Ladies and gentlemen, good day and welcome to the Chalet Hotels Limited Q2 FY27 earnings conference call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then 0 on your touchtone phone. With us we have today Mr. Shwetank Singh, MD and CEO, and Mr. Nitin Khanna, CFO. I now hand the conference over to Mr. Shwetank Singh. Thank you, and over to you, sir. Thank you, Rutuja, and a very good morning to everyone. Welcome to our Q2 FY27 earnings conference call to discuss not only our performance this quarter but also the larger industry trends that shaped it and guided our business strategy. As always, we appreciate your queries, insights, and suggestions which help us stay the course as we strive towards creating long-term value for our stakeholders. If I had to sum up this quarter in one word, it would be readiness. Our core assets are emerging from a period of planned disruption. Navi Mumbai has relaunched as Athera Pulse. And the porch at Powai is back in service. Construction at Cygnus 2 Powai and Taj at Delhi International Airport is as per schedule and expected to start contributing to our growth story soon. Our own brand, Athiva, is scaling. Also, our total pipeline now stands at 2,036 keys, about 60% of our current operating portfolio. Today I want to speak about how each of these positions shall lay for its next phase of growth. As committed, we have rebranded our Navi Mumbai business hotel from Four Points by Sheraton to Athiva Pulse Navi Mumbai, an Autograph Collection. We have also redefined the wellness offering at Athiva with the Daily Club, a dedicated 30,000 square foot floor for wellness and rejuvenation. As we have mentioned in our earlier conversations, we have invested close to ₹1 billion in this upgrade and are happy with the final product. I can now add that we are encouraged with the immediate response that Athiva Pulse has received from our patrons in the form of increased average daily rates. And more importantly, guest feedback, a validation for the brand and its offerings. Now let me talk about the industry trend during the quarter and then move on to our performance. Quarter 2 has been a remarkable quarter for the Indian hospitality industry. On the one side, the industry continued to face global headwinds given the ongoing geopolitical situation in West Asia and the resulting increase in fuel prices. Airfares as well as rationalization of flights on select routes. On the other hand, robust demand from MICE and domestic business led to very strong growth in certain micro markets. For example, New Delhi where we are not operating today but will be next year onwards, delivered an extraordinary September on the back of the BRICS Summit, as is evident from the publicly available industry and peer data. This trend is in line with Chalet's strategy of big boxes in major business cities and thus provides further boost to our confidence as we continue to expand our footprint under our own and global brands. Quarter 2 witnessed year-on-year contraction in air traffic among major markets. While Delhi witnessed increased traffic, Mumbai, Bangalore, and Hyderabad saw a decline. This is visible. In the on-ground market dynamics as well, our business hotels in MMR, Hyderabad, and Bangalore saw mixed trends through the quarter, while our leisure portfolio witnessed strong demand and delivered 34% RevPAR growth with a good mix of occupancy and ADR. Among key business locations, MMR saw a weaker July due to heavy rains, but the business picked up in August and September on the back of large MICE events. Within MMR, JW Sahar continues to get its fair share of growth vis-à-vis its competition. OYO continued to be impacted by construction activity at the Cygnus 2 Tower. The good news, however, is that as committed in our last call, the porch is back in service, restoring the direct entry to the banquets, enabling us to host large MICE and social business once again. Also, as the construction enters final stages now, we expect the business to start improving from this quarter. In an immediate win, we have signed a crew contract already of 20 rooms per day. Just to remind you, we had lost about 100 rooms per day of crew business at Powai due to the ongoing construction activity. Both Hyderabad and Bangalore witnessed reduced air traffic. However, Hyderabad saw a strong RevPAR growth driven by GCC and corporate demand. Bangalore witnessed moderate growth as the market is more foreign tourist arrival dependent, even as the new keys we started— even as the new keys that we put in the market have started to get absorbed. Pune market continues to grow at a healthy pace on the back of strong demand from corporates as well as retail. With that context about the macro environment for the overall industry and our micro markets, let me now talk about our performance for this quarter. Like I mentioned in Q1, I would highlight again