Kamat Hotels Q2 FY27 Results (NSE: KAMATHOTEL)
Signal: Loss reversed
The read
The operating inflection is margin-led rather than sequential-growth-led: revenue rose 11.4% YoY but fell 7.5% QoQ, while derived EBITDA margin expanded 1338bps YoY to 23.8%; however, standalone PAT of ₹711.09 lakh exceeding consolidated PAT of ₹544.57 lakh shows that subsidiary drag remains the key thesis variable.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹83.73 Cr | +11.4% | -7.5% |
| EBIT | ₹11.9 Cr | +958.9% | |
| Net profit | ₹5.45 Cr | NM (loss to profit) | |
| EPS | ₹1.59 | NM (loss to profit) | |
| EBIT margin | 23.8% |
P&L walk
Revenue increased to ₹8373.06 lakh, +11.4% YoY but -7.5% QoQ; total expenses fell 2.5% YoY, lifting derived EBITDA margin to 23.8% from 10.4%, while PAT recovered to ₹544.57 lakh from a ₹219.48 lakh loss, with ₹76.79 lakh attributable to non-controlling interests.
Segments
The group is being diluted by subsidiaries: standalone PAT of ₹711.09 lakh exceeded consolidated PAT of ₹544.57 lakh, with ₹76.79 lakh attributable to non-controlling interests and subsidiary performance reducing group earnings.
Key positives
- Consolidated revenue rose to ₹8373.06 lakh, +11.4% YoY, while total expenses declined 2.5% YoY to ₹7798.48 lakh.
- Derived EBITDA margin expanded to 23.8% from approximately 10.4% YoY; employee benefits expense grew only 4.0% versus 11.4% revenue growth.
- Standalone borrowings declined to ₹7267.22 lakh from ₹8654.51 lakh at 31 March 2026, supported by half-year operating cash flow of ₹2090.10 lakh.
- H1FY27 consolidated profit was ₹1513.96 lakh versus ₹203.54 lakh in H1FY26, while H1 EPS increased to ₹4.78 from ₹0.24.
Key concerns
- Consolidated revenue fell 7.5% QoQ to ₹8373.06 lakh and consolidated PAT fell 43.8% QoQ to ₹544.57 lakh.
- Standalone PAT of ₹711.09 lakh exceeded consolidated PAT by ₹166.52 lakh, confirming material subsidiary drag and non-controlling allocations.
- Depreciation rose 19.7% YoY to ₹803.57 lakh despite standalone PPE declining to ₹15300.10 lakh, requiring monitoring of asset utilisation and depreciation assumptions.
- Finance cost increased 3.0% YoY to ₹615.01 lakh, while lease liabilities rose to ₹7009.09 lakh including current and non-current balances.
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