Kamat Hotels (India) Ltd(KAMATHOTEL)

NSE: KAMATHOTELBSE: 526668

₹ 218.5-5.19%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 644 crWebsite: www.khil.comUpdated: 24 Oct 2026

About

Kamat Hotels (India) Ltd owns, leases and manages hotels in India under the Orchid, IRA by Orchid, Lotus and Fort JadhavGadh brands. It reported revenue of Rs 385.63 Cr in FY26 and had 1,900+ operational keys as of FY26. Its focus is domestic leisure, wedding and MICE demand, and it is expanding into Tier II and III cities through semi-asset-light leased, managed and revenue-sharing contracts.^[1][2][3]

Brands and portfolio

The portfolio has four brands: Orchid, IRA by Orchid, Lotus and Fort JadhavGadh, as of FY26.^[2]
The company had 1,900+ operational keys in FY26, up from 19 operational properties with 1,824 keys reported in the FY25 annual report.^[2][3]
It opened 5 hotels in Q2 FY26 (Panchgani, Dwarka, Rishikesh, Porvorim in Goa, and Hyderabad), adding about 280 rooms and taking the portfolio to 24 operational hotels.^[4]
In FY25 it opened Orchid Toyam Pune (21 rooms), IRA Noida (34), IRA Ayodhya (49) and Orchid Chandigarh (122).^[3]
IRA by Orchid Mumbai was discontinued from April 1, 2026, when its leave and licence agreement expired. It had contributed almost INR 50 Cr of revenue.^[2]

Occupancy, room rates and RevPAR

Portfolio occupancy was 66% in Q1 FY27 vs 55% in Q1 FY26, driven by domestic leisure travel and MICE events.^[5]
Group occupancy was 57% in FY26 vs 54% in FY25.^[2]
Orchid RevPAR was INR 4,192 in Q1 FY27 vs INR 3,549 a year earlier (+18%). Lotus RevPAR was INR 3,806 vs INR 3,253 (+17%).^[5]
Orchid ARR was INR 6,020 in Q1 FY27 vs INR 6,338. Lotus ARR was INR 5,816 vs INR 5,514. IRA by Orchid ARR excluding Mumbai was INR 4,069, flat year on year.^[5]
Occupancy in Q1 FY27 was 70% for Orchid (vs 56%), 65% for Lotus (vs 59%) and 62% for IRA by Orchid (vs 74%).^[5]
FY26 ARR by brand: Orchid INR 6,393 (+3%), IRA INR 5,292 (-2%), Lotus INR 5,912 (+3%) and Fort JadhavGadh INR 8,920 (+1%).^[2]
On a same-store basis (excluding IRA Mumbai and four new hotels), revenue grew 17% and EBITDA grew 21% year on year in Q1 FY27.^[5]

Key hotels

Orchid Mumbai occupancy reached 91% in Q1 FY27, with RevPAR up almost 40%. Revenue rose 35% and EBITDA rose 50% year on year.^[5]
Orchid Mumbai ARR was INR 7,818 in Q3 FY26 vs INR 7,165 a year earlier, and occupancy was 80% vs 74%. About 2,500 rooms of new supply were added in the Andheri-Vile Parle area.^[6]
Phase 1 of the Orchid Pune (410 rooms) renovation finished in Q3 FY26. Within 20 days, ARR rose from around INR 5,500-5,700 to INR 6,400-6,700.^[6]
The Shimla and Manali hotels were hit by road wash-outs. Q2 FY26 operations there were washed out by monsoon damage.^[4][6]

Customers and demand

Most clients are domestic, and demand comes from weddings, domestic MICE and leisure. Management said foreign travel disruptions had not materially affected the company (Q4 FY26).^[2]
The FY26 strategy was to deepen presence in Tier II and III cities and to introduce wellness-centric and sustainable offerings.^[3]
Risks named in the FY25 annual report include high fixed costs, seasonality, manpower retention, dependence on online travel aggregators, cybersecurity and climate events.^[3]

Expansion pipeline

About 400 keys are to be added over the next 12-15 months across Gwalior, Dehradun, Dwarka, Nashik, Rishikesh and Mandvi Kutch, as stated in Q1 FY27.^[5]
Orchid Gwalior (50 rooms, leased) is targeted for October-November 2026, after earlier targets of March 2026 and then September 2026.^[5][6]
Orchid Dehradun (96 rooms, leased) is targeted for December 2026, about 3 months later than the earlier September 2026 target.^[5]
Orchid Dwarka (63 rooms, managed), the company's second Dwarka property, was signed in Q1 FY27 and is due to open by December 2026.^[5]
Orchid Nashik (57 rooms, managed) is targeted for December 2026, with some technical delays. Orchid Rishikesh (44 rooms, revenue sharing) is targeted for March 2027.^[5]
Mandavi Kutch Orchid (155 rooms, managed) is targeted for December 2027. Puri Orchid (156 rooms, leased) is targeted for December 2029, reworked after height-clearance issues linked to the new Puri airport.^[5][6]
Renovation plans for the Mumbai and Pune hotels were being finalised in Q1 FY27, with the capex amount to be given the next quarter.^[5]
The company is evaluating owned or brownfield hotels and land parcels. Management cited capacity for up to INR 300 Cr of debt (3x forward EBITDA) in Q1 FY27.^[5]

Recent developments

IRA by Orchid Bhavnagar (50 keys, leased) in Gujarat opened in Q1 FY27, with early demand for weddings and banqueting.^[5]
Milind Wadekar, former CFO of Chalet Hotels and Leela, was appointed CFO, as announced in Q4 FY26.^[2]
The FY26 annual report proposes an employee stock option scheme involving a fresh issue of shares.^[7]
Independent director Vilas R. Koranne was reappointed for a second term from June 29, 2026 to June 28, 2031.^[7]
Management set a 30%+ EBITDA margin target over a 2-3 year horizon (Q1 FY27). The margin was 27% in Q1 FY27 vs 22% in Q1 FY26.^[5]

Market Cap

₹644 Cr

High / Low

₹306 / 142

Stock P/E

16.0

Price / Book

2.0

Book Value

₹107

EPS

₹14.5

No. of Shares

2.95 Cr

ROCE

15.9%

ROE

14.4%

OPM

20.7%

Debt / Equity

0.35

Sales

₹386 Cr

Net Profit

₹39 Cr

Promoter holding

57.8%

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