EIH Limited (NSE: EIHOTEL) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Vikram Oberoi — Managing Director & Chief Executive Officer
Vineet Kapur — Chief Financial Officer
Analysts:
Deepak Saha — Analyst
Abhishek Shankar. — Analyst
Vaibhav Mulay — Analyst
Vaibhav Mulay — Analyst
Madhav — Analyst
Vikas Ahuja — Analyst
Presentation:
operator
Good morning ladies and gentlemen and thank you for attending this virtual meeting. I’m pleased to welcome you on behalf of EiH Limited and Skill securities to EiH Limited’s Q3FY26 result webinar. We have with us Mr. Vikram Oberoi, Managing Director and Chief Executive Officer and Mr. Vineet Kapoor, Chief Financial Officer. Friends, this new virtual meeting is being recorded for compliance reason. During the course of the discussions there may be certain forward looking statements. These must be viewed in conjunction with the risk that the company faces. We’ll have the opening remarks from Mr. Oberoi followed by a Q and A session.
Thank you. And over to you Ikram.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thanks Naveen. Good morning ladies and gentlemen. Actually we’ll follow our normal format which is that Vineeth will make a brief presentation. Some of you may have already seen it and then we’ll go to any questions that you may have. So with that if I could hand over to Vineet to make the presentation. If I have any additional comments while Vineet is making the presentation, I’ll add those. Thank you very much for attending and over to you Vineeth.
Vineet Kapur — Chief Financial Officer
Thank you Vikram. A very good morning to all the people on the call. Thank you for attending. Away Investor call for Q3 that we move to my part of the presentation. So the first slide talks about the industry performance for Q3 as well as YTT occupancy was at 66 to 68% which saw a nominal growth in Q3 while ARR grew by 9 to 11%. This was so and that resulting in a good and a healthy revpar. This was in spite of the flight disruptions we saw in the month of December while the Q3 was impacted overall when we see the YTD nine months performance of the industry the industry was almost flat to last year in the same range of 61 to 64% while the array 8 to 10% resulting in a higher red bar.
This is in spite of the fact that currently in the current year we saw quite some disruptions in every quarter. In Q1 we got impacted by operations. In DU we had the Middle east conflict which resulted in occupancies lower occupancies. In Q2 we had a long monsoon season which led to quite a heavy rain fall as well as floods in some areas of India and in Q3 we got impacted the first week of December got impacted by the flight disruptions we saw in the Indian market. Nevertheless in spite of that though the occupancy was flat we saw an increase of ARR at the same time that resulted in a healthy of 9 to 11 person was last year.
Coming on the next slide on the operational performance for the company in terms of our competition. EIH continues to maintain leadership over the competition set. So 13 out of 15 hotels are ranked first and second in the STR benchmarking. So we continue to lead in all the parameters including NPI including on the ARRS as well as on the RGI as compared to the complication. Coming then this slide is reflecting the revpar growth of the overall brand which falls in the luxury segment. The luxury segment saw a growth of 9.1% in Q3 while overall hotels had a growth of 5.4%.
The the growth of overall hotels was lower mainly on a part of the fact that we had opened new hotels overhead Rajkar as well as overhead added during the year and they’re in the ramp up stage both for occupancy as well as ARR and therefore we saw a little slower growth for the brand in Q3. There was also some impact of occupancy which due to the prime disruptions we saw in the month of December leading to higher than normal cancellation. We almost saw 26% higher cancellations in the first two weeks of December which impacted the occupancy and that resulted in a Lower RGI for Q3.
Nevertheless if I look at if you look at on a YTD basis we continue to lead the industry. In the luxury segment we saw a growth of 6.7. We continue to lead the growth of 11.9 on a nine month basis with a very healthy RGI of 183 versus 175 last year. Moving to the next slide, this slide is reflecting the red part growth of Trident brand which falls in upper upscale segment. This industry segment saw a growth of 8.6% while Trident Hotels had a had a growth of 12.5%. So we saw a healthy growth in this segment versus the industrial and very healthy both in terms of Q3 as well as on a YTD basis.
A very healthy growth of RGI of 173 versus 167 while on the RGA index for nine months we were just flat to last year in this industry segment. If we further look into the Q3ARR occupancy trends, our occupancy was lower than last year mainly got impacted by the new addition of portals especially over at Ashgarh and over at Vindevilas in December. Occupancy was lower for the same reason which was mentioned the first two weeks. We saw A higher impact of cancellations on account of the flight disruptions we saw in the Indian aviation space. While at the same time in spite of the lower occupancy we have seen a very healthy growth of red bar which saw 11% increase on a product higher ARR for the quarter looking at the city wise performance on a red bar.
So we have seen growth in all the cities except Shin Line. Chandigarh was a little bit nominal growth versus last year we saw a very healthy increase on Redbar for as well as Hyderabad which was due to mice events which were done in these hotels. A few both corporates as well as social and therefore led to a higher red part both in these two cities over and above the normal average even the international hotels. So I could increase of 11% on red part growth driven both by occupancy as well as ARR increases in most of most of our international markets.
Coming on the next page on room revenue trends we are almost seeing the same trend as last year. No major change. From trend perspective the segment mix remains similar to last year. We had seen growth of direct segment over the last few years couple of years but that more or less has plateaued and the percentage mix or the segment mix remains same in current year was the last. Shift. Now to financials. The financial performance both for Q3 for standalone and consolidated we’ll start with the consolidated performance. We ended the quarter with a revenue of 910 crores which was a growth of 9% over last year.
