1. Opening Hook
While most India Inc. is busy blaming demand softness, inflation, geopolitics, airline disruptions, or Mercury in retrograde, Leela just checked into Q3 FY26 and ordered another record quarter—extra margins, no garnish.
Luxury demand slowing down? Not at Leela. Mixed city trends? Not their problem. Industry headwinds? Apparently invisible from a palace suite.
Q3 saw Leela flex its pricing muscle, fill rooms at higher rates, sell more food to non-resident diners, and still cut interest costs—all while talking confidently about Dubai, Jaisalmer, wildlife lodges, and a ₹2,000 crore EBITDA dream by FY30.
This concall wasn’t about survival. It was about dominance.
And yes, things get far more interesting once you look beyond the headline numbers.
2. At a Glance
- Revenue up 21% – Luxury stayed expensive, guests still paid happily.
- EBITDA up 23% – Costs behaved, pricing power didn’t.
- EBITDA margin at 52% – Industry best, spreadsheet chefs approved.
- PAT jumped to ₹148 cr – Fifth straight profitable quarter, no excuses left.
- RevPAR up 20% – ADR did the heavy lifting, occupancy tagged along.
- F&B revenue up 29% – Diners came, ate, and didn’t check prices.
- Net debt ~₹700–800 cr – Balance sheet breathing comfortably.
3. Management’s Key Commentary
“We delivered 20% YoY RevPAR growth and 23% EBITDA growth.”
(Luxury pricing + demand strength = no mercy for competitors 😏)
“Operating EBITDA margin was 52%, one of the best in the industry.”
(One of? Try the benchmark everyone hates comparing against)
“We continue to maintain a premium of ~₹5,000 RevPAR
