Athiva Resort & Spa, Bambolim, Goa 5. Athiva Resort & Convention Centre, Thiruvananthapuram
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Key Highlights Q2 FY26: Financial Highlights (YoY) H1 FY26: Financial Highlights (YoY) Delivering on our ESG Goals 4 +94% Revenue +98% +20% +25% EBITDA Revenue EBITDA Consolidated Consolidated (Ex – Residential) Chalet becomes the 1st Hospitality Brand in India to achieve Climate Group’s EV 100 Target The Board has declared its maiden interim dividend of ₹1 per share This reflects the Company’s commitment to reward shareholders and encourage expansion of shareholder base +120% Revenue +123% +24% +31% EBITDA Revenue EBITDA Consolidated Consolidated (Ex – Residential) Rewarding Our Shareholders
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Consolidated Performance: Q2 FY26 5 Particulars Revenue (₹ mn) EBITDA (₹ mn) EBITDA Margin (%) A. Hospitality Business 3,802 1,521 40.0% YoY Change (%) 13% 10% -139 bps B. Commercial Real Estate 738 607 82.3% YoY Change (%) 76% 88% 515 bps C. Residential Project 2,821 1,073 38.0% Consolidated 7,438 3,077 41.4% YoY Change (%) 94% 98% 75 bps Consolidated (Ex-Residential Project) 4,617 2,004 43.4% YoY Change (%) 20% 25% 144 bps
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Driving strong EBITDA performance (Q2 FY26) 6 1,387 1,521 323 607 1,073 Q2FY25 Hospitality CRE Residential Net Overheads* Q2FY26 1,521 1,556 607 1,073 -124 3,077 40.6% EBITDA Margin (%) for the period 41.4% *Net Overheads relates to ‘Other Income’ less ‘Corporate Overheads’ Hospitality Business Commercial Real Estate (CRE) Residential Business Net Overheads* (All figures in ₹ million)
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Hospitality: Q2 FY26 Performance Highlights Revenue (₹ million) 2,118 2,455 1,014 1,094 Q2 FY25 Q2 FY26 Room F&B Others EBITDA (₹ million) 7 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 EBITDA Margin (%) 3,802 3,352 1,387 1,521 13% YoY 10% YoY -139 bps YoY 41.4% 40.0%
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Hospitality: Q2 FY26 Operating Performance 8 Total Expenses % of Revenue 58.6% 60.0% Q2 FY25 Q2 FY26 Staff to Room Ratio (x) 0.97 0.98 Q2 FY25 Q2 FY26 Utilities % of Revenue 5.8% 6.0% Q2 FY25 Q2 FY26 Payroll % of Revenue 14.8% 15.5% Q2 FY25 Q2 FY26 Inventory additions and newly acquired assets to drive efficiencies in H2 FY26
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Hospitality: Geography wise performance (Q2 FY26) 9 Average Daily Rate Change YoY (%) -30% -10% 10% 30% 50% MMR Hyderabad Bengaluru Pune /Khandala NCR Occupancy Change YoY (%) -25% -20% -15% -10% -5% 0% 5% MMR Hyderabad Bengaluru Pune /Khandala NCR 49% 23% 14% 8% 3% 3% MMR Hyderabad Bengaluru Pune/Khandala Uttarakhand NCR Revenue Mix: Q2 FY26 (%) 54% 22% 13% 6% 5% Revenue Mix: Q2 FY25 (%) Trend of geographic diversification of the portfolio continues. The addition of 129 rooms during H1FY26 in Bengaluru, representing a 33% increase in inventory, is expected to stabilize over the next few quarters.
