Good morning, ladies and gentlemen, and thank you for attending this virtual meeting. I'm pleased to welcome you on behalf of EIH Limited and SBICAP Securities to EIH Limited's Q3 FY 2026 result webinar. We have with us Mr. Vikram Oberoi, Managing Director and Chief Executive Officer, and Mr. Vineet Kapur, Chief Financial Officer. Friends, this virtual meeting is being recorded for compliance reasons. During the course of the discussions, there may be certain forward-looking statements. These must be viewed in conjunction with the risks that the company faces. We'll have the opening remarks from Mr. Oberoi, followed by a Q&A session. Thank you. Over to you, Vikram. Thanks, Navin. Good morning, ladies and gentlemen. Actually, we'll follow our normal format, which is that Vineet will make a brief presentation. Some of you may have already seen it. And then we'll go to any questions that you may have. So with that, if I could hand over to Vineet to make the presentation. If I have any additional comments while Vineet is making the presentation, I'll add those. Thank you very much for attending, and over to you, Vineet. Thank you, Vikram. A very good morning to all the, all the people on the call. Thank you for attending, our investor call for Q3. Let me move to my part of the presentation. So the first slide talks about the industry performance, for Q3 as well as YTD. Occupancy was at 66%-68%. We saw a nominal growth in Q3, while ARR, grew by 9%-11%. This was... So the- And that resulting in a good and a healthy RevPAR. This was in spite of the flight disruptions we saw in the month of December. While the Q3 was impacted, overall, when you see the YTD nine months performance of the industry, the industry was almost flat to last year in the same range of 61%-64%. While the ARR grew at a healthy 8%-10%, resulting in a higher RevPAR. This is in spite of the fact that currently, in the current year, we saw quite some disruptions in every quarter. In Q1, we got impacted by Operation Sindoor. We had the Middle East conflict, which resulted in lower occupancies. In Q2, we had a long monsoon season, which led to quite a heavy rainfall as well as floods in some areas of India. In... In Q3, we got impacted, the first week of December, got impacted by the flight disruptions we saw in the Indian market. Nevertheless, in spite of that, though the occupancy was flat, we saw an increase of ARR. At the same time, that resulted in a healthy RevPAR growth of 9%-11% versus last year. Covering on the next slide, on the operational performance for the company. In terms of our competition, EIH continues to maintain leadership over the competition set. So 13 out of 15 hotels are ranked first and second in the STR benchmarking. So we continue to lead in all the parameters, including LPI, including on the ARRs, as well as on the RGI, as compared to the competition. Coming then, this slide is reflecting the RevPAR growth of the overall brand, which falls in the luxury segment. The luxury segment saw a growth of 9.1% in Q3, while overall hotels had a growth of 5.4%. The growth of overall hotels was low, mainly on account of the fact that we had opened new hotels, Oberoi Rajgarh, as well as Oberoi Udaivilas got added during the year, and they are in the ramp-up stage, both for occupancy as well as ARR, and therefore we saw a little slower growth for the overall brand in Q3. There was also some impact of occupancy, which due to the flight disruptions we saw in the month of December, leading to higher than normal cancellation. We almost saw 26% higher cancellations in the first two weeks of December, which impacted the occupancy. That resulted in a lower RGI for Q3. Nevertheless, if you look at on a YTD basis, we continue to lead the industry in the luxury segment. We saw a growth of 6.7%. We continue to lead in the growth of 11.9% on a nine-month basis, with a very healthy RGI of 183 versus 175 last year. Moving to the next slide. This slide is reflecting the RevPAR growth of Trident Brand, which falls in upper upscale segment. This industry segment saw a growth of 8.6%, while Trident Hotels had a growth of 1.5%. So we saw a healthy growth in this segment versus the industry. And very healthy, both in terms of Q3 as well as, on a YTD basis. A very healthy growth of RGI, of 173 versus 167. While on the RGI index for nine months, we were just flat to last year, in this industry segment. If you further look into the Q3 ARR occupancy trends. Our occupancy was lower than last year. Mainly got impacted by the new addition of hotels, especially Oberoi Rajgarh and over in Oberoi Udaivilas. In December, occupancy was lower, for the same reason which was mentioned. The first two weeks we saw a higher impact of cancellations on account of the flight disruptions we saw in the Indian aviation space. While at the same time, in spite of the lower occupancy, we have seen a very healthy growth of RevPAR, which we saw 11% increase on account of higher ARR for the quarter. Looking at the city-wide performance on a RevPAR, so we have seen growth in all the cities, except that Shimla and Chandigarh was a little bit nominal growth versus last year. We saw a very healthy increase on RevPAR for Bhubaneswar, as well as Hyderabad. Which was due to on a part of a MICE events, which were done in these hotels. A few both corporates as well as social, and therefore led to a higher RevPAR growth in these two cities over and above the normal average. Even the international hotels saw a good increase of 11% on RevPAR growth, driven both by occupancy as well as ARR increases in most of our international hotels. Coming on the next page, on room revenue trends. We are almost seeing the same trend as last year. No major change from trend perspective. The segment mix remains similar to last year. We have seen growth of direct segment over the last few years, couple of years, but that more or less has plateaued and the percentage mix or the segment mix remains same in current year versus last year. Shift now to financials. We have the financial performance both for Q3 for standalone and consolidated. We'll start with the consolidated performance. We ended the quarter with a revenue of INR 910 crore, which was a growth of 9% over last year, same quarter. EBITDA grew at 6%, was, you know, lower than the same revenue growth, due