OVERVIEW
Indias hospitality sector is entering a distinct phase of expansion. The drivers for the expansion are a growing affluent consumer segment base, record public investment in connectivity and infrastructure, and a gradual shift towards experience led consumption.
For EIH Limited, this transition represents a fundamental realignment of the market the Company has led for over seven decades and rewards the very qualities that distinguish Oberoi Hotels & Resorts and Trident Hotels in the global luxury landscape.
Today, EIH Limited is at an inflection point, with the most ambitious expansion programme in its history. With 29 properties under development across India, the Middle East, Africa and South Asia, this pipeline will add approximately 2,500 keys by Calendar Year (CY) 2030, broadening geographic reach and brand coverage.
Operating with industry-leading margins, zero net debt, and a brand that carries Michelin Key designations at five hotels, is ranked in the top two of Travel+Leisure Worlds Best rankings, and exceptional guest satisfaction scores, EIH Limited is poised to grow significantly without diluting the standards that are appreciated and recognised by industry peers and guests alike.
In a year when travel was disrupted on account of conflicts and geo-political tensions, the Company reported strong operational and financial performance. The resilience of its domestic demand base, a diversified and distinct portfolio and its unstinting focus on guest delight through service excellence are the reasons that have supported the Companys leadership in the global luxury hospitality landscape.
Global Economy
The global economy maintained steady momentum through CY 2025, with output expanding by 3.4%, supported by robust technology-related investments and resilient labour markets. Unemployment rates in several regions held near historical lows, and nominal wage growth proved sufficient to sustain real household
income, underpinning consumer demand even as the global outlook began to navigate new headwinds.
(Source; IMF Outlook, April 2026)
Regional performance was differentiated. The United States remained a primary driver, though a government shutdown late in the year produced a brief deceleration to 0.5% annualised growth before conditions normalised. The Eurozone recovered meaningfully, led by Germany, which contributed to 1.5% annualised growth. Chinas economy accelerated to 6.1% driven by export volumes that more than offset its persistent domestic demand weakness, while India recorded real GDP growth of 7.6%, the highest among major economies.
The conditions of CY 2025 gave way, abruptly, to a more volatile landscape in early CY 2026. The escalation of the West Asia conflict in late February introduced a material counterforce to the tailwinds that had shaped the previous year, disrupting commodity markets, tightening financial conditions across energy-sensitive sectors, and forcing a broad reassessment of growth trajectories in both emerging and advanced economies.
Outlook
The IMF has issued a forecast incorporating the West Asia conflict, assuming its most acute disruptions will begin to moderate by mid-2026.
Under this baseline, global growth is projected to decelerate to 3.1% in CY 2026 before recovering modestly to 3.2% in CY 2027. The shock to energy and commodity prices has resulted in IMF adjusting global inflation expectations upward. Consumer price inflation is now forecast at 4.4% in CY 2026 before easing towards central bank targets in CY 2027.
Advanced economies are expected to expand 1.8% in CY 2026, while Emerging Market and Developing Economies are projected to grow 3.9% with India leading this group.
World trade volume growth is forecast to slow to 2.8% in CY 2026. A more prolonged or widened conflict in West Asia represents a material risk. Under a severe scenario, global output growth could fall below 2% resulting in a contraction in demand.
Real GDP Growth Trend
| Region | CY 2025 | CY 2026 (P) | CY 2027(P) |
| World | 3.4% | 3.1% | 3.2% |
| Advanced Economies | 1.9% | 1.8% | 1.7% |
| Emerging Market and Developing Economies | 4.4% | 3.9% | 4.2% |
| Middle East and North Africa | 3.2% | 1.1% | 4.8% |
Country-wise Growth Trend
| Country | CY 2025 | CY 2026(P) | CY 2027 (P) |
| India | 7.6% | 6.5% | 6.5% |
| United States of America (USA) | 2.1% | 2.3% | 2.1% |
| United Kingdom (UK) | 1.3% | 0.8% | 1.3% |
| China | 5.0% | 4.4% | 4.0% |
(Source; IMF Outlook, April 2026)
Indian Economy
India consolidated its position as the worlds fastest- growing major economy in FY 2025-26, with real GDP expanding by 7.6%, a notable acceleration from 6.5% recorded in the previous year and a significant outperformance of the IMFs emerging market peer group.
Total goods and services exports reached approximately US$ 860 billion, sustaining their growth trajectory despite a turbulent global trade environment, impacted by tariffs, currency volatility, and supply chain restructuring.
Domestic demand remained economys primary growth driver. Private consumption grew by 7.0%, supported by a revival of rural markets, improved financial inclusion, and rising real household incomes.
On the supply side, Gross Value Added, a measure of economic value created across sectors, expanded by 7.3%. Industry and services emerged as the principal engines, growing by 7.0% and 7.5%, respectively, while agriculture contributed a steady 3.1% despite an uneven monsoon. Financial and real estate services expanded by 9.9%, reflecting deepening capital market participation and a continued acceleration in organised lending activity.
This growth cycle has been further reinforced by the most ambitious public capital formation programme in Indias modern economic history. The Union Budget 2026-27 raised infrastructure expenditure (capex) to Rs. 12.22 lakh crores, a continued commitment to transport, logistics, and digital connectivity that is compressing distances, integrating underserved regions, and creating new markets for organised commerce and premium demand.