Same quarter EBITDA grew at 6% was lower than the sale revenue growth due to change in the business mix mainly on a part of the OFS growth which grew much more faster as compared to the loss of airport business launch business we had in Mumbai. Due to that the mix the growth was lower while the revenue growth the pat. The pat growth was the pad number was lower versus last year the same quarter mainly because of one time impact we had because of the change in the wage code of roughly 30 crores which we got impacted in in the month of December for the quarter as compared to the last year.
So that’s the exceptional item we had in the month of December on a stand on the the revenue growth was higher. The growth was in the range of 12% while the E growth was at the same 8% was last year. The same reason many have got the change in the business mix where our EBITDA growth was lower. And again here on the standard performance we got impacted by the change in the wage port which is the impact of probably 29 crores in Q3 in in the quarter the funds position cash. You know I think we continue to drive higher funds in in the company.
Last quarter we got benefit because of the operational profits we have been making over the last couple of quarters. Also we got one time cash inclusion one time cash refund from our Mashobra settlement which was in the range of 115 in roughly 115 crores which added to our cash flow issue the current. So it’s pretty good cash reserves currently to expand to support further expansions. Both organic as well as. Coming on the Q3 financials. In details we saw the revenue increase of 9% which I mentioned in my earlier slides EBITDA 7% while the PAT was lower on a part of the one time impact which is here of roughly 30 crores which which came in the current year.
Last quarter the PAT got impacted and we degrouped by 9% over last year. Same thing on if you look at the nine months performance in consolidated growth at 7% while the EBITDA grew at 4%. Bigger impact on PAT because two exceptional items. One exceptional item was the the loss of loss of case in Mashubra where we had impact 109 crores in Q1 with an additional impact of 30 crores in Q3 because of the wage code. Due to that our PAT is actually down by 20% versus last year. This list outs the awards and accruals accolades which our hotels have received.
Our hotels continue to be recognized for the exceptional quality and service so they were quite. There were some key awards which were won in the last quarter. Just pointing out to India’s Best Awards 2025 both for best leisure resort as well as the best hotel as well as for restaurants which we which we received. Shifting to our expansion plans and the upcoming projects we continue to grow our pipeline the development pipeline as of as of the current quarter we have a healthy pipeline of 30 properties with almost 2450 keys which we are going to add in next three to four years time.
Rajkar Rajkar has already moved to our has moved on from this list and moved to our list of hotels already in place. In the current quarter we have signed new contracts based on mainly on the managed contract side we have added Oberoi Kabini we had we have added Oberoi Humpy as well as Kurk and one hotel. So overall four hotels being added in this quarter. All of them are managed and and the number of keys is almost 280 keys being added for the current quarter. And these all will come over the all will get added during the coming next three to four years timeline.
This is we already had mentioned this we already mentioned opening of Rajkar palace in our last quarter call. So this is the few snaps of our hotel. The the portal currently is in the ramp up stage and is the initial response is very positive looking at the comments coming from the guest and and the bookings we have seen so far. So coming on the business footprint we have 3800 total of 4209 keys out of which 33801 keys are in India and 400 keys are in international. So our total of 42099 keys owned are 3338 while managed are 871 properties on a total total on a total company level.
And that’s it. That with that I end my presentation and over back back to you Naveen.
operator
Thank you Vineet. Thank you Vikram. Friends we now open the floor for the Q and A session. Anyone wishing to ask a question please raise your hand. We’ll unmute you and take your question. Take the first question from Deepak Saha. Deepak, please unmute yourself and go ahead.
Deepak Saha — Analyst
Hi. Thanks for the opportunity. I’m audible.
operator
Yes you are. Please go ahead.
Deepak Saha — Analyst
Okay so my first question is on the Bhubaneshwar market. If you can share some color. I mean this 19% growth is phenomenal. So what exactly you know driving this is the overall anything any one of that you’re seeing or you you think this is more of a sustainable kind of a thing for this particular market. This is first question.
Vikram Oberoi — Managing Director & Chief Executive Officer
In in Bhubanesha we’ve seen actually growth in in all segments. It’s not just mice. Mice has been the the strongest segment and I think this year relative. So if you have a look at the same time last year there was a change in government there and perhaps that’s had some impact as well. So for the new I’m assuming that but we’ve seen. So let me just stick to the facts. We’ve seen a growth in all segments.
Deepak Saha — Analyst
Got it. And secondly if I see your Bangalore market while rest of the other players and overall the market is growing very fast. We are doing kind of a high single digit. So anything that you would like to call out for Bangalore market because that overall market is going double digit and I think we’re yeah. So so anything that you’d like to call out there.
Vikram Oberoi — Managing Director & Chief Executive Officer
So in. In Bangalore we still on STR relative to our comp set. We still STR but I Think Bangalore. One of the issues, and this is my personal perspective on it is that the Bangalore hotel is an older hotel. We’ve upgraded food and beverage there and that’s shown good results. That happened a couple of years ago and we will be upgrading the room product as well this year in the coming financial year. I think that’s something that is required in order to maintain our competitiveness in that market is my personal view.
Deepak Saha — Analyst
Got it. So my next question is to Vineet sir, If we see 3QFY25 we had a sales growth of 8% on that base this year. 3QFY26 we have a sales growth of 9%. And you called out during the call that during your opening remarks that in the month of December because of cancellations and of our flights we had almost 26% higher cancellation. So what is quite surprising, I mean though we have seen certain cancellations but nobody called out rest of your peers. Nobody called out any meaningful impact. So is this the reason? Is this one of the meaningful reasons we have seen kind of say 8, 9% kind of a growth or some of the businesses which we concluded like you know, Mumbai lounge business then my understanding is Kolkata is either way not was either way not there on last year’s base.
Right. So. So is this a cancellation really weighing heavy on our numbers or there are any other reasons? Just trying to understand why we are trading that, you know, 9% kind of a growth for this particular quarter compared to a psi.
Vineet Kapur — Chief Financial Officer
You’re right. One is of course the impact what we got because of the round business which is not there though we have compensated with a good growth in OFS to some extent the loss of the business. But profitability is impacted.
Vikram Oberoi — Managing Director & Chief Executive Officer
From a occupancy perspective though we stopped. But effectively some of that got booked prior. We were able to offset some of it with other bookings but not to your whole extent. So that were the two reasons I would say which impacted us in December. Or on the last part, and may I just add to that is that you know, hospitality in India in the segments that we operate in and it may apply to other segments as well, you see a traditionally you see a sharp rise in foreign business coming in during the winter months and a fair amount of that is driven by leisure within the leisure segment. So this is business that is coming in through overseas travel agents to operators and destination management companies in India that book foreign business on an itinerary either fit group or series and the propensity for the international traveler to pay is or their elasticity to price is it’s fairly inelastic demand.
So even if you raise prices, demand is still strong. And what we have seen this year is that we’ve increased our pricing and when your contracted pricing goes up, you have to maintain your flexibility and bar pricing is limited because you don’t want to undercut key travel partners that support you. And so our rates have gone up. And what we have also seen is that there has been some decline as a result of that in the domestic market where the domestic market is obviously more sensitive to price increases.
Deepak Saha — Analyst
Got it. One last question, Vikram saying the similar context, if we see Mumbai market specifically on the South Bombay site, we have Trident Nariman point where almost 120 keys we renovated last year and this year, if I’m not wrong, Oberoi Mumbai also quite meaningful number of keys out of property, 200 keys, 40 keys we renovated right now. Given the general perception is once the keys are renovated, your ability to attract higher prices go up probably with initial trade off of lower occupancy. Right. So, so now what is the early, early, you know, response out of these renovated keys? Because I see your occupancies at overall level has gone up though I understand addition of keys have happened.
But does does the fact that this particular quarter you probably preferred higher rates on the Mumbai market. This is why little bit of a lower occupancy also played out. So just your response on the overall renovation that we have did we have done, what is the overall response initially?
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, so you’re absolutely right. We renovated four floors last financial year which hasn’t happened this year. That’s roughly about 120 keys. And what I also want to point out is when you renovate or you renovate four floors because this involves noisy work, it involves taking additional floors out of use not for the entire time, but for when the noisy work is happening for roughly about 50% of the time, you don’t want guests to be disturbed. Room inventory gets compressed not only from the floors you’re renovating, but from the floors that you’re taking out. Not to cause disturbance to guests who are staying in the hotel that all that supply has come back in.
So this is largely at Trident Narrowman Point to a small extent. Like you mentioned, at the Obero Bomb Bay where we did one floor, we renovated two floors, but it was one floor at a time. And that was done actually this year. Not, not last year. We renovated two floors, the 10th and 11th floor at the overall Bombay this year. And the intent is to do another four floors in, in the coming financial year and we obviously do that in the slower months. But again I want to point out that you have to take out additional rooms so that guests don’t get disturbed.
What we’ve seen at Trident Amen point is on the renovated rooms we get a high rate and revpar based on each category of room. So signs are encouraging and we will be doing some floors at the Trident Ammon point in the coming financial year as well. And it’s really important we do this. Sorry I’m not answering your question right away but I’m just trying to give context. It’s very important that we upgrade our product in order to remain in a leadership position in the markets that we operate against our comp set. So this is something that we believe is necessary.
Now to answer your question, we’ve seen very strong demand at Trident Narrowman Point an equally strong demand at the at the Obero Bombay. Occupancies at the Obero Bombay have fallen slightly relative to the same time last year because we had shifted to the extent possible guests when the hotels fall at Narrowman Point to the Oberoid Bombay. So it may not be an apple to apple comparison. And like I said we are charging a premium for the rooms that we renovated renovate both at the Obroy Bombay and Triton Nariman Point and guests have been completely accepting the rate increases for those renovating rooms and suites.
Deepak Saha — Analyst
Just a follow up sir on that.
operator
Deepak, may I ask you to join the queue? There are other parties.
Deepak Saha — Analyst
Sure, sure, sure, sure.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you. Thanks Deepak.
operator
We’ll take the next question from Abhishek Shankar. Abhishek, please unmute yourself and go ahead.
Abhishek Shankar. — Analyst
Yeah, thank you for taking my question. Good morning. So I think my India previous presentations you used to give the EIH owned hotels data as well along with the all domestic plus managed hotels. So is it possible to you know give the ARR and occupancy for eh owned hotels for the quarter and the previous quarter that is last year?
Vineet Kapur — Chief Financial Officer
I don’t have the data.
Vikram Oberoi — Managing Director & Chief Executive Officer
We can share it with you Abhishek. No problem whatsoever and I apologize we haven’t given that information but we’re happy to share it with you. Okay.
Abhishek Shankar. — Analyst
So yeah, thank you. And one more question is like I think in Q1 we had you know spoken about the Mashobra property. Right. I think there was some discussion about some rebidding process that will happen because you know there might be the hotel might you know come back and then there might be hotels who would companies who would like to manage the property again. So what’s the status on that? Is there any rebooting process that is starting there? Again.
Vikram Oberoi — Managing Director & Chief Executive Officer
Nothing has been announced by the government at this point. And we are still running the hotel under contract. So that’s still going to continue till March and we are hopeful that that will extend it further.
Abhishek Shankar. — Analyst
Okay, sure. Thank you. I’ll just join back the queue.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you. Chair. Thank you very much. Thanks.
operator
Abhishek.
Vikram Oberoi — Managing Director & Chief Executive Officer
Abhishek.
operator
Maybe you can drop me a mail with the data that you need. We’ll get in touch with the management and color report to you.
