Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 3% YoY to ₹197 crore from ₹203 crore in Q4FY25, while operating margin contracted to 24% from 26.2% in the year-ago quarter.
The company said that its performance was affected by one-time impacts, including labour code implementation and forex losses in its international operations.
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During the quarter, resort revenue grew 11% YoY to ₹120 crore, supported by strong occupancy of 82% despite an expanded inventory base. Membership upgrades rose 33% YoY to ₹93 crore, while average unit realisation (AUR), including upgrades, increased 83% to ₹14.1 lakh.
The company expanded its inventory by 213 keys during the March quarter, taking the total to 6,228 keys, and added three new managed resorts across Dapoli, North Goa and Chikkamagaluru.
Commenting on the performance, Managing Director and CEO Manoj Bhat said, “In our India business, we continued to execute on all aspects of our growth strategy. Network expansion with enhanced quality accelerated with 7 new managed resort additions during the year. Resort revenue continues its double-digit growth trajectory while utilisation sustained at 80%+ levels.”
He added that strong traction in premium offerings led to robust growth in upgrades and higher realisations.
Bhat also noted that international operations remained under pressure due to geopolitical factors, a slowdown in the Finnish economy and adverse weather conditions, but said the management is focused on improving performance in the coming quarters.
For the full financial year FY26, consolidated revenue rose 7% year-on-year, supported by inventory expansion and growth in resort income, while profitability was impacted by one-off items.
Shares of the company dropped sharply after the results, falling 3% to ₹251.10 as of 3.15 pm. The stock has gained 5% in the last month, while declining about 24.5% in the last six months.
