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 SKP Securities to EIH Limited's Q4 FY 2026 and FY 2026 earnings 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, and during the course of discussion, 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 and presentation by the management, followed by a Q&A session. Thank you, and over to you, Vikram. Good morning, Naveen. Ladies and gentlemen, good morning, and a warm welcome. Vineet will be going through the presentation, but prior to that, I may just very quickly just look back at the year. Actually, this year, and if you see our results, that may not be entirely reflected, but it was a very challenging year. We had tensions between India and Pakistan that resulted in Operation Sindoor and, of course, the crisis in the Middle East, not to mention things like heavy rains and disruptions of certain airlines during peak winter months. Having said that, we've coped with the situation. The fundamentals for our industry still look strong, and our EBITDA performance has been the highest in our history. That's not to undermine the fact that we had challenges in the year. Our hope is that things stabilize soon, that the crisis in the Middle East has an impact on every business, every industry, including hospitality. Of course, we will do our best to mitigate that and drive domestic business to the extent possible in the coming year. With that, I'll pass over to Vineet for the presentation, and then we'll be happy to answer your questions. Thank you once again. Good morning, everyone, and thank you for joining us. Thank you, Vikram, for the opportunity. We will begin with a brief overview of our performance for the period, followed by key business updates, and then we will open the floor for questions. We'll cover the industry performance for Q4 and full year. Q4 industry occupancy was at 67%-69%, which was below last year, mainly due to impact of West Asia war, which started end of February. Though ARR grew at 6%-8%, RevPAR was 5% or 7% less than last year. For the full year, FY 2026 was a very volatile year for the industry. Starting with Operation Sindoor in April, Middle East conflict in May, extended monsoon, and rains in Q2. We had flight cancellations in the month of December, which impacted both December and January. At the end of the year, we got impacted by the Middle East war at the end of Feb. In spite of all those disruptions, we saw that the hotel industry was very resilient. On a full year basis, though occupancy was almost flat to last year, but there was a healthy growth in ARR of 9%-10%, which resulted in a RevPAR growth of 10%-12%. We'll move into the operational performance for Q4. In terms of our competition set, EIH continues to maintain leadership over the competition set. In FY 2026, EIH hotel occupancy improved versus competition, while there was a drop in ARI. With the number of hotels we had in the STR, we have 13 out of 15 hotels which are ranked first and second in STR benchmarking. We have seven hotels which are ranked first and six hotels which are ranked second. This slide reflects the RevPAR growth for the Oberoi Brand, which falls in the luxury segment. Luxury segment saw a growth of 6%, while Oberoi Hotels saw a growth of 4.2% in Q4. Oberoi Brand was lower in Q4, mainly due to the new addition of Oberoi Rajgarh, which was in the ramp-up stage in Q4. For the full year, though, Oberoi Hotels saw a growth of 10.4%, while Indian luxury segment RevPAR growth was at 6.4%. Both RGI at 204 and RGI of 191 were better than last year in terms of RevPAR performance. This slide reflects RevPAR growth of Trident Brand, which falls in upper upscale. For full year, this segment saw a growth of 5%, while Trident Hotels had a growth of 10.2% on account of both occupancy and ARR being higher than the competition and versus last year. If you look at the Q4 occupancy trends per month, and this is all domestic hotels, including managed. Occupancy definitely got strained in the month of March, mainly because of the West Asia impact. Though the ARR still continued to grow. We had a very good healthy growth of ARR in February, which also continued the trend in the month of March, though on an occupancy level, we got impacted. With that, even with the benefit of the ARR and lower occupancy, our RevPAR still grew from INR 23,648-INR 26,536 for the quarter. It's the same thing for EIH-owned hotels, where we saw the similar trends where occupancy went down in the month of March. Though we were lagging across for January, February and March saw a steep drop. The occupancy was lower, we increased on RevPAR. RevPAR for Q4 increased from INR 24,548-INR 28,198 for Q4 for EIH-owned hotels. Moving on to the next slide. This is the RevPAR growth by city for Q4. All cities have shown a very healthy growth in RevPAR. Delhi NCR had a very high growth in Q4, mainly because of the AI summit, which took place in Q4. Bhubaneswar had a good increase due to business and government activity, as compared to last year, which was on a dampened state, but this year their activity grew. Mumbai was high due to high occupancy, and we also had the T20 World Cup, which boosted the RevPAR, as well as boosted the occupancy as well as the ARR for the quarter. Bengaluru got impacted by lower foreign bookings due to West Asia war, and Udaipur was down due to lower weddings we had this year. The international hotels did very well. We grew on RevPAR. For Q4, we grew at 13%, and the increase happened both across the hotels where our Mauritius, The Oberoi Beach Resort, Sahl Hasheesh, and Zuri Zanzibar did well in Q4 in terms of RevPAR. On room revenue trends, we are seeing similar trends to last year. MICE and direct segment witnessed growth while corporate and leisure were flat. I'm going to jump into the financials for Q4 and FY 2026. Revenue growth in terms of Q4 consolidated performance, revenue growth was 10% in Q4, while EBITDA grew only by 1%. Mainly because of the mix change we had because of higher OFS business, as well as we had higher expenses in Q4, along with the impact of Wage Code, while PAT was down due to the tax impact. If we look at the Q4 standalone performance, revenue growth was at 14%, while EBITDA was flat, again, due to the business mix change as well as the higher expenses and Wage Code impact. The PAT was down because of