EIH Associated Hotels Limited revenue rises 18%, Q2 profit falls

EIH Associated Hotels Limited reported Rs 68.59 crore of revenue from operations in the quarter ended 30 September 2026, up 18% year on year, while profit after tax fell 45% sequentially to Rs 3.80 crore. The company said its quarterly and half-year results do not indicate full-year performance because the Indian hotel industry is seasonal.

What did EIH Associated Hotels report in Q2?

EIH Associated Hotels reported total income of Rs 73.31 crore for the three months ended 30 September 2026, compared with Rs 62.79 crore a year earlier and Rs 71.85 crore in the quarter ended 30 June 2026. Revenue from operations rose from Rs 58.33 crore in the September 2025 quarter and Rs 65.98 crore in the preceding quarter. Other income was Rs 4.72 crore, below Rs 5.87 crore in June 2026 but above Rs 4.46 crore a year earlier.

Profit after tax was Rs 3.80 crore in the September 2026 quarter, compared with Rs 2.77 crore a year earlier, while profit before tax was Rs 5.12 crore against Rs 3.66 crore. The prior-year quarter included an exceptional gain of Rs 0.84 crore from disposal of property, plant and equipment at Trident Jaipur. EIH Associated Hotels reported hotels as its only reportable segment under Indian Accounting Standards.

EIH Associated Hotels’ basic and diluted earnings per share were Rs 0.62 for the September 2026 quarter, versus Rs 1.13 in the June 2026 quarter and Rs 0.45 a year earlier. The company said these quarterly per-share figures were not annualised. Its Board approved the unaudited results on 11 November 2026 after review by the Audit Committee.

Why did EIH Associated Hotels’ profit fall from June?

EIH Associated Hotels’ profit after tax declined by Rs 3.10 crore from the June 2026 quarter because total expenses increased by Rs 4.80 crore, exceeding the Rs 1.46 crore increase in total income. Profit before tax fell to Rs 5.12 crore from Rs 8.46 crore over the same two quarters. Tax expense declined to Rs 1.32 crore from Rs 1.56 crore, but the reduction did not offset the lower pre-tax profit.

Other expenses created the largest sequential cost increase, rising by Rs 2.98 crore to Rs 38.50 crore in the September quarter. Consumption of provisions, wines and other items rose by Rs 1.05 crore to Rs 6.69 crore, while employee benefits expense increased by Rs 0.66 crore to Rs 18.33 crore. Depreciation and amortisation increased to Rs 4.54 crore from Rs 4.43 crore, and finance costs were Rs 0.13 crore against Rs 0.12 crore.

The change in costs differed from the year-on-year comparison, when total expenses rose by Rs 8.22 crore from Rs 59.97 crore while total income increased by Rs 10.52 crore from Rs 62.79 crore. That left profit after tax Rs 1.03 crore higher than the September 2025 quarter despite the prior-year exceptional gain of Rs 0.84 crore. The company did not provide operating metrics such as occupancy or room rates in the filing.

How did EIH Associated Hotels perform in the first half?

EIH Associated Hotels generated Rs 134.57 crore of revenue from operations in the six months ended 30 September 2026, compared with Rs 127.07 crore in the corresponding prior-year period. Total income increased to Rs 145.16 crore from Rs 136.47 crore, and profit after tax rose to Rs 10.69 crore from Rs 8.95 crore. The reported half-year profit after tax therefore increased by Rs 1.75 crore.

The prior-year half-year result contained a net exceptional charge of Rs 0.47 crore. This reflected a Rs 1.31 crore carrying-value adjustment after Trident Jaipur temporarily closed for renovation on 1 July 2025, partly offset by the Rs 0.84 crore gain on disposal of property, plant and equipment in the September 2025 quarter. No exceptional item was reported for the six months ended 30 September 2026.

Six-month expenses rose to Rs 131.58 crore from Rs 124.06 crore. Other expenses increased by Rs 4.85 crore to Rs 74.02 crore, consumption of provisions, wines and other items increased by Rs 1.58 crore to Rs 12.33 crore, and depreciation and amortisation rose by Rs 0.55 crore to Rs 8.97 crore. Employee benefits expense was Rs 36.01 crore, compared with Rs 35.49 crore in the corresponding period.

What changed in EIH Associated Hotels’ balance sheet and cash flow?

EIH Associated Hotels had total assets of Rs 713.94 crore at 30 September 2026, compared with Rs 724.23 crore at 31 March 2026. Non-current assets increased by Rs 67.76 crore to Rs 532.16 crore, driven principally by capital work-in-progress, which rose to Rs 99.33 crore from Rs 47.44 crore. Property, plant and equipment was Rs 281.19 crore, compared with Rs 280.85 crore at the March 2026 year-end.

Current assets fell by Rs 78.05 crore to Rs 181.78 crore at 30 September 2026, as current investments declined to Rs 111.19 crore from Rs 194.58 crore. Trade receivables decreased to Rs 12.51 crore from Rs 15.90 crore, while cash and cash equivalents increased to Rs 4.89 crore from Rs 4.56 crore. Inventories rose to Rs 15.57 crore from Rs 14.18 crore.

During the six months ended 30 September 2026, EIH Associated Hotels made payments of Rs 66.93 crore for property, plant and equipment, compared with Rs 23.58 crore in the prior-year period. Net cash from operating activities was an outflow of Rs 0.48 crore, compared with an inflow of Rs 12.22 crore a year earlier, after income taxes paid of Rs 13.24 crore and a Rs 13.02 crore decrease in trade payables. Total equity was Rs 592.53 crore at 30 September 2026, versus Rs 602.41 crore at 31 March 2026.

Conclusion

EIH Associated Hotels delivered higher revenue and profit than a year earlier in the September 2026 quarter, with revenue from operations increasing to Rs 68.59 crore and profit after tax reaching Rs 3.80 crore. Against the June 2026 quarter, however, expenses rose faster than income, reducing profit after tax from Rs 6.89 crore to Rs 3.80 crore.

The next reported quarters will show how seasonal trading affects the full-year outcome, which EIH Associated Hotels says cannot be inferred from its six-month result. Investors can also watch for any further disclosure on the Rs 99.33 crore capital work-in-progress and a reopening date for Trident Jaipur, which the filing does not provide after its 1 July 2025 renovation closure.