Oriental Hotels Ltd

Financial highlights

• Q2 FY2026-27: operating revenue INR 117 Cr, EBITDA INR 27 Cr, PAT INR 12 Cr.
• H1 FY2026-27: revenue INR 228 Cr, EBITDA INR 50 Cr, PAT INR 23 Cr.
• Q2 revenue supported by 9% RevPAR growth.
• First-half revenue up 10% year-on-year to INR 228 Cr; PAT up to INR 23 Cr.
• Asset upgradation across OHL portfolio underpinning performance.
• Seven hotels in portfolio; three Taj branded hotels.
• Renewable energy consumption reached 61% under ESG+ Paathya.

Standalone performance

• Standalone Q2 FY27 revenue from operations: 11,680 lakhs; PAT: 1,162; EPS: 0.65.
• HY standalone revenue from operations: 22,761 lakhs; PAT: 2,297; EPS: 1.29.
• Exceptional item of 70 lakhs in Q2 for merger with IHCL.
• Board approved Scheme of Arrangement with IHCL; subject to NCLT/regulatory approvals.

Consolidated performance

• Consolidated Q2 revenue from operations: 22,923 lakhs; PAT after tax incl. associates/JV: 859; EPS: 0.48.
• Total Comprehensive Income (Consolidated Q2): 1,564.
• HY consolidated revenue from operations: 23,101 lakhs; PAT incl. associates/JV: 1,389; EPS: 0.78.
• Total Comprehensive Income (Consolidated HY): 3,421.
• IHCL merger scheme approved; requires NCLT sanction and regulatory approvals.

Dematerialisation status

• Dematerialisation requests processed during the quarter and confirmed to depositories and stock exchanges.
• Securities dematerialised have been listed on the relevant stock exchanges.
• Physical certificates received for dematerialisation were mutilated and cancelled after verification.
• Depository's name substituted as registered owner in the records within the prescribed time limit.

Oriental Hotels Limited trading window closes Oct 01, 2026; will reopen 48 hours after the declaration of financial results for the quarter/period ended September 30, 2026

Credit rating disclosure delay clarified

• Clarifies delay in credit rating disclosure was procedural; rating action already disseminated by agency.

Rating actions

• Long-term fund-based limits ₹30 crore: [ICRA]AA-; Watch with Positive Implications.
• Short-term non-fund based sublimimit ₹20 crore: [ICRA]A1+; reaffirmed.
• Total rated amount ₹30 crore.

Rating Action

• CARE places Oriental Hotels' long-term rating on Rating Watch with Positive Implications; ST rating reaffirmed.

Instruments / Ratings

• Long Term Bank Facilities: 47.16 crore; rating CARE AA- (RWP) placed on Rating Watch.
• Long Term/Short Term Bank Facilities: 1.00 crore; CARE AA- (RWP) / CARE A1+; LT Watch, ST reaffirmed.
• Short Term Bank Facilities: 81.86 crore; CARE A1+; Reaffirmed.

Rationale

• Rationale cites FY26 and Q1 FY27 results and merger with Indian Hotels Company Limited impacting credit profile.

Outlook

• Outlook: Rating Watch with Positive Implications.