one-time impact of Mashobra fair value which we had last year. That benefit we didn't have in the current year. If you look at versus the FY 2024 from INR 159, we are still growing to INR 200 in terms of PAT growth for a 12-month consolidated performance. RevPAR [Non-English content] guidance [Non-English content] in this quarter etc. [Non-English content]? I think s omebody's speaking. Somebody's not on mute. Apologies, Vineet. I have muted the participant. Please go ahead. Okay. No problem. Thank you. Revenue growth, if you look at the 12 months consolidated performance, revenue growth of 8% over last year. EBITDA growth was 3% due to change in business mix on account of higher OFS growth, as well as OAS business not being there as compared to last year. PAT was lower due to a one-time Wage Code impact of INR 30 crore, along with the one-time impact, what we had on fair valuation on Mashobra in the month of June. For a 12-month standalone performance, the same impacts. Growth revenue still continues to grow, while we had EBITDA growth was in the low single digits, while the PAT got impacted because of the one-time impact, both exceptional impact of fair value deal Mashobra last year and also the Wage Code impact which we had in the current year. On the funds flow, we continue to add our funds position. Once the current cash flow, cash funds with the company have grown to INR 1,335 crores versus INR 1,051 crores at the end of March 2026. If you look at our funds flow as to what considered that increase in the funds flow. We had a cash flow from operations to the tune of INR 993 crores. Income from investments was another INR 113 crores. While we did investments on CapEx, which was around INR 680 crores in the current year, and we also had dividends of INR 97 crores, which resulted in a funds balance of INR 1,335 crores by the end of the year. Coming on the financial statements. On Q4, when we look at our revenue, we grew at 10% in terms of revenue, while EBITDA grew at 1%. What I mentioned before, mainly because of the change in business mix, and also we had one-time expenses which were higher in Q4. Mainly on account of higher business expenses, as well as we had higher airport levy on account of OFS business, which impacted in Q4, along with some legal expenses. Looking at that, our profit and loss from operations was down by 5% due to mainly coming on account of the tax expense, which was higher, though our EBITDA was almost flat. Sorry. On the consolidated performance for 12 months, our revenue grew at 8%. EBITDA grew at 3% due to the change in business mix and higher expenses on administrative and other side for the year. Though the profit and loss from operations was down, mainly because of the exceptional items. We talked about the fair value gain, fair value impact which we had in the month of June because of Mashobra, as well as the wage bill impact of INR 30 crores. If we exclude those one-timers on profit and loss, we have grown by 2% versus last year. This lists out the awards and accolades for the business, which we have received during the year. Our hotels continue to be recognized for the exceptional quality and service standards maintained across our hotels. We continue to get awards and accolades with main features being that our hotels were rated as in the MICHELIN Key Hotels guide, both for two keys and one key. We got a number of awards both from the Travel + Leisure awards as well as the Condé Nast Traveller. Coming on our expansion plans and the upcoming projects. This is the pipeline which we have for our owned hotels. By 2030, we'll be adding 825 hotels, 825 keys to our hotels portfolio. Starting from Trident Vizag which opens in 2027, which is through our EIH Associated Hotels, it's an associate company of EIH. For the remaining hotels that are part of EIH, including Hebbal, where we have a mixed-use development, which includes commercial with a space of roughly 7.63 lakhs sq ft available by 2030. When we look at the pipeline summary for managed hotels, we are going to add 24 hotels with 1,893 keys. Of this, most of the keys would be domestic, but there'll be also international addition to our keys through managed portfolio. The business footprint, we continue to have 3,800 keys with the addition of Rajgarh, which happened in Q3 of the current year. International keys, we have 100 keys across different countries. That's it. With that, I come to end of my presentation, and we leave the floor open for questions, please. Thank you, Vineet. Friends, we now open the floor for the Q&A session. Anyone wishing to ask a question, request you to please raise your hand. Request you to please ask the question on the floor, rather than sending it on the Q&A board. I might miss out a couple of them. We'll take the first question from Deepak Sah. Deepak, please unmute yourself and go ahead. Yeah. Thanks for the opportunity. I'm audible? Yes, Deepak, you're loud and clear. Yes. Please go ahead. Thank you. Good morning, Vineet sir and Vikram sir. First question is, when we look at the quarter numbers, especially January and February, right? February, we understand, your ARR growth would be closer to 25%+. All I'm trying to understand, for the month of February, what led to that kind of a growth? Is the heavy lifting was it because of the AI Impact Summit? That is for Delhi market, but for rest of the other markets, what drove that kind of a 25% kind of an ARR growth? My another question is for the month of January, right? I mean, if I see your January, February, March, within that January was the only month where we had negative 6% kind of a RevPAR growth. Hadn't we have that number, then our overall quarter RevPAR growth would have been much more better. If you can explain the January numbers as well along with February. Yeah. Yeah. Deepak, thank you and good morning. I'll start with January. Actually, January really puzzled us. We can only hypothesize what the reasons for the January numbers are. I'll get into our hypothesis, although it's difficult to validate. Even well before January came along, when we were looking at our business on books and also doing our forecasting. We saw that there were deficiencies in January. Business just wasn't picking up. We ran various promotions to try and drive business with limited success. When we had an internal debate on