Chalet Hotels (CHALET) Q2 25/26 earnings summary

Executive summary

• Leadership transition announced, with the outgoing MD & CEO reflecting on 26 quarters of growth and resilience, and the launch of the new ATHIVA Hotels & Resorts brand targeting affluent young travelers.

• Achieved strong year-over-year growth in Q2 FY26, with consolidated revenue up 94% and EBITDA up 98%.

• H1 FY26 consolidated revenue rose 120% and EBITDA increased 123% year-over-year.

• Board approved unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2025.

• Maiden interim dividend of ₹1 per share declared, reflecting strong fundamentals and commitment to shareholder value.

Financial highlights

• Q2 FY26 consolidated revenue: ₹7,438 mn (up 94% YoY); EBITDA: ₹3,077 mn (up 98% YoY); EBITDA margin: 41.4%.

• H1 FY26 consolidated revenue: ₹16,522 mn (up 120% YoY); EBITDA: ₹6,778 mn (up 123% YoY); EBITDA margin: 41.1%.

• Q2 FY26 profit after tax: ₹1,548 mn, compared to a loss of ₹1,385 mn in Q2 FY25.

• Commercial real estate revenue up 76% YoY in Q2 FY26; EBITDA up 88% YoY; margin at 82.3%.

• Residential project Q2 FY26 revenue: ₹2,821 mn; EBITDA: ₹1,073 mn; margin: 38%.

Outlook and guidance

• Strong business on books for H2, with robust demand expected from leisure, festive, MICE, weddings, and corporate segments.

• Inventory additions and new assets expected to drive efficiencies and stabilize occupancies in H2 FY26.

• CapEx of INR 25 billion planned over the next three years, primarily funded through internal accruals.

• Healthy growth pipeline with multiple hospitality and commercial projects under construction and in planning, totaling ~1,200 rooms and 0.9 msf.

• Management expects continued strong performance from hospitality and real estate segments, with ongoing focus on debt reduction and operational efficiency.