Greenwoods Palaces and Resorts Private Limited Q2 profit up 33%

Greenwoods, operator of Taj Santacruz, Mumbai, reported Q2 2026/27 profit after tax of Rs 10.99 crore for the quarter ended September 30, 2026, up 33% from Rs 8.29 crore a year earlier, while revenue rose 7% to Rs 54.20 crore.

How did Greenwoods perform in Q2 2026/27?

Greenwoods increased Q2 2026/27 revenue by Rs 3.51 crore to Rs 54.20 crore, from Rs 50.69 crore in the previous year. The increase was about 7%, while earnings before interest, taxes, depreciation and amortisation, or EBITDA, increased by Rs 0.46 crore to Rs 18.10 crore from Rs 17.64 crore.

Profit after tax, or PAT, rose faster than revenue and EBITDA in the September 2026 quarter. Greenwoods reported PAT of Rs 10.99 crore, an increase of Rs 2.70 crore from Rs 8.29 crore a year earlier, representing growth of about 33% against revenue growth of about 7%.

What was Greenwoods’ first-half financial performance?

Greenwoods reported revenue of Rs 110.89 crore for H1 2026/27, compared with Rs 105.14 crore in the previous year. The Rs 5.75 crore increase was about 5%, which was lower than the approximately 7% revenue increase reported in Q2 2026/27 alone.

H1 2026/27 PAT was Rs 23.97 crore, up Rs 5.75 crore from Rs 18.22 crore in the previous year, an increase of about 32%. EBITDA rose by Rs 0.70 crore to Rs 38.97 crore from Rs 38.27 crore, meaning PAT again grew faster than both revenue and EBITDA in the six months ended September 30, 2026.

Did Greenwoods’ margins change in the quarter and half year?

Greenwoods’ calculated Q2 EBITDA margin was about 33.4%, compared with about 34.8% a year earlier, based on EBITDA of Rs 18.10 crore and revenue of Rs 54.20 crore. Its calculated PAT margin was about 20.3%, compared with about 16.4% in the previous year, based on PAT of Rs 10.99 crore.

The same pattern appeared in H1 2026/27. Calculated EBITDA margin was about 35.1%, compared with about 36.4% in the previous year, using EBITDA of Rs 38.97 crore and revenue of Rs 110.89 crore, while calculated PAT margin increased to about 21.6% from about 17.3%.

Which hotel does Greenwoods operate?

Greenwoods operates Taj Santacruz, Mumbai as a subsidiary of Krishna GVK Luxury Hotels Limited. The announcement identifies the Mumbai hotel as the property operated through Greenwoods, whose Q2 revenue was Rs 54.20 crore and H1 revenue was Rs 110.89 crore.

Krishna GVK has five hotels in its own portfolio: Taj Krishna, Hyderabad; Taj Deccan, Hyderabad; Taj Club House, Chennai; Taj Chandigarh; and Vivanta Hyderabad, Begumpet. The filing does not disclose Greenwoods’ room count, occupancy, average room rate, food and beverage revenue, or a cost breakdown for the period ended September 30, 2026.

Why are Krishna GVK’s consolidated comparisons not directly comparable?

Krishna GVK said previous-period consolidated figures are not comparable because Greenwoods had previously been disclosed using the equity method of consolidation. Krishna GVK acquired an additional 2.01% stake in Greenwoods on February 10, 2026, after which current-quarter consolidated figures were included line by line under applicable Indian Accounting Standards.

The accounting change affects Krishna GVK’s consolidated presentation rather than the operating figures separately reported by Greenwoods for Q2 and H1 2026/27. Readers comparing consolidated periods therefore need to distinguish Greenwoods’ Q2 PAT of Rs 10.99 crore from the reporting effect of line-by-line consolidation.

What is next for Krishna GVK and Greenwoods?

Krishna GVK said Taj Yelahanka, Bengaluru was proposed to begin commercial operations on November 20, 2026. Management described the hotel as a meaningful addition to room inventory and Krishna GVK’s entry into the Bengaluru market, although the announcement did not disclose room count, capital cost or expected revenue contribution.

Management also said Krishna GVK is pursuing long-term growth through organic developments, asset enhancements and strategic acquisitions, while exploring inorganic opportunities for faster market access. For Greenwoods, the disclosed H1 2026/27 base is revenue of Rs 110.89 crore, EBITDA of Rs 38.97 crore and PAT of Rs 23.97 crore.

Conclusion

Greenwoods reported faster PAT growth than revenue in both disclosed periods. Q2 2026/27 PAT increased about 33% to Rs 10.99 crore as revenue rose about 7% to Rs 54.20 crore, while H1 PAT rose about 32% to Rs 23.97 crore on revenue growth of about 5% to Rs 110.89 crore; EBITDA grew more slowly in each period.

The next disclosed development is the proposed November 20, 2026 commercial opening of Taj Yelahanka, Bengaluru. Investors can also watch future Krishna GVK consolidated reporting, because the February 10, 2026 acquisition of an additional 2.01% stake in Greenwoods changed the presentation to line-by-line consolidation.