Articles say that Voltamp has capacity of about 13,000 MVA. TARIL has about 45,000 MVA. That would mean TARIL has a much better revenue visibility unless I am missing something. Their new capacity addition will only come online in July 2026. So would that be a risk to continued revenue growth to Voltamp?

EIH Ltd –

Q2 FY25 results and concall highlights –

Revenues – 623 vs 552 cr, up 13 pc
EBITDA – 208 vs 165 cr, up 26 pc ( margins @ 33 vs 30 pc YoY )
PAT – 133 vs 94 cr, up 41 pc

Cash on books @ 771 cr

Avg Room rents @ 14.9k vs 13.7k
Avg Occupancy @ 73 vs 72 pc

Current Portfolio of Hotels ( managed + owned ) –

The Oberoi ( in India ) – 12
The Oberoi ( International ) – 07
Trident ( in India ) – 10

Total rooms @ 1513 ( the Oberoi ) + 2204 ( Trident ) = 3717 rooms

Q2 – City wise RevPar growth led by – Agra – up 19 pc, International Hotels – up 7 pc, Chennai – up 13 pc, Hyderabad – up 31 pc, Chd+Shimla – up 16 pc , Cochin – up 19 pc, Mumbai – up 24 pc, Bengaluru – up 10 pc

Q2 – City wise laggards on RevPar were – Kolkata – down 19 pc, Delhi NCR – flat, Jaipur, Ranthambhore and Udaipur – up 5 pc

Hotels in pipeline –

2025 – 96 rooms –
The Oberoi Rajgarh Palace – Owned
Oberoi Bandhavgarh – Managed
2 Luxury Boats ( International ) – Managed

2026 – 133 rooms –
The Oberoi Goa – Managed
Nile Cruiser – Managed
The Oberoi Bardiya – Managed
The Oberoi Diriyah ( Riyadh ) – Managed

2027 – 334 rooms –
Trident Vishakhapatnam – Owned
Trident Tirupati – Owned
The Oberoi Kathmandu – Managed

2028 – 216 rooms –
The Oberoi Goa – Owned
The Oberoi Jawai – Managed
The Oberoi London – Owned
The Oberoi Bhutan – Managed
Nature by Oberoi Diriyah ( Riyadh ) – Managed

2029 – 581 rooms –
The Oberoi Gandikota – Owned
The Oberoi Hebbal – Owned
Trident – Hebbal – Owned
Trident Pune – Owned

Company will also develop Grade A commercial space along with its two hotels @ Hebbal – Bengaluru ( to be leased out )

The bulk of Oberoi Leisure hotels drive most of their business in H2

The London hotel that is expected to come up should cost them aprox 730 cr. It’s gonna be a 21 room hotel ( mostly suites ). Company is expected to go in with a 51 pc stake in it and find a JV partner to own 49 pc. Avg room rates in Mayfair area in London ( these days ) are around Rs 1.25 lakh / night

EIH is a major caterer to Indigo Airlines. Indigo coming up with business class ( in the domestic mkt ) should help EIH’s catering business

The Oberoi Hotels @ Gurugram, Udaipur, New Delhi, Chandigarh + The Trident @ Udaipur – are 4 of company’s major hotels that drive a lot of revenues from the Weddings segment. Generally – company prefers to go for a full hotel buyout ( specially for Udaipur and Chandigarh properties )

Company believes that they have a lot of potential to drive higher ARRs in their Luxury hotels and they r making all efforts to ensure that this starts to play out

Company sources a lot of their customers from UK and US. Hence the company is spending so much money on their London property ( basically to establish their Brand ). This will also help them lever their brand in case they want to take up management contracts of Hotels in UK

The Oberoi grand was closed for a significant number of days ( in Q2 ) for renovation. That led to negative Rev Par growth in Kolkata. Another hotel undergoing renovation right now is the property at Ranthambhore ( slated to be completed next yr ). Renovations – big and small should continue next yr as well

Company doesn’t disclose their revenues for their flight catering business

The Oberoi Mumbai and Trident at Nariman Point are benefiting from the improving road infrastructure in Mumbai

Oberoi Bandhavgarh should open before the end of Q4 FY25. Oberoi Rajgarh should open in next FY

Expecting strong business momentum in H2

All the capex that’s lined up ( as mentioned above ), company doesn’t intend to go beyond a Debt / Equity ratio of 0.25

Disc: holding, biased, not SEBI registered, not a buy / sell recommendation