that our consolidated year-on-year financials are not comparable as we had booked income from a non-core business, i.e., Phase 1, of our Kormangala residential project in Q2 FY26 with no corresponding handover in Q2 FY27. The Phase 2 is ready to hand over and we shall be commencing the handover process soon. The revenue shall be booked in half 2 of FY27, so do expect a spike in our performance. So for the purpose of this call, we shall be discussing financials for our core business segments only— hospitality and commercial real estate. excluding residential business. Our core business grew by 11% year on year to ₹5,110 million with EBITDA of ₹2,274 million. Up 13% year on year. Importantly, EBITDA margin improved by 110 bps to 45%. Let me now touch upon the hospitality business performance. RevPAR increased 7.2% year on year, largely driven by 11.3% growth in ADR. Compared to business hotels, resorts did better this quarter with 34% RevPAR growth. All 3 resorts delivered strong growth as we move towards stabilization with resort occupancies on a blended basis at 41.2% against 32.6% last year. Hospitality revenue grew 8% year on year while EBITDA stood at ₹1,691 million, up 11% year on year, reflecting 110 bps improvement in EBITDA margin. On the back of resilient pricing dynamics, efficiency measures, and better performance by our resort properties. On to commercial real estate business, our September '26 run rate for rentals reached ₹300 million, marginally higher than June '26. With occupancies at 91%. The commissioning of Cygnus 2 with approximately 1 million square foot of leasable area at our Powai complex in FY27-28 will bring a major growth milestone for this business. Let me now talk about our live projects. 2 major projects that are nearing completion are Cygnus 2 Tower at Powai and Taj at Delhi International Airport. Both the projects are important in multiple ways, not only will they drive our growth next year, but will also help us build a stronger portfolio overall. For Cygnus 2 Powai, we remain on track for substantial completion by FY27 end. And for Taj, Taj, we expect to launch the entire inventory in early FY28. The property is on track for previous announced timelines. However, we are closely monitoring the recent developments on GRAP restrictions in the National Capital Region to reassess the completion date. The Ritz-Carlton at Hyderabad and Hyatt Regency at Iroli both are being developed by Mindspace and are on schedule. All other key projects are on track. As per our earnings presentations that we have published. Before I hand over to Nitin, who will take you through the financial details for the quarter, I want to re-emphasize on 2 points. The industry outlook and how Chalet is gearing up. Half one has reinforced that what we said always about India, that India is continues to. have a— have the supply, supply being outpaced by demand. And the MICE and domestic demand would continue to fuel growth. The industry in last 6 months has grown despite a difficult geopolitical backdrop, and that gives us the confidence to invest ahead of the cycle. We are doing this on 2 fronts. First, Athiva, with Khandala and Navi Mumbai operational and approximately 900 keys already in the pipeline across 5 properties in 4 locations. Athiva is en route to become a 1,200-key portfolio. Being named Most Promising Experiential Hotel Brand at Today's Travellers Award 2026 is an early validation of our efforts on this front. Second, our broader pipeline of 2,036 keys— we play to our proven strength: efficient big boxes, fast execution, best-in-class asset management. And deep partnerships with global brands. Together, these put us on track for a portfolio of 5,500 keys and beyond within the next 5 years. With a strong leisure and geographic mix. We will fund this growth from, from our hospitality cash flows and stable commercial real estate annuity business, as our recent credit rating upgrade to IND AA or AA reflects. Disciplined execution and capital allocation remain our guardrails. With that, now I'll hand over to Nitin. Thank you, Shwetank, and good morning to everyone on the call. I'm pleased to walk you through our financial performance for the quarter and half year ended 30th September '26. And also provide a perspective on key financial and performance drivers, balance sheet strength, and capital allocation. As mentioned by Shwetank, we shall discuss financials for our core business segments only, which is hospitality and CRE, which is excluding the residential business. to make them comparable year on year. For the quarter ended 30th September '26, excluding the residential segment, revenue grew 11% year on year to ₹511 million. While EBITDA increased 13% year on year to ₹227.4 million. EBITDA margins expanded by 110 basis points to 45%, driven by strong performance by leisure assets, higher annuity income, and efficiency measures. Our net profit after tax for the quarter stood at ₹216.3 million. 168 units of Phase 2 of Koramangala residential project is near completion. The RERA date for handover is December 26th. We shall begin handover soon and subsequently book the revenue in Q3 financial year '27. As mentioned earlier, the commercial space of approximately 160,000 square feet is under construction and shall be leased once completed. Target for that is FY28. Since we have not done unit handover, the revenue booked during the quarter reflects only the CAM charges. For the half year ended 30th September '26, excluding the residential segment, revenue grew 10% year on year to ₹1,025 million. While EBITDA increased 14% year on year to ₹467.4 million. EBITDA margins expanded by 170 basis points to 46%. Net profit after tax stood at ₹3024 million. I would want to highlight that during the quarter we have decided to exercise the option available under Section 206 of the Income Tax Act, 25. which provides us with benefits of concessional tax regime at tax rate of 25.17%. In lieu of regular corporate tax of 34.94%. Accordingly, we have remeasured the net deferred tax liabilities as of 1st April 2026 and resulting a tax credit of ₹1,125 million. Hence, tax expense for the quarter and 6 months ended 30th September 26 is not comparable with other reported periods. Please refer to our LODR disclosures in this regard. Let me now cover the hospitality segment. For the quarter, our blended ADRs grew 11.3% year on year. This reflects our leadership position and pricing power in these markets. Non-MMR occupancy was strong. MMR was subdued because of ongoing construction activity at our Powai property, which Shwetank has already covered in detail. Our blended RevPAR grew 7.2% year on year, leading to total hospitality revenue of ₹411.5 million, a year-on-year growth of 8%. With EBITDA of ₹1,691 million, up 11% year on year. EBITDA margin for the quarter stood at 41%, higher by 110 basis points. and leisure assets operating below critical occupancy. This has reversed in H1 as per our commitment. Margins in our city hotels have remained steady while our leisure portfolio and new additions have led to this improvement as they start to stabilize. Our continuous efforts towards enhancing efficiency is also helping towards this purpose. I would highlight here that we were able to take quick action to mitigate the cost pressures due to West Asia war and deliver higher margins. We remain focused on maintaining cost-efficient operating structures project productivity, and exercising disciplined asset-level cost control as the portfolio scales. Turning to the commercial real estate business, this segment continues to provide high-margin, stable cash flows. The monthly rental exit run rate in September '26 stood at ₹300 million, marginally higher than ₹290 million for June '26. Revenue for the quarter stood at ₹901 million, up 22% year-on-year, driven by higher occupancy. EBITDA stood at ₹750 million, up 23% year-on-year, with an EBITDA margin of 83%, up 95 bps versus Q2 FY26. Current portfolio committed is at approximately 91%. Our EBITDA margins are a function of our efficiency and strong asset management practices. Over the past few quarters, the margins were optically soft due to new additions We have just closed an LOI for the entire remaining space at Bangalore. With this LOI, our occupancy on available leasable area stands at 95%. Also, there are multiple ongoing discussions for Signals One Powai. With these, we expect monthly rentals to scale up further to ₹320 million by March '27. Commissioning of Signals 2 at Powai will lead to a step change in growth towards FY28 onwards. Another key aspect of CRE business is how it helps our cash flows and balance sheet. The current year— the current yearly rentals potentially give us a leverage advantage of ₹25 billion eligibility for LRD. Lease rentals also help us in debt servicing as it stands today. Effectively freeing up our hotel assets to generate cash, which could then be fully utilized for execution of our announced pipeline as well as any value-accretive acquisition. Now let me talk about some balance sheet debt and capital allocation. During the quarter, we received credit rating upgrade from India Ratings. Our long-term facilities are now rated as AA versus AA- reflects the strength of our treasury practices, leverage mix, cash flows, and overall balance sheet. Our net debt has remained stable over last 7 quarters despite heavy CapEx, multiple acquisitions, and repayment of preference capital. Highlighting the strong cash flow generation from the underlying business. As of September 26th, our net debt stood at ₹21 billion, approximately ₹14 billion of this allocable to assets under construction or not operationalized yet. 2 major projects included are Cygnus Tower 2 at Powai and Taj at Delhi International