this, the only conclusion we could come to, albeit not validated, is that at that time, India got, unfortunately, a lot of very negative publicity in the international press on the very poor quality of air we have in North India. This was covered by international media in Europe and North America. Whether that had any impact on international travel to India, or what that impact would've been, is hard to assess, but that's what we came up with. I'm sorry I can't give you a clearer answer, but that's our limited understanding of what may have caused the demand to be so suppressed. Coming to February, actually, February is a buoyant month, and perhaps one reason could be for the increase is that people who were planning to travel to India in the winter months actually chose February rather than January. Air quality is significantly better. Probably November and February are the two best months to visit India, and that would have had an impact. We saw strong demand in February across geographies in India. The AI Summit certainly contributed, but that wouldn't be the only contributor. There was strong demand elsewhere as well, including our leisure hotels, our city hotels, et cetera. Deepak, I hope I've answered your question. Yeah, that's really helpful. My second question is, if we see FY 2027, FY 2028 pipeline, on the owned key side. Obviously, EIH Associated Hotels is having its own addition, barring that, there's nothing meaningful, at least from FY 2027, FY 2028 point of view. What I'm trying to understand when we model our growth numbers, if you can help us understand the drivers for the same, because if we are not having addition of keys, say, FY 2027, but FY 2028, we will have The Oberoi Grand, Kolkata coming back with 200 keys. On the RevPAR side, probably ARR is the only way we drive our growth from. If you can share some color, how should we build in the growth drivers and what would be those drivers up until FY 2028? That's my second question, sir. Yeah. No, I think it's a very fair question you ask, Deepak. With existing inventory, there are really two options only. One is to drive revenue, and our objective has always been to drive it through average room rates, given our premium positioning. That will continue to be our efforts. The second thing, to the extent possible, is to look at our cost structures and eliminate waste wherever possible. We don't believe in just cutting costs. The problem with cutting costs is that either your guests suffer, your team suffers, or the upkeep of the hotel suffers. Really, our endeavor is to really eliminate waste to the largest extent we possibly can, and therefore improve our profitability. You're absolutely right, those are the two levers. I would still like to think that there's headroom in terms of ARR if the market remains buoyant. If we just take the last year, last year, like I said, was a very difficult year. Despite that, the industry has held strong. Our occupancies may have been either flat or come down marginally, but there was a strong increase in average room rates. That will continue to be our focus. Got it. One last question before I fall back on the queue. If I see FY 2025 base, we had the lounge services business, we had, to some extent, the impact of The Oberoi Grand, Kolkata. FY 2026, all these are normalized. Also margins have also found its base. Now for FY 2027, given the base is- Sorry, we've lost you. Sorry, am I audible now? Hello? Yeah. We lost you for a moment. Okay. Deepak, if you can repeat your question, please. Sure, I'll do that. My question is if we see FY 2025, we had the higher base of lounge services business and as well as, to some extent, The Oberoi Grand, Kolkata, for at least first half. Now, that part is normalized for FY 2026. Margins, because higher contribution from Oberoi Flight Services, margins also would have found its base at least. Given that for FY 2027, incrementally, things should look much more better. We shouldn't have the base problem. Considering that for FY 2027, both on the margin side and growth side, we have enough levers to improve, right? I think you've summed it. I would agree with that, yeah. Perfect. Got it, sir. Thank you. Thanks, Deepak. Thank you so much. Thank you, Deepak. The next question is from another Deepak Varma this time. Deepak, please unmute yourself and go ahead. Deepak, please go ahead and ask your question. While Deepak fixes it, let's move on to the next participant. We'll take the question from Vinamra Hirawat. Vinamra, please go ahead. Unmute yourself and go ahead. Hi, am I audible? Yes. Yes, Vinamra. Please go ahead. My question was, how has April and May been in terms of ARR and occupancy? How has the trends been for these months? If I were to just put it, the quarterly results will come out, but is it okay for me to make a very broad statement? Yeah. Yeah. Broadly, it's been better than what we'd expected, just given what's happening in the world. I think that has been led by strong domestic demand. Okay, that leads me around to my next question. What is your foreign tourist mix for this quarter? In the month of March, did it decline a lot, and did you see domestic share increase substantially? Domestic share has increased substantially. As far as foreign business goes, April is still a good month for foreign travel into India historically, and that's been impacted by what's happening in West Asia. Having said that's been more than compensated by strong demand from the domestic market. The only silver lining is that the summer months are anyway periods where foreign travel into India is at its lowest. Foreign travel really picks up in October through to March, and with April being somewhat strong, maybe not as strong as the winter months, but still reasonable. At least the impact that we'll see because of higher airfares, reduction in routes, et cetera, even internationally, will be limited in the summer months just because the base is much smaller. Mm-hmm. And- Yeah, sorry, Vineet, go on ahead. The Indian rupee devaluation also impacts your foreign travel. Foreign travel and vacation becomes expensive almost by 15%-20% because of the devaluation impact. That all plays in our favor. Yeah. Deepak, our assessment is that, with everything happening in the world, I hope that as Indians we'll spend more time within our country rather than going