CHALET · Consumer Services
Chalet Hotels Ltd. reported revenue of ₹558 cr for January to March 2026, +6.9% on the year and −4.1% on the quarter. Over the last four quarters revenue comes to ₹2,770 cr, +61.2% on the four before.
Operating profit (EBITDA) was ₹266 cr, a margin of 47.7%, +150 bps on the year and +214 bps on the quarter. It is the widest margin of the last 8 quarters (range 38.8% to 47.7%). Operating costs grew +3.9% against revenue growth of +6.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹163 cr, +31.5% on the year and +31.5% on the quarter, with earnings per share of ₹7.44. Profit before other income, one-offs and tax grew 14.6%, so 17 points of the headline growth came from outside the core business. The tax rate was 8% against an average of 22% over the previous 7 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹645 cr, +351.0% on the four before.
On earnings per share of ₹29.49 over the last four quarters, the stock at ₹850.85 trades at 28.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Effective tax rate 8.0% against 24.0% over the previous quarters, worth about ₹28.5 cr of profit.
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +31.5% on the year; profit before other income, exceptional items and tax +14.6%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹315 cr | ₹374 cr | ₹418 cr | ₹361 cr | ₹377 cr | ₹458 cr | ₹522 cr | ₹895 cr | ₹735 cr | ₹582 cr | ₹558 cr | ₹512 cr |
| YoY | — | — | — | +16% | +20% | +22% | +25% | +148% | +95% | +27% | +7% | −43% |
| EBITDA margin | 40.0% | 44.4% | 43.8% | 38.8% | 39.8% | 44.8% | 46.2% | 39.9% | 40.7% | 45.5% | 47.7% | 45.7% |
| Other income, % of PBT | 9% | 7% | 6% | 10% | 8% | 6% | 9% | 5% | 4% | 4% | 7% | −1% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 18% | 20% | 17% | 22% | — | 18% | 22% | 24% | 24% | 26% | 8% | 35% |
| Net profit | ₹36.0 cr | ₹71.0 cr | ₹82.0 cr | ₹61.0 cr | −₹139 cr | ₹97.0 cr | ₹124 cr | ₹203 cr | ₹155 cr | ₹124 cr | ₹163 cr | ₹86.0 cr |
| YoY | — | — | — | −31% | −486% | +37% | +51% | +233% | — | +28% | +31% | −58% |
| Core profit YoY | — | — | — | +112% | +83% | +34% | +55% | +264% | +168% | +44% | +15% | −47% |
| EPS | ₹1.77 | ₹3.44 | ₹4.01 | ₹2.78 | −₹6.35 | ₹4.42 | ₹5.67 | ₹9.30 | ₹7.08 | ₹5.67 | ₹7.44 | ₹3.93 |
| Flags | · | · | · | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Chalet Hotels Ltd. reported revenue of ₹558 cr (+6.9% on the year) and net profit of ₹163 cr (+31.5% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved +14.6% on the year, against +31.5% for reported profit.
2 checks raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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