Monetary and fiscal policies operated cohesively to sustain momentum. The RBI reduced the repo rate to 5.25% as of April 2026, a cumulative reduction of 125
basis points from the 6.50% peak of late 2024, providing meaningful relief on borrowing costs for both corporates and households.
On the fiscal side, the government introduced consumption-supportive measures like GST rate rationalisation while maintaining a disciplined deficit target of 4.3% of GDP for FY 2026-27.
India is undergoing a fundamental transformation of its growth architecture. Favourable demographics, large-scale digitisation of economic activity, increasing formalisation across sectors, and a capital-intensive infrastructure programme are collectively creating an economy where growth is less volatile, more geographically distributed, and more durable than at any prior point in its modern history.
This evolution has direct implications for Indias tourism and hospitality sector. The World Travel and Tourism Council ranked India as the worlds 8th largest travel and tourism economy in CY 2025, a measure of both the scale of domestic demand and the sectors rising contribution to national economic output. The ranking also underscores the opportunity: Indias tourism share of GDP remains below its potential, creating meaningful headroom for further sector expansion as per-capita incomes rise and travel penetration deepens.
According to Goldman Sachs, recent tax data shows a sharp expansion at the top end of Indias income pyramid over the past 4-5 years. The number of taxpayers reporting annual incomes between Rs. 1 crore and Rs. 5 crore has doubled to 2.10 lakh individuals, while the ultra-high-income segment earning between Rs. 5 crore and Rs. 50 crore has grown strongly from 28,000 to 50,000 individuals. This rapid increase in affluent households significantly expands the addressable market for EIH Limited and its luxury hospitality portfolio. More importantly, it indicates a structural shift in consumption behavior, where luxury hospitality is evolving from an occasional, milestone-led aspiration into a recurring lifestyle preference driven by demand for ultra-premium stays, personalised comfort,
exclusivity, and curated travel experiences. (Source; https://www. visa.co.in/about-visa/newsroom/press- releases/visa-reveals-a-new-premium-spending-playbook- in-affluent-india.html)
Domestic Consumption Translating into Hospitality Demand
Private consumption growth of 7.0% is the direct mechanism through which Indias rising prosperity converts into hospitality demand.
(Source; https://www.pib.gov.in/PressReleasePage .
aspx?PRID=2219907) Rising disposable incomes,
proliferation of domestic credit, and a generational shift in consumer behaviour that values experience over possessions are collectively expanding the population of travellers are increasingly opting for premium and branded accommodation as the norm rather than the exception.
A structurally important feature of this phenomenon is the geographic decentralisation of affluence. As documented in the Visa VCA White Paper 2025-26, wealth creation is expanding meaningfully beyond the traditional metropolitan hubs of Mumbai MMR, Delhi NCR, and Bengaluru into smaller cities such as Ahmedabad, Surat, Jaipur, Lucknow, Nagpur, Vadodara, Visakhapatnam etc.
This spatial dispersion of premium demand transforms these emerging markets into powerful new feeder channels across business travel, leisure tourism, destination weddings, and MICE segments. As local purchasing power outpaces the development of regional luxury supply, these affluent centres are increasingly funneled towards EIH Limiteds current and future hotels, unlocking a high-yield pipeline of discerning guests.
Integrated Mobility and Regional Connectivity
The Modified UDAN (Ude Desh ka Aam Nagrik) scheme has been extended for a further decade (CY 2026-CY 2036) with a committed outlay of Rs. 28,840 Crores.
The programme targets the operationalisation of 100 airports in unserved airstrips and the development of 200 modern helipads, improving last-mile connectivity to remote, hilly, and island destinations.
This is accompanied by the Seaplane Viability Gap Funding scheme that seeks to enhance the commercial
viability of coastal and island tourism operations: including destination that forms part of EIHs Existing and planned portfolio.
The integration of PM Gati Shakti programme with the ongoing highway and railway expansion is systematically reducing travel friction across Indias domestic mobility network.
The expansion of premium services such as Vande Bharat Express is redefining the quality standard for intercity rail travel, offering improved speed, reliability and comfort levels that are converting segments of domestic air demand to rail on key leisure corridors.
The Union Budget 2026-27 proposed seven high-speed rail corridors covering approximately 4,000 km, with an estimated investment of Rs. 16 Lakh Crores, which will improve connectivity between Indias principal tourism destinations and their source cities.
Outlook
India enters FY 2026-27 with the Reserve Bank of India projecting real GDP growth of 6.9% and the government anchoring its fiscal framework to 10% nominal GDP growth.
Future growth will be shaped by high-technology and industrial policy enablers: Semiconductor Mission 2.0, the Rare Earth Corridor initiative, and the Samarth 2.0 textile programme, alongside continued infrastructure expansion.
Inflation is projected to average 4.6%, with the primary risk arising from a forecast of a below-normal monsoon (92% of long-period average) and residual El Nino dynamics that may exert upward pressure on food prices. Supply side policy vigilance will be required to manage this risk without constraining the monetary support that currently underpins domestic demand.
