Good morning, Navin. 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 Sindhur, 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% to 69%, which was below last year, mainly due to impact of West Asia war, which started end of February, though ARR grew at 6% to 8% and RevPAR was at 5% to 7% versus last year. FY '26 for the full year, FY '26 was a very volatile year for the industry, starting with Operation Sindhur in April, mid-least conflict in May, extended monsoon and rains in Q2.

With that, 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% to 10%, which resulted in a RevPAR growth of 10% to 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 '26, EIH hotel occupancy improved versus competition, while there was a drop in ARI.

With the number of hotels we have 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 91 191 were better than last year in terms of RevPAR performance. This slide reflects RevPAR growth of Trident brand, which falls in upper upscale.

Full year is this segment saw a for full year, this segment saw a growth of 5%, while Trident hotels had a growth of 10.2% on on account of both occupancy and ARR being higher than the competition and versus last year. If you look at the Q4 occupancy trends by month, and this is all domestic hotels, including managed, occupancy definitely got strained in the month of March mainly because of 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 23,648 to 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, March saw a steep drop.

This impacted, but the ARR still saw a healthy growth, which resulted in though the occupancy was lower, but we increased on RevPAR. RevPAR for Q4 increased from 24,548 to 28,198 for Q4 for EIH-owned hotels.

Moving on 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 dampness state, but this year, that activity grew.

Mumbai was high due to high occupancy, and we also had the T20 World Cup, which 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%.

The increase happened both across the hotels, where Mauritius, Oberoi Zahra, and [unclear] 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 '26.

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 you 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 FY '24 from 159, we're still growing to 200 in terms of PAT growth. For a 12-month consolidated performance—

[Hindi language]

I think somebody's speaking, somebody's not on mute.

No problem. Thank you.

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 ₹30 crore along with the one-time impact what we had on fair valuation on Mashobra in the month of June. On a 12-month standalone performance, the same impacts.

Revenue still continues to grow, while EBITDA growth was in the low single digits, while the PAT got impacted because of the one-timers impact, both exceptional impact of fair value gain 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 funds with the company has grown to ₹1,335 crore versus ₹1,051 crore at the end of March '26. 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 ₹993 crore.

Income from investments was another 113, while we did investments on capex, which was around ₹680 crore in the current year, and dividends of ₹97 crore, which resulted in a funds balance of ₹1,335 crore 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 we had one-time expenses which which which were higher in the month in Q4, mainly on account of higher business 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 and sundry expenses. Looking at that, our profit and loss from operations was down by by 5% due to mainly coming on account of the tax expense, which were 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 change in business mix and higher expenses on administrative and other side for the year. Though the profit and loss from operations is down mainly because of exceptional items.

We talked about the fair value impact, which we had in the month of June because of Mashobra, as well as the wage code impact of ₹30 crore. If we exclude those one-timers on profit and loss, we have grown by 2% versus last year.

[Hindi language] 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 Guide hotel scan, 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 own 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, which is an associate company of EIH.

For the remaining hotels, they're all part of EIH, including Hebbal, where we have a mixed-use development, which includes commercial with a space of roughly 7.63 lakh of square feet available by 2030. When we look at the pipeline summary for managed hotels, we're going to add 24 hotels with 1,893 keys.

Of this, most of the keys would be domestic, but there'll be also international edition toward keys to managed portfolio. The business footprint, we continue to have 3,800 keys with the addition of Rajgarh, which happened in Q3 of Q3 of the current year.

International keys, we have 400 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.

Hey, hi. Thanks.

Thanks for the opportunity. I'm audible?

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% plus.

All I'm trying to understand, for the month of February, what led to that kind of a growth? Was it because of the AI summit?

Now, 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?

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, and we can only hypothesize what the reasons for the January numbers are, and 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 during 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 have 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. It's probably November and February are the two best months to visit India.

That would have had an impact. We saw strong demand in February across our 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.

That's really helpful. My second question is, sir, if we see FY '27, FY '28 pipeline, right?

On the owned keys side, obviously, EIH Associates is having its own addition, but barring that, there's nothing meaningful at least from FY '27, FY '28 point of view. Now, 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 '27, but FY '28, we will have Kolkata Oberoi coming back, right, with 200 keys. On the RevPAR side, then 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 '28? That's my second question, sir.

Yeah. No, I I think that's a it's a very fair question you ask, Deepak.

With with existing inventory, there really two 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 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 getting 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 to really eliminate waste to the largest extent we possibly can and therefore improve our profitability. You're absolutely right.

Those are the the two levers. I would still like to think that there's headroom in terms of ARR if the market remains remains buoyant.

If we just take last year, last year, like I said, was a very difficult year, but despite that, the industry has has held strong. Occupancies may have been either flat or come down marginally, but there was strong increase in average room rates.

That that will be continue to be our focus.

Got it. Sir, one last question before I fall back on the queue.

If I see FY '25 base, we had the lounge services business. We had to some extent the impact of Oberoi Grand Kolkata, right?

Now, FY '26, all these are normalized, right? Also, margins have also say kind of found its base.

Now, for FY '27—

Sorry, we lost you. You're not audible.

Sorry, am I audible now? Hello?

We lost you for a moment.

Sure, I'll do that. My question is, if we see FY '25, we had the higher base of lounge services business, and as well as to some extent Oberoi Kolkata Grand, right, for at least first half.

Now, that part is normalized for FY '26. Margins because higher contribution from Oberoi flight services, margins would have found its base at least.

Given that for FY '27 incrementally, things should look much more better, right? We shouldn't have the base problem.

Considering that for FY '27, 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.

Perfect. Got it, sir.

Thank you.

Thanks, Deepak. Thank you so much.

Hi, am I audible?

Yes, Vinamra, please go ahead.

My question was, how has April and May been in terms of ARR and occupancy? How's 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? Broadly, it's been better than what we'd expected just given what's happening in the world.

That has been led by strong domestic demand.

Okay. That leads me to my next question.

What is your foreign tourist mix for this quarter? In the month of March, did it decline a lot?

Did you see domestic share increase substantially?

Domestic share has increased substantially. As far as foreign business goes, the 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, 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.

And—

Sorry. Vineet wanted to add something.

Also, that

the Indian rupee devaluation also impacts all foreign travels basically a 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 will 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 for your foreign tourist mix for domestic hotels for the March quarter? I

I don't have that with me, but maybe we can take it offline, and we can share that with you for at least historically, we can share that with you.

Sure, yeah. I'd appreciate that.

Thank you.

Sure, Deepak. Thank you.

If we can get your email address, then we can send you that information.

Sure, my name is actually Vinamra. I think— Oh,

got it. That's okay.

Oh, sorry, I beg your pardon.

That's okay.

You should have corrected me. I really apologize.

Sorry. You should have really corrected me.

I apologize.

Thanks for the opportunity. My first question was on our flights catering business.

Can you share the exact revenue for this quarter?

Do we share that?

We will.

Okay. Do you want to do that, Vineet?

Yes.

Vineet will just do that. Just give us a second.

Sure. For Q4, our business for OFS segment was around ₹145 crore.

Understood. Was this led by the existing airlines, or have you onboarded any new airlines?

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 Oberoi Rajgarh property, which we launched in November,

now

how has been the response in the first 6 months?

It takes time for a hotel to pick up occupancies. The rate has been strong right from the beginning.

Rate hasn't been an issue. Having said that, the hotel has done better than what we budgeted.

Understood. Going forward, what kind of delta do you expect coming 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 in or IndiGo announces continuation of that flight. I think in winter also, the real challenge with— [Hindi language] The real challenge with— Sorry, there's just somebody in the background.

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, the other vilases, 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.

A 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 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's in our deck, and you would have seen that.

There are a total of seven hotels that are either EIH hotels or EIH Associated or SWAR hotels. Those are the three companies that are developing these seven hotels.

Maybe I'd just like to focus a little bit on Hebbal, and I don't think we've shared this information previously. Although it is in the presentation deck, I may want to just highlight that the total we can build about 13 1.3 million square feet.

That's the development of this 8-acre site in Hebbal Lake in Bangalore. That will include an Oberoi hotel, a Trident hotel, and about 7.6 just over 7.6 million square feet of commercial space, which will include commercial and some F&B as well, and some retail as well.

I think that's 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 100,000, 110,000 square feet. 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 desk.

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, any specific timeline in terms of partial opening now, which was September earlier?

Currently, we're sticking to that.

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, okay. Thanks for the detailed answers.

My pleasure. Thank you so much, Vaibhav.

Thank you.

Sorry.

Hello, hi. Thanks for the opportunity.

Sir, my question was on the renovation plans for the upcoming fiscal or ongoing fiscal, so.

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're renovating approximately just under 90 rooms at the Oberoi Bangalore.

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 later in the year, and 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. Oh, and another four floors at the Oberoi Bombay 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, helpful. Sir, just one more question.

In 2030, you are having five Trident hotels, right, in the managed piece, I am asking. 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?

We've we've added two two hotels in in the in the managed piece. One is in Amritsar.

That's 150-key Trident hotel. The other one is in Pawna, which is not far from Bombay on Pawna Lake, which is again 150-key Trident hotel.

