Board approves unaudited Q2 and H1 results; auditor review finds no material misstatement
Board approved unaudited standalone and consolidated results for the quarter and six months ended 30 September 2026.
By ScoutQuest · · 2 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,380.70 | 2,929.74 | +15.4% | 3,052.06 | +10.8% |
| Total income | 3,426.76 | 2,963.35 | +15.6% | 3,082.83 | +11.2% |
| Profit before tax | 573.12 | 1,223.30 | −53.1% | 327.33 | +75.1% |
| Profit after tax | 410.77 | 997.95 | −58.8% | 249.27 | +64.8% |
| Total comprehensive income | 416.07 | 995.91 | −58.2% | 248.80 | +67.2% |
| Basic EPS | 1.85 | 4.51 | −59% | 1.12 | +65.2% |
- Total income YoY growth
- +15.6%
- Period
- 30 September 2026 (Unaudited)
Auditor's review
Conclusion: Unmodified
- Other matter: four subsidiaries' interim financial information not reviewed by their auditors (total assets Rs. 2,055.11 million; quarter revenues Rs. 21.74 million); conclusion not modified.
Notes to the results
- Consolidated exceptional items (net) of 38.80 (INR million) recognised in the quarter (refer note 5).
- Board approved (05 March 2026) acquisition of 70% interest in RARE India for INR 473.90 million; 55% acquired and control obtained on 22 April 2026.
- On 22 May 2026 the Company acquired a 49% equity interest in Clean Max Nile Private Limited for INR 15.05 million; not treated as an associate.
- On 04 August 2026 the Company acquired 100% equity share capital of Itmenaan Lodges Private Limited for INR 120 million.
Board outcome
The Board met on 03 November 2026 and approved the unaudited standalone and consolidated financial results for the quarter and six months ended 30 September 2026. The limited review reports of Walker Chandiok & Co LLP are attached to the results. The Company reports as a single segment, described as developing and running of hotels.
Standalone performance (as printed, INR in million)
- Revenue from operations: 336.73 for the quarter and 671.93 for the six months ended 30 September 2026
- Profit for the period: 1.74 for the quarter and 13.92 for the six months
- The statement carries separate lines for finance costs, depreciation and amortisation expenses, and shows no tax expense charged in these periods
- Net cash generated from operating activities: 372.78 for the six months, with the cash flow statement prepared under the Indirect Method
Auditor's review conclusion
- Both review reports state that nothing has come to the auditors' attention that causes them to believe the accompanying statement contains any material misstatement
- A review is narrower in scope than an audit and the auditors do not express an audit opinion
- In the standalone report, the Company's share in the net loss of a partnership firm, whose interim financial information was not reviewed by its auditor, is included; the conclusion is not modified on that account
- In the consolidated report, interim financial information of subsidiaries that was not reviewed by their auditors is included on the same basis, and the conclusion is not modified for that reliance
Other disclosures in the notes
- The Board, at its meeting held on 05 March 2026, approved the acquisition of a 70% interest in RARE India for an aggregate consideration of INR 473.90 million, to be executed in one or more tranches; a controlling partnership interest was acquired on 22 April 2026, and the remaining interest is proposed to be acquired subsequently in line with the definitive transaction agreements
- A stake was also acquired in Cream Mint Nile Private Limited, and Compulsorily Convertible Preference Shares were acquired in Duet India Hotels (Hyderabad) Private Limited; the Company states it does not have significant influence or control over Cream Mint Nile
- The Company acquired the equity share capital of Itmenaan Lodges Private Limited on 04 August 2026 for a consideration of INR 120 million
- Employee stock options were exercised during the quarter and half year, resulting in an allotment of equity shares of INR 1 each
What this means for a retail reader
- These are quarterly and half-yearly numbers that have been reviewed, not audited; the auditor has flagged no qualification or adverse comment
- The notes show the company continued to add hotel assets and interests in other entities during the period, which is a capital-allocation decision shareholders may want to track over coming quarters
- The listed standalone profit for the period is small relative to revenue, mainly because finance costs and depreciation are charged above the profit line
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More numbers
- Revenue from operations, standalone, quarter ended 30 September 2026336.73 million
- Profit for the period, standalone, quarter ended 30 September 20261.74 million
- Revenue from operations, standalone, six months ended 30 September 2026671.93 million
- Profit for the period, standalone, six months ended 30 September 202613.92 million
- Net cash generated from operating activities, standalone, six months372.78 million
- Interest approved for acquisition in RARE India70%
- Aggregate consideration for the RARE India interestINR 473.90 million
- Consideration for equity share capital of Itmenaan Lodges Private LimitedINR 120 million
- Total income, latest quarter3,426.76 (INR in million)
- Total income, year-ago quarter2,963.35 (INR in million)
- Total income, previous quarter3,082.83 (INR in million)
- Total comprehensive income, latest quarter416.07 (INR in million)
- Total comprehensive income, year-ago quarter995.91 (INR in million)
- Total comprehensive income, previous quarter248.80 (INR in million)
- Profit after tax, latest quarter410.77 (INR in million)
- Profit after tax, year-ago quarter997.95 (INR in million)
- Profit after tax, previous quarter249.27 (INR in million)
- Revenue from operations, latest quarter3,380.70 (INR in million)
- Revenue from operations, year-ago quarter2,929.74 (INR in million)
- Revenue from operations, previous quarter3,052.06 (INR in million)
- Profit before tax, latest quarter573.12 (INR in million)
- Profit before tax, year-ago quarter1,223.30 (INR in million)
- Profit before tax, previous quarter327.33 (INR in million)
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