Global Tourism and Hospitality Industry
The global tourism and hospitality sector has completed its transition from post-pandemic recovery to demand- led growth in CY 2025. International tourist arrivals reached approximately 1.52 billion, an increase of over 4% CY 2024, crossing pre-pandemic levels for the first time since 2019.
(Source; https://www.hvs.com/article/10451-hvs-anarock- india-hospitality-industry-overview-2025 )
This milestone reflects renewed global confidence in mobility, driven by sustained leisure demand, the deepening of intra-regional travel within Asia and the Middle East, and the growth of experiential travel demand among higher-income consumer segments.
Regional performance was characterised by divergence. Europe retained its position as the single largest tourism market, recording approximately 793 million arrivals, 6% above CY 2019 levels.
The Middle East and Africa continued to outperform the global growth average, with arrivals at 39% and 17% above pre-pandemic levels, respectively, reflecting sustained destination investment and strong positioning across leisure and transit segments.
The Americas recovered to pre-pandemic levels at approximately 219 million arrivals. Whereas, Asia Pacific has lagged behind, with approximately 331 million arrivals, and is approximately 9% below CY 2019 levels.
Across these markets, consumer preferences have evolved in ways that are favourable to premium and luxury operators.
Travellers are increasingly allocating discretionary budget towards fewer, longer, and more immersive trips, raising average spend per journey and supporting room rate growth even where occupancy remains below peak.
Luxury travel, particularly in Asia, is shifting from conventional amenity-based propositions towards bespoke, culturally embedded experiences, a repositioning that rewards operators with genuine local depth and service heritage.
Tourism exports reached approximately US$ 2.2 Trillion in CY 2025, representing 8.3% year-on-year growth and an increase of over 25.6% over 2019 levels (UNWTO Tourism Export Barometer), underscoring the sectors expanding economic significance.
(Source; https://www.hvs.com/article/10451-hvs-anarock- india-hospitality-industry-overview-2025 )
West Asia Conflict and Aviation Impact
The momentum established through CY 2025 was disrupted in early CY 2026.
The escalation of the West Asia conflict forced a fundamental restructuring of trans-continental aviation routes, as aircraft were compelled to avoid restricted airspace over Iran, Israel and surrounding Gulf corridors. The rerouting added up to four hours to Europe-Asia
flight times, generating a substantial increases in the fuel costs and are compelling airlines to introduce elevated surcharges.
Dubai and Doha, the major transit hubs has absorbed disproportionate disruption. By May 2026, over 23,000 flights had been cancelled across the affected region (OAG Flight Status data, May 2026), reducing global seat capacity by approximately 2% and effectively doubling airfares on key Europe-Asia routes.
For India, the impact on inbound international tourism was pronounced: foreign tourist arrivals declined approximately by 20% in the months following the conflicts escalation (Ministry of Tourism provisional data).
That said, this headline figure requires contextualisation. Indias domestic travel base, which accounts for the preponderance of hotel demand in all but a handful of gateway city properties, has demonstrated a degree of insulation from the aviation disruption.
The inbound decline has been most acutely felt in markets such as Agra, Jaipur, and Kerala, which carry high international visitors concentrations in relation to total demand mix.
Outlook
The long-term outlook for global tourism remains intact. This narrative is underpinned by an expanding middle- class population, rising travel penetration in Asia, and the continuing formalisation of experiential spending.
Near-term performance, however, will remain sensitive to the trajectory of the West Asia conflict and its aviation consequences.
A short-lived disruption would produce a temporary softening in travel flows followed by a swift recovery, as pent-up demand reactivates. Conversely, a prolonged period of airspace fragmentation will fundamentally rebalance global travel patterns. As geopolitical disruptions compromise traditional, hub-dependent transit corridors, international airlines are increasingly optimising their networks away from volatile stopover hubs in favour of direct, point-to-point route development. Because the Asia-Pacific region, and India in particular, offers both a stable destination and an immense domestic market, it is uniquely positioned to capture an enlarged share of this structural shift, turning direct-route connectivity into a resilient pipeline for premium tourism demand.
Indian Tourism and Hospitality Industry
Indias tourism and hospitality sector sustained strong growth momentum through 2025, drawing on the same strong foundations that distinguish the broader economy —domestic consumption depth, favourable demographics, and sustained infrastructure investment.
Indias ranking as the worlds 8th largest travel and tourism economy (WTTC, 2025) reflects both the immense scale of its domestic travel base and the sectors advancing contribution to national economic activity. Population exceeding to 1.4 Billion and the growing affluent consumer segment, India presents a significant long term demand opportunity for hospitality operators.
Aviation activity provides the most immediate measure of travel volume. Total air passenger traffic reached approximately 420 million in CY 2025, up by 5% year- on-year, despite global aviation headwinds. Indias large domestic aviation base continued to act as a buffer, supporting occupancy across leisure, business, and event-driven travel segments.