to change in the business mix, mainly on the part of the OFS growth, which grew much more faster as compared to the loss of airport business, lounge business we had in Mumbai. Due to that, the mix, the EBITDA growth was lower, while the revenue growth grew at 9%. The PAT, the PAT growth was, the PAT number was lower versus last year, same quarter. Mainly because of one-time impact we had because of the change in the wage code of roughly INR 30 crore, which we got impacted in the month of December for the quarter as compared to last year. So that's the exceptional item we had in the month of December. In terms of standalone, the revenue growth was higher. The growth was in the range of 12%, while the EBITDA growth was at the same 8% versus last year. The same reason, mainly on account of change in the business mix, where our EBITDA growth was lower. And again, here on the standalone performance, we got impacted by the change in the wage code, which is the impact of roughly INR 29 crore in Q3 in the quarter. The first portion of cash, you know, I think so, we continue to drive higher funds in the company. Last quarter, we got benefit because of the operational profits we have been making over the last couple of quarters. Also, we got one-time cash inclusion, one-time cash refund from our Mashobra settlement, which was in the range of INR 115, roughly INR 115 crores, which added to our cash position. The current... So, it's very good cash reserves currently to expand, to support our further expansions, both organic as well as inorganic. Coming on the Q3 financials in details. We saw the revenue increase of 9%, which I mentioned in my earlier slides. EBITDA grew at 7%, while the PAT was lower on account of the one-time impact, which is here of roughly INR 30 crore, which came in in the current year, current last quarter. The PAT got impacted, and we de-grew by 9% over last year. Same thing on if you look at the nine months performance in consolidated, growth at 7%, while the EBITDA grew at 4%. Bigger impact on PAT, because there were two exceptional items. One exceptional item was the loss of case in Mashobra, where we had impact of INR 109 crore in Q1. With an additional impact of INR 30 crore in Q3 because of the wage code. Due to that, our PAT is actually down by 20% versus last year. This lists out awards and approvals, accolades, which our hotels have received. Our hotels continue to be recognized for the exceptional quality and service. So there were quite some key awards which were won in the last quarter. Just pointing out to India's Best Awards 2025... both for Best Leisure Resort, as well as the Best Hotel, as well as for restaurants, which we, which we received. Shifting to our expansion plans and the upcoming projects. We continue to grow our pipeline, the development pipeline. As of the current quarter, we have a healthy pipeline of 30 properties with almost 2,450 keys, which we are going to add in next three to four years' time. Rajgarh has already moved on from this list and moved to our list of hotels already in place. In the current quarter, we have signed new contracts, based mainly on the managed contract side. We have added Oberoi Kabini. We have added Oberoi Hampi, as well as Coorg, and one hotel in Oberoi Kaya. So overall, four hotels being added in this quarter. All of them are managed. And the number of keys is almost 280 keys being added for the current quarter. And these all will get added within the coming next three to four years' timeline. This is, we had already mentioned opening of Oberoi Rajgarh Palace in our last quarter call. So this is a few snaps of our hotel. The hotel currently is in the ramp-up stage, and the initial response is very positive, looking at the comments coming from the guests and the bookings we have seen so far. So coming on the business footprint, we have 3,800 total of 4,209 keys, out of which 3,801 keys are in India and 400 keys are international. So out of total of 4,209 keys, owned are 3,338, while managed are 871 properties on a total company level. And that's it. With that, I end my presentation. And over back back to you, Navin. Thank you, Vineet. Thank you, Vikram. Friends, we now open the floor for the Q&A session. Anyone wishing to ask a question, please raise your hand. We'll unmute you and take your question. Take the first question from Deepak Saha. Deepak, please unmute yourself and go ahead. Hi, thanks for the opportunity. Am I audible? Yes, you are. Please go ahead. Okay. So, my first question is, on the Bhubaneswar market, if you can share some color. I mean, this 19% growth is phenomenal. So what exactly, you know, driving this? Is the overall, anything, any one of that you're seeing or you, you think, this is more of a sustainable, kind of a thing for this particular market? This is first question. In Bhubaneswar, we've seen actually growth in all segments. It's not just MICE. MICE has been the strongest segment. And I think this year, relative... So if you have a look at the same time last year, there was a change in government there, and perhaps that's had some impact as well. So, for the new... I'm assuming that, but we've seen— So let me just stick to the facts. We've seen a growth in all segments. Got it. And, secondly, if I see your Bangalore market, while, rest of the other players and overall the market is growing very fast, we are doing kind of a high single digits. So anything that you would like to call out, for Bangalore market? Because that overall market is growing double digits, and, Yeah. I think we are... Yeah. So, anything that you would like to call out there? So in Bangalore, we're still on STR. Relative to our concept, we're still STR one. But I think Bangalore, one of the issues, and this is my personal perspective on it, is that the Bangalore hotel is an older hotel. We've upgraded food and beverage there, and that's shown good results. That happened a couple of years ago. We will be upgrading the room product as well this year, so in the coming financial year. I think that's something that is required in order to maintain our competitiveness in that market. Is my personal view. ... Got it. So my next question is to Vineet, sir. Sir, if we see 3Q FY 2025, we had a sales growth of 8%. On that base, this year, 3Q FY 2026, we have a sales growth of 9%. And you