1. NCD repayment - ₹58 cr by July-August 2024 Delivered - At the Q4 FY24 call, management committed to repaying/repurchasing the remaining ₹58 cr of NCDs using \~₹40 cr warrant-conversion proceeds plus internal accruals in "the months of probably around July-August when their 18 months complete". In Q1 FY25 the balance 10,000 convertible debentures were redeemed at a total redemption value of ₹63.78 cr, with no outstanding debentures post-transaction.
2. Eight new lease properties - operational by November/December 2023 Partial - At the Q2 FY24 call, management stated eight new lease properties would be operationalised by 1st November and 1st December onwards. Orchid Jamnagar opened 1st December and IRA Sambhaji Nagar 15th December 2023, IRA Ayodhya opened 17th April, and Orchid Noida, Toyam, Chandigarh, Dehradun and Bhavnagar were still scheduled for later quarters.
3. FY25 EBITDA margin - 30-35% Missed - At the Q2 FY24 call, management guided FY25 EBITDA margin at 30%-35%, inclusive of new properties, refined to 35% at the Q3 FY24 call. At Q4 FY25 management said margins would "come down" gradually due to more leased/revenue-share hotels; FY25 EBITDA margin was 28.9% and FY26 was 25.1%.
4. No major capex on existing properties Missed - At the Q2 FY24 call, management said there would be no major capex on existing properties, only upgradation capex within existing annual budgets. Q1 FY25 carried \~₹24-25 cr of Goa and Pune poolside renovations, and at Q4 FY25 the Pune renovation was sized around ₹40 cr over \~18 months; at Q1 FY27 the CFO guided "normal repair and maintenance CAPEX" for the next two years.
5. Refinance remaining loan after July 2024 lock-in Delivered - At the Q2 FY24 call, management committed to refinance the remaining loan after the lock-in ends in July 2024 at a substantially lower interest rate. NCDs were repurchased by Q4 FY24 with a new Axis Bank rate of 10.75% versus an earlier redemption premium of around 21%, and by Q4 FY26 the total company loan was ₹86 cr at 9.75% from Axis Finance.
6. Interest saving from hotel sale - \~₹25 cr Delivered - At the Q2 FY24 call, management guided interest saving of approximately ₹25 cr from the hotel sale, \~₹5 cr of earnings from operating the sold hotel, and a net benefit of ₹10 cr for the year. By Q4 FY24 the IRA Mumbai sale had removed ₹26 cr of interest on ₹125 cr, and the property earned \~₹4 cr of GOP above lease rental in five months.
7. IRA Mumbai lease conversion to management contract Missed - At the Q2 FY26 call, management said discussions were on with owners on converting IRA Orchid Mumbai's expensive lease to a management contract - "Let us see how it fructifies" - without firm commitment. The IRA Mumbai facility was discontinued from April 1, 2026, with the company peacefully vacating on March 31, 2026.
8. Trio/Savarwadi land - JDA instead of sale Missed - At the Q1 FY25 call, management said the Trio/Savarwadi land on the Mumbai-Ahmedabad Highway touch would be taken through a JDA instead of a sale, with 3-4 parties shortlisted and formal signing pending. By Q2 FY25 the NH8 plot work was paused pending the Vadhavan Port assessment, the merger scheme was withdrawn by Q2 FY26 with the parcel valued at ₹70 cr at merger time, and at Q1 FY27 no brownfield/land-parcel project was on the books.
9. Merger of landholding subsidiaries - completion Missed - At the Q2 FY25 call, management said the merger of two landholding subsidiaries would take effect once SEBI, NCLT and members' approvals came through, with NSE and BSE approvals received by Q1 FY26. The merger scheme was withdrawn voluntarily on 8th November 2025, with SEBI having taken more than 13 months and other approvals pending; shareholding "will remain what it is only".
10. FY27 keys - 400 keys addition in 12-15 months On track - At the Q1 FY27 call, CFO Milind Wadekar guided around 400 keys addition over the next 12-15 months across Gwalior, Dehradun, Dwarka, Nashik, Rishikesh and Mandvi Kutch, "assuming there will be some delays. It could be earlier also". Q1 FY27 records show 24 properties with 1,950+ keys and a pipeline of 7 new properties with 620+ keys.
11. FY27 EBITDA margin - 30% in 2-3 years On track - At the Q1 FY27 call, CFO Milind Wadekar set an EBITDA margin target of 30%, describing the current improvement as long-term with an internal target of two to three years. Q1 FY27 EBITDA margin was 27%, with no further margin disclosure in our record.