Hotel sector performance reflected this demand resilience. According to the Horwath HTL India Hotel Market Review 2025, nationwide industry occupancy reached 64%, representing a steady 1.1 percentage point improvement year-on-year, while the nationwide average daily rate (ADR) rose by 8.6% i.e. Rs. 8,624. Consequently, nationwide revenue per available room (RevPAR) grew by 10.8% to reach Rs. 5,522. This performance was substantially amplified in the luxury hospitality segment. This premium tier recorded a superior occupancy level of 68.1%, while its ADR climbed to 8.7% i.e. Rs. 13,379, i.e. yielding a commanding RevPAR of Rs. 9,110. While the luxury and upper-upscale segments account for ~34% of total domestic branded supply, they generated a disproportionate 56% of total rooms revenue and 36% of total demand. This distinct divergence highlights a market that has moved well beyond volume-driven recovery to establish genuine consumer acceptance of premium pricing. Such structural dynamics fundamentally favour luxury operators with deep brand equity capable of sustaining high rate premiums through evolving demand cycles.
RevPAR Rs. 9,110
for the Luxury Hospitality Segment in CY 2025
Rising income levels, broadening entrepreneurial activity, and an increased equity market participation are collectively generating a larger, more durable cohort of consumers with both the capacity and the inclination to spend on premium travel experiences.
As affluence deepens, the nature of premium consumption is also evolving. Discretionary spending is migrating from functional upgrades that are intrinsically valuable and difficult to replicate considering extended stays at destination properties, wellness immersions, curated wildlife encounters, and multi-generational celebration travel. This shift directly expands the addressable market for both premium and luxury hotel operators.
Policy Tailwinds
Fiscal Support Driving Travel Demand
Targeted fiscal interventions continue to recalibrate the operational landscape for branded accommodation. The reduction of GST on hotel rooms priced up to Rs. 7,500 from 12% to 5% serves to broaden the accessible market for mid-scale and budget lodging, supporting the overall formalisation of domestic hospitality demand. Concurrently, broader structural policy alignments are paving the way for strategic geographic expansion. The governments planned development of major tourism hubs across the Purvodaya (eastern) states—specifically encompassing Bihar, Jharkhand, West Bengal, Odisha, and Andhra Pradesh—directly aligns with regions where EIH Limited holds strategic development interests, offering a long-term catalyst for organised premium footprint expansion in underserved markets.
Institutional Human Capital Reforms
To address the acute, structural talent deficit in luxury service delivery, the government has authorised the structural upgrade of the National Council for Hotel Management and Catering Technology (NCHMCT) into a full-fledged National Institute of Hospitality (NIH). Envisioned as a premier Tier-1 academic and research body, the NIH is designed to function as an institutional bridge between academia, government, and luxury hospitality operators to standardize globally benchmarked curricula.
This institutional overhaul, paired with the pilot programme to upskill 10,000 professional tourist guides across 20 major destinations, directly targets the hospitality sectors core constraint: the premium workforce supply chain.
Sustainable and Thematic Tourism Frameworks
The regulatory environment is shifting towards structured, experiential travel ecosystems through the formal establishment of dedicated thematic corridors (including Ecological Mountain Trails in Uttarakhand and Jammu & Kashmir, and Nature/Eco Trails in the Eastern and Western Ghats).
Importantly, the introduction of a standardised Tourism- Ready Destination Certification establishes a unified federal baseline for security, hygiene, and environmental compliance across competing states. This framework, alongside incoming state-level incentives for green- certified hospitality assets, supports premium operators whose ESG architectures are already aligned with global compliance standards, giving them a distinct competitive edge in bidding for and executing key destination projects.
Promotion of Medical Value Tourism (MVT)
The fiscal commitment to support states in establishing five dedicated Regional Medical Hubs—integrating advanced tertiary care, AYUSH centres, and specialised post-operative care infrastructure—represents a highly resilient demand driver. By formalising and grouping medical value tourism, these hubs create an immediate requirement for premium, compliant hospitality assets capable of handling long-stay, high-yield international patients and their families, providing an alternative demand pipeline independent of standard leisure cycles.
Industry Trends
The Stay as Destination: Experience-led Accommodation
Accommodation is no longer a logistical support to travel; it has become a primary motivation for it.
Nearly 90% of Indian travellers now consider accommodation as a central element of their holiday decision, with a growing proportion allocating additional time to the property itself (Thomas Cook/SOTC India Travel Trends Report 2025).
84% of respondents planned to increase travel expenditure by 20-50% over the year, and 60% actively sought unique or experiential holidays over conventional itineraries.
Current consumers trends indicates: travellers are trading up, staying longer and expecting more from the properties they choose. This preference shift supports the operating model of properties that invest deeply in on-site experience design: immersive dining concepts, integrated wellness programming, naturalist-led activities, and curated cultural engagements.
90% of Indian travellers consider accommodation central to their holiday experience
Domestic Travel: The Structural Growth Pillar
Domestic travel is now the principal growth driver of Indias hospitality sector, not merely a fallback during periods of international disruption, but structurally strong demand segment driven by income growth, connectivity expansion, and evolving consumer preference.
India records 3-4 billion domestic tourist visits annually, a volume that provides the sector with a base of demand depth that few markets globally can match. In CY 2026, as inbound international arrivals have faced headwinds from the West Asia conflict, domestic travel has provided exactly the buffer that its scale implies, sustaining occupancies and supporting rate growth at properties less dependent on overseas sourcing.