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Hospitality: Geography wise performance (Q2 & H1 FY26) 10 Portfolio level Q2 FY26 Q2 FY25 YoY% Same Store* YoY% H1 FY26 H1 FY25 1. Average Daily Rate (₹) a. MMR 11,057 10,552 4.8% 4.8% 11,318 10,536 b. Others 13,239 10,473 26.4% 24.1% 13,034 10,402 Combined Portfolio 12,170 10,513 15.8% 14.4% 12,188 10,474 2. Occupancy (%) a. MMR 74.0% 75.3% -1.3 pp -1.3 pp 73.0% 76.6% b. Others 60.9% 71.9% -11.0 pp -7.9 pp 61.0% 67.4% Combined Portfolio 66.7% 73.6% -7.0 pp -5.0 pp 66.4% 72.1% 3. RevPAR (₹) a. MMR 8,180 7,947 2.9% 2.9% 8,257 8,076 b. Others 8,064 7,534 7.0% 10.5% 7,950 7,008 Combined Portfolio 8,115 7,742 4.8% 6.7% 8,088 7,547 Note: 1. MMR: Mumbai Metropolitan Region; NCR: National Capital Region. 2. Others include Hyderabad, Pune/Khandala, Bengaluru, NCR, Uttarakhand 3. During the quarter- 117 keys at Athiva Resort & Spa and 84 keys at FPS, Navi Mumbai remained operational *Excludes The Westin Resort & Spa, Himalayas Portfolio expanded by 166 rooms in H1 FY26 (+129 in Bengaluru Marriott Hotel Whitefield; +37 at Athiva Resort & Spa, Khandala). This increase in base impacted occupancies which are expected to stabilize in H2 FY26
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Hospitality: Segment wise performance (Q2 & H1 FY26) 11 Portfolio level Q2 FY26 Q2 FY25 YoY% Same Store* YoY% H1 FY26 H1 FY25 1. Average Daily Rate (₹) a. Business Hotels 12,035 10,439 15.3% 15.3% 11,910 10,421 b. Resorts 14,217 12,453 14.2% -3.8% 15,831 11,969 Combined Portfolio 12,170 10,513 15.8% 14.4% 12,188 10,474 2. Occupancy (%) a. Business Hotels 71.6% 75.6% -3.9 pp -3.9 pp 70.2% 74.1% b. Resorts 32.6% 44.3% -11.7 pp -6.9 pp 38.7% 40.8% Combined Portfolio 66.7% 73.6% -7.0 pp -5.0 pp 66.4% 72.1% 3. RevPAR (₹) a. Business Hotels 8,619 7,887 9.3% 9.3% 8,357 7,718 b. Resorts 4,639 5,517 -15.9% -18.8% 6,134 4,888 Combined Portfolio 8,115 7,742 4.8% 6.7% 8,088 7,547 Note: • Business Hotels include JW Marriott Mumbai Sahar; The Westin Mumbai Powai Lake; Lakeside Chalet, Mumbai - Marriott Executive Apartments; Four Points By Sheraton Navi Mumbai; Novotel Pune Nagar Road; The Westin Hyderabad Mindspace; The Westin Hyderabad HITEC City; Bengaluru Mar riott Hotel Whitefield • Resorts include Athiva Resort & Spa, Khandala; Courtyard by Marriott Aravali Resort; The Westin Resort & Spa, Himalayas *Excludes The Westin Resort & Spa, Himalayas
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Consolidated Performance: H1 FY26 12 Particulars Revenue (₹ mn) EBITDA (₹ mn) EBITDA Margin (%) A. Hospitality Business 7,658 3,129 40.9% YoY Change (%) 16% 15% -43 bps B. Commercial Real Estate 1,470 1,215 82.7% YoY Change (%) 90% 107% 697 bps C. Residential Project 7,213 2,701 37.5% Consolidated 16,522 6,778 41.1% YoY Change (%) 120% 123% 68 bps Consolidated (Ex-Residential Project) 9,309 4,087 43.9% YoY Change (%) 24% 31% 238 bps
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Hospitality: H1 FY26 Performance Highlights Revenue (₹ million) 4,120 4,811 2,053 2,271 H1 FY25 H1 FY26 Room F&B Others EBITDA (₹ million) 13 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 EBITDA Margin (%) 7,658 6,606 2,728 3,129 16% YoY 15% YoY -43 bps YoY 41.3% 40.9%