Airport. Commissioning of these 2 assets shall significantly aid growth in coming years. We continue to maintain a comfortable liquidity position. The average cost of finance remained broadly stable at 7.47% as of September 26th versus 7.41% as of June 26th. Looking ahead, we have outlined a planned CapEx of approximately ₹34 to ₹36 billion over FY27 to FY29 across our hospitality and commercial real estate portfolio. The change in CapEx guidance is due to addition of 2 Athiva properties at Hyderabad and Pune. The guidance includes committed investments and importantly is expected to be largely funded through internal accruals. Underscoring our focus on maintaining balance sheet discipline. Overall, our balance sheet continues to provide adequate headroom and financial flexibility to pursue strategic opportunities as they arise. As Shwetank mentioned in his opening remarks, we expect to have an operational portfolio of 5,500 keys and beyond in 5 years. That means 75 to 80% capacity addition. In this context, I want to highlight that execution of large greenfield and brownfield projects is one of our key strengths. We not only build at lowest cost per-key cost in the industry, but also built for efficiency to ensure high EBITDA margins once the asset is operational. The expansion and rebranding of Duke's Retreat to Athiva and the repurposing and expansion of our Bangalore assets are some examples of this execution prowess. Another example is Taj at Delhi International Airport, where delivering a luxury hotel of 380 keys in less than 4 years at a critical location like Delhi International Airport. Moreover, all our acquisitions, whether it's Novotel Pune or Western Himalayas or any other asset, all have performed quite well and in line with our business case. While speaking of growth, I would highlight that our balance sheet is aligned with our roadmap ahead. Strong operating cash flows from hospitality business are complemented by stable inflows from CRE business. This enables us to execute the announced pipeline and look to grow beyond, including value-accretive inorganic opportunities. To summarize, Q2 delivered a 13% EBITDA growth in our core business with credit rating upgrade, while our pipeline expansion and execution remained on track. Given the long-term growth opportunity and our readiness to capitalize on the same, we are excited as we look ahead and continue to create long-term value for all our stakeholders. With that, I would like to open the floor for questions. Thank you. Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and 1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Given we have a long Q&A queue, please limit your questions to 2 per participant. Please ask your questions together. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Deepak Saha from Ashika Institutional Equities. Please go ahead. I'm sorry to interrupt you, Mr. Saha, but there is a lot lot of disturbance from your background. Can you please check? We are unable to hear you. Is it audible now? Better? Yeah, hello. Please go ahead. Yeah, so my first question is, when you look at the RevPAR number, 7% kind of a number versus 10% kind of a room revenue, but F&B and other segment has kind of been lagging. So just talk me through next couple of quarters and H2 point of view, if you can share some color how the F&B and other segments would pick up versus room revenue, because room revenue is still— the divergence between RevPAR and room revenue continues. So just 3 parts from H2 point of view. One is the divergence between RevPAR and room revenue, that buoyancy remains, and how essentially we are looking forward for F&B and other revenue to pick up. This is first part of the question. Thank you. Hello. Hi, sorry, I'm not sure we picked up all parts of your query, but I think there were 2 parts. One was to do with Is the room revenue growing in line with the RevPAR growth? And I think the second part of your query was, where is F&B growth headed? I, I, I would proceed with that kind of a summary of what you, you just said. So, uh, just on the F&B side, the thing that is— that we wanted to point out is that we have grown Uh, on F&B at about 6.4%. Year on year. And whilst our outlets have done very well, we did have some, uh, some setback, particularly on the MICE and large group sites. side, because in general that's, that's a segment that has not grown at the pace that we would expect. And actually that particular segment has barely grown 4% for us. Uh, if, if you were to look at, uh, the wedding scenario, the wedding scenario continues to stay strong, and so, so it will be in the second half of the year as well. So that, that, that's a segment that doesn't concern, concern us overall. Uh, so hence, just in summary, uh, outlets did very well and grew significantly. Uh, larger groups did not grow at a pace that we had expected it to grow, and, and hence we didn't get an overall growth that we would have otherwise expected. With respect to, uh, room revenue versus RevPAR. Our RevPAR growth for this quarter has been close to 11— sorry, yeah, it's close to 7.2% on a combined basis, whereas the rooms revenue has grown by about 9.7%. Uh, and, and, and that's fine because sometimes the inventory available, the underlying inventory available, also varies from one quarter to another, same time last year. versus this, uh, versus this quarter, and therefore the multiplier may not be exactly in line with the RevPAR percentage growth. Have we answered your query? And yeah, so, so basically what I got a sense from H2 point of view, you're saying that, uh, divergence between RevPAR and room revenue where room revenue is going higher than RevPAR, that should continue and F&B should also pick up, uh, given the mice and socials that we have in the second part of the year. Is that a fair interpretation? Yes, that's right. So last— oh, so the last question from my end If you see, uh, Cygnus Tower 2 should be over by the end of the year. Akiva Vashi is already running. Next year, on top of that, we have Q1 FY28, probably Taj Delhi coming in, and Hyderabad and Bangalore already you mentioned in your PPT, uh, the spillover impact of West Asia crisis in terms of limited FTA inflows have already started. easing off. So given all these things, on a base of FY27, uh, hiking to, you know, kind of a 20% plus kind of a revenue growth for FY28— I know you can't probably formally give an outlook But directionally speaking, then isn't, isn't it very reasonable to assume that FY28 would be significantly higher given all the levers that we have? That's my last question. Thank you. Let me say it in one sentence. You are not wrong. If you can elaborate a bit, that will be helpful. Thank you. Yeah, no, so I, I think what you have absolutely understood what's going to happen over the next few quarters, uh, with these 2 significant projects coming online, this, it should contribute minimum double digits to our revenue growth. And if our existing portfolio continues to grow the way we anticipate it to be, uh, not expecting any of the impacts of the geopolitical, uh, setbacks that we had had from this year, that's the minimum we would expect. Fair enough. Last part, just to get in very quickly, FY29, 3 properties we have announced, almost 625 keys, 18% of the total owned rooms currently that we have. Then, uh, if you can share some timeline, whether first half, second half, how those are lined up in FY29, those 3 properties, 2 Hyderabad, 1, uh, Udaipur property. Yeah, normally we don't like to get to the exact quarter in terms of project deliveries. There are too many moving parts. All I can say is that we are in line to deliver it within the financial year. Uh, let's get closer to the date and then make a comment on it, please. Sorry, tenderer, may we request Mr. Saha to please rejoin the queue? We have other participants waiting for the turn. Thank you. Ladies and gentlemen, we request you to please limit your questions to 2 per participant. Next question is from the line of Sumit Sinha from Macquarie. Please go ahead. basically tells us that potentially things could stabilize, maybe that area could become less volatile, so maybe foreign travelers start to come back, uh, increase their travel to India. Uh, yes, thank you. A couple of questions. One is, uh, you know, in, in terms of— I mean, you, you have heavy reliance on foreign travelers, and, you know, the news coming out of the US yesterday was Can you give us a sense of, uh, uh, you know, first is, is that reasoning correct? And the second is, how much do you think— I, I know that I think anecdotally I've heard that last November, December, things have started to stabilize. And travelers have started to come back, but then the war happened, and so things slowed down. Can you give us a sense of, uh, you know, are you already seeing some of that for different reasons, or Uh, what can you expect? What can we expect over the next year? Because the domestic traffic is good and foreign travelers come back, I think it sets up very well for a strong couple of years. Uh, my second is, um, you obviously have a very heavy pipeline for fiscal '29 and '30, um, and from an operational perspective, and especially because half of that pipeline is going to be your own brand, So there's a higher level of scrutiny, higher level of accountability. So just wanted to kind of qualitatively understand how you're set up to, to kind of handle that. Uh, that, that delivery. Thank you. Yeah, sure. Um, you know, believe me, we have been holding our breath on the US midterm elections as well, and, and thankfully what's come through is the best of a bad situation. So we are very happy with what's happened there. Uh, hopefully the position will stabilize as we speak.