3-4 billion domestic tourist visits annually, India — the worlds most active domestic travel market
(Source; https://m.economictimes.com/industry/services/ travel/india-tourism-iran-war-effect-flight-disruptions- tourist-spots-hotel-bookings-oil-prices-pm-modi-appeal- staycation-travel-hotel-prices-middle-east-conflict/ articleshow/131190329.cms)
Leisure Travel: Geographic Expansion and Format Diversification
Leisure tourism serves as the primary anchor for domestic hospitality growth, and is undergoing a profound structural shift that plays directly to the
strengths of premium operators. A combination of persistent geopolitical friction across traditional outbound corridors and a structural depreciation of the Indian Rupee has fundamentally altered the economics of luxury travel, prompting affluent domestic travelers are actively substituting international vacations with premium domestic alternatives. This high-net-worth segment is increasingly demanding that domestic properties match international benchmarks—an expectation that heavily favors operators capable of delivering world-class culinary excellence, bespoke wellness architectures, and high-end experience design without outbound transit friction.
This behavioral pivot is further evidenced by a decisive shift in institutional capital towards premium asset development; according to industry research, the Upper-Upscale, Upscale, and Luxury segments accounted for nearly 60% of all new hotel openings, with total institutional hotel investment scaling to an unprecedented US$ 567 million, representing a massive 67% increase year-on-year.
Concurrently, demand has moved beyond standard seasonal vacations into high-yield, celebration-led leisure, wildlife tourism, and dedicated wellness retreats, allowing micro-markets and emerging destinations— including Rishikesh, Bandhavgarh, Coorg, and Lakshadweep—to transition into high-velocity demand hubs. Supported by fast-tracked regional connectivity and expanded highway infrastructure, these markets allow premium brands with established equity to capture a highly disproportionate share of wallet by delivering structured, reliable luxury where independent or unbranded supply cannot scale.
60% of new luxury hotel openings in CY2025 were in
leisure destinations
The Institutionalisation of Religious Tourism
Faith-based travel in India has graduated from a segment to a significant economic force.
The Mahakumbh 2025 in Prayagraj attracted over 663 Million visitors within a span of 45-days, a logistical and
organisational feat with an estimated economic impact of Rs. 2 trillion across hospitality, transport and local commerce (Ministry of Tourism/UP Tourism).
Events of this scale, supported by improving infrastructure and better-organised curated offerings, are converting religious tourism from an informal, low- yield segment into one capable of generating premium demand at appropriately positioned properties in proximate markets.
Rs. 2 trillion+ estimated economic impact from Mahakumbh 2025, Prayagraj
MICE: Geographic and Institutional Expansion
Indias Meetings, Incentives, Conferences, and Exhibitions (MICE) segment is undergoing a structural evolution, driven by the commissioning of international-quality, mega-scale convention facilities in primary metropolitan hubs. The operationalisation of world-class venues— specifically Bharat Mandapam and Yashobhoomi (IICC) in Delhi NCR, alongside the Jio World Convention Centre in Mumbai has strengthened Indias ability to host large- scale global conventions that historically defaulted to established regional hubs like Singapore, Dubai, and Bangkok. This influx of high-yield international corporate and association event traffic represents a direct, premium revenue catalyst for EIH Limited. By leveraging our established luxury and upscale inventory adjacent to these high-capacity infrastructure nodes, the Company is uniquely positioned to capture a disproportionate share of high-margin rooms, banqueting, and catering demand generated by these global-scale events.
35+ cities now hosting large-format MICE events across India
Event-Led Travel Demand
Live events have emerged as a significant driver of hospitality demand and out-of-station travel.
In CY 2025, 5.6 lakh Indians travelled specifically to attend concerts — a figure that would have been negligible five years prior. Coldplays Ahmedabad concerts alone
attracted 2,22,000 attendees from over 500 cities, generating Rs. 641 Crores in economic impact, of which Rs. 392 Crores was captured in local spending.
India recorded 34,000+ live events in CY 2025, - an increase of 17% year-on-year, creating a recurring demand engine for hotels in event-proximate markets.
5.6 Lakh Indians 34,000+ live events in
travelled to attend India in CY2025 (up
concerts in 2025 17% y-o-y)
(Source; https://www.hvs.com/article/10451-hvs-anarock- india-hospitality-industry-overview-2025 )
Wedding-Driven Hospitality
Indias wedding industry, encompassing 8-10 million weddings annually, has become one of the most reliable and high-yield demand drivers for premium hospitality.
The luxury celebration market is increasingly becoming destination-focused. Approximately 60% of weddings with budgets exceeding Rs. 1 crore are now hosted as destination events. Additionally, average pre-wedding spending has reached around Rs. 58 lakhs, reflecting a growing preference for elaborate and immersive celebration experiences.
Government initiatives, including Wed in India and state-level destination wedding programmes are adding institutional support to a trend that was already gaining momentum organically.
For EIH, weddings represent a demand segment that rewards precisely its property attributes: heritage settings, personalised service, culinary excellence and event management capability.