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Commercial Real Estate: Highlights (Q2 & H1 FY26) 14 Particulars Sahar Powai Bengaluru Total Leasable Space (msf) 0.5 0.9 1.0 2.4 Leased Space (msf) 0.5 0.6 0.8 1.9 Occupancy (%) 100% 66% 76% 77% Particulars (₹ mn) Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY 25 Total Revenue 738 419 76% 1,470 774 EBITDA 607 323 88% 1,215 587 EBITDA% 82.3% 77.1% 5.2 pp 82.7% 75.8% 1.2 1.9 2.4 2.4 Q2 FY25 Q2 FY26 Leasable Area Leased Area Leasing Status: Q2 FY26 vs Q2 FY25 (msf.) Total leased area has increased by ~50% YoY CIGNUS Powai® Tower I 0.9 Mn Sq. ft. CIGNUS Whitefield® Complex 1 Mn Sq. ft. Letter of Intent (LoI) 0.1
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Residential Project: Performance Highlights (Q2 & H1 FY26) 15 Particulars (msf.) No. of Units Avg Sale Price (₹ psf) Residential (1+2+3) 0.86 321 1 Historical sales 0.29 83 ~7,700 2 New Sales (A+B+C+D) 0.56 231 ~19,950 A FY24 0.29 121 ~18,800 B FY25 0.22 90 ~21,200 C Q1FY26 0.03 13 ~21,100 D Q2FY26 0.02 7 ~21,300 3 Unsold 0.02 7 Commercial 0.15 9 Completed Residential Towers with 10 Floors each, with apartments handed over 2 New Residential Towers 11 Floors each 1 Commercial Tower For Strata Sale Particulars (Revenue Recognition) Q2 FY26 H1 FY26 Units handed over (nos.) 55 units 150 units Revenue (₹ mn) 2,821 7,213 EBITDA (₹ mn) 1,073 2,701 EBITDA Margin (%) 38.0% 37.5% *Insert Actual Image
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Consolidated Statement of Profit & Loss 16 Particulars Q2 FY26 Q2 FY25 YoY% Q2FY26 Ex-Resi YoY Ex-Resi Q1 FY26 QoQ% FY25 Total Income 7,438 3,832 94% 4,617 20% 9,083 -18% 17,541 Total Expenditure 4,361 2,275 92% 2,613 17% 5,373 -19% 9,819 EBITDA 3,077 1,556 98% 2,004 25% 3,711 -17% 7,722 Margin % 41.4% 40.6% 75 bps 43.4% 144 bps 40.9% 52 bps 44.0% Depreciation and Amortisation 574 424 35% 574 35% 539 6% 1,788 Finance costs 454 339 34% 454 34% 485 -6% 1,591 Exceptional items - - - - - - - -- Profit/ (Loss) before income tax 2,049 794 158% 976 15% 2,686 -24% 4,343 Tax Expense 501 **2,179 -77% - - 655 -23% 2,918 Profit / (Loss) for the year 1,548 -1,385 N/A - - 2,031 -24% 1,425 Other comprehensive (expense)/income -1 -2 - - - -1 - -1 Total Comprehensive Income 1,548 -1,387 N/A - - 2,031 -24% 1,424 EPS Basic (₹) *7.08 *-6.35 - - *9.30 6.53 *Not Annualized; **Following the withdrawal of indexation benefits under the Finance (No. 2) Act, 2024, the Holding Company reversed deferred tax assets of ₹2,021.72 mn in Q2 FY25, with a one-time impact on profit and loss
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Balance Sheet 17 Particulars (₹ million) H1 FY26 FY25 Fixed Assets 32,745 30,908 Investment Properties 20,397 19,984 Capital Work in Progress (Inc Investment Property under construction) 1,224 1,832 Right of use asset 362 395 Goodwill 817 817 Other Non-Current assets 5,708 5048 Cash and Cash Equivalents 722 1,862 Other Current Assets 7,761 9,789 TOTAL ASSETS 69,737 70,635 Total Equity 34,146 30,457 Total Gross Debt 23,795 23,532 Preference Capital 596 1,969 Loan from related party 27 42 Lease liabilities 468 497 Other Non-Current Liabilities 3,174 2,173 Current Liabilities 7,532 11,965 TOTAL EQUITY AND LIABILITIES 69,737 70,635
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Leverage Position 18 Particulars (₹ million) FY18 FY19 FY23 FY24 FY25 YTD FY26 Allocable to operating assets 23,323 13,572 11,768 11,486 13,109 14,323 Allocable to under-construction/to be operationalized assets ~3,700 ~900 ~12,600 ~13,600 ~6,800 ~6,600 Net Debt 27,023 14,472 24,368 25,086 19,909 20,923 Net Worth 14,329 13,410 15,415 18,509 30,457 34,146 Strategic Investments* 1,100 656 5,985 6,596 11,409 2,013 EBITDA 3,005 3,668 5,023 6,044 7,722 6,788 Interest Rate (%) 8.4% 9.4% 8.8% 8.9% 8.4% 7.6% Note: Net debt does not include preference shares; Company has issued ₹1 billion worth of Commercial Paper at a fixed coupon of 6.1% *Includes capital expenditure and strategic acquisitions
