When even the gods decide to vacation in Goa, Kamat Hotels can’t catch a break. Monsoons turned into an uninvited guest this quarter, washing away roads, room nights, and revenue. With 5 new hotels opened, 2 washed-out hill properties, and a renovation eating cash faster than a wedding buffet, Q2 was a test in survival hospitality. Vishal Kamat’s optimism, though, could power a small grid—still clinging to that ₹400 crore revenue target like it’s the holy grail of FY26. Stay tuned, because as always, this call was part therapy session, part travelogue, and part motivational speech.
2. At a Glance
Revenue down 12%: Monsoon played the villain, and guests stayed home.
EBITDA ₹8 crore (-63% YoY): Margins slipped harder than a Mumbai biker in the rain.
PAT loss ₹0.3 crore: From profits to puddles—one soggy quarter.
H1 Revenue ₹158 crore (flat YoY): Half year that achieved half expectations.
5 new hotels opened: 280 shiny new rooms; sadly, empty ones don’t pay bills.
Occupancy at 47% (vs 66%): Hospitality meets hide-and-seek season.
3. Management’s Key Commentary
“Q2 is generally a lean period, but this time our results were not encouraging.” (Translation: It rained profits last year; this year, just rain. ☔)
“We opened 5 hotels—Panchgani, Dwarka, Rishikesh, Porvorim, and Hyderabad.” (Translation: Expansion continues even if guests don’t.)
“Shimla-Manali hotels suffered due to washed-away roads.” (Translation: Nature hit harder than inflation.)
“Orchid Pune’s revenue dipped due to ongoing renovation.” (Translation: We’re rebuilding dreams—one dusty corridor at a time.)
“All renovations are through internal accruals.” (Translation: No debt, just delayed returns.)
“Despite the dip, we reaffirm ₹400 crore revenue guidance.” (Translation: Hope floats… even when hotels don’t. 😏)
“We don’t capitalize pre-opening expenses; we book them.” (Translation: Brutal honesty or financial masochism—you decide.)
“Employee costs rose by ₹1.5 crore due to new openings.” (Translation: Every new GM comes with a frequent flyer program. ✈️)