Destination weddings 8-10 Million weddings now account for 60% annually in India of events above Rs. 1
Crore
(Source; https://www.hvs.com/article/10451-hvs-anarock- india-hospitality-industry-overview-2025 )
Wellness-led Hospitality: From Amenity to Core Proposition
Wellness has moved from the margins of luxury hospitality to one of its defining value propositions. The contemporary luxury traveller increasingly makes accommodation decisions based on the quality and depth of wellness programming as the primary reason
for choosing a property. This shift is generating a new category of offering: integrated wellness resorts that combine the service and design standards of luxury accommodation with comprehensive health and lifestyle programming. Immersive formats built around personalised health diagnostics, wellness protocols, guided mindfulness, yoga and movement practices, hydrotherapy, sleep optimisation, and nature-integrated healing are commanding significant premiums and driving longer average stay durations. The convergence of wellness, luxury, and experiential travel is creating a high-margin, high-retention segment that rewards operators with genuine program depth.
For EIH Limited, this behavioural pivot represents an immediate strategic opportunity to maximize yield and boost length of stay across our portfolio. The timely launch of our signature wellness framework, ASMI by Oberoi, is meticulously designed to capture this demand. Rooted in the ancient Indian philosophy of Pancha Kosha and backed by rigorous scientific practice, ASMI transforms wellness from an isolated spa amenity into a comprehensive, integrated ecosystem structured around five core pillars: movement, nutrition, bodywork, breathwork, and mindfulness. By scaling ASMI across our key leisure and urban properties, EIH Limited is uniquely positioned to monetise this high-margin trend, utilising bespoke wellness architectures—such as targeted ASMI dietary menus, diagnostic-led therapy tracks, and restorative environments—to solidify brand loyalty and command dominant rate premiums from discerning global travelers.
AI-Enabled Travel Planning
Technology is fundamentally reshaping how travel is discovered, planned, and booked. Industry data indicates that 83% of Indian travelers believe AI simplifies the planning process, with 80% already actively using AI-powered tools for itinerary planning, destination discovery, and booking decisions. Driven by this shift toward hyper-personalised, data-driven travel experiences, Indias AI tourism market is projected to grow at a 32.6% CAGR to reach US$ 595 Million by CY 2030. For premium hospitality operators, this evolution elevates the strategic importance of digital real estate, advanced predictive data architectures, and frictionless direct-booking capabilities.
To capitalise on this technological shift, EIH Limited has mobilised its comprehensive ITNext transformation roadmap, embedding advanced Artificial Intelligence across both guest-facing systems and back-of-house operations. Rather than replacing human touchpoints,
the ITNext framework leverages predictive AI models and unified guest profiles to equip our frontline teams with actionable, real-time insights, allowing them to personalise and customise the guest experience through data driven insights. Simultaneously, these intelligent systems optimise complex internal workflows, dynamically managing inventory, predicting supply chain requirements, and refining operational efficiencies. By integrating AI-driven intelligence with the legendary service standards of The Oberoi and Trident brands, EIH Limited ensures that technological innovation directly translates into enhanced organizational productivity and sustained yield maximization.
US$ 595 Million projected size of Indias AI in tourism market by CY2030 (32.6% CAGR)
(Source; https://www.hvs.com/article/10451-hvs-anarock- india-hospitality-industry-overview-2025 )
Outlook
Indias hospitality sector enters FY 2026-27 characterised by robust operational fundamentals, defined by a structural demand-supply imbalance where premium demand growth continues to significantly outpace new room inventory execution. This baseline is fortified by a highly targeted policy ecosystem unveiled in the Union Budget 2026-27. Rather than distributing generic development funds, fiscal priority has shifted to institutional upgrades—such as transforming legacy frameworks into the National Institute of Hospitality to solve the luxury talent deficit—and the formal creation of dedicated thematic corridors and regional Medical Value Tourism hubs.
Concurrently, metropolitan business markets are experiencing sustained depth; record absorption of Grade A office space and the continuous expansion of the Global Capability Centre (GCC) ecosystem are securing predictable, high-yield corporate travel flows. When coupled with international-grade convention spaces driving a new era of global MICE traffic and the permanent premiumisation of domestic leisure substitution, the sectors pricing power remains exceptionally resilient. While near-term risks persist via volatile airspaces and geopolitical disruptions in West Asia, the robust domestic purchasing base and evolving point-to-point flight networks act as an effective buffer, ensuring a stable, highly profitable trajectory for premium operators throughout the fiscal year.
EIH Limited: Financial and Operating Performance
EIHs financial performance in FY 2025-26 reflects the sustained strength of its operating model: a portfolio of properties with market-leading positioning, structured to generate pricing power through brand equity and guest loyalty rather than purely volume-driven occupancy. The resurgence in domestic travel demand, sustained across leisure, corporate, and event-led segments, provided a robust backdrop that the Company was able to convert into above-industry margin performance through pricing discipline and operational leverage on a largely fixed cost base.
In FY 2025-26, the Company delivered Total revenue of Rs. 28,125 Million, representing a 11% increase over the prior year. EBITDA reached Rs. 10,644 Million — 6% growth — reflecting operating leverage on a largely fixed cost base and sustained rate discipline. Profit before tax decreased to Rs. 7,877 Million from Rs. 9,625 Million in FY 2024-25. Net profit after tax decreased to Rs. 5,385 Million, compared to Rs. 7,513 Million in the prior year.