overseas. I think that'll be good for the travel and tourism industry as a whole. Do you have a number? The domestic travel and tourism industry, sorry. Yeah, go ahead. I beg your pardon. Do you have a number for your foreign tourist mix for domestic hotels for the March quarter? I don't have that with me, but maybe we can take it offline and we can share that with you. At least historically, we can share that with you. Sure, yeah, I'd appreciate that. Thank you. Sure. Sure, Deepak. Thank you. If we can get your email address, then we can send you that information. Deepak, maybe you can just drop me a mail. My email is on the invite. We'll forward it to the management and get back to you on this. Sure. My name's actually Vinamra. I think Deepak- Vinamra. Sorry, Vinamra Yeah. That's okay. Thanks, Vinamra. Oh, sorry. I beg your pardon. Yeah, that's okay. You should have corrected me. I really apologize. Sorry. You should have really corrected me. I apologize. Thanks, Vinamra. Deepak, if your line is fixed, Deepak Varma, please go ahead. You're on talk mode. Please go ahead and ask your question. We'll take the next question from Vaibhav Mule in the meantime. Vaibhav, please unmute yourself and go ahead. Thanks for the opportunity. My first question was on our flight catering business. Can you share the exact revenue for this quarter? Do we share that? We will be able to share. We will? Okay. Do you want to do that, Vineet? Yes, please. Vineet will just do that. Just give us a second. Sure. For Q4, our business for OFS segment was around INR 145 crores. Okay, understood. Was this led by the existing airlines or have you onboarded any new clients? Largely existing airlines have been with increased flights and larger market share of some of their business, including domestic airlines. That's what's really driven it. Understood. Secondly, Vikram, on overall Rajgarh property. Yeah which you launched in November. Correct. How has been the response in the first six months? It takes time for a hotel to pick up occupancies. The rate has been strong right from the beginning, so rate hasn't been an issue. Having said that, the hotel has done better than what we had budgeted. Understood. Going forward, what kind of delta do you expect from this property in terms of improvement in occupancy and ADRs? Yeah. One of the key challenges with the destination is, and the destination is Khajuraho. Khajuraho typically has flights from Delhi that operate in the winter months, and flights stop operating in the summer months. Fortunately, in Q1, IndiGo has operated a flight from Delhi even now, and that stops at the end of June, if I'm not mistaken. July, August, and September, there will be no flights as of now, unless there's a change or an IndiGo announces continuation of that flight. I think in winter also, the real challenge with Sorry, there's just somebody in the back. Sorry, Vikram. I've just muted the participant. Sorry. No problem. Sorry. No, it's not a problem at all. The main challenge with Khajuraho is that there's only one flight from Delhi in the winter. I hope with the hotel opening and that impacting demand, that there'll be a flight perhaps even from Bombay. If connectivity improves, the hotel is absolutely incredible. It certainly is, I would say our finest Oberoi Leisure hotel. Feedback has been beyond anything we could have imagined. There will be strong demand and if connectivity improves, there's no reason why the hotel will do a strong rate and a strong occupancy. Just one other word I'd add is that it typically does take a few years for a hotel to position itself in the market, and for occupancies to really pick up. Even with other Oberoi Leisure hotels and the other vilas, it does take time for that to happen. I think we should be patient. We should upkeep our standards, upkeep our levels of service, and give it time for the hotel to perform. The last question, if I may squeeze in, regarding our expansion pipeline. If you can just share the status of the owned properties that we are planning to launch and about Oberoi Grand as well. We were supposed to launch 50 keys, I think, in September this year. If you can share an update on that. Thank you. Yeah. I'll maybe start with The Oberoi Grand. The Oberoi Grand renovation is well underway, and pressing on at full speed. The hotel is, as you know, a very old hotel and no structural intervention had taken place in the hotel, as far as I know, ever or for the longest time. When we started the renovation process, we have discovered many structural issues with the hotel and we must make the hotel absolutely safe for our guests and our colleagues. Those interventions are also underway so that the hotel is in all respects keeping in market or hopefully ahead of market. We'll keep you updated and we'll keep our board updated on the progress of the renovation at The Oberoi Grand. As far as the other hotels go, that is in our deck and you would have seen that there are a total of seven hotels that are either EIH hotels or EIH Associated Hotels or uncertain. Those are the three companies that are developing these seven hotels. I would just like to focus a little bit on Hebbal. I do not think we have shared this information previously, although it is in the presentation deck, I may want to just highlight that the total we can build about 1.3 million sq ft. That is the development of this 8-acre site in Hebbal Lake in Bengaluru. That will include an Oberoi hotel, a Trident hotel, and about just over 7.6 million sq ft of commercial space, which will include commercial and some F&B as well, and some retail as well. I think that is a very promising development for EIH. It's the first mixed-use development that we're doing. We have a commercial office in Gurgaon, which is about 110,000 sq ft, but this is at a very different scale at a prime location in Hyderabad. We look forward to that. Otherwise, all the other hotels are mentioned in the presentation deck. Unless you have any specific questions about them, you can refer to the list, the opening dates, and the number of keys. Perfectly understood, sir. Just on the Oberoi Grand part that you mentioned. Right. Any specific timeline in terms of partial opening now, which was September earlier? Currently, we're sticking to that. Okay, perfect. Thank you so much. If that were to change, we'll update