Abhishek Shankar. — Analyst
Sure. Thank you.
operator
We take the next question from Vaibhav Mulay. Please go ahead. You need to unmute yourself and go ahead audible. Yes you are. Please go ahead.
Vaibhav Mulay — Analyst
Okay, great. Hi sir. Congratulations on good set of numbers. My first question was on our Obra Grand Kolkata. We had mentioned that hotel once was shut down in August 2024. 50 Keys would be operational within 18 months. So I wanted to check whether this.
Vikram Oberoi — Managing Director & Chief Executive Officer
Timeline still remains intact. And the hotel would be opening at least the 50Ks in the coming March or April. No, the. Actually it’s 15 months from. Sorry. 18 months from the date that the hotel we stopped taking any business. Which was. The last date was May if I’m not mistaken. March. Sorry, March. So it’s 18 months from March which will be in August, September of current year.
Vaibhav Mulay — Analyst
So how many keys would be open.
Vikram Oberoi — Managing Director & Chief Executive Officer
Opening in August as of now? The same what we said earlier. 50 keys.
Vaibhav Mulay — Analyst
Yeah.
Vikram Oberoi — Managing Director & Chief Executive Officer
Correct.
Vaibhav Mulay — Analyst
My second question was on our overall expansion pipeline we have increased the rooms in Trident Hubble to 300 from I think 250 earlier. Any particular reason for that? And secondly, the Oberoi Makai Darjeeling Property earlier had 120keys which has now been reduced to 25keys. It’s a managed property. So I just wanted to understand the changes in the keys for these properties.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah. So I’ll answer hebble first. We believe that there is potential demand for that for the increase in the number of keys. And. And that’s why we’ve done that. It’s as simple a reason as that with Mackay Barry. I’m sorry I don’t have the. The information in front of me. But Mackay Barry was always a 20 key hotel. So I’m not sure where you read 120 and if you did, I think. In the last presentation we have mentioned. 120 key could be typo. Yeah. So we’ll need to. It was never 120 keys. There wouldn’t be demand for an Oberoi hotel at the rates that we have for 120 keys. So I apologize, that may be an.
Vaibhav Mulay — Analyst
Error and we’ll look possibly. That could be.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, that could be an error. I apologize. We will look at that. I’m sorry if we’ve made that. If we made an error.
Vaibhav Mulay — Analyst
No worries. My last question was on our Oberoi Flight services business. Could you share the absolute revenue and the growth year on year for. For this business that we have achieved in Q3? I’ll just share the exact number for Q.
Vikram Oberoi — Managing Director & Chief Executive Officer
Do we share? Yeah. Okay. All right. But, but can I just say one thing? While Vinita is looking at the numbers. So we used to operate the lounge at Bombay and that was a very high revenue and very high margin business. Fortunately, we’ve been able to offset the revenue side. In fact exceeded the revenue business through the airline business. So we’ve compensated for that. But margins in the airline business, you’ll appreciate are not the same as they are for the lounge business. Lounge business was, if I remember correctly, an ebit of over 50%. Yeah. So for the OFS business for Q3, the revenue was 135 crores which saw almost increase of 25 to 30% versus last year.
Vaibhav Mulay — Analyst
Understood, sir.
Vikram Oberoi — Managing Director & Chief Executive Officer
Perfect.
Vaibhav Mulay — Analyst
Thank you so much. And all the best.
operator
Thank you. Take the next.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thanks so much.
operator
Sorry, Deepak Saha has a follow up question. Deepak, please go ahead.
Deepak Saha — Analyst
Hi. So just a follow up on this. So excluding the lounge business that we had, any color you’d like to give, what would be the adjusted growth on the revenue side? If we adjust for the lounge business that we had last year?
Vikram Oberoi — Managing Director & Chief Executive Officer
If it’s a like to like comparison. It’s if I remember correctly, 30. 13.9%. Let me just confirm that number to you. I’m going by memory.
Deepak Saha — Analyst
Sure, sure.
Vikram Oberoi — Managing Director & Chief Executive Officer
Like to like. I’ll just, I’ll just give. Yeah. For only. You’re looking only for Q3, right? Like to like.
Deepak Saha — Analyst
Yeah, yeah. Only Q3. YY. What would be the registered number? It would be helpful if you can give revenue every site. Secondly, so you mentioned about. You know, I didn’t. Nariman point, you know, further, you do renovation next year. So I missed on the total number of keys you’re looking for renovation next year. And is it right to assume that probably preferably the renovation would be first half of next year so that we are back on.
Vineet Kapur — Chief Financial Officer
We will not be able to give that information. It’s still in working process. We’re still deciding.
Deepak Saha — Analyst
Got it. Fine. Thank you.
Vineet Kapur — Chief Financial Officer
In terms of your other Point which is your, you know on a stand, on a yoyoi basis taking on the impacts which we had run upon our grand of course bandwidth. There is no hardly any factories Mumbai and the other things including the wild card all we had grown. We improved 14 in Q3 as against the 9% growth what you saw earlier.
Deepak Saha — Analyst
Helpful sir. Thank you. And all the best.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you so much.
operator
Thank you. Deepak. We’ll take the next question from Madhav Agarwal. Madhav, please unmute yourself and go ahead.
Madhav — Analyst
Yes. Hi. Thanks for the opportunity. So sir, I wanted to know your like hotel wise performance in your international hotels. So if I see on a blended basis international, the blended rap bar you have mentioned to be 11. But this includes managed hotels as well. Right. So like what was the. How was the performance for hotels in Bali Lombok specifically for these two hotels? If you can comment.
Vineet Kapur — Chief Financial Officer
So on the international front I think we’ve done well for the quarter as well as on a YTD basis on. If I really look at hotel wise performance except for Bali, all our hotels, whether it’s number, Mauritius, Sadash, they’ve. They have really grown versus last year. Bali has been almost flat to last year.
Madhav — Analyst
Okay. Okay. Thank you. And for the flight catering business, what are the margins currently? You mentioned the revenue to be 135 here, right? So approximate, if not exact approximate margins that you generated this business ebitda.
Vineet Kapur — Chief Financial Officer
Sorry, you know we don’t share those numbers. And also tracking wise from a regulation perspective we only have one segment which we normally track and report.
operator
Thank you Madhav.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thanks. Thank you.
operator
Rikas, do you have a question? Because please unmute yourself and go ahead. Okay. In the meanwhile there are a couple of questions posted on the chat board. May I take those please?
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, absolutely. Please.
operator
This is from Amit agarwal. Good morning Mr. Vikram. Very less information is provided regarding our airline business. How much turnover did we see this quarter? How much business we lost because of airline disruption and how do you see it shaping next six months? Can you let us know how much we get from domestic route versus international?
Vikram Oberoi — Managing Director & Chief Executive Officer
So I don’t have all the figures with me and what I’d suggest is whatever. If you could just. Naveen, send us this and whatever information we can provide. We will provide. We may not be able to answer all those questions for the reasons that Vineet just explained. But we’ll endeavor to provide the information to the best extent possible.
Abhishek Shankar. — Analyst
Thanks.
operator
Ahmed. May I request you to mail your questions to me and we’ll forward them to the Management.
Vikram Oberoi — Managing Director & Chief Executive Officer
Okay.
operator
His second question is regarding Wildflower Hotel. Since the shares have been transferred to the government for how long do we are we still managing the property? Any timeline for it going for re auction?
Vikram Oberoi — Managing Director & Chief Executive Officer
We. We haven’t been informed of the timeline for reaction so I can’t answer that that question. But we continue to operate the hotel.
operator
Mehul Shah. Good morning team. Can you help me with the ARR and occupancy for old hotels?
Vineet Kapur — Chief Financial Officer
Okay, we will provide that. Yeah.
Vikram Oberoi — Managing Director & Chief Executive Officer
And I again apologize for not including that in the. In the deck. We’ll make sure we do that next time.
operator
We have the numbers now or we’ll get back to the participant.
Vineet Kapur — Chief Financial Officer
We will get back to the participants.
operator
Mail. Do you do please drop me a mail. Tarun Rathi asks Good morning sir. Any plans on utilizing Idle Land and any plans for opening a hotel in Puri? What is the update on Obra grand reopening that Vikram just transferred? Are we including sports facilities also in restoration of Grant?
Vikram Oberoi — Managing Director & Chief Executive Officer
So let me answer the question for Bhaneshwar Bhubaneswar is a. It’s a relatively smaller hotel. It’s been there for for many many years and the market was different. There is. We are once we present this to the. This is part of May 8th. Once that is present to the board and approved by the board and information is shared with the stock exchange, of course we’ll make that available on an investor call as well. That’s as far as concerned. In the Oberoi grand renovation, we will be expanding on the spa and the gym, but there are no additional dedicated sports facilities that we’re adding at the Albury Grand.
Of course the product will be completely upgraded. Room inventory is as you know coming down to approximately 200 and room sizes will be substantially increased. So the 200. Which is about 50 rooms and suites. So overall product will go under a significant change not dissimilar to what we did at the Oberu New Delhi and the Oboro New Delhi when it reopened has seen a sharp. It opened in a few years ago but it saw a sharp increase in performance with and with EBITDA increasing by a very very large amount. I don’t want to give the percentages but it was a significant repositioning of the hotel which was reflected both in top line and in bottom line performance.
operator
Okay, thanks Vikram. Mehul, you have some queries on Obre Grant.
Vikram Oberoi — Managing Director & Chief Executive Officer
Can you just mail them please?
operator
So any plans of expanding into private clubs either under Bay Club or Trident Club across key cities in India with sports and FNB as the Key offerings.
Vikram Oberoi — Managing Director & Chief Executive Officer
Currently it’s just the bake club.
operator
If we come back to the participants. Madhav, do you have a follow up question?
Madhav — Analyst
Yes. Yes. So sir, I wanted to know like some color on the Mumbai market. So this quarter we have seen the Mumbai the refer. You have mentioned 7% right? This is on the back of like you have renovated 120k right in point and Oberoi also so and then there is a 7% refer growth. So like am I reading it incorrectly or like is it that in the Mumbai market the, the ARR growth is slowing because that is what we are seeing in the HBS data as well that in the, in this quarter the ARR growth was the slowest.
So your comments on this.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, so actually you know I think see revpar is revenue per available room. And I think when you’re looking at that certainly for us you should keep in mind that there were 120 keys that were not available that were being renovated. Let me be more precise. And a further, you know floors above and below taken out of service while the noisy work was happening which is roughly for half that time, half the time period of the renovation. So when you’re looking at previous year’s data the base is completely different. And RevPAR is again based on per occupied room.
So room inventory was down. Therefore obviously your revpar will go up because you have fewer rooms to sell and you run higher occupancies and hopefully higher rates as well. So I wouldn’t say that it is an apple to apple comparison at least for Trident Narrowman Point. It absolutely wouldn’t be. And just because the 585 keys are back into room inventory that weren’t there previously, it was operating on a much lower key count. And the, the. If there’s a renovation which is greater than three months, if I remember correctly, hotels have the opportunity to take room inventory out.
So you would reduce your room inventory by the number of rooms that are unavailable. If it’s for shorter than three months you can’t do that. And we of course follow STR rules precisely and strictly.
Madhav — Analyst
Got it. Got it sir. And sir, for the Navi Mumbai market, any plans like in the pipeline, whether if you are looking for an opportunity so it will be I guess it will be a managed hotel only, right? Or. You are looking.
Vikram Oberoi — Managing Director & Chief Executive Officer
Sorry, I. I heard the first part. So I’ll answer the first part. Navi Mumbai is we. We would really like to have a presence in loving Mumbai and our efforts will be focused in trying to achieve that objective. And as soon as we do, we would add it to the list of hotels. Your second part of the question. I’m so sorry, I couldn’t hear it. So could I request you to repeat the second part?
Madhav — Analyst
Just I wanted to know. It will be like a owned hotel looking or a managed property.
Vikram Oberoi — Managing Director & Chief Executive Officer
We open to all options. So I can’t really comment whether it’ll be owned or managed or perhaps even a jv. I can’t comment but we would like to have a presence in Navi Mumbai. It’s an important market and no effort would be spared to have a presence there either through the Oberoi or through Trident or through both brands. What I think is.
operator
Thank you Madhav. We’ll take the next question from Shruti Kopade. Shruti, please unmute yourself and go ahead. Shruti, you need to unmute yourself and then ask your question. Yeah, she’s facing some. Can we go for the next round of follow up questions? Friends, I request you to keep yourself limited to just one question because there’s several participants in the queue.
Vikram Oberoi — Managing Director & Chief Executive Officer
Naveen, may I just say, say one other thing that we are. We. We have a limited time. We have actually we’re right in Bombay as I mentioned and this is the time of our budgeting. So we have a budget meeting for next financial year for our Bombay hotels. So we will need to take a hard stop. What time is it?
Vineet Kapur — Chief Financial Officer
Maybe around 12:15. Sorry, 12 to 12:15.
Vikram Oberoi — Managing Director & Chief Executive Officer
And if that’s all right.
operator
Friends, as.
Vineet Kapur — Chief Financial Officer
I said, please limit yourself to one question.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you.
operator
We’ll take the first follow up question from Abhishek Shankar. Abhishek, please go ahead.
Abhishek Shankar. — Analyst
Yeah, thanks for taking a question though. So I, there are various media reports that I was seeing that you know this AI summit that’s coming up in Delhi in February, you know there is a significant rise in the prices of hotels. So just want to understand the trend as in is it really that you know the hotels are sold out and the prices are so high and do you see any spillover demand that is going on to Gurgaon as well? Because I think there is one Trident Gurgaon in your portfolio. So just want to understand the market because Delhi market has been slightly, you know, flat over some time.
The industry, what I’m saying not.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, yeah, the, the Oberon New Delhi has done very well for the nine months. So the hotel has performed very well with growth over previous year. So that’s comment number one. There has been a spillover to Gurgaon and I know that has happened both at Oberoi and at Trident for us, perhaps for others as well. I can’t comment on the others. And the overall Gurgaon market rates have been very high and in fact this has received quite a lot of negative publicity as you would have seen in the press. And the hotel association has responded on behalf of all the hotels on this.
So I would not like to add anything further. But please refer to the hotel association response Hai’s response and that applies to all hotels that are members of Hai in Delhi.
Abhishek Shankar. — Analyst
Thank you sir. Thank you so much.
Vikram Oberoi — Managing Director & Chief Executive Officer
My pleasure. Thank you.
operator
Rajiv, please go ahead. Rajiv.
Vaibhav Mulay — Analyst
Yeah. Hello. Good morning sir. Thanks for the opportunity. So I have a couple of questions. First of all, I remember back in Jan, Feb until April we were doing 20 repair on the domestic portfolio including managed and that time you had commented that we will, you know, keep on doing the similar kind of hikes in the subsequent part of the fiscal as well. I mean I thought you were actually taking leadership on the price hike side that has kind of fizzled how it seems and especially when I see December performance where we have revpar is only doing 5% 1 what what transpired and second thing, are you going to see that momentum again picking up, let’s say in the current fiscal.
Vikram Oberoi — Managing Director & Chief Executive Officer
So I think number one, I think we would be perhaps coming to the wrong conclusion on the propensity to drive rate. Our view is right or wrong that for the quality of hotels that we operate, our prices are we should be demanding higher prices. If you go to any major city in the west where a lot of our guests come from Europe, North America, rates are extremely low in India and also the rupee has devalued as well. So it makes it even cheaper in terms of what our overseas customers are paying. We will continue to drive rate and I wouldn’t come to any conclusion based on what you see in Q3.
There’s so many factors that could cause variations in demand. Airlines have been mentioned. I know unfortunately, you know, India’s received or north India has received a lot of negative publicity on pollution levels in the north of India and that doesn’t help travel. Countries have even given warnings on travel to India because of pollution. So there’s so many factors that impact this. I don’t know if I should be making a statement, but February is a time and all indications are that February will be a very strong month for us as I would imagine it would be for the industry.
Vineet Kapur — Chief Financial Officer
I would also like to highlight though we said it’s, you know, overall revenue growth is 7%. But if I look at on a apple to apple basis growth in Q3 was 14% and I already highlighted my presentation the red part growth was around 11 in Q3 despite of the fact that we had some disruptions in December. So it’s not that you know, considering that I would, I would also add to the fact that our occupancy at least for our company is already in a very high range. So on that base growing year over year with the same rate would be difficult.
But we still continue to see a very healthy rise both in occupancy as well as ARR which will foresee to continue even.
Vaibhav Mulay — Analyst
That’S very helpful on 14% growth on a like for like basis. Have we seen operating leverage on the hospitality side? Because that doesn’t seems to be the case at least on the printed margin. What we have shown, I’m sure there is a, there’s a fight catering impact there but have you seen margin impact margin growing there or it’s lower.
Vineet Kapur — Chief Financial Officer
So you know margin we have seen we are seeing growth even in that segment in terms of whatever error growth comes in that helps us in margin growth.
Vaibhav Mulay — Analyst
So you’re saying the entire purely because of the dilution from the fried catering business. Is that how you should read it?
Vineet Kapur — Chief Financial Officer
The. The margin mix definitely segment mix definitely impacts us.
Vaibhav Mulay — Analyst
Sure. So lastly one, one thing on renovation. So your Jaipur and Cochin is also I think you are putting up for renovation on the trident side, I think is that somewhere in the slide there are some closures which are going.
Vikram Oberoi — Managing Director & Chief Executive Officer
There.
Vineet Kapur — Chief Financial Officer
Is definitely closed for innovation. That’s also has an impact brand is closed for innovation. Coaching is not close for innovation.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah. Okay. Can you just, can you just help.
Vaibhav Mulay — Analyst
With what are the per key renovation costume let’s say right now just for thumb rules because this seems to be ongoing access.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah. There’s no thumb rule. It really depends on what you’re doing. So it really depends on the extent of the renovation and therefore it could vary so significantly. If it’s a soft refurbishment, it’ll be significantly less. If you’re ripping out bathrooms, redoing flooring, redoing windows, it would be significantly more. So I’m afraid it would be. I’d be ill advised to give you numbers. It really depends on what you’re doing as you depreciate.
Vaibhav Mulay — Analyst
Thanks a lot. That’s all for this.
operator
Thanks Rajiv. We’ll take the next follow up from Vikas over here because please go ahead.
Vikas Ahuja — Analyst
Yeah. Hi. Am I, am I audible this time?
Vikram Oberoi — Managing Director & Chief Executive Officer
Yes. Hi.
Vikas Ahuja — Analyst
Hi sir. So I just have one question. So obviously as we have highlighted on a cleaner basis, Revpar is even better. So we have seen, we have observed a pickup in Q3 after a relatively slower Q2 and with the current tailwinds such as, you know, World Cup AI summit and given our strong presence in Delhi, is it reasonable to expect momentum to strengthen further from here onwards?
Vineet Kapur — Chief Financial Officer
Difficult to comment on that because. But that what I mentioned before, you know, the. The sector looks, the outlook seems positive with the events happening and as well as the growth, what we are seeing in all the segments including Indians demanding the luxury segment side, we are seeing a good demand. From that perspective, the output looks good.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah. And February, you know, traditionally for hotels are a very strong month. I mean February is a very, very strong month for hospitality. And this February fortunately is looking that way as well. So. And I don’t know what others are doing, will be doing but I would imagine that will be. We won’t be unique in that position. It’ll be for us and others in February.
Vikas Ahuja — Analyst
If I can ask one more and this is related to Delhi as a region. I mean we have two now big conventional centers there, Yashopumi. And that is what is leading to such big conferences also coming in. And if you look at the supply there, you know, there has hardly been any addition we have seen over the past few years. Plus there’s a lot of commercial space which is getting added to the airport. Do we think that, you know, the. In terms of the growth among cities, it could be one of the, could be one of the best performing in next few years or you think this pollution issue will kind of derail the story?
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you. I can’t, I don’t have the ability to comment on that and my guess will be as good as yours. So I’d rather not speculate on what it will be. But I think there’s a great benefit to tourism employment, especially in the unstructured labor markets with weddings events and also India’s prominence for global. When there’s global participation, it helps bring India on the map, whether that’s sports, whether it’s meetings. So I think these events really not only help hotels and hospitality and travel, but they also help with employment. They help with India’s perception overseas and the more events we can do, I think all parties benefit from this.
So really we’d applaud these events taking place and we hope if anything they will continue to increase over a period of time.
Vikas Ahuja — Analyst
Sure sir, thanks a lot and wish you luck for the next photo.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you so much. Thanks Very much, thank you.
operator
Do you have a follow up question?
Vaibhav Mulay — Analyst
Thanks for the follow up, sir. My, my question was on our expansion pipeline. Again can you share a status of development in terms of how many greenfield projects have you received the approvals where the construction has commenced and expected timeline for completion of the construction for our greenfield projects which are on our books as well as on subsidies.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, I don’t know. If we provide that level of detail we’ll have a discussion internally and if we can provide that level of detail we’ll be happy to. But at this point, number one, I don’t have that information in front of me but we’ll certainly consider this and if appropriate include it going forward. Would that be all right? If it isn’t. Okay, sure.
Vaibhav Mulay — Analyst
So sure. So just related to this, we also have a 7.6 lakh square feet of retail space coming up in Hebble. So would you be able to provide what kind of possible, you know, monetization that can happen from the leasing of this area?
Vikram Oberoi — Managing Director & Chief Executive Officer
I, I think again we do have those numbers. I, I don’t want to disclose them but I think my, my suggestion to you would be to see what grade A commercial space rents for in, in Bangalore and I hope we’ll be able to get a premium on that at Hebble.
Vaibhav Mulay — Analyst
All right sir, thank you so much and all the best.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you. Thank you so much. Thanks a lot.
operator
Thank you. We have a couple of questions again.
Vineet Kapur — Chief Financial Officer
On the chat board.
Vikram Oberoi — Managing Director & Chief Executive Officer
Sure, thanks.
operator
One more question regarding the new hotel Naila Phone being open in Jaipur on 15th of this month. Any details of the management or ownership of this property?
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, absolutely. This is actually, it’s not a hotel, it’s a luxury residence. It’s four bedrooms and you can. And it’s. Although it’s four bedrooms, it’s a very large space. There are multiple areas, large gardens, a pool, four bedrooms, multiple living rooms, multiple dining rooms, a gym, etc. And, but it’s. You can. You have to take the whole of Nila Fort. It’s not rented out individually and the price for that is 12 lakhs. And this is the ownership of Nyla Fort is ohploy Hotels Private limited. Thanks. May I just add, may I just add one other thing Naveen, which is perhaps important is in Naila is the first luxury residence and this is something that we believe is important for our guests.
Guests who want a more private, intimate experience luxury residence at the very high end which Naila is work. We are exploring a second opportunity in again in a location where we already have Hotels or a hotel and I hope on the back of Nila. And the second one when it gets announced more owners will approach us for managing their luxury residences but we will only manage very high end luxury residences and Naira is a perfect example of that as will be the second one. Thanks Vikram.
operator
Posted a question sir, can you please comment on the employment benefit, employee benefit expenses as it increased by around 11% on YoY basis in Q3FY26 which is more as compared to revenue growth of 9%. Any further guidance for that?
Vineet Kapur — Chief Financial Officer
Yes, that includes the the employee growth will be on account of the new hotel additions we have done. Yeah, this includes the overall transfer as well as Wildflower hall which we are operating operating the hotel. So the increase will the headphone of the employment cost increase will increase with normal attrition as well as the increase on account of these two new monkeys which has been added to our plm.
operator
Thanks Vineet. Ketan has one follow up question. So what is the salient fee of foreign tourists to Indian tourists in our revenues for Q3 and how does it compare to pre Covid? Can you share the percentages please?
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, we don’t disclose the mix between our Indian guests and our international guests both in terms of contribution to occupancy and revenue. Thanks Vikram.
operator
Friends, anyone with a question please raise your hand. There are no further questions. I’d like. Sorry.
Vikram Oberoi — Managing Director & Chief Executive Officer
Please. Naveen, I just like to add one other thing that maybe is important, you know, at an entry level of course it is what it is but it really also varies across location. So for example in Delhi the number of international guests who stay with us both in Delhi and Gurgaon is higher or significantly higher than let’s say a location like Chennai. So and those variations are significant.
operator
Friends, anyone with a question please raise your hand or we can wind up. Please go ahead. But just keep it short because you’re running out of time. Yeah Raji, please go ahead.
Vaibhav Mulay — Analyst
So just one clarification. The 14 number includes the Mashubra impact on the standalone number, right? I mean if you were to strip that out then the number is basically 7% on a like for like basis. On a standalone basis.
Vineet Kapur — Chief Financial Officer
Sorry.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, you should be able to. Yeah, you should be able to.
operator
Please go ahead.
Vineet Kapur — Chief Financial Officer
Yes, the number includes the impact on upon. If we exclude that the percentage would be roughly around 10 to 11%.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thanks.
Abhishek Shankar. — Analyst
Thank you.
operator
Friends, I’d now like to hand over the webinar back to Vikram for his closing remarks.
Vikram Oberoi — Managing Director & Chief Executive Officer
Sorry, I’m just unmuting myself.
operator
Sure. No, no, you’re unmuted. Go ahead, Vikram. We can hear you. Please go ahead.
Vikram Oberoi — Managing Director & Chief Executive Officer
I think you need to.
Vineet Kapur — Chief Financial Officer
Just need to just, just give me.
Vikram Oberoi — Managing Director & Chief Executive Officer
Sorry, we’re playing music.
operator
You need. Once you need to unmute yourself, Vikram. Vineet’s mic is muted.
Vikram Oberoi — Managing Director & Chief Executive Officer
Yeah, yeah.
Vineet Kapur — Chief Financial Officer
Is that better?
Vikram Oberoi — Managing Director & Chief Executive Officer
Yes, please go. Okay. I apologize. Just wanted to say thank you, Naveen, for your support in organizing this call and thank you for the participants. You know, this year has been a year which has had some ups and downs and but despite that, I think our industry is doing well. We continue to do our very best to provide our guests with an exceptional guest experience. And we believe by doing that they not only pick us over other hotels, but also willing to pay a premium. And we continue to focus on that part of what we do.
We also are focusing on our growth and as and when the additional hotels, hotel either management contracts or others, we will share that with you. And we remain optimistic about India and the potential for India. I think tourism has many advantages for our country that helps create employment across India. So in areas that are more remote, people like to go and see beautiful places, untouched places, unspoiled places, and industry is slower to move there, whereas tourism creates employment in those locations very quickly. And I think as a country, if we continue to focus on tourism and significant employment opportunities, I think everybody benefits.
It’s not just the tourism sector that benefits. So I remain optimistic and I thank the government both at a central level and state level to promote tourism drive employment. I think one area where we should be doing more is really promoting India overseas. And I’m confident that that will will also start to take place. That had taken a major step backwards, but I’m confident that we will see a change in that too for the reasons that I have mentioned, the benefit it brings to our country, our foreign exchange earnings, etc. So thank you very much and I continue to remain optimistic about our industry and its potential.
operator
Thank you, Vikram. Thank you very much, ladies and gentlemen.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you, Mr.
Vineet Kapur — Chief Financial Officer
Overall.
Deepak Saha — Analyst
Thank you, Mr. Kapoor, for taking time.
Vikram Oberoi — Managing Director & Chief Executive Officer
Out to interact with the investors and.
operator
We look forward to hosting you again for the next quarterly webinar. Thank you and have a wonderful day.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thanks so much. Thank you very much.
Vineet Kapur — Chief Financial Officer
Thank you. Thanks a lot. Thank you.
Vikram Oberoi — Managing Director & Chief Executive Officer
Thank you.
operator
Bye bye.