Standalone Financial Performance Highlights
| /\ Rs. 28,125 Million Total revenue (standalone) | / \ Rs. 10,644 Million EBITDA | Rs. 7,877 Million Profit before tax | / Rs. 5,385 Million Net profit |
| 11% y-o-y growth | 6% y-o-y growth / | (18%) y-o-y | (28%) y-o-y |
Key Financial Ratios
| Metric | Year ended 31 March 2026 | Year ended 31 March 2025 | Remarks |
| Debtor Turnover Ratio (times) | 11.10 | 11.65 | Decrease is due to increase in average trade receivables is higher than the increase in revenue from operations. |
| Debt-Equity ratio (times) | 0.03 | 0.04 | - |
| Debt Service Coverage Ratio (times) | 29.71 | 37.79 | The decrease is due to decrease in earnings available for debt service in the current year on account of exceptional items as presented in note 38 in the current year as compared to the previous year. |
| Interest Service Coverage Ratio (times) | 45.15 | 51.20 | The decrease is due to decrease in earnings available for debt service in the current year on account of exceptional items as presented in note 38 in the current year as compared to the previous year. |
| Current Ratio (times) | 2.28 | 2.62 | The decrease is due to decrease in current assets during the current year as compared to the previous year, which is mainly due to realisation of Assets classified as held for sale. |
| Net Capital Turnover Ratio (times) | 3.96 | 2.98 | The increase is mainly due to increase in revenue from operations and decrease in working capital as at the current year end as compared to the previous year end. |
| Trade Receivables Turnover Ratio (days) | 32.89 | 31.34 | Increase is due to increase in average trade receivable is higher than the increase in credit sale during the current year as compared to the previous year |
| Inventory Turnover Ratio | 10.98 | 9.92 | The increase is mainly due to increase in Consumption during the current year as compared to the previous year. |
| Operating Profit Margin (%) | 33.70% | 36.23% | The decrease is due to increase in revenue from operations higher than the increase in operating profit in the current year. |
| Net Profit Margin (%) | 19.15% | 29.63% | The decrease is due to decrease in net profit after taxes in the current year on account of exceptional items as presented in note 38 and increase in total income in the current year as compared to the previous year. |
| Return on Capital Employed (%) | 16.07% | 21.58% | The decrease is on account of increase in capital employed and decrease in earning before interest and taxes mainly on account of exceptional items as presented in note 38 during the current year. |
| Return on Equity (%) | 12.06% | 19.23% | The decrease is mainly due to increase in shareholders equity as at the end of current year as compared to the previous year and decrease in profit after tax for the current year mainly due to exceptional items as presented in note 38. |
Risk Management
The Companys Risk Management Committee (RMC), comprises of Board members and senior executives, plays a pivotal role in overseeing key risks, shaping business strategies, and monitoring early warning indicators. Working closely with management, the RMC defines the Companys risk appetite and develops appropriate mitigation strategies through well-established policies and processes.
The risk management framework is designed to systematically identify, assess, monitor, and respond to a broad spectrum of risks. Thirteen key risk areas have been identified, spanning business and financial exposures, as well as operational, environmental, reputational, legal, and cyber risks.
Oversight is further strengthened through a Risk Management Sub-Committee chaired by Mr. Arjun Singh Oberoi, with Mr. Vikramjit Singh Oberoi as Co-Chair, and Mr. Manish Singh serving as Chief Risk Officer. This structure enhances governance depth and ensures enterprise-wide preparedness and responsiveness to evolving risk scenarios.
The Oberoi Centre of Excellence
The Company has further strengthened its operational backbone by implementing high-efficiency systems and intelligent processes through The Oberoi Centre of Excellence (TOCE). This initiative integrates critical functions to drive transformation across Finance and allied areas, with a strong focus on automation, standardisation, and streamlined workflows, thereby enhancing efficiency, accuracy, and scalability across operations.
Internal Control Mechanism and their Adequacy
The Company places strong emphasis on a robust internal control environment, anchored in the principles of The Oberoi Dharma. Across the organisation, there is a shared commitment to uphold the highest standards of ethics, professional competence, financial discipline, and integrity in all business practices.
To support efficient and well-governed operations, the Company has implemented comprehensive internal controls at both process and entity levels. These controls are designed to safeguard assets, prevent and detect fraud and errors, ensure the accuracy and reliability of accounting records, enable timely financial reporting, and ensure compliance with all applicable laws and regulations.
These mechanisms are carefully structured to balance strong governance with operational agility, embedding appropriate checks and balances that facilitate informed decision-making, accountability, and sustained organisational effectiveness.
Internal Financial Controls (IFC)
The Companys Board of Directors has put in place a comprehensive and robust framework for internal financial controls, aimed at ensuring their adequacy and consistent effectiveness. In line with the requirements of Section 149(8) and Schedule IV of the Companies Act, Independent Directors have carried out an evaluation of the integrity of financial reporting, as well as the effectiveness of the Companys financial controls and risk management systems.
The internal control framework is aligned with globally accepted best practices, considering the scale and complexity of the Companys operations. It is supported by structured risk assessments embedded within Standard Operating Procedures (SOPs), Risk and Control Matrices (RACMs), well-defined IT policies, and ERP-driven systems that incorporate Management Information Systems (MIS) and automated controls.
