Kamat Hotels Q2 FY27: EBITDA Doubles to ₹22 Cr, Margin Soars to 26%
Kamat Hotels reported a strong Q2 FY27 with revenue up 12% to ₹86 crore and EBITDA more than doubling to ₹22 crore, a 131% increase. EBITDA margins rose to 26%. For H1 FY27, EBITDA crossed ₹50 crore, up 67%. The company aims to increase keys to 3000 by FY30 and targets an ARR of ₹8,000. Net debt reduced to ₹31 crore, with plans for net-zero debt by year-end.
The announcement details robust financial performance with a significant increase in profitability and margins, alongside strategic growth plans and debt reduction. These factors are highly material for investors and indicate a positive trajectory for the company.
The company reported significant year-on-year growth in revenue and EBITDA, a substantial improvement in EBITDA margins, and a transition from loss to profit. The outlook for H2 is positive, and strategic expansion plans are in place, indicating strong financial health and growth prospects.
Kamat Hotels (India) Limited has released the transcript of its Q2/H1-FY27 Earnings Conference Call, which was held on November 04, 2026. During the call, the company reported a significant turnaround in profitability. For Q2 FY27, revenue increased by 12% to ₹86 crore, with EBITDA more than doubling to ₹22 crore, a 131% rise year-on-year. The EBITDA margin expanded substantially by 13 percentage points to 26%. The company moved from a loss of ₹2 crore in Q2 FY26 to a profit of ₹5 crore in Q2 FY27, with a PAT margin of 6%.
For the half-year ended September 30, 2026, revenue grew by 11% to ₹179 crore. EBITDA crossed the ₹50 crore mark, up 67% with a margin of 28%. Profit After Tax (PAT) stood at ₹15 crore with an 8% PAT margin.
On a same-store basis (excluding certain properties like IRA Mumbai and Orchid Shimla from FY26, and IRA Bhavnagar from FY27), revenue increased by 31% to ₹85 crore, and EBITDA rose by 98% to ₹23 crore, with margins at 27% (up 9 percentage points).
The company highlighted its KHI L 3.0 vision for FY2030, aiming to expand its footprint to 11 states and grow its portfolio from 24 to 31 properties, increasing keys from over 1900 to 3000. The target is to increase the Average Room Rate (ARR) by 33% to around ₹8,000.
Financially, the company has reduced its net debt significantly. As of September 30, 2026, gross debt was ₹96 crore, cash and cash equivalents were ₹65 crore, resulting in a net debt of ₹31 crore. The net debt to EBITDA ratio improved from 0.52x to 0.23x. Subsequent to the quarter-end, ₹30 crore was repaid to Axis Finance Limited. The company expects to be net-zero debt by the end of the current fiscal year.
New properties in Gwalior, Dwarka, and Nasik are expected to open soon, adding over 250 keys. The management also discussed their strategy for expansion, emphasizing a disciplined asset-light approach, and a focus on properties with a minimum of 80-100 keys for lease agreements, while management contracts are viable for hotels with 40+ rooms. They also addressed questions regarding the royalty payments for the Mumbai hotel and potential merger discussions.
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Kamat Hotels (I) Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Kamat Hotels (I) Limited. Read the original for the full detail.