called out during the call that, during your opening remarks, that in the month of December, because of cancellations and of flights, we had almost 26% higher cancellations. So, what is quite surprising, I mean, though we have seen certain cancellations, but nobody called out, rest of your peers, nobody called out any meaningful impact. So is this the reason, is this one of the meaningful reasons we have seen, kind of, say, 8%-9% kind of a growth? Or, some of the businesses which we concluded, like, you know, Mumbai lounge business, then, my understanding is Kolkata was either way not there on last year's base, right? So, is the cancellation really weighing heavy on our numbers, or there are any other reasons? Just trying to understand why we are trailing that, you know, 9% kind of a growth for this particular quarter compared to our peers here. You're right, Rahul. One is, of course, the impact what we got because of the lounge business, which is not there versus last year. Though we have compensated with a good growth in OFS to some extent the loss of the lounge business, but profitability is impacted. From a occupancy perspective, though we but effectively, some of that got booked prior, you know... We were able to offset some of it with other bookings, but not to the whole extent. So that were the two reasons, I would say, which impacted us in December, on the last part. May I just add to that? You know, hospitality in India, in the segments that we operate in, and it may apply to other segments as well. You see traditionally, you see a sharp rise in foreign business coming in during the winter months. A fair amount of that is driven by leisure within the leisure segment. So this is business that is coming in through overseas travel agents to operators and destination management companies in India that book foreign business on an itinerary, either FIT group or series. And the propensity for the international traveler to pay or their elasticity to price is fairly inelastic demand. So even if you raise prices, demand is still strong. What we have seen this year is that we've increased our pricing. And when your contracted pricing goes up, you have to maintain your flexibility in bar pricing is limited because you don't want to undercut key travel partners that support you. And so our rates have gone up, and what we have also seen is that there has been some decline as a result of that in the domestic market, where the domestic market is obviously more sensitive to price increases. Got it. One last question, which comes in the similar context. If we see Mumbai market, specifically, on the South Mumbai side, we have Trident, Nariman Point, where almost 120 keys we renovated last year. And this year, if I'm not wrong, Oberoi Mumbai also, quite meaningful number of keys out of probably 200 keys, 40 keys we renovated, right? Now, given, the general perception is once the keys are renovated, your ability to attract higher prices go up, probably with a initial trade-off of lower occupancy, right? So, so now, what is the early, you know, response out of these, renovated keys? Because I see your occupancies at overall level has gone up, though, though I understand addition of keys have happened. But does the fact that this particular quarter you probably preferred higher rates on the Mumbai market, this is why little bit of a lower occupancy also played out? So just your response on the overall renovation that we have been did, we have done, what is the overall response initially? Yeah. So you're absolutely right that we renovated four floors last financial year, which hasn't happened this year. That's roughly about 120 keys. And what I also want to point out is when you renovate four floors, because this involves noisy work, it involves taking additional floors out of use, not for the entire time, but for when the noisy work is happening. For roughly about 50% of the time, you don't want guests to be disturbed. So your room inventory gets compressed, not only from the floors you're renovating, but from the floors that you're taking out not to cause disturbance to guests who are staying in the hotel. That all that supply has come back in... So this is largely at Trident Nariman Point, to a small extent, like you mentioned, at the Oberoi Mumbai, where we did one floor at a time. We renovated two floors, but it was one floor at a time. And that was done actually this year, not last year. We renovated two floors, the tenth and eleventh floor at the Oberoi Mumbai this year. And the intent is to do another four floors in the coming financial year. And we'll obviously do that in the slow months. But again, I want to point out that you have to take out additional rooms so that guests don't get disturbed. What we've seen at Trident Nariman Point is on the renovated rooms, we get a higher rate, and... In the DC Park, Everett Park, based on each category of room. So the signs are encouraging. And we will be doing some floors at the Trident Nariman Point in the coming financial year as well. And it's really important we do this. Sorry, I'm not answering your question right away, but I'm just trying to give context. It's very important that we upgrade our product in order to remain in a leadership position in the markets that we operate against our concepts. So this is something that we believe is necessary. Now, to answer your question, we've seen very strong demand at Trident Nariman Point, and equally strong demand at the Oberoi Mumbai. Occupancies at the Oberoi Mumbai have fallen slightly relative to the same time last year, because we had shifted, to the extent possible, guests when the hotel was full at Nariman Point to the Oberoi Mumbai, so it may not be an apple to apple comparison. Like I said, we are charging a premium for the rooms that we renovate, both at the Oberoi Mumbai and Trident Nariman Point. Guests have been completely accepting the rate increases for those renovated rooms and suites. Got just a follow-up, sir, on that. Deepak, Deepak, may I ask you to join the queue? There are other participants. Sure, sure, sure, sure. Thank you. Thanks, Deepak. We'll take the next question from Abhishek Shankar. Abhishek, please unmute yourself and go ahead. Yeah. Thank you for taking my question. Good morning. So I think when in the previous presentations, you