At the entity level, the control environment is reinforced through key policies such as the Code of Conduct, Whistle Blower Policy, Insider Trading Policy, Delegation of Authority (DOA), HR policies, and IT security policies. These frameworks are periodically reviewed by Senior Management to ensure they remain relevant, effective, and responsive to evolving business needs.
The Company conducts annual internal audits covering all operational units and significant corporate functions. The Audit Committee oversees the adequacy and effectiveness of the internal control systems through regular review of audit observations and the progress of remediation efforts.
During FY 2025-26, an external expert was engaged to independently evaluate the design and operating effectiveness of the Companys internal financial controls, in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. The findings of this independent review were presented to and deliberated upon by the Audit Committee.
Business Consolidation and Expansion
• The Oberoi WadiSafar, Saudi Arabia: 60 Keys wildlife resort in Diriyah, WadiSafar. The resort is expected to be operational by late 2026. It shall be managed by EIH Limited.
• The Oberoi Dhabiyas 1 & 2: Two identical luxury sailing boats that will offer exclusive, slow-paced cruises along the Nile, capturing the spirit of ancient Egypt with modern luxury and are expected to be operational by 2027.
• The Oberoi, Bogmalo (Goa): 20 Keys luxury resort is under development and shall be ready for operations by 2028. The resort will be managed by EIH Limited.
• The Oberoi Nile Cruiser: Expanding the Groups river cruising presence, this managed 25-cabin Nile cruiser will provide refined on-board experiences, with cultural excursions and Oberoi service and it is expected to be operational by 2028.
• Trident, Vishakhapatnam: 150 Keys Trident Hotel is under construction in Vishakhapatnam (near Bhogapuram airport) is expected to be operational by 2028. It shall be managed by EIH Limited.
• The Oberoi, Clarkes: 39 Keys Oberoi Hotel is located in Shimla and is expected to be operational by 2028. It shall be managed by EIH Limited.
• The Oberoi Mayfair, London: The Company is currently engaged in the planning of 21 Keys Boutique Hotel in Mayfair, the most prestigious location of London which is fully owned. This historic Grade II heritage hotel is expected to be operational by 2028.
• The Oberoi, Kathmandu: 60 Keys Oberoi Hotel is located in Kathmandu, Nepal and is expected to be operational by 2028. It shall be managed by EIH Limited.
• The Oberoi, Jawai: 15 Keys wildlife resort in the Jawai region of Rajasthan is under planning and with a target completion by 2028. This shall be managed by EIH Limited. However, this project is currently on hold due to a stay order on commercial construction activity issued by the Rajasthan High Court.
• The Oberoi, Bardia: 18 Keys Oberoi Hotel is located in Nepal and is expected to be operational by 2029. It shall be managed by EIH Limited.
• The Oberoi Goa, Cavelossim: 90 Keys Oberoi Hotel strategically located on South Goas picturesque coastline, this owned resort will be a flagship beach destination for discerning travellers. The Hotel will be owned by EIH Limited and is expected to be operational by late 2029.
• The Oberoi, Gandikota: Known as the Grand Canyon of India, 20s Key Oberoi Hotel is located in Andhra Pradesh and is expected to be operational by 2029. It is managed by EIH Limited.
• Trident, Tirupati: 124 Keys Trident Hotel is located in Andhra Pradesh and is expected to be operational by 2029. It is managed by EIH Limited.
• The Oberoi, Hyderabad: 220 Keys Oberoi Hotel located in Hyderabad Knowledge City is under planning and is expected to be operational by 2029. It shall be managed by EIH Limited.
• The Oberoi, Kabini: 60 Keys Oberoi Hotel is located in Karnataka and is expected to be operational by 2029. It shall be managed by EIH Limited.
• The Oberoi, Hampi: 60 Keys Oberoi Hotel is located in Hampi, Karnataka and is expected to be operational by 2029. It shall be managed by EIH Limited.
• Trident, Pavana Lake: 150 keys resort located near Pavana Lake is under planning and is a managed property. The resort is expected to be operational by 2029.
• Trident Fort Aguada, Goa: 170 keys resort in close proximity of Fort Aguada, Goa is under planning and is a managed property. The resort is expected to be operational by 2030.
• Trident, Nandi Hills: 150 keys resort in Nandi Hills, adjoining Bangalore is under planning and is a managed property. The resort is expected to be operational by 2030.
• The Oberoi, Gir: 20 keys wildlife resort adjoining Gir National Park, Gujarat is under planning and is a managed property. It is expected to be operational by 2030.
• Trident, Dehradun: 130 Keys Trident Hotel located on Rajpur Road, Dehradun. The planning is underway and the hotel is expected to be operational by 2030. It shall be managed by EIH Limited.
• Trident, Rishikesh: 120 Keys resort adjacent to The Oberoi near Devprayag in Rishikesh on the river Ganges. The resort is currently under planning and is expected to be operational by 2030.
• Trident & The Oberoi, Hebbal: 300 Keys Trident Hotel and 120-keys Oberoi Hotel located in Hebbal, Bengaluru is expected to be operational by 2030 and 2031 respectively. This is a mixed use development which includes ~763,000 sqft of commercial spaces and will be owned and managed by EIH Limited.
• The Oberoi, Coorg: 100 Keys Oberoi Hotel is located in Coorg, Karnataka and is expected to be operational by 2030. It shall be managed by EIH Limