Juniper Hotels Limited Q3 FY26 Earnings Call Summary

Summary

Juniper Hotels Limited - Q3 FY26 Earnings Call Summary Wednesday, February 11, 2026 5:00 PM IST

Event Participants

Executives 3 Arun Saraf (Chairman and Managing Director), Tarun Jaitly (Chief Financial Officer), Varun Saraf (Chief Executive Officer)

Analysts 6 Abhay Khaitan, Hitesh Arora, Juhi, Lokesh Manik, Prashant Biyani, Raghav Malik, Samarth Goel, Vaibhav M

Financials & KPIs

Geographic & Segment Commentary

• Mumbai (Grand Hyatt): Revenue growth was driven by a 23% rise in F&B and 7% ARR growth. Management noted the “Showroom” event space is now fully operational, contributing significantly to the 39% growth in event revenues.
• Ahmedabad: Labeled as the “star performer” with 17% YoY ARR growth and 85% occupancy. Management expects demand to remain robust due to international sports events and limited supply growth in the luxury segment.
• Delhi (Andaz Aerocity): Benefits from massive government convention centers (Bharat Mandapam and Yashobhoomi) and global summits. Occupancy remains high at 85-88% in the Aerocity micro-market.

Company-Specific & Strategic Commentary

• Expansion Pipeline: Phase I of Bengaluru (235 keys) is set to open in Q1 FY27. Phase II (270 keys) construction is targeted for FY27, aiming for a total of 508 “big box” keys at a capital-efficient cost of ₹1.75 crores per key.
• Northeast Gateway: Developing 111 keys in Kaziranga (eco-luxury) and 340 keys in Guwahati. Guwahati is expected to benefit from the new Terminal 2 airport expansion, doubling annual passenger capacity to 13.1 million.
• Asset Maximization: Management secured permission to add 314 keys to Grand Hyatt Mumbai and is evaluating monetization strategies for two adjacent prime land parcels.
• Acquisition Strategy: Actively participating as a resolution applicant for the Gstaad Hotels (JW Marriott Bengaluru) CIRP process. Management focuses strictly on “big box” assets to maintain high operational leverage.

Guidance & Outlook

Risks & Constraints

Q&A Highlights

Bengaluru Asset Strategy

• Question: Why has the Bengaluru opening been delayed by a quarter? (Vaibhav M)
• Answer: There is no construction delay; the timing shift is to optimize the “luxury flag” through ongoing negotiations with Marriott to ensure the asset reaches its full potential (Tarun Jaitly).

Asset Monetization & Expansion

• Question: What is the plan for the land parcels next to Grand Hyatt Mumbai? (Samarth Goel)
• Answer: Top-class consultants are evaluating hospitality vs. commercial usage to ensure effective monetization of these “priced possessions” (Arun Saraf).

Acquisition & Consolidation

• Question: What is the status of the ROFO (Right of First Refusal) assets like Hyatt Regency Mumbai? (Samarth Goel)
• Answer: These are in separate listed companies with their own compliance timelines; updates will be shared once tangible developments occur (Tarun Jaitly).

Growth Metrics

• Question: Can the high F&B growth of 25% be sustained? (Vaibhav M)
• Answer: Yes, F&B is a core Hyatt strength; we aim to increase its revenue mix to 33-34% from the current 31% (Tarun Jaitly).

Key Takeaway

Juniper Hotels delivered a record Q3 FY26 performance, achieving its highest-ever quarterly revenue of ₹300 crores and a significant EBITDA margin expansion to 44%. Growth was underpinned by a 9% rise in portfolio ARR and a 25% surge in F&B revenue, particularly from the events segment in Mumbai. The company is aggressively pursuing a “big box” luxury strategy, with 613 keys under development in Bengaluru and Guwahati and a potential entry into the Hyderabad and Navi Mumbai markets. With a ₹1,000 crore tax shield providing a zero-tax status for the next three years and a healthy Net Debt/EBITDA of 1.3x, Juniper is well-capitalized to fund its ₹800 crore two-year capex plan. Management remains confident that structural demand-supply imbalances in the luxury metro segment will sustain pricing power and occupancy levels as they integrate new capacity through FY27.