12. Group ARR - ₹7,500 by FY26 Missed - At the Q4 FY25 call, management set a goal to increase group ARR to ₹7,500 by FY26, reiterated as the blended ARR target for the year at Q1 FY26. FY26 group ARR was ₹6,051 and Q1 FY27 group ARR was ₹5,678, with Q4 FY26 segment ARRs of Orchid ₹6,628, Ira ₹5,767, Lotus ₹6,050 and Fort JadhavGadh ₹8,835.
13. Orchid Pune renovation - 410 to 500 rooms in 12-15 months Partial - At the Q3 FY25 call, management said the Pune Orchid expansion from 410 to 500 rooms would take approximately 12 to 15 months, later sized at around ₹40 cr over \~18 months with the 410-room hotel becoming \~460 rooms. The first-phase renovation completed by Q3 FY26 with ARR rising from \~₹5,500-5,700 to \~₹6,500-6,700, and the hotel is operating 386 rooms going to 410 this year, not 500.
14. Puri (Mahodadhi Palace expansion) - 120-room heritage hotel within 15 months Missed - At the Q3 FY24 call, management announced a Puri JDA for a five-star 120-room heritage hotel at an estimated cost of ₹75 cr, entirely equity-funded, with the full project completed within 15 months. Plans were revised in Q1 FY26 due to airport height restrictions, the project was re-timed in Q3 FY26 to "approximately two and a half, three years", and the opening now stands at December 2029.
15. Orchid Mandavi Kutch - opening by December 2027 On track - At the Q4 FY25 call, management said the newly signed 153-room Mandvi Kutch hotel was set to open by December '27, with the Q4 FY25 and Q1 FY27 PPTs both listing December 2027. At Q1 FY27 management stated Kachchh Mandvi "is on track and that is going on as expected"; the hotel has not opened yet.
16. Orchid Rishikesh expansion (second hotel) - opening by March 2027 On track - At the Q1 FY26 call, management mentioned a second Rishikesh unit of 44 rooms that may go up to 60 rooms, with the Q4 FY26 and Q1 FY27 PPTs listing the second hotel's opening as March 2027. At Q1 FY27 management said the Rishikesh expansion "will go on as per expected"; the hotel has not opened yet.
17. Orchid Dwarka (second property) - opening by December 2026 On track - At the Q1 FY27 call, management said the 63-room Orchid Dwarka should start operations "by latest December this year", i.e., November-December 2026, with the announcement and Q1 FY27 PPT both citing December 2026. As of Q1 FY27 Dwarka has not opened, with no opening disclosure in our record.
18. Orchid Nashik (second property) - opening by March/April 2026 Missed - At the Q1 FY26 call, management said Orchid Nashik was signed and should open in April, with the announcement citing full operational status by March 2026. The opening was pushed for Kumbh Mela reasons, rescheduled to December 2026 in the Q4 FY26 and Q1 FY27 PPTs with a target of "before the main Kumbh", and the hotel remained unopened as of Q1 FY27.
19. Orchid Panchgani - opening by September 2025 Delivered - At the Q1 FY26 call, management said Orchid Panchgani was signed with opening on 15th September, and the announcement cited full operational status by September 2025. Orchid Panchgani opened in Q2 FY26, and by Q3 FY26 had been open roughly three months.
20. Orchid Rishikesh - opening by July/August 2025 Partial - At the Q4 FY25 call, management scheduled the 54-room Rishikesh property to open on 1st July 2025, later revised at Q1 FY26 to the third week or end of August. Orchid Rishivan opened in Q2 FY26, and management acknowledged at Q3 FY26 that it opened seven months late.
21. Orchid Hyderabad - opening by July/September 2025 Delivered - At the Q4 FY25 call, management said the Hyderabad hotel would open "shortly" and "we expect to open by July" 2025, later refined at Q1 FY26 to the 60-room IRA by Orchid at Hi-Tech City opening by September, possibly the third week of August. IRA by Orchid Hyderabad opened in Q2 FY26 and was in its third month of operations at Q3 FY26.
22. Orchid Gwalior - opening by December 2024/2025 Missed - At the Q2 FY25 call, management targeted Gwalior to open by December 25, 2024 "as of now", reiterated for December ending at Q3 FY25 and for December 2025 at Q4 FY25. The opening was then deferred to September 2026, then "by Diwali" end October-November 2026, and the hotel remained unopened as of Q1 FY27.