Both are management contracts. Those agreements were signed between the last quarter between Q3 and Q4.

Right, sir. Okay.

Thank you.

My pleasure. Thank you very much.

Sure.

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, they should be able to predict that. I'm not going to comment on that.

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.

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.

In this quarter? Q4 or Q1?

Q1, I presume. Q1, I don't think we can speak about it.

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? It's approximately 50%.

Some tough questions, right? I'll take the easy one first.

The Tirupati land has been allotted, and 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.

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, and 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. That there's no reason to suggest that that trend will not continue.

In terms of price benchmarking, if you were to do a comp set for 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 there 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. Today, nobody shies away from well over $1,000 rates, and we're currently well below that level.

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 Kolkata Grand Oberoi, 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 or renovated property, right?

Because the demand is very strong, and this property has always been there, no, no recognition issue. This just these two questions for the Kolkata property and full-year occupancy.

The full-year occupancy for our own hotels was 76.8, almost 77% for the year. For Calcutta—

For Calcutta, so, I'll actually rewind to answer Calcutta because I'll give you a similar example, and it's an actual case. When the Oberoi New Delhi closed for renovation for 20 months, and 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 ₹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. It's a historic hotel.

It's well-known to the market domestically as well as internationally for travel, and 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 Calcutta, which 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 Calcutta.

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 Calcutta market, and will be a market leader in Calcutta.

Got it, sir. One last question if I can very quickly squeeze in.

Most of the luxury players, if we see majority of the supplies kicking in 2028, 2029, say FY '29 or FY '30, right? 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 '29, FY '30, right, or later end of FY '28, the occupancies kind of taking a hit, and as a reaction to that, ARRs might need to moderate beyond FY '28?

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 the risk?

When I say risk, in particular micromarkets, when we are having say multiple newer properties coming in, right, and the demand might not keep pace with the supply addition. In that case, occupancies, do you see for overall levels for those micromarkets to come down, and as a reaction to it, ARR little bit can go down for those particular years, say FY '29, FY '30?

Yeah. 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 cost. 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.

At least the modeling we do in the sensitivities we run on managed hotels also show 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 is strong, we typically wouldn't just discount rates.

Our objective is to maintain rate premium positioning, and 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 a 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. That is changing.

With the continuous change in the demographic trends, what we are seeing in the Indian population, we just continue to see a good demand and growth for luxury versus supply. Maybe that gap will continue even for next couple of years.

That's really helpful, Vineet sir. Thanks a lot.

Thank you, and all the best.

Thanks. Thanks a lot.

Thank you.

Do we give capex allocations?

We do. Overall, if you look at our investor update, we almost spend ₹600 to ₹700 crore of capex in the current year.

We're testing the new hotels and the old hotels which are coming through. We'll keep spending in that range in next 1 or 2 years, and that will go up I will not disclose the numbers, but will go up higher towards 29/30 when our bigger hotels come in play.

We have not really calculated the impact, considering that what Vikram had mentioned that we definitely saw bookings going down on our foreign room nights, while at the same time, there was also a compensation which happened from our domestic business. Really, doing a impact on a financial loss, we have not done that.

Very difficult to do with the fact that some of the business of the foreign was actually taken over by the domestic business.

The full-year RevPAR for our own hotels was around 17,400. Just give me a second.

I'm just looking up.

You're showing the growth over previous year.

Previous year. RevPAR grew almost by 8 8.5% versus last year.

Hi. Thank you for this opportunity.

Hi sir. Sir, this could be for Vineet.

I don't know whether it was covered, but the other expenses have gone up 20% for the quarter. Is there some unique or some one-off sitting there because this is very different than your 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 other. Maybe the second one is that our international business RevPAR, when I see, it's gone up by 13%, which is quite commendably looking at how the geopolitical situation was spanning 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 O&M contract will continue in FY '27, just some inputs here will be helpful.

Fourth is your managed hotels, just an observation, managed hotel pipeline is getting pushed to 29 and 30, and then all of a sudden, 27 is looking quite vacant there. Just what I understand because Vikram sir 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 things. I can repeat if you need more help here.

Thanks.

Let me start with answering what I remembered, and again, we'll come back to you. In terms of expenses for the quarter, when you look at the few other expenses gone up, one is, of course, because expenses have gone up because the business has grown.

Also because the OFS business has grown, where we pay airport levy. That particular percentage has also contributed the expense being higher.

Also, at the same time, because for the year-end, we had some higher repair maintenance expenses at the property, and also our CSR expenditure, we were catching up with our CSR expenditure for the year, so that resulted in higher expenditure. At the same time, we had some legal expenses and some donation, which impacted for the Q4.

