• Core business performance: Excluding one-off residential comparisons from the previous year, revenue grew 10% year-on-year and EBITDA increased 15%, led by 9% revenue growth in hospitality and gold-standard hospitality EBITDA margins of 45–46%.
• RevPAR and occupancy: Overall RevPAR grew 6.5%, driven by a 19% surge in leisure and 10% growth outside Mumbai, with management anticipating strong second-half momentum as foreign tourist sentiment improves and the social calendar accelerates.
• Commercial portfolio expansion: Operational commercial space stands at 2.3 million square feet at 91% occupancy, generating ₹350–400 crore annually, with an additional 0.9 million square feet under development set to lift total commercial revenue to ₹450–500 crore.
• Project pipeline execution: The company has an active pipeline to reach 5,000 to 6,000 rooms, targeting partial completion of the 380-room Taj Delhi Airport and Cignus Powai by the end of this financial year, followed by the Ritz Carlton Hyderabad in FY29.
• Debt and capex: Net debt sits slightly above ₹2,000 crore and is fully serviced by commercial cash flows, leaving hospitality assets effectively debt-free and providing ample internal accruals to fund capex over the next 3 to 5 years.