the board and, of course, update you on an investor call. Sure. Thanks for the detail on this. My pleasure. Thank you so much, Vaibhav. Thank you. Thanks, Vaibhav. We take the next question from. Yeah, sorry. We'll take the next question from Madhav Aggarwal. Madhav, please unmute yourself and go ahead. Hello. Hi, thanks for the opportunity. Sir, my question was on the renovation plans for the upcoming fiscal and the ongoing fiscal too. Yeah. Your question is, what are we doing this year in terms of renovation? Yes. Yeah. We have renovations going on in a number of locations. I'll cover just the key ones for EIH. We are renovating approximately just under 90 rooms at The Oberoi, Bengaluru. That will happen in blocks of 18 rooms each over the summer months. That is already ongoing. We will be upgrading food and beverage at Trident, Bandra Kurla, and that will happen late in the year. A complete change in the food and beverage at that hotel, including all the F&B outlets. That hasn't started, but that will happen this financial year. The last one I'd mention, which is significant, is four floors at Trident, Nariman Point, which are also being renovated, and that work has commenced. Another four floors at The Oberoi, Mumbai as well. Those are the most significant ones. Let me not cover Trident, Udaipur because it's a separate company. These are the EIH hotels where there is significant renovation taking place. Helpful, sir. Sir, just one more question. In 2030, you are having five Trident Hotels, right? In the managed piece, I must say. On a cumulative basis, you have mentioned 720 keys for five Trident Hotels. I believe one would be Trident Goa, one in Dehradun and one in Rishikesh. That you had previously mentioned in previous presentations also. Apart from that, have you added any hotels in the managed piece? Yeah. We've added two hotels in the managed piece. One is in Amritsar. That's a 150-key Trident hotel. The other one is in Pavana, which is not far from Bombay on Pavana Lake, which is again 150-key Trident hotel. Both are management contracts. Those agreements were signed between Q3 and Q4. Very correct. Okay, thank you. My pleasure. Thank you very much. Thank you, Madhav. Before we start the round of follow-up questions, Vikram, may I take the questions on the Q&A board, please? Sure. Okay. Deepak Varma, who has been facing some issues with the audio. How does the management see the revenue growing in percent terms in the next three to five years? I really will not comment on that. I think the analysts should be able to do that. I'm sure they have quite detailed models on each one of our hotels, so they should be able to predict that. I'm not going to comment on that. Perfect. How is the development pipeline coming along? Are we on track so far and for next three years? Yeah, I think we've shared those details. I think the only thing that I will say is that there have been some delays with management contracts, and we don't control those. It really depends on owners. They're not significant delays, but there is slippage on management contract hotels, and that's absolutely, I think people who know the industry will know that well, because slippages do take place. As far as our hotels go, we've provided that in the presentation document. If there are any changes, of course, we will keep you updated. Thanks, Vikram. Shantanu asks, "Can you tell what is the customer split by foreign tourists versus domestic typically compared to this quarter? In this quarter? Yes. Is it Q4 or Q1? Q1, I presume. Okay. Q1, I don't think we can speak about it. Yeah. Should be Q4. Q4. Do you have that? I don't have it with me. Perhaps we can continue, and Vineet can look that up and give you the answer. Sorry. For Q4. What is it historically? Yeah. Okay, it's approximately 50%. Thanks. Okay, Amit Agarwal. Good morning, Mr. Vikram. Can you update construction status of Goa, London, and Bengaluru projects? Are they coming up as per schedule or if we can expect some delay? What about Tirupati project? Has the substitute land been allotted? Some tough questions, right? I'll take the easy one first. The Tirupati land has been allotted and designed. Because the site is slightly different, we've had to relook at the design of that hotel, and that process is well underway. As far as the hotels go, our presentation gives you the dates. Like I said, if there's any change in those dates, we will update the board and of course, update you as well. Great. Amit, I hope your questions on Goa, London, Bengaluru, and Tirupati are answered. We'll take the next one. That is from Ketan Sanghavi. Our occupancy seem to be stuck in the mid-70s, and if we were to take it to the 80s, how much foreign tourist arrivals, the FTA, we would need to ramp up? Or putting it differently, what's the indexed level of FTAs today versus pre-2020 for the full year? How are they looking at India versus other South Asian destinations in terms of price, value, equation, competitive benchmark? Too many questions. If you want, I'll read them out one at a time. No, sir. I'll have a go, and if I miss something out, you can remind me. I think we answered the question, the first part, which is in Q4, it's approximately 50% foreign business. I think, again, if there's a silver lining, we've seen strong growth. It's not only now, but year-on-year strong growth from the domestic market. Propensity to spend in India is going up. People are traveling more, and people are using luxury hotel products and services more, and we're benefiting from that in the premium segment. There's no reason to suggest that trend will not continue. In terms of price benchmarking, if you were to do an STR comp set for international benchmarks, not broad luxury or upper upscale, but really at the top end of the market, India would still be significantly underpriced in Europe, in North America, and in many, many parts of Asia. I still believe that is for the quality of hotels that we have in India, us and others. I think we have exceptional hotels. Taj has exceptional hotels, and Leela has exceptional hotels. Really in the luxury segment, I think there's considerable upside for all of us at that very upper end of luxury. Rates are today, nobody shies away from well over $1,000 rates. We're currently well below that level. Thanks, Vikram. A couple of more questions on the chat. Just a second, please. Okay, we go back to the Q&A flow. Deepak Sah has a follow-up question. Deepak, please go ahead. Thanks for the follow-up. Sir, two questions. One is if you can pinpoint the full year occupancy for the full year on the owned hotels, for the owned hotels, the full year occupancy. Secondly, my question is, for The Oberoi Grand, Kolkata, given Kolkata market demand is very buoyant, what do you think once we have this property live for the ramp-up, can we see faster ramp-up for this particular property given a typical trend of a ramp-up in a renovated property? Because the demand is very strong, and this property has always been there, so no recognition issue. Just these two questions for the Kolkata property and full year occupancy. Yeah. The full year occupancy for our owned hotels was 76.8%, almost 77% for the year, and for Kolkata. Yeah. For Kolkata, I'll actually rewind to answer Kolkata because I'll give you a similar example, and it's an actual case. The Oberoi New Delhi, as you know, closed for renovation for 20 months. If I remember correctly, that hotel in the year before it closed down, and now I can give you that number, was doing, if I remember correctly, about INR 65 crore GOP a year. That hotel today is doing over 2x of that number. In fact, well over 2x of that number. Probably closer to 3x of that number. The ramp-up was very quick. The reason for that was that it was a well-known hotel in Delhi. It was established, people knew the hotel, and therefore, when the hotel reopened, it didn't take the ramp-up period that a brand-new hotel would take. I would say that the Oberoi Grand will be a similar case. It won't take the same extended period of time that it would take if it was a brand-new hotel. The market is a historic hotel. It's well known to the market domestically as well as internationally for travel. For the leisure segment, our travel partners are very familiar with the hotel. I would expect a quick ramp-up for the hotel. I think the only thing that I would point out is that the rates in Kolkata, which you know are not at the level of Delhi. I think to achieve the same rates as let's say the Oberoi Delhi achieves will not be possible in Kolkata. Having said that, I have no doubt it'll be a world-class hotel. Probably, I hope amongst the finest historic hotels in the world. We're doing everything to maintain its incredible history and legacy while upgrading the hotel. I have no doubt that the hotel will perform very well in the Kolkata market and will be a market leader in Kolkata. Got it. One last question, if I can very quickly squeeze in. Most of the luxury players, if we see majority of the supply is kicking in FY 2028, FY 2029, say FY 2029 or FY 2030. Just one question there. Do you see a risk? I know it's a kind of a micro-market specific thing, but do you see a risk since majority of the addition of keys are happening FY 2029, FY 2030 or later end of FY 2028? The occupancy is kind of taking a hit and as a reaction to that, ARR might need to moderate beyond FY 2028. Just your two pieces on this particular thing. Yeah. I'm just trying to understand the question. When you say risk, what specifically are you referring to in risk? When I say risk, particularly in a particular micro markets when we are having, say, multiple newer properties coming in. The demand might not keep pace with the supply addition. In that case, occupancies, do you see for overall levels for those micro markets to come down and as a reaction to it, ARR a little bit can go down for those particular years, say FY 2029, FY 2030? First of all, let me try and answer that question in a slightly different way, and then you can tell me if I've answered your question. For any hotel, whether it's owned or managed, we do an extremely detailed projection of how we feel the hotel will perform based on our estimated capital costs we do. We calculate internal rates of return. We look at NPV values as well. We tend to be conservative in the assumptions we make Certainly for owned hotels and, at least the modeling we do and the sensitivities we run on managed hotels are also showing enough headroom, because we're taking somebody else's money, they're trusting us with that investment, and we have a commitment to delivering on our promise to them on the hotel's performance. We've projected those numbers. I'd say again, if past is a prediction of future, we do a reasonably thorough job in this exercise. I have no reason to believe that we won't achieve the rates and the occupancies that we have projected for each of the hotels that are either owned or managed. I hope we will outperform those numbers, rather than just meeting those numbers. I have nothing to be concerned about as of now. We will deliver the performance figures that we commit to. In terms of one other thing, we typically go for a rate premium, and our rates are generally, both for Oberoi and Trident, amongst the highest in the marketplace or the cities where they operate. Because occupancy isn't strong, we typically wouldn't just discount rates. Our objective is to maintain rate premium positioning. Occupancies will pick up over a period of time for a new hotel. For a renovation like I explained for The Oberoi Grand, it would be different. Given how well the brand is known in India and the strong Indian market ramp-up for hotels, I hope will be quicker than historically where domestic players have depended, at least in the luxury segment, on more international travel and that is changing. That's really helpful, sir. Thank you. With the continuous change in the demographic trends, what we are seeing in the Indian population, we just continue to see good demand and growth for luxury versus supply, and maybe that gap will continue for next couple of years. That's really helpful, Vineet, sir. Thanks a lot. Thank you and all the best. Thanks a lot. Thank you. Thank you. Thanks, Deepak. We'll take a couple of questions which are in the chat. Sagarika Chetty asks: What is the CapEx allocation for the next two, three years? Raw numbers is good enough. Do we give CapEx allocations? I'll just give a range. Overall, if you look at our investor update, we almost spent INR 600 crore -INR 700 crore of CapEx in the current year. We're testing the new hotels, newer hotels which are coming through. We'll keep spending in that range in next one or two years, that will go up higher towards 2029, 2030, when our bigger hotels come in play. Thanks, Vineet. Okay, Nitin Jain would want to know, could you please clarify if there were any financial losses that were incurred during Q4 due to geopolitical issues? If so, what was the total value of this impact? We have not really characterized the impact. Considering that what Vikram had mentioned, that we definitely saw bookings going down on our foreign-in foreign room nights. At the same time, there was also a compensation which happened from our domestic business. Really, doing an impact on a financial loss, we have not done that, and very difficult to do with the fact that some of the business of the foreign was actually taken over by the domestic business. Thanks, Vineet. Deepak Sinha, who is one out here also, what would be the full-year RevPAR on the owned hotels and growth over FY 2025? Vineet, you can give that number. The full-year RevPAR for our owned hotels was around INR 17,400, which was almost. One second. Just give me a second. I'll just look it up. You're showing the growth over previous year? Previous year. RevPAR grew almost by 8.5% versus last year. Thanks, Vineet. Okay. We have time enough just for a few more questions on the Q&A board. We will take the next one from Amit Kadam. Amit, please unmute yourself and go ahead. Yeah. Hi. Thank you for- Hi, Amit. giving me this opportunity. Yeah. Hi, sir. I have a couple of, starting with maybe for this could be for Vineet. I don't know whether it was covered for, like, other expenses have gone up 20% for the quarter. Is there some unique or some one-off sitting there? This is very different than the year sequential run rate what we were clocking. That's question number one. Okay. Do you have another question or should I reply on this? Yes. I have although, maybe, I'll start with the second one, is that our international business RevPAR, when I see, it's, like, gone up by 13%, which is quite commendably looking at how the geopolitical situation was panning out for the quarter. I just wanted to know your outlook here because the situation continues. Was it just because the March got affected hence that 13%, and it could little get worse in the current quarter? Your outlook on this, how to look at the international business in the current situation? Third is, whether the Mashobra thing will continue for the O&M contract will continue in FY 2027. Just some inputs here will be helpful. Fourth, is your managed hotels. Just an observation, managed hotel pipeline is getting pushed to 2029 and 2030, and all of sudden 2027 is looking quite vacant there. I understand because Vikram had already alluded that this is beyond our control, but what we are doing to tighten this thing, because that's very important from a project execution point of view and how our numbers are expected to get delivered. These are the four thing. I can repeat if you need more help here. Thanks. Let me start with answering what I remember, and again, we'll come back to you. In terms of expenses for the quarter, when you looked at your other expenses gone up. One is, of course, because of the expenses have gone up because of the business has grown. Also because the OFS business has grown, where we pay airport levy. That particular percentage has also contributed to the expense being higher. Also at the same time, because for the year-end, we had some higher repair and maintenance expenses at the property. Also our CSR expenditure, we were catching up with our CSR expenditure for the year, so that resulted in a higher expenditure. At the same time, we had some legal expenses and some donation which impacted for the case. That was the answer for all the expenses going up. On the next part of Mashobra, I think Mashobra, most of the things are settled. The case already was settled in the month of June. Beyond this, we should not see any impact coming on account of Mashobra. We continue to run the hotel, which is valid till for six months, so that will go only October. We are still waiting for further development of that. Till October, we are running that hotel. You need to ask me what we- International business a nd managed hotel. Do you want me to take the international one? Yeah. I think, number one, if you look at where we are, Indonesia, is the strong market is Australia. Whether Australians are traveling closer to home to places like Indonesia and avoiding Europe, et cetera, or destinations where you have to fly over the Middle East, I can't say. There's some impact there. Egypt, again, when you're either going to Egypt, from Europe or going to Morocco from Europe, you fortunately don't have to fly over Iran. That will, I hope, help us in those locations. I don't know if that answers your question. Just to give you a thing on Q4, our RevPAR was higher because of Mauritius as well as Al Zorah, as well as Sahl Hasheesh did very well in Q4. The outlook remains same, this particular, what we saw in quarter thing should continue because ex-Middle East, I think what Vikram sir also alluded, would remain at least for now what the situation will remain unaffected. There is an impact, but very difficult to quantify it right now. Okay. Under the managed hotels, just observation is that things are getting pushed back to 2029, 2030. FY 2027 looks a little late. How do we fix this thing from a sheer project execution timelines then? With managed hotels, unfortunately, we don't execute the project. That is absolutely within keeping with industry norms. If I, as an owner, work with the operator to help with the design, working closely with consultants, et cetera, but eventually I'm responsible as an owner to execute the project. Obviously if there's a delay as an owner, there's an impact on me. I want to avoid delays as an owner to the largest extent possible. There are slippages that take place, and what you see in the numbers are those slippages. Obviously we're there to support any owner who we've signed a management agreement with, and to avoid delays. There's only so much that we can do. Okay. Thank you. Thank you so much. Thanks, Amit. We'll take the last two questions from Vaibhav and Madhav. Madhav, please unmute yourself and go ahead. Yes. Thanks. I just wanted the room revenue number for the entire FY 2026. Room revenue