EIH Q1 FY27 Results (NSE: EIHOTEL)
Signal: Margin expansion
The read
The operating trajectory improved YoY but not sequentially: consolidated revenue was ₹656.96 crore (+14.5% YoY, -26.6% QoQ) and EBITDA margin recovered 360bps YoY to 31.6% after Q1FY26's 28.0%, yet remained 540bps below Q4FY26; the headline PAT rebound to ₹117.14 crore was amplified by the prior year's ₹110.32 crore exceptional loss and ₹40.98 crore of other income, so the next proof point is sustained hotel operating margin rather than the 246.0% PAT growth.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹656.96 Cr | +14.5% | -26.6% |
| EBIT | ₹170.51 Cr | N/A | |
| Net profit | ₹117.14 Cr | +246.0% | |
| EPS | ₹1.87 | +246.3% | |
| EBIT margin | 31.6% |
P&L walk
Consolidated revenue increased to ₹656.96 crore (+14.5% YoY, -26.6% QoQ), while EBITDA margin improved to 31.6% from 28.0% YoY but remained below 37.0% in Q4FY26; PAT attributable to owners rose to ₹117.14 crore (+246.0% YoY) from a low base, with ₹40.98 crore of other income contributing materially.
Segments
The filing reports hotels as the only reportable segment; standalone revenue of ₹599.80 crore and PAT of ₹127.09 crore exceeded consolidated revenue of ₹656.96 crore and owner PAT of ₹117.14 crore because associates and joint ventures contributed a ₹4.95 crore share loss and non-controlling interests received ₹3.17 crore.
Key positives
- Consolidated revenue reached ₹656.96 crore, up 14.5% YoY, accelerating from the 8.9% YoY growth recorded in Q1FY26.
- Consolidated EBITDA margin expanded 360bps YoY to 31.6% from 28.0%, while standalone EBITDA margin expanded 650bps to 34.5%.
- Finance costs declined 4.0% YoY to ₹5.59 crore on the consolidated basis, supporting operating-to-PBT conversion.
- EPS of ₹1.87 grew 246.3% YoY and tracked owner PAT growth of 246.0%, with the PAT-to-EPS cross-check clean.
Key concerns
- Revenue declined 26.6% QoQ to ₹656.96 crore and EBITDA margin fell 540bps from Q4FY26's 37.0%, showing the expected but material seasonal reset.
- Other expenses rose 20.5% YoY to ₹260.69 crore, faster than revenue growth of 14.5%, while employee costs rose 16.0% to ₹161.03 crore.
- Consolidated owner PAT of ₹117.14 crore was below standalone PAT of ₹127.09 crore because associates and joint ventures contributed a ₹4.95 crore share loss and non-controlling interests received ₹3.17 crore.
- The filing does not disclose hotel operating KPIs such as occupancy, ADR or RevPAR, limiting assessment of whether revenue growth was volume- or price-led.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.