Earnings Call Transcript for the call held on July 30, 2026

August 5, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza Corporate Relationship Department Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Bandra (East), Dalal Street, Fort, Mumbai 400 051. Mumbai 400 001. Scrip Code: CHALET Scrip Code: 542399 (Equity) 976529 (Non-Convertible Debentures) Dear Sir / Madam, Subject: Transcript of the Earnings Call in respect of the Unaudited Financial Results for the quarter ended June 30, 2026 Pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), please find enclosed herewith the transcript of the Earnings Call held by the Company on July 30, 2026, in respect of the Unaudited Financial Results for the quarter ended June 30, 2026. Further, pursuant to the provisions of Regulation 46 of the Listing Regulations, the aforesaid transcript will also be disclosed on the website of the Company i.e. www.chalethotels.com. Request you to take the same on record. Thanking You. Yours faithfully, For Chalet Hotels Limited Christabelle Baptista Company Secretary and Compliance Officer Enclosed: As above Chalet Hotels Limited Regd. Off. : Raheja Tower, Plot No.C-30, Block ‘G’, Next to Bank of Baroda, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051. Website: www.chalethotels.com Email: companysecretary@chalethotels.com Phone: +91-22-2656 4000 Fax: +91-22-2656 5451, CIN: L55101MH1986PLC038538 “Chalet Hotels Limited Q1 FY27 Conference Call” July 30, 2026 MANAGEMENT: MR. SHWETANK SINGH – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. NITIN KHANNA – CHIEF FINANCIAL OFFICER Page 1 of 16 Chalet Hotels Limited July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Chalet Hotels Limited Quarter 1 FY27 Conference Call. Please note, this conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectation of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing star, then zero on your touchtone phone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Shwetank Singh, Managing Director and CEO. Thank you, and over to you, sir. Shwetank Singh: Thank you, Ryan, and a very good morning to all. I am delighted to have you join us on this call. We appreciate this forum because it allows us to share our take on the macro and the micro factors that shape not only our current performance, but also our strategy and roadmap ahead. Further, I would like to highlight that we appreciate your queries and insights as they help us stay grounded, concentrated, and in sync as we work to create long-term value for all our stakeholders. Quarter 1 has set a good tone for the full year. Overall performance has been strong despite challenging geopolitical situation. The demand scenario saw mixed sentiment this quarter. Air traffic stayed flat for April to June, indicating some recovery in sentiment post the peak disruption in March. However, international business, ex of crew, remained flat year-on-year due to the West Asia conflict. As we had mentioned on previous earnings call as well, business foreign tourist arrivals will take 60 days to normalize once the West Asia conflict nears resolution. We saw some stabilization this quarter, before, more recently, the situation erupted again as the fragile peace treaty was tested again and again. On the other hand, domestic and leisure witnessed strong demand driven by strength of domestic industry, rising affluence, changing consumer preferences, and growing discretionary spend. Thus, the industry saw increase in occupancies in leisure and in locations where business demand is inclined towards domestic travellers. This is reflected in our asset performances as well. Leisure portfolio delivered a strong 19% RevPAR growth with a healthy mix of occupancy and ADR increase. Pune, a strong domestic-driven market also witnessed high double-digit RevPAR growth, while Hyderabad, which is largely an FTA-driven market saw flattish occupancy. Bangalore, another FTA-dominated market, saw lower occupancy year-on-year, partly due to lower group bookings and partially due to reduced relocation business, which tends to cluster in Quarter 1 of each fiscal. I would like to highlight here that while occupancy was subdued in these markets, there was sustained growth in the average daily rates. For Mumbai, demand was moderate due to lesser events but recovered somewhat in June. Mumbai for us, as we have been mentioning, is also being impacted due to ongoing construction Page 2 of 16 Chalet Hotels Limited July 30, 2026 activity at Powai. Thus, to help your analysis, I would highlight that JW Sahar saw good ADR growth as we continued to beat the market with steady occupancies. Mumbai Metropolitan Region RevPAR was pulled down by Powai and Vashi, which is more than 60% of our total inventory in MMR, as they saw lower occupancies due to construction at Powai and renovation at Vashi. The good news here is that our Vashi property is now completely ready, and we shall be able to announce the rebranding in the coming few weeks. Also, the work at Powai is in full swing, and our porch as well as the connectivity to the Westin Banquet shall be in place by the end of this quarter, helping us to capitalize on the wedding season in H2 of this fiscal. Also, as most of the noisy work is nearing an end, we shall endeavour to regain the occupancy there. Speaking about the Powai complex, I want to talk about the strategic importance of this asset. While we have seen some lag there in recent quarters, the complex is a clear example of value creation. We started off with two hotels in the early 2000s, and we upgraded from Renaissance to Westin in 2022. We further added 0.9 million square foot of commercial office space in 2024, which is now over 90% occupied and already throwing an annual EBITDA of close to INR1,300 million. And we are in the process of further adding another 0.9 million square foot in the current fiscal. The complex has been quietly transforming itself into an integrated one with a revenue potential sniffing INR9 to 10 billion. There have been also upgrades that have aided us in the revenue growth, like addition of Nox, a sky lounge that used to be a dead space and now clocks ~INR10 million a month in revenue within the first year of opening, addition of gaming and sports facilities, and more. Several more changes are work in progress, including the widening of the approach road and the expansion of the banquet facility, which alone will 3x our facilities and become one of the largest in the MMR. With these refreshes and upgrades, we expect the complex to regain significant business and become one of the growth drivers for Chalet over the next few years. With that context about macro environment and the overall industry and our micro markets, let me speak about the performance for this quarter. Excluding the residential business, our revenue grew by 10% year-on-year to INR5,140 million with an EBITDA of INR2,400 million, up 15% year-on-year. Importantly, EBITDA margin improved by 231 bps to 46.7%. Let me now touch upon the hospitality business performance, that is the core of our platform. RevPAR increased by 6.5% year-on-year, largely driven by an 8.5% year-on-year growth in average daily rates. Compared to business hotels, resorts did better this quarter with 19% RevPAR growth. Westin Rishikesh delivered a strong performance. Athiva Khandala continues to ramp up. We are doing multiple market [Showing first 8,000 characters — download PDF for full document]