and F&B revenue, if you can share. Any which ways you will be sharing in the annual report. The room revenue for the owned hotels was INR 1,216 crores for the year. The F&B revenue was INR 670 crores. The F&B revenue, you will need to give it including OFS. This is only for the hotels. Yeah for the F&B. Yeah. The remaining information will be available in our financial statements. Oh. Sir, on a consolidated basis. Consolidated income, sorry. Yeah. That will be in the consolidated basis. We'll give that information. Okay it's not available. That will be available in the financial statements. No issues. Thank you. Thank you. We'll take the next question from Vaibhav. Vaibhav, please unmute yourself and go ahead. Thanks for the follow-up. I just have two small follow-ups. First, on the renovation pipeline that you mentioned for this year. What kind of impact do you expect on operational inventory and the duration, if you can highlight for the four floors that you're planning to renovate at Trident, Nariman Point and Oberoi. Yeah any sort of color on that? Yeah. The Trident, Nariman Point is six months. Like I said, that's already underway. In The Oberoi, Mumbai, although it's four floors, we take one floor at a time. It's not four floors all at once. It's staggered. This will be done in the lean months when we manage the occupancy, so the impacts are going to be minimal. Yeah. Maybe, Vineet, worth also saying that, yeah, I think that's another fair comment that it's during the leaner months. When we did our budgeting, we obviously looked at what that impact would be, and I think Vineet's comment is absolutely right, that the impact will be minimal. Will that have any impact on the adjacent inventory as well because of the refurbishments that are going on? Sorry, I didn't understand that. Both the hotels are adjacent to each other. No, I mean- Yeah. Sorry. I mean, if you're renovating the four floors. Yeah will that have an impact on the adjacent floors as well because of the ongoing construction? You're absolutely right. It does. This includes redoing bathrooms completely. There is noise and there is an impact. We do manage that impact, and we do everything we can to minimize that impact. That has been accounted for when I made the statement that despite that, the impact will be small. You're absolutely right. There is an impact. At both hotels. Even at the Oberoi Bombay, when you do one floor at a time, there is an impact. Although the Oberoi Bombay work isn't as noisy. The bathrooms are not being changed, so there's no significant breakage in the Oberoi Bombay. There still is some impact, and that we minimize and organize in such a way that disruption is minimal. Understood. Last small question on the Oberoi Gandikota property. Earlier timeline in Q3 that we mentioned was 2028, which we now have shifted to 2030. Yes. Why has there been a two years delay within a quarter? Yeah. Actually, there was a slight change in the location of the site, which caused the delay. In fact, the site now has better views of the gorge and the lake beyond. Because of that involved some redesign. Okay. Understood, sir. Thank you so much. Thanks, Vaibhav. We'll take the final question for the afternoon from Rajeev Bharti. Rajeev, please unmute yourself and go ahead. Hello. Good afternoon, sir. Thanks for the opportunity. In terms of INR 680 crore CapEx number, which you have said in the presentation, how do we split across, let's say, various pieces, including the renovations which you have done, and how much of it could be Rajgarh? Also, if you can quantify the maintenance CapEx, we should assume the several crore numbers which you've guided for in the next subsequent years? Yeah. Out of the maximum expenditure we spent was on Mumbai land conversion, which was roughly around INR 330 crores, where our leasehold land has been converted to freehold. We have spent money. Rajgarh Rajgarh was a bigger amount of spend, considering that we have gone and put in operation last year around INR 125 crores. We spent almost INR 100 crores in our current renovations across Kolkata and the other properties. If we add the replacement CapEx, roughly the project CapEx would be in the range of INR 100 and the remaining would be replacement CapEx. Sure. Let's say Rajgarh, when it stabilizes fully, what is the revenue potential we are looking from that in say a couple of years out? That will be difficult to give that amount at this point. The only thing I would say is that, if you look at our Oberoi Leisure hotels, the Vilas, they extremely profitable. If that helps you in estimating what Rajgarh will be, that may be a good start to estimating those numbers. Correct. So lastly- Naveen. No, please go ahead. There's no hurry. Please go ahead. Last question. Usually we get, let's say if there's a diplomatic movement and India has the presidency of BRICS, I think this year. Usually Oberoi get benefit out of that, right? I was expecting a much better performance in March because there was some diplomatic movement, and I think that the market leader benefited out of it. Do we see potential of that in the subsequent part of fiscal? We got the benefit in the February, March AI for the AI Summit. We foresee a BRICS summit happening in Q2 and Q3. Yes, we'll get some benefit for sure in that. Sure. Thanks a lot for all the inputs. Thanks. Thanks, Rajeev Bharti. Friends, that was the last question for the afternoon, and I hand over the webinar back to Vikram and Vineet for their closing remarks. Thanks, Naveen. Ladies and gentlemen, thank you once again. I hope we all get through the crisis that is being faced in the Middle East or West Asia, and I hope that ends as soon as possible. India continues to show strong economic growth. That's really all I have to say, and I thank our colleagues, our shareholders and our partners for their support. We will continue to do the best we can to grow the company, to grow profitability, and to run world-class hotels. Vineet, anything from you? I further comments of Vikram. Thanks a lot. On behalf of SKP Securities, thank you very much, Mr. Oberoi and Mr. Kapur, for patiently taking all the questions, and we look forward to hosting you again for the next quarterly webinar. Thank you ladies and gentlemen, and have a wonderful day. Thank you very much. Thank you. Thanks a lot. Thanks. Bye-bye.