Chalet Hotels Q2 FY27 Results: Consolidated Net Profit ₹216 Crore on Total Income of ₹511 Crore
- Earnings
- hospitality and real estate
Reviewed byRachit TripathiBlacklitt Research
Chalet Hotels reported consolidated total income of ₹511.41 crore and net profit of ₹216.26 crore for the quarter ended 30 Sep 2026 (NSE: CHALET). On a standalone basis, total income was ₹480.40 crore and net profit was ₹228.35 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹511.41 crore, down 31.2% YoY and 1.9% QoQ
- Net profit and EPS: ₹216.26 crore, up 39.7% YoY; basic EPS ₹9.88 against ₹7.07
- Profit before tax: ₹124.11 crore, down 39.4% YoY
- Tax: credit of ₹92.15 crore against an expense of ₹50.13 crore a year earlier
Standalone
The company on its own, without its subsidiaries
- Total income: ₹480.40 crore, down 33.4% YoY and up 3.1% QoQ
- Net profit and EPS: ₹228.35 crore, up 36.3% YoY; basic EPS ₹10.43 against ₹7.66
- Profit before tax: ₹140.29 crore, down 36.9% YoY
- Tax: credit of ₹88.06 crore against an expense of ₹54.83 crore a year earlier
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 511.41 | 743.82 | -31.2% | 521.31 | -1.9% | |
| Revenue from operations | 502.00 | 735.31 | -31.7% | n/a | n/a |
| Other income | 9.42 | 8.51 | +10.7% | 9.04 | +4.2% |
| 216.26 | 154.82 | +39.7% | 86.13 | +151.1% | |
| Profit before tax | 124.11 | 204.94 | -39.4% | 132.53 | -6.4% |
| Finance costs | 41.73 | 45.39 | -8.1% | 39.46 | +5.8% |
| Depreciation | 61.13 | 57.41 | +6.5% | 61.22 | -0.2% |
| Tax expense | -92.15 | 50.13 | n/a | 46.41 | n/a |
| Net profit margin | 42.29% | 20.81% | +21.47 pp | 16.52% | +25.76 pp |
| EPS, basic (₹) | 9.88 | 7.07 | +39.7% | 3.93 | +151.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose faster than total income. Net profit was ₹216.26 crore against ₹154.82 crore a year earlier, up 39.7%, while total income fell 31.2% to ₹511.41 crore. Profit before tax was ₹124.11 crore, down 39.4% from ₹204.94 crore.
Between profit before tax and net profit sits the tax line. The quarter shows a tax credit of ₹92.15 crore, against a tax expense of ₹50.13 crore in the quarter ended 30 Sep 2025.
Revenue from operations was ₹502.00 crore, down 31.7% from ₹735.31 crore. Other income was ₹9.42 crore, up 10.7% from ₹8.51 crore, and is 1.8% of total income this quarter. Finance costs of ₹41.73 crore are 8.2% of total income, against ₹45.39 crore a year earlier.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 480.40 | 721.06 | -33.4% | 466.10 | +3.1% | |
| Revenue from operations | 459.64 | 705.31 | -34.8% | 448.21 | +2.5% |
| Other income | 20.77 | 15.75 | +31.8% | 17.89 | +16.1% |
| 228.35 | 167.51 | +36.3% | 86.73 | +163.3% | |
| Profit before tax | 140.29 | 222.34 | -36.9% | 132.27 | +6.1% |
| Finance costs | 37.12 | 40.20 | -7.7% | 34.35 | +8.0% |
| Depreciation | 47.75 | 45.48 | +5.0% | 47.86 | -0.2% |
| Tax expense | -88.06 | 54.83 | n/a | 45.54 | n/a |
| Net profit margin | 47.53% | 23.23% | +24.30 pp | 18.61% | +28.92 pp |
| EPS, basic (₹) | 10.43 | 7.66 | +36.2% | 3.96 | +163.4% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit was ₹228.35 crore, up 36.3% from ₹167.51 crore, while total income fell 33.4% to ₹480.40 crore. Against the quarter ended 30 Jun 2026, standalone net profit rose 163.3% from ₹86.73 crore, faster than total income, which rose 3.1%.
Standalone other income of ₹20.77 crore is 14.8% of profit before tax of ₹140.29 crore. Standalone revenue from operations was ₹459.64 crore, down 34.8% from ₹705.31 crore, while other income rose 31.8%. The standalone tax line is a credit of ₹88.06 crore, against an expense of ₹54.83 crore a year earlier.
The company says it has decided to exercise the option under Section 206 of the Income-tax Act, 2025, which is the erstwhile Section 115BAA of the Income-tax Act, 1961, at a rate of 25.17% in place of 34.94%. It says the opening deferred tax liabilities (net) as at 1 Apr 2026 were remeasured and that a tax credit of ₹112.50 crore relating to this is accounted for in the current quarter. On that basis the filing says the tax expense for the quarter and six months is not comparable with other reported periods.
The company acquired 100% of Seasons Hotel Private Limited on 5 May 2026 for ₹171.00 crore. It acquired the shareholding of Lakeview Mercantile Company Private Limited on 7 Sep 2026 for a net consideration of ₹99.20 crore. Both are now wholly owned subsidiaries.
The filing says the Labour Codes took effect on 21 Nov 2025 and that their impact on employee benefit expenses is recognised under exceptional items in the results for the year ended 31 Mar 2026. A voluntary separation scheme was introduced at one hotel unit in the quarter ended 30 Jun 2026. The Supreme Court order of 26 May 2026 set aside the Bombay High Court's order for demolition or restoration of a structure and regularised the allotment of land in favour of K Raheja, subject to payment; the filing says K Raheja wrote to CIDCO on 9 Sep 2026 acknowledging receipt of that amount. A scheme of arrangement involving Sonmil Industries Private Limited and The Dukes Retreat Private Limited remains subject to statutory and regulatory approvals, and the filing says no adjustments are carried out in the financial results for it.
Inference
The filing lists ₹75.00 crore of secured listed non-convertible debentures as at 30 Sep 2026, carrying an 8.35% coupon and secured by a first-ranking pari passu charge over the JW Sahar Marriott and Sahar Retail properties. The company says the security cover exceeds 1.75 times the principal and interest.
The company also issued commercial papers with an aggregate maturity amount of ₹100.00 crore on 29 Sep 2026, due for redemption on 24 Dec 2026 and rated CRISIL A1+. Statutory auditors issued a limited assurance certificate on the security coverage ratio dated 4 Nov 2026.
What the filing leaves open is why revenue from operations fell against the same quarter a year earlier, both on a consolidated and a standalone basis.
Filed with BSE on . Reference: Original filing (PDF)
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