TAJGVK Q1 FY27: Resilient occupancy, softer margins, and a clear growth runway

Q1 FY27 revenue was 10,942 and EBITDA was 3,031 as presented in the operating KPIs slide.

EBITDA margin was 42% in Q1 FY26, 33% in Q4 FY26, and 28% in Q1 FY27 per the operating KPIs.

ADR was 8,323, RevPAR was 6,811, and reported occupancy was 82% in Q1 FY27.

Management stated the hotel is expected to begin operations by September 2026.

Management stated the company has received the Occupancy Certificate from KIADB, Consent for Operations from the Pollution Control Board (Karnataka), and NOC from the Fire Department; other licenses are under process.

Management stated Q1 FY27 revenue was not comparable to the corresponding period because the company received a dividend in Q1 FY26 from Greenwoods Palaces and Resorts Pvt Ltd (then a JV, now a subsidiary).

Management cited higher energy costs, higher property taxes, and liquor license fee costs at Chandigarh and Chennai impacting the bottom line.