Leela Palaces Hotels & Resorts544408Earnings call transcript

Q2 FY27 call: operating revenue up 33%, operating EBITDA up 36%, FY27 openings on track

Transcript of the Q2 FY27 earnings call held on October 14, 2026, now on record.

By ScoutQuest · Thu 22 Oct 2026, 6:41 PM IST · 2 min read

52%Non-room share of revenue

Non-room share of revenue: 52%.

Q2 RevPAR Growth: +30%
Q2 Operating Revenue Growth: +33%
Q2 Operating EBITDA Growth: +36%

What this document is

This is the transcript of the Q2 FY27 earnings conference call held on October 14, 2026, covering the quarter and half year ended September 30, 2026. Management stated that the financial guidance and proforma information given on the call are management estimates based on assumptions and have not been subjected to audit, review or examination.

Quarter at a glance

RevPAR growth of 30%.
Operating revenue growth of 33%.
Operating EBITDA growth of 36%, described as a second consecutive quarter of 35% plus EBITDA growth.
Management said the company delivered significantly ahead of its guidance in H1, and that it enters H2, the stronger season for the hospitality sector.

Half-year numbers

Operating revenue grew 30% and operating EBITDA grew 38%.
Margin expanded by 246 basis points.
Suite occupancy rose by over 700 basis points, which management read as broad-based premiumisation across customer segments.
Net Promoter Score for H1 was 87, about 13 points ahead of the luxury hospitality average for the Asia-Pacific region.

Rate and occupancy

Owned domestic hotels, including Coorg, delivered RevPAR growth of 30%, led primarily by ADR growth of 30% to 25,046.
India headline occupancy was 69%, with same-store occupancy rising to over 70%.
City hotels reached record H1 occupancy of 74%, against 69% last year.
Resort occupancy on a same-store basis rose to nearly 60%.
Against India luxury market RevPAR growth of 13% over April to August 2026, the company reported 17% RevPAR growth. Its RevPAR index expanded to 1.46x from 1.41x, a premium of approximately 4,500 over the luxury market.

Where revenue comes from

52% of H1 revenue came from beyond rooms, spanning F&B, management fees, club revenues, wellness, transport and retail.
F&B revenue grew 21%; eight F&B venues were launched over the past year.
Azulian House, launched in May '26, drew more than 90% of covers from non-resident guests.
Management fees continued to grow as the managed properties portfolio ramped up, adding to the asset-light share of earnings.

Growth projects and stated guidance

Arq by The Leela in New Delhi is operational; Arq Chennai is scheduled to open this quarter.
Development is advancing on the Aujasya wellness facility in Bengaluru and on renewable energy initiatives in Chennai and Coorg.
Management said the company remains on track for its FY27 openings. The Leela Jaisalmer, a luxury desert resort and spa, and The Leela Luxury Residences in Mumbai, a new business vertical, are both in pre-opening phase with teams on board.
The company said it continues to scout for opportunities across owned and managed assets, both greenfield and brownfield.

How to read it

The transcript sets out management's own account of demand, pricing power, occupancy and the development pipeline. The performance commentary is about the reported quarter and half year; the pipeline and guidance statements are forward-looking management estimates rather than audited figures.

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