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Healthy Growth Pipeline Under construction New Rooms/ Leasable area Location Progress update Athiva Resort & Spa, Khandala Renovation & Expansion 30 (117 keys currently operational) Khandala Phase 1: August ’24 Phase 2: July ’25 Phase 3: November ‘25 Taj at Delhi International Airport 385-390 rooms New Delhi H1 FY27 Athiva Resort & Spa at Varca, South Goa ~190 rooms Goa FY28 CIGNUS Powai® Tower II 0.9 msf Mumbai Q4 FY27 Total ~600 rooms | 0.9 msf In planning New Rooms Location Progress update Hyatt Regency at Airoli, Navi Mumbai ~280 rooms Mumbai 36 months post approval* Athiva Resort & Spa at Bambolim, North Goa ~170 rooms Goa 36 months post approval Athiva Resort & Convention Centre, Thiruvananthapuram ~150 rooms Kerala - Grand Total ~1,200 rooms | 0.9 msf *Project approvals are currently at the NGT stage. Following recent positive developments, the project file has advanced into the approval queue with approvals anticipated over the next few months. 19
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Key Projects 20 CIGNUS Powai® Tower II, MMRTaj at Delhi International Airport, NCR Actual Site Image Artist Render Image Artist Render Image Artist Render Image Actual Site Image Actual Site Image 7th Floor Slab in progress Podium 1 Slab casted
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Our Presence 21 Hyderabad (595) In PipelineOperational (Keys) Uttarakhand (141) Faridabad (158) Thiruvananthapuram Goa Bengaluru (520) NCR# Disclaimer: This map is a generalized illustration only for the ease of the reader to understand the locations, and it is not intended to be used for reference purposes. The representation of political boundaries and the names of geographical features/states do not necessarily reflect the actual position. The Company or any of its directors, officers or employees, cannot be held responsible for any misuse or misinterpretation of any information or design thereof. The Company does not warrant or represent any kind of connection to its accuracy or completeness. 11 Hotels 3,359* Keys *As on 31st October 2025 Pune (311 )/Khandala (117) MMR# (1,517) #NCR: National Capital Region; MMR: Mumbai Metropolitan Region
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‘Parivartan’ by Chalet: Our Sustainability Story DJSI Score Energy Management Water & Waste Management E-Mobility 67 Corporate Sustainability Assessment Score Placed 6th in the world among category of hotels, resorts and cruise lines 60% Renewable Energy Consumption FY25 Wet waste treated through organic waste composters Recycling of wastewater Rainwater harvesting system 100% guest fleet as EVs 100% operational assets have EV charging stations Diversity and Inclusion CSR Green Supply Chain Management Green Buildings Vendors Assessment on ESG criteria Supplier code of conduct compliance Preferential Local (within India) materials procurement USGBC LEED Gold certified 24% Women in Workforce From 22% in March 2024 500+ Youth got skilled including dedicated batch of PWDs, women in F&B and Housekeeping services. Planted 10,000+ Saplings as part of Urban forest initiative in Lonavala. Supported ‘School and Public Health Care Centre Upgradation’ in Maharashtra 6 Assets Design certifications (LEED/ IGBC) for upcoming properties 4 Projects 22 PWD = People with Disabilities