used to give the EIH-owned hotels data as well, along with the all domestic plus managed hotels. So is it possible to, you know, give the ARR and occupancy for EIH-owned hotels for the quarter, and the previous quarter, that is, last year? I do not have the data currently, but I can- We can, we can share it with you, Abhishek. No problem whatsoever. And I apologize- Sure. We haven't given that, that information, but we're happy to share it with you. Okay, sir. Yeah, thank you. One more question is, like, I think in Q1, we had, you know, spoken about the Mashobra property, right? I think there was some discussion about some re-bidding process that will happen, because, you know, there might be the hotel might, you know, come back, and then there might be companies who would like to manage the property again. So what's the status on that? Is there any re-bidding process that is starting there again? Nothing has been announced by the government at this point. We are still running the hotel under the OMF Contract, so that's still going to continue till March, and we are hopeful that that will extend further. Okay, sure. Thank you. I'll just join back the queue. Thank you. Cheers, Abhishek. Thank you very much. Thanks, Abhishek. Abhishek, maybe you can drop me a mail with the data that you need. We'll get in touch with the management and get our award to you. Sure. Thank you. We take the next question from Vaibhav Mulay. Vaibhav, please go ahead. Vaibhav, you need to unmute yourself and go ahead. Am I audible? Yes, you are. Please go ahead. Okay, great. Hi, sir. Congratulations on good set of numbers. My first question was on our Oberoi Grand Kolkata. We had mentioned that hotel once was shut down in August 2024, 50 keys would be operational within 18 months. So I wanted to check whether this timeline still remains intact, and the hotel would be opening at least the 50 keys in the coming March or April? No. Actually, it's 15 months from, sorry, 18 months from the date that the hotel... We stopped taking any business, which was the last date was May, if I'm not mistaken. March. March, sorry. March. So it's 18 months from March, which will be in August, September of current year. So how many keys would be open, opening in August? As of now, the same what we said earlier. 50 keys. Yeah, correct. My second question was on our overall expansion pipeline. We have increased the rooms in Trident, Hebbal to 300 from, I think, 250 earlier. Any particular reason for that? And secondly, the Oberoi Makaibari, Darjeeling property had, earlier had 120 keys, which has now been reduced to 25 keys. It's a managed property. So I just wanted to understand the changes in the overall keys for these properties. Yeah. So I'll answer Hebbal first. We believe that there is potential and demand for that, for the increase in the number of keys, and that's why we've done that. It's as simple a reason as that. With Makaibari, I'm sorry, I don't have the information in front of me. But Makaibari was always a 20-key hotel. So I'm not sure where you read 120, and if you did- I think in the last presentation, we had mentioned 120 keys. Could be, typo. It was never 120 keys. There wouldn't be demand for an Oberoi hotel at the rates that we have for 120 keys. So I apologize, that may be an error, and we'll look at that. Possibly that could be an error. Yes, that could be an error. I apologize. We will look at that. No worries. I'm sorry if we've made an error. No worries, sir. My last question was on our Oberoi Flight Services business. Could you share the absolute revenue and the growth year on year for this business that we have achieved in Q3? I'll just share the exact number for you. Do we share those numbers? Yeah, okay. All right. We share the actual revenue. But can I just say one thing while Vineet is looking at the numbers? So we used to operate the lounge at Mumbai, and that was a very high revenue and very high margin business. Fortunately, we've been able to offset the revenue side, in fact exceeded the revenue business through the airline business, so we've compensated for that. But margins in the airline business, you'd appreciate, are not the same as they are for the lounge business. The lounge business was, if I remember correctly, a bit over 50%. Yeah. So for the OFS business, for Q3, the revenue was INR 135 crore. We saw almost a increase of 25%-30% versus last year. Understood, sir. Perfect. Thank you so much, and all the best. Thank you, Vikas. We'll take the next- Thanks so much, Vikas. Sorry. Deepak Saha has a follow-up question. Deepak, please go ahead. Hi. Sir, just a follow-up on this. So excluding the lounge business that we had, any color you'd like to give what would be the adjusted growth on the revenue side if we adjust for the lounge business that we had last year? So if it's a like-to-like comparison, it's, if I remember correctly, 13.9%. Let me just confirm that number to you. I'm going by memory. Sure. Sure. I beg your pardon? Like, like to, like... I'll just give you- Yeah. But only, you're looking only for Q3, right? Like to like. Yeah, yeah, only Q3. What would be the adjusted number? It would be helpful if you can give revenue EBITDA side. Secondly, Vikram, sir, you mentioned about, you know, Trident, Nariman Point, you know, further you do renovation next year. So, I missed on the total number of keys you are looking for renovation next year, and, is it, right to assume that, probably preferably the renovation would be first half of next year, so that we are back on the- Yes, Deepak, we will not be able to give that information. It's still in working process. We're still deciding. Got it. Fine. Thank you. In terms of your other point, which is your, you know, on a standalone year-over-year basis, taking all the impacts, which we had on for our brand, of course, there is no hard impact. At least Mumbai and other things, including the Wildflower Hall. We had grown, we have grown 14% in Q3, as against the, the 9% growth what you saw earlier. Thanks, sir. Thank you, and all the best. Thank you so much. Thank you, Deepak. We'll take the next question from Madhav Agarwal. Madhav, please unmute yourself and go ahead. Yes. Hi, thanks for the opportunity. So, sir, I wanted to know your, like, hotel-wide performance in your international hotels. So if I see on a