23. Orchid Bhavnagar - opening by September/October 2024 Partial - The Q4 FY24 PPT listed Orchid Bhavnagar (61 keys) for September 2024, with management at Q3 FY25 pointing to around October and at Q4 FY25 to October 2025. After rescheduling to April FY27 over owner-side work and an 11-month Gujarat approval freeze, then to June, IRA by Orchid Bhavnagar opened in Q1 FY27.
24. Orchid Dehradun - opening by September/December 2024 Missed - The Q4 FY24 PPT listed Orchid Dehradun (68 keys) for September 2024, with management pointing to December ending at Q3 FY25 and December 2025 at Q4 FY25. The opening slipped repeatedly - to March-April, then September, then a further six months due to owner-side challenges, with the Q1 FY27 PPT listing December 2026 - and the hotel remained unopened as of Q1 FY27.
25. Orchid Toyam - 21-room management hotel opening by June 2024 Partial - At the Q4 FY24 call, management committed that the 21-room management-contract Orchid Toyam would open "by June" / "1st of June or 1st week of June", with the Q4 FY24 PPT listing June 2024. The Q4 FY25 PPT lists Orchid Toyam (21 keys) as launched in July 2024 - opened shortly after the June deadline.
26. Orchid Noida - opening by October/November 2024 Delivered - At the Q1 FY25 call, management guided Orchid Noida (68 rooms planned, initially 34-35 rooms) to open by October 2024, with the date fixed as 7th November 2024 at Q2 FY25. IRA by Orchid Noida was added in November 2024 and by Q4 FY25 was operating with 34 rooms, with 26 more rooms of second-phase work ongoing.
27. Orchid Chandigarh - opening by November 2024 Partial - At the Q1 FY25 call, management guided the 130-room Orchid Chandigarh to open between 1st November and 1st December 2024, "definitely not go beyond November"; the Q4 FY24 PPT had listed September 2024. The target slipped to before end-FY25, then March, and the 122-room hotel soft-opened on 12th April 2025 with formal opening in the first week of May, doing ₹14 cr revenue in its first year.
28. FY26 hotels - 30 operational hotels by March Missed - At the Q1 FY26 call, management aimed to open 30 hotels by March FY26, from \~19 operating at the time and \~25 expected by year-end. Q2 FY26 recorded 24 operational properties, Q4 FY26 recorded 23, and Q1 FY27 recorded 24.
29. FY26 rooms - 2,500 operational rooms Missed - At the Q1 FY26 call, management aimed to grow rooms from \~1,825/1,850 to almost 2,500 operational rooms within FY26. Q2 FY26 stood at 2,100 rooms across 24 properties with the target softened to "come close to it", deferred at Q3 FY26 to "the coming six months"; \~250-260 keys were added in FY26 and Q1 FY27 stood at 1,950+ keys.
30. FY26 EBITDA margin - \~29-30% Missed - At the Q1 FY26 call, management guided EBITDA margin to remain in the same range as current, \~29%-30%, "if not growth, at least it will be stable". FY26 EBITDA margin was 25.1%, though Q4 FY26 EBITDA margin was 28.97%.
31. FY26 revenue - ₹400 cr consolidated Missed - At the Q4 FY25 call, management gave FY26 revenue guidance of \~₹400 cr as deliberately conservative, reiterated at Q1 FY26 and Q2 FY26. At Q3 FY26 management said "We might lose out by around 5% to 7%"; FY26 consolidated revenue was ₹386 cr, up 8% YoY, though management noted "we were down by only INR 20 lakh" on a total company level.
32. FY25 ARR - ₹7,500 Missed - The Q4 FY24 PPT set the KHIL 3.0 target for FY2025 at ARR ₹7,500, up from ₹6,500. The target was pushed to FY26 at Q4 FY25 and reiterated at Q1 FY26; FY25 consolidated ARR was ₹6,020, up 5% YoY, FY26 group ARR was ₹6,051 and Q1 FY27 group ARR was ₹5,678.
33. FY25 properties - 25 properties and 2,200 keys Missed - At the Q2 FY24 call, management guided 25 properties and 2,200 keys by FY25, with the Q4 FY24 PPT setting KHIL 3.0 targets of 25 properties (from 16) and 2,200+ keys (from 1,600+). At Q1 FY25 the key target was cut to 400-500 new keys, "cannot say less than 300 keys"; FY25 closed with 19 properties and 1,824 total keys.