That was the answer on the expenses going up. On the next part of Mashobra, most of the things are settled.

The case already was settled in the month of June. Now, beyond this, we should not see any impact coming on account of Mashobra.

We continue to run the hotel, which is valid for 6 months. That is going to be October.

We're still waiting for further development on that. Till October, we are running that hotel.

You need to ask me International—

International business. International.

Managed hotels.

Do you want me to take the international one? I think, number one, if you'd look at where we are, Indonesia is a strong market is Australia.

Now, 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, but that there's some impact there. Egypt again, when you either going to Egypt from Europe or going to Morocco from Europe, you fortunately don't have to fly over Iran, and 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 our Mauritius, as well as Oberoi Zahra, as well as Seychelles did very well in Q4.

The outlook remains same? What we saw in quarter, things should continue because ex-Middle East, I think, what Vikram sir also alluded, would be remain at least for now, So, it will remain honest.

There is some impact, but very difficult to quantify it right now.

Okay. There's the managed hotels.

Just observation is that things are getting pushed back to 29/30, and then FY '27 looks little vacant. How do we fix this thing from sheer project execution timelines and

With managed hotels, unfortunately, we don't execute the project, and that is absolutely within keeping with industry norms. As an owner, I work with the operator to help with the design, working closely with consultants, et cetera.

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, but there's only so much that we can do.

Okay. Thank you so much.

Yes. Thanks.

I just wanted the room revenue number for the entire FY '26, room revenue and F&B revenue, if you can share. Any which ways you will be sharing in annual report,

but currently. Room revenue for the owned hotels was 12 ₹1,216 crore for the year.

The F&B revenue was ₹670 crore.

The F&B revenue, you would need to give it including OFS,

which isn't that number. That's only for hotels for the year.

The remaining information will be available in our financial statements.

Sir, on a consolidated basis, if you could share or consolidated income statement?

Yeah. The consolidated basis will give that information.

Right now,

it's not available with us, we'll share that. That'll be available in the financial statements.

No issues. Thank you.

Thank you.

Thanks for the follow-up. I just had 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 we are planning to renovate at Trident Nariman Point and Oberoi? Any sort of color on that?

Yeah. The Trident Nariman Point is 6 months, and like I said, that's already underway.

In the Oberoi Bombay, 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, the impacts are going to be very minimal.

Maybe Vineet, worth also saying that, yeah, I think that's another fair comment that it's during the lean months. When we did our budgeting, we obviously looked at what that impact would be.

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, because both the hotels are adjacent to each other.

We're doing like I said— If you're renovating the four floors, 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, there's no significant breakage in the Oberoi Bombay, but there still is some impact. That we minimize and organize and structure 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. Why is there been a 2-years delay within a quarter?

Actually, there was a slight change in the location of the site, which caused the delay. In fact, the site has better views of the gorge and the lake beyond, and because of that, that involves some redesign.

Understood, sir. Thank you so much.

Hello, good afternoon, sir. Thanks for the opportunity.

Good afternoon. Sir, in terms of the ₹680 crore capex number which you have said in the presentation, how do you 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 ₹700 crore numbers which you have guided for, let's say, next subsequent years.

Yeah. Out of the expenditure, the maximum expenditure we spent was on Mumbai land conversion, which was roughly around 2 ₹330 crore, where our leased hold land has been converted to freehold.

Our Rajgarh was a bigger amount of spend considering that we had gone and put in operation last year, around ₹125 crore. We spent almost ₹100 crore in our continuous current renovations across Calcutta and the other properties.

If you add a replacement capex, roughly the project capex would be in the range of 100, and the remaining would be replaced capex.

Sure. Let's say, Rajgarh, when it stabilizes fully, what is the revenue potential we are looking from that, let's say, a couple of years out?

That will be difficult to give that info.

The only thing I would say is that if you look at our Oberoi leisure hotels, the vilases, they're extremely profitable. If that helps you in estimating what Rajgarh will be, that may be a good start to estimating those numbers.

Sure,

sir. Lastly—

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 the market leader benefited out of it.

Do we see potential of that in the subsequent part of this year?

We got the benefit in the Feb and March for the AI summit. We foresee a big summit happening in Q2 and Q3.

Yes, we'll get some benefit for sure in that.

Sure, done. Thanks a lot, and all the best.

Thank you. Thank you.

Thanks, Rajeev.

Thanks, Navin. 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. 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.

I echo the comments of Vikram. Thanks a lot.

Thank you very much.

Thank you. Thanks a lot.

Thanks. Bye-bye.