blended basis, international, the blended RevPAR, you have mentioned to be 11%, but this includes managed hotels as well, right? So like, what was the... How was the performance for, hotels in Bali, Lombok? Specifically for these two hotels, if you can comment. So, on the international front, I think we've done well, for the quarter, as well as on an YTD basis. On, if I really look at, hotel-wise performance, except for Bali, all our hotels, whether it's Lombok, Mauritius, Sahl Hasheesh. or Marrakech, they've, they have really grown versus last year. Bali has been almost flat, to last year's performance. Okay. Okay, thank you. And for the flight catering business, what are the margins currently? You mentioned the revenue to be 135 here, right? So approximate, if not exact, the approximate margins that you get in this business, EBITDA margins. Sorry, you know, we don't share those numbers. And also, tracking-wise, from a regulatory perspective, we only have one segment which we normally track in. Okay. Thank you. Thank you, Madhav. Thanks, Madhav. Thank you. Vikas, do you have a question? Vikas Ahuja? Vikas, please unmute yourself and go ahead. Okay, in the meanwhile, there are a couple of questions posted on the chat board. May I take those, please? Yeah, absolutely, Vineet. Please. This is from Amit Agarwal: Good morning, Mr. Vikram. Very less information is provided regarding our airline business. How much turnover did we see this quarter? How much business we lost because of airline disruption, and how do you see it shaping next six months? Can you let us know how much we get from domestic route versus international? So, I don't have all the figures with me, and what I'd suggest is, whatever, if you could just, Navin, send us this, and whatever information we can provide, we will provide. We may not be able to answer all those questions for the reasons that Vineet just explained, but we'll endeavor to provide the information to the best extent possible. Thanks, Vikram. Amit, may I request you to mail your questions to me, and we'll forward them to the management. Okay, his second question is regarding Wildflower Hall. Since the shares have been transferred to the government, for how long are we still managing the property? Any timeline for it going for reauction? We haven't been informed of the timeline for reauction, so I can't answer that question, but we continue to operate the hotel. Mehul Shah: Good morning, team. Can you help me with the ARR and occupancy for owned hotels? For owned hotels. Okay, we provide that details. Yeah, and I again apologize, we for not including that in the deck. We'll make sure we do that next time. We'll provide it. We'll provide it later, yeah. Vineet, do you have the numbers now, or we'll get back to the participant? We will get back to the participants. Mehul, do please drop me a mail? Tarun Rathie asks: Good morning, sir. Any plans on utilizing Bhubaneswar idle, idle land, and any plans for opening a hotel in Puri? What is the update on Oberoi Grand reopening? That Vikram just answered. Are we including sports facilities also in restoration of Grand? So let me answer the question on Bhubaneswar. Bhubaneswar is a relatively smaller hotel. It's been there for many, many years, and the market was different. Once that is presented to the board and approved by the board and information is shared with the stock exchange, of course, we'll make that available on an investor call as well. That's as far as Bhubaneswar is concerned. In the Oberoi Grand renovation, we will be expanding on the spa and the gym, but there are no additional dedicated sports facilities that we're adding at the Oberoi Grand. Of course, the product will be completely upgraded. Room inventory is, as you know, coming down to approximately 200, and room sizes will be substantially increased. So, the 200 is increased, which is about 50 keys in rooms and suites. So overall, the product will go under a significant change, not dissimilar to what we did at the Oberoi, New Delhi. And, the Oberoi, New Delhi, when it reopened, has seen a sharp... It opened in a few years ago, but it saw a sharp increase in performance, with and with EBITDA increasing by a very, very large amount. I don't want to give the percentages, but it was a significant repositioning of the hotel, which was reflected both in top line and in bottom line performance. Okay. Thanks, Vikram. Mehul, you have some queries on Oberoi Grand. Can you just mail them, please? Ketan Salvi: Sir, any plans of expanding into private clubs, either under Bay Club or Trident Club, across key cities in India, with sports and F&B as the key offerings? Currently it's just the Bay Club. Can we come back to the participants? Madhav, do you have a follow-up question? Yes, yes. So, sir, I wanted to know, like, some color on the Mumbai market. So this quarter, we have seen the Mumbai, the RevPAR, you have mentioned 7%, right? This is on the back of, like, you have renovated 120 keys in Trident, Nariman Point and in Oberoi also. So, and then there is a 7% RevPAR growth. So, like, am I reading it incorrectly or, like, is it that in the Mumbai market, the ARR growth is slowing? Because that is what we are seeing in the HDS data as well, that in this quarter, the ARR growth was the slowest. So, your comments on this. Yeah. So actually, you know, I think, see, RevPAR is revenue per available room, and I think when you're looking at that, certainly for us, you should keep in mind that there were 120 keys that were not available. That were being renovated, let me be more precise, and further, you know, floors above and below taken out of service while the noisy work was happening, which is roughly for half that time, half the time period of the renovation. So, when you're looking at previous years' data, the base is completely different. And RevPAR is again based on per occupied room. So room inventory was down, therefore, obviously, your RevPAR will go up because you have fewer rooms to sell and you run higher occupancies and hopefully higher rates as well. So I wouldn't say that it is an apples-to-apples comparison, at least for Trident Nariman Point, it absolutely wouldn't be. And just because the 585 keys are back into room inventory that weren't there previously. It was operating on a much lower key count. And our RevPAR—If