34. Interest rate reduction - to 9% or below Partial - At the Q4 FY25 call, management targeted an interest rate around 9% or sub-9% from the current 10.5%, and at Q1 FY26 intended to bring it to 9% or below. By Q4 FY26 the total company loan stood at 9.75% from Axis Finance; Q1 FY27 finance cost was ₹59 cr for the quarter.
35. Debt reduction - ₹75 cr by end of FY26 Missed - At the Q4 FY25 call, management guided debt reduction from \~₹105 cr to around ₹75 cr by end of FY26, cutting \~₹7-8 cr every quarter. At Q2 FY26 the year-end expectation was revised to "more or less at INR 88 crores"; FY26 debt was ₹110.8 cr, though Q4 FY26 gross loan was ₹86 cr with \~₹35-40 cr cash and Q1 FY27 net debt was ₹38.3 cr.
36. Debt reduction - ₹110 cr by March 31 FY25 Missed - At the Q2 FY25 call, management guided a debt level of ₹110 cr by March 31 FY25, alongside EBITDA of ₹100 cr and cash in hand of ₹20-25 cr. FY25 debt was ₹127.6 cr, though by Q4 FY25 it had reduced to around ₹100-105 cr.
37. Debt reduction - net debt positive/net cash by FY25 Missed - At the Q3 FY24 call, management committed to becoming net debt positive "by latest next year", and the Q4 FY24 PPT stated the aim to achieve positive net cash status by FY2025. FY25 instead closed with debt of ₹127.6 cr and \~₹25 cr cash - effective net debt \~₹80 cr against EBITDA of \~₹102 cr; management's Q1 FY26 "debt zero" claim is contradicted by reported figures, with Q1 FY27 still showing net debt of ₹38.3 cr.
38. FY25 interest cost - \~₹25 cr cumulative Missed - At the Q4 FY24 call, management guided FY25 interest cost of \~₹25 cr cumulative at 10.75%, revised at Q1 FY25 to "₹14 cr, not more" and at Q2 FY25 to approximately ₹12 cr for the next 6 months. FY25 consolidated finance cost ultimately came in at ₹300 Mn (\~₹30 cr) per the Q4 FY26 presentation, above the original \~₹25 cr ceiling, with FY26 finance cost of ₹287 Mn.
39. FY25 EBITDA - ₹140 cr consolidated Partial - At the Q4 FY24 call, management guided FY25 consolidated EBITDA of ₹140 cr - "140 sir is the guidance we are given, and we are sticking by that guidance" - after ₹130 cr at Q2 FY24. The target was revised to ₹95-100 cr at Q2 FY25 and the ₹100 cr reiterated at Q3 FY25; FY25 consolidated EBITDA was ₹105 cr, up 15.2% YoY at a 28.9% margin, against the original ₹140 cr.
40. FY25 revenue - ₹400 cr consolidated Partial - At the Q2 FY24 call, management guided FY25 consolidated revenue to cross ₹400 cr based on \~10 new hotels averaging ₹10 cr each - "we will definitely achieve our guidance of INR400 crores" - reiterated through Q4 FY24. Guidance was withdrawn at Q1 FY25, revised down to ₹350 cr at Q2 FY25 on Dehradun and Chandigarh delays; FY25 consolidated revenue was ₹363 cr, up 19.1% YoY, above the revised ₹350 cr but short of ₹400 cr.
41. FY24 revenue - flat/flattish with minimal growth Delivered - At the Q2 FY24 call, management guided the FY24 top line to be flat/flattish with minimal growth, reiterated at Q3 FY24. FY24 consolidated revenue was ₹304 cr, up 3% YoY, and management stated "we would be having a flat year, and we did exactly that".
42. FY24 EBITDA guidance - ₹100 cr consolidated Missed - At the Q2 FY24 call, management guided FY24 consolidated EBITDA of ₹100 cr, with Vishal Kamat stating "I am still standing by it" at Q3 FY24. At Q4 FY24 the Q4 EBITDA guidance of ₹33-35 cr was effectively withdrawn, attributing the shortfall to one-time NCD repurchase, statutory, brokerage and legal expenses; FY24 consolidated EBITDA was ₹91 cr, down 17% YoY at a 30% margin.