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23 Chalet Hotels is a member of United Nations Global Compact Network (UNGC) India! Supporting UNGC’s Principles and Sustainable Development Goals (SDGs) 2030. Chalet Hotels commits to achieve Net-Zero Greenhouse gas (GHG) emissions by 2040. The Company sourced 60% of its electricity from renewable sources The Company achieved 82% of Energy Productivity (IoT-enabled solutions such as Digital check-ins, Mobile key, Building Management System, IOT system for HVAC to address reduction in energy consumption) RE100 (Renewable Energy): Move to 100% renewable energy by 2030 EP100 (Energy Productivity): Double energy productivity (revenue per unit of electricity consumed) by 2028 EV100 (Electric Vehicles): Move entire fleet to EVs for guest transportation by 2025 Initiative All our operational assets are equipped with EV charging points accessible to both employees and visitors. 100% guest fleet as EVs Climate Change Actions ‘Chalet Hotels becomes the First Hospitality Brand to Achieve Climate Group’s EV100 Target’
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Consolidated Profit & Loss Statement – 5 Year Trend 24 Particulars (₹ million) FY21 FY22 FY23 FY24 FY25 ADR 4,040 4,576 9,169 10,718 12,094 Occupancy 30% 51% 72% 73% 73% RevPAR 1,214 2,355 6,605 7,776 8,781 Total Income 3,075 5,297 11,780 14,370 17,541 Total Expenditure 2,785 4,093 6,757 8,327 9,818 EBITDA from continued operations 290 1,204 5,023 6,044 7,722 Margin% 9% 23% 43% 42% 44% Adjusted EBITDA from continued operations 325 1,099 4,7602 6,2941 7,722 Adjusted Margin% 11% 22% 41% 44% 44% Profit/ (Loss) before income tax -2,446 -1,534 2,728 2,694 4,343 Tax Expense -1,092 -720 895 -88 2,918 Profit/(Loss) for the year -1,391 -815 1,833 2,782 1,425 Other comprehensive (expense)/income 0.28 1.50 -4.64 -8.4 -1.4 Total comprehensive Income -1,391 -813 1,828 2,773 1,424 EPS Basic (₹) -6.78 -3.98 8.94 13.54 6.53 1 FY24 Adjusted for ₹ 250 Mn towards GST Payments, Westin Hitec pre -operating expenses, Dukes Decapitalisation , Acquisition cost of A ravali Resort, along with unusable stock of Bangalore Residential 2 FY23 Adjusted gain in the estimated cash outflows for redemption of 0% NCRPS : Koramangala Project. Notes on earlier years are part of respective year’s presentations,
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Consolidated Balance Sheet – 5 Year Trend 25 Particulars (₹ million) FY21 FY22 FY23 FY24 FY25 Inventory: Hotels 7 7 8 10 11 Rooms 2,554 2,554 2,634 3,052 3,193 Capital Employed 32,276 35,821 38,531 38,368 48,596 Investments# 1,433 3,489 5,985 6,596 11,409 Net Worth 14,329 13,410 15,415 18,509 30,457 Net Debt (Excl. Preference Capital & Loan from Promoters) 18,711 22,338 24,368 25,086 19,909 Net Debt to Equity Ratio (x) 1.4 1.76 1.67 1.45 0.65 Cost of Debt (%) 8.0% 7.5% 8.8% 8.9% 8.4% Cash Flow from Operations 602 622 4,769 6,894 9,503 # Investments includes Capital expenditure and strategic acquisitions
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Chalet Hotels Limited Raheja Towers, 4th Floor, Block G, BKC, Mumbai 400 051 Investor Relations Contact: Mr. Deepak Khetan deepak.khetan@chalethotels.com investorrelations@chalethotels.com