there's a renovation, which is for greater than three months, if I remember correctly, hotels have the opportunity to take room inventory out. So you would reduce your room inventory by the number of rooms that are unavailable. If it's for shorter than three months, you can't do that, and we, of course, follow SDR rules precisely and strictly. Got it. Got it, sir. And sir, for the Navi Mumbai market, any plans, like, in the pipeline, whether, if you are looking for any opportunity, so it will be, again, it will be a managed hotel only, right? Or, owned hotel also you are looking? Sorry, I heard the first part. So I'll answer the first part. Navi Mumbai is, we would really like to have a presence in Navi Mumbai. And our efforts will be focused in trying to achieve that objective. And as soon as we do, we would add it to the list of hotels. Your second part of the question, I'm so sorry, I couldn't hear it, so could I request you to repeat the second part? Just, I wanted to know, it will be like our own hotels we are looking or a managed property? We're open to all options. So I can't really comment whether it'll be owned or managed, or perhaps even a JV. I can't comment. But we would like to have a presence in Navi Mumbai. It's an important market, and no effort will be spared to have a presence there, either through the Oberoi or through Trident, or through both brands. Okay. Got it. Thank you. Thank you, Madhav. We'll take the next question from Shruti Khopade. Shruti, please unmute yourself and go ahead. Shruti, you need to unmute yourself and then ask your question. Yeah, she's facing some... Can we go for the next round of follow-up questions? Friends, I'll request you to keep yourself limited to just one question, because there are several participants in the queue. Navin, may I just say one other thing, that we have limited time. Actually, we're in Mumbai, as I mentioned, and this is the time of our budgeting, so we have a budget meeting for next financial year for our Mumbai hotels, so we will need to take a hard stop. What time is it? Maybe around 12:15 P.M. we can go. Sorry? 12:00 P.M. to 12:15 P.M. 12:00 P.M. to 12:15 P.M. If that's all right. Sure, Vikram. Friends, as I said, please, limit yourself to one question. Thank you. We'll take the first follow-up question from Abhishek Shankar. Abhishek, please go ahead. Yeah, thanks for taking my question, though. So I... There are various media reports that I have been seeing, that, you know, this AI summit that's coming up in Delhi, in February, you know, there is a significant rise in the prices of hotels. So I just want to understand the trend, as in, is it really that, you know, the hotels are sold out and the prices are so high? And do you see any spillover demand that is going on to Gurgaon as well? Because I think there is one Trident in Gurgaon in your portfolio. So just want to understand the market, because Delhi market has been slightly, you know, flat for some time. The industry-wise, I'm saying, not- Yeah. Yeah. The Oberoi New Delhi has done very well for the nine months. So, the hotel has performed very well with growth over previous year. So that, that's comment number one. There has been a spillover to Gurgaon. And I know that has happened both at Oberoi and at Trident, for us. Perhaps for others as well, I can't comment on the others, and the overall Gurgaon market. Rates have been very high, and in fact, this has received quite a lot of negative publicity, as you would have seen in the press. And the Hotel Association has responded on behalf of all the hotels on this, so I would not like to add anything further. But please, refer to the Hotel Association response, HAI's response, and that applies to all hotels in that are members of HAI in Delhi. Thank you, sir. Thank you so much. My pleasure. Thank you. Rajiv, please go ahead. Rajiv Bharti. ... Yeah. Hello, good morning, sir. Thanks for the opportunity. So I have a couple of questions. First of all, I remember back in January, February until April, we were doing 20% RevPAR on the domestic portfolio, including managed, and that time you had commented that we will, you know, keep on doing the similar kind of hikes in the subsequent part of the fiscal as well. I mean, I thought you were actually taking leadership on the price hike side. But that has kind of fizzled out, it seems, and especially when I see December performance, where RevPAR has only grown 5%. One, what transpired? And second thing, are you going to see that momentum again picking up in, let's say, with the current fiscal? So I think number one, I think we would be perhaps coming to the wrong conclusion on the propensity to drive rate. Our view is, right or wrong, that for the quality of hotels that we operate, our prices are... We could, we should be demanding higher prices. If you go to any major city in the West, where a lot of our guests come from, Europe, North America, rates are extremely low in India. And also the rupee has devalued as well, so it makes it even cheaper in terms of what our overseas customers are paying. We will continue to drive rate, and I wouldn't come to any conclusion based on what you see in Q3. There's so many factors that could cause variations in demand. Airlines have been mentioned. I know, unfortunately, you know, India's received or North India has received a lot of negative publicity on pollution levels in the north of India, and that doesn't help travel. Countries have even given warnings on travel to India because of pollution. So there's so many factors that impact this. I don't know if I should be making a statement, but February is a time and all indications are that February will be a very strong month for us, as I would imagine it would be for the industry. Thanks. I would also like to highlight, you know, though we have said it's, you know, overall revenue growth is 7%, but if I look at on an apple-to-apple basis, our growth in Q3 was 14%. I had already highlighted in my presentation the RevPAR growth was around 11% in Q3, despite of the fact that we had some disruptions in December. So it's not that, you know, considering that, I would also add to the fact that our occupancy, at least for our company, is already in a very high range. So on that pace, growing year-over-year with the same rate, would be difficult, but we still continue to see a very healthy life, both in occupancy as well as ARR, which will force you to continue to move forward. So that's, that's very helpful. Just that on 14% growth on a like-for-like basis, have we seen operating leverage on the hospitality side? Because that doesn't seems to be the case, at least on the printed margin, what you have shown. I'm sure there is an, there's an, flight catering impact there, but have you seen margin impact, but, margin growing there or it's lower? So, you know, margin we have seen, we have seen growth even in that segment. In terms of whatever ARR growth comes in, that helps us in margin growth. So you're saying the entire- The impact- growth is purely because of the dilution from the five catering businesses, is that how we should read it? The margin mix definitely, segment mix definitely impacts us in Q3. Sure. So lastly, one thing on renovation. So we have Jaipur, and Cochin is also, I think you are putting up for renovation, on the Trident side. I think is there somewhere in the slide, there are some closures which are going there. And can you- Jaipur is definitely closed for renovation. That's also has an impact. Mm-hmm. Grand is closed for renovation. Cochin is not closed for renovation. That has been missed. Thank you. The two hotels- So as- - which are closed for renovations, Grand and Jaipur. So, can we just... Yeah, okay, can you just help with what are the per key renovation costs in, let's say, Trident right now? Just for thumb rule, because this seems to be ongoing expenses. Yeah, there's no thumb rule. It really depends on what you're doing. So it really depends on the extent of the renovation. And therefore, it could vary so significantly. If it's a soft refurbishment, it'll be significantly less. If you're ripping out bathrooms, redoing flooring, redoing windows, it would be significantly more. So I'm afraid it would be... I'd be ill-advised to give you numbers. It really depends on what you're doing, as you'd appreciate. Thanks a lot, sir. That's something- Thank you. Thanks, Arvid. We'll take the next follow-up from Vikas Ahuja. Vikas? Please go ahead. Yeah. Hi, am I audible this time? Yes. Yeah. Hi, hi, yes. Yes. Hi, hi, sir. So, I just have one question. So- ... Obviously, as we have highlighted on a cleaner basis, the RevPAR is even better. So we have seen, we have observed a pickup in Q3, after a relatively slower Q2. And with the current tailwinds, such as, you know, World Cup, AI summit, and given our strong presence in Delhi, is it reasonable to expect momentum to strengthen further from, from here onwards? Difficult to comment on that, Vikas, but that's what I mentioned before. You know, the sector looks, the outlook seems positive, with the events happening and as well as the growth what we are seeing in all the segments, including Indians demanding the luxury segments, right? We are seeing a good demand from that perspective. The outlook looks positive. Yeah. And February, you know, traditionally for hotels are a very strong month. I mean, February is a very, very strong month for hospitality. And this February, fortunately, is looking that way as well. So... And I don't know what others are doing, will be doing, but I would imagine that will be... We won't be unique in that position. It'll be for us and others in February. Sure. Sure, sir. If I can ask one more, and this is related to Delhi as a region. I mean, we have two now, big convention centers there, Yashobhoomi, India Gate, and that is what is leading to such big conferences also coming in. And if you look at the supply there, you know, there has hardly been any addition we have seen over the past, few years. Plus, there's a lot of commercial space which is getting added to the airports. Do we think that, you know, the... In terms of the growth among cities, it could be one of the best performing in next few years, or you think this pollution issue will kind of derail the story? Yeah. Thank you. I can't. I don't have the ability to comment on that, and my guess will be as good as yours, so I'd rather not speculate on what it will be. But I think there's a great benefit to tourism employment, especially in the unstructured labor markets, with weddings, events, and also India's prominence for global when they get this global participation, it helps bring India on the map, whether it's sports, whether it's meetings. So I think these events really not only help hotels and hospitality and travel, but they also help with employment, they help with India's perception overseas, and the more events we can do, I think all parties benefit from this. So really, we'd applaud these events taking place, and we hope, if anything, they will continue to increase over a period of time. Sure, sir. Thanks a lot, and wish you luck for the next quarter. Thank you so much. Thanks very much. Thank you. Vaibhav, do you have a follow-up question? Vaibhav Mulay? Thanks for the follow-up, sir. My question was on our expansion pipeline again. Can you share the status of development, in terms of, how many greenfield projects have you received the approvals, where the construction has commenced, and expected timeline for completion of the construction for our greenfield projects which are on our books, as well as on the subsidies? Yeah, I don't know if we provide that level of detail. We'll have a discussion internally, and if we can provide that level of detail, we'll be happy to. But at this point, I... Number one, I don't have that information in front of me. But we'll certainly consider this, and if appropriate, include it going forward. Would that be all right? Is that okay? Sure, sir. Sure, sir. Just related to this, we also have 7.6 lakh sq ft of retail space coming up in Hebbal. So, would you be able to provide what kind of possible, you know, monetization that can happen from the leasing of this area? I think again we do have those numbers. I don't want to disclose them. But I think my suggestion to you would be to see what Grade A commercial space rents for in Bangalore. And I hope we'll be able to get a premium on that at Hebbal. All right, sir. Thank you so much, and all the best. Thank you. Thank you so much. Thanks a lot. Thank you. We have a couple of questions again on the chat board. Sure. Thanks. Amit Agarwal: One more question regarding the new hotel, Naila Fort. Naila Fort being open in Jaipur on fifteenth of this month. Any details of the management or ownership of this property? Yeah, absolutely. This is actually... It's not a hotel, it's a luxury residence. It's four bedrooms. Although it's four bedrooms, it's a very large space. There are multiple areas, large gardens, a pool, four bedrooms, multiple living rooms, multiple dining rooms, a gym, et cetera. But it's, you have to take the whole of Naila Fort. It's not rented out individually. And, the, the, price for that is INR 12 lakh. And this is the ownership of Naila Fort is, OHPL, Oberoi Hotels Private Limited. Thanks, Vikram. If Shruti's- May I just add one other thing, Navin, which is perhaps important, in Naila is the first luxury residence, and this is something that we believe is important for our guests. Guests who want a more private, intimate experience. Luxury residences at the very high end, which Naila is, work. We are exploring a second opportunity, in a location where we already have hotels or a hotel. And I hope on the back of Naila and the second one when it gets announced, more owners will approach us for managing their luxury residences. But we will only manage very high-end luxury residences. And Naila is a perfect example of that, as will be the second one. Thanks, Vikram. If Shruti's posted a question: Sir, can you please comment on the employee benefit expenses, as it increased by around 11% on year-over-year basis in Q3 FY 2026, which is more as compared to revenue growth of 9%. Any further guidance for that? Yes, that includes the employee growth will be on account of the new hotel additions we have done. Yeah. This includes the Oberoi Rajgarh, as well as Wildflower Hall, which we are operating the hotel. So the increase will the headcount the employment cost increase will increase with normal attrition, as well as the increase on account of these two new hotels. This has been added to our detail. Thanks, Vineet. Ethan has one follow-up question. Sir, what is the split between foreign tourists and Indian tourists in our revenues for Q3, and how does it compare to pre-COVID? Can you share the percentages, please? Yeah, we don't disclose the mix between our Indian guests and our international guests, both in terms of contribution to occupancy and revenue. Thanks, Vikram. Friends, anyone with a question, please raise your hand. There are no further questions I'd like... Sorry, please go ahead. Navin, I'd just like to add one other thing that maybe is important. You know, it at an entry level, of course, it is what it is. But it really also varies across location. So for example, in Delhi, the number of international guests who stay at with us, both in Delhi and Gurgaon, is higher or significantly higher than, let's say, a location like Chennai. So. And those variations are significant. Friends, anyone with a question, please raise your hand or we can wind up. Okay, Rajiv, please go ahead, but just keep it short because we're running out of time. Okay. Yeah, Rajiv, please go ahead. Just one clarification. The 14% number includes the Mashobra impact on the standalone number, right? I mean, if you were to strip that out, then the number is basically 7% on a like for like basis, on a standalone basis. So not ordinary. Vineet, you're on mute. Vineet, you're on mute. Including the Mashobra. Sorry. Yeah. You should be able to- Yeah. You should be able to. Um... I was not able to. Yeah. Vineet, please go ahead. Sure, I'll just come in. Yeah, so the number includes the impact on account of Mashobra. If we exclude that, the percentage would be roughly around 10%-11%. Sure. Thanks a lot. Thank you. Thanks, Rajiv. Friends, I'd like now to hand over the webinar back to Vikram for his closing remarks. Vikram? Sorry, I'm just unmuting myself. Sure. No, no, you're unmuted. Go ahead. Vikram, we can hear you. Please go ahead. I think I need to just mute again. Let's mute yourself. Sorry, we're playing music. Thanks. Me? Okay, yeah. I'll just use Zoom. I'll come to you. You need to unmute yourself, Vikram. Vineet's mic is muted. ... Yeah, yeah. Is, is that better? Yes, please go ahead. Okay, I apologize. Just wanted to say thank you, Navin, for your support in organizing this call. And thank you for the participants. You know, this year has been a year which has had some ups and downs. But despite that, I think our industry is doing well. We continue to do our very best to provide our guests with an exceptional guest experience. And we believe by doing that, they not only pick us over other hotels, but also willing to pay a premium, and we continue to focus on that part of what we do. We also are focusing on our growth, and as and when the additional hotels, either management contracts or others, we will share that with you. And we remain optimistic about India and the potential for India. I think tourism has many advantages for our country that helps create employment across India. So in areas that are more remote, people like to go and see beautiful places, untouched places, unspoiled places, and industry is slower to move there, whereas tourism creates employment in those locations very quickly. And I think as a country, we continue to focus on tourism and significant employment opportunities, and I think everybody benefits. It's not just the tourism sector that benefits. So I remain optimistic, and I thank you know the government both at a central level and a state level to promote tourism, drive employment. I think one area where we should be doing more is really promoting India overseas, and I'm confident that that will also start to take place. That had taken a major step backwards, but I'm confident that we will see a change in that, too, for the reasons that I have mentioned, the benefit it brings to our country, our foreign exchange earnings, et cetera. So thank you very much, and I continue to remain optimistic about our industry and its potential. Thank you, Vikram. Thank you very much, ladies and gentlemen. Thank you, Mr. Oberoi. Thank you, Mr. Kapur, for taking time out to interact with the investors, and we look forward to hosting you again for the next quarterly webinar. Thank you, and have a wonderful day. Thanks so much, Navin. Thank you very much. Thank you. Thanks a lot. Thank you. Thank you. Bye-bye.