KAMATHOTEL

Kamat Hotels (I) financials

Market cap
₹577 Cr
Sector
Consumer Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 12 Aug 2026

Kamat Hotels (I) Limited Q1 FY27

Consolidated Revenue ₹91 cr +10%Consolidated EBITDA ₹25 cr +36%EBITDA Margin 27% Net Debt ₹38 cr

What went well

  • Consolidated revenue grew over 10% to ₹91 crores in Q1 FY27, demonstrating a strong top-line performance.
  • EBITDA rose 36% to ₹25 crores from ₹18 crores in Q1 FY26, reflecting significant operational efficiency gains.
  • EBITDA margins expanded by 530 basis points to 27% in Q1 FY27 from 22% in Q1 FY26, indicating improved profitability.

What to watch

  • The opening of the Dehradun hotel is delayed by another six months due to owner-related capex issues.
  • The Nashik hotel opening is delayed due to certain technical points beyond the owner's scope.
Read the full call →

What Kamat Hotels (I) Limited does

Kamat Hotels (India) Limited operates hotels and resorts spanning luxury to value-for-money categories across India, earning through room revenue and food & beverage. Rather than owning most of its properties, the company grows primarily via leased properties, revenue-sharing arrangements and management contracts. Its brand portfolio ranges from the flagship 5-star eco-sensitive Orchid chain to the mid-premium, rapidly expanding IRA by Orchid brand, a wellness retreat (Toyam by Orchid) and heritage/leisure properties (Fort JadhavGadh, Mahodadhi Palace, Lotus Eco Beach Resorts).

Segments

  • The Orchid
  • IRA by Orchid
  • Toyam by Orchid
  • Heritage & Leisure
Hotel properties
23 properties across 9 states/UTs (as of Q4 FY26)
Total keys (rooms)
1,900+ keys
Brand portfolio
5 brands – The Orchid, IRA by Orchid, Toyam by Orchid, Lotus Resorts, Heritage & Leisure (Fort JadhavGadh, Mahodadhi Palace)
Years of presence in India
7+ decades
Near-term expansion pipeline
600+ keys across 7 new properties in 2 states with 2 brands
Upcoming properties (FY27–FY30)
7 hotels (~619 rooms) in Gwalior, Dehradun, Bhavnagar, Nashik, Rishikesh, Puri and Mandavi Kutch, opening Jun 2026–Dec 2029
Founded 1986Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 3 delivered 4 missed 10 open
  • Bhavnagar Hotel Opening delivered said Q3 FY25 Promised: Open by October 2025 (FY26) Q1 FY27: Ira by Orchid Bhavnagar recently opened, meeting the June 2026 timeline.
  • Puri Hotel Opening Timeline delayed said Q3 FY25 Promised: Open by December 2026 Q1 FY27: No mention of the Puri hotel project in the earnings call.
  • Orchid Dehradun Opening Timeline delayed said Q4 FY26 Promised: Open by September 2026 Q1 FY27: Management states the opening could be delayed by another six months due to owner-related capex issues.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 9.5%, net profit up 129.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue85 105 92 83 75 −12%118 +12%110 +19%91 +10%
EBITDA22 44 25 18 8 −65%39 −12%32 +29%25 +36%
Net profit8 26 11 4 -2 −126%19 −27%17 +59%10 +129%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −27.7% 1Y

₹150₹200₹250₹300Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 4 Feb 2026Q4 FY26 — 13 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹310.15 on 10 Sept 2025 → ₹224.2. High ₹325.85 (7 Oct 2025), low ₹143.06 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+1.0%
12 Aug
Q4 FY26
−3.3%
13 May
Q3 FY26
+3.5%
4 Feb
Q2 FY26
−18.3%
10 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 25.1%.

Year endingFY23FY24FY25FY26
Revenue₹295 Cr₹304 Cr₹357 Cr₹386 Cr
Operating profit₹108 Cr₹91 Cr₹105 Cr₹97 Cr
Operating margin36.7%29.8%29.3%25.1%
Interest₹22 Cr₹61 Cr₹30 Cr₹29 Cr
Depreciation₹16 Cr₹18 Cr₹20 Cr₹28 Cr
Net profit₹313 Cr₹45 Cr₹47 Cr₹39 Cr
Net margin106.2%14.7%13.1%10.0%
Cash from operations₹116 Cr₹72 Cr₹66 Cr₹98 Cr
Free cash flow₹110 Cr₹181 Cr₹49 Cr₹70 Cr
ROCE26.0%18.0%20.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹24 Cr₹24 Cr₹25 Cr₹26 Cr₹30 Cr₹30 Cr
Reserves₹-183 Cr₹-205 Cr₹129 Cr₹179 Cr₹252 Cr₹286 Cr
Borrowings₹470 Cr₹460 Cr₹346 Cr₹265 Cr₹258 Cr₹233 Cr
Other liabilities₹154 Cr₹188 Cr₹109 Cr₹144 Cr₹125 Cr₹131 Cr
Total liabilities₹465 Cr₹467 Cr₹609 Cr₹615 Cr₹665 Cr₹680 Cr
Fixed assets₹356 Cr₹348 Cr₹363 Cr₹394 Cr₹479 Cr₹479 Cr
Capital work in progress₹6 Cr₹1 Cr₹2 Cr₹4 Cr₹16 Cr₹5 Cr
Investments₹1 Cr₹0 Cr₹3 Cr₹4 Cr₹0 Cr₹0 Cr
Other assets₹102 Cr₹117 Cr₹241 Cr₹214 Cr₹170 Cr₹197 Cr
Total assets₹465 Cr₹467 Cr₹609 Cr₹615 Cr₹665 Cr₹680 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.44 pp while the public trimmed −0.44 pp. The shareholder count shrank 7% to 23,404.

Promoters
57.8%
FIIs
0.0%
DIIs
3.9%
Public
38.3%

Since Jun 2025

  • DIIs +0.44 pp
  • Public −0.44 pp
  • FIIs +0.01 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.0% to 3.9% — +3.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 61.5%, FIIs 0.4%, Public 38.1%.Dec '23: Promoters 61.5%, FIIs 0.5%, Public 38.0%.Mar '24: Promoters 63.3%, FIIs 0.3%, Public 36.4%.Jun '24: Promoters 64.2%, Public 35.8%.Sep '24: Promoters 57.8%, DIIs 4.5%, Public 37.7%.Dec '24: Promoters 57.8%, DIIs 4.5%, Public 37.7%.Mar '25: Promoters 57.8%, FIIs 0.3%, DIIs 4.2%, Public 37.8%.Jun '25: Promoters 57.8%, FIIs 0.0%, DIIs 3.4%, Public 38.8%.Sep '25: Promoters 57.8%, FIIs 1.0%, DIIs 3.9%, Public 37.4%.Dec '25: Promoters 57.8%, FIIs 0.1%, DIIs 3.8%, Public 38.3%.Mar '26: Promoters 57.8%, FIIs 0.3%, DIIs 3.8%, Public 38.1%.Jun '26: Promoters 57.8%, FIIs 0.0%, DIIs 3.9%, Public 38.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Kamat Hotels (I) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vishal Amusements Limited 18.25%unchanged
Plaza Hotels Pvt Ltd 15.99%unchanged
Vithal V Kamat 12.53%unchanged
Alpha Alternatives Structured Credit Opportunities Fund AIF3.33%unchanged
Kamat Development Private Limited 2.85%unchanged
Sangli Rubber Agro Private Limited 2.57%unchanged
Anil Kumar Goel 2.44%+0.21 pp
Vidhya Vithal Kamat 2.33%unchanged
Alpha Alternatives Holdings Private Limited 2.13%unchanged
Vishal V Kamat 2.05%unchanged
Seema Goel 1.07%unchanged
Savarwadi Rubber Agro Private Limited 0.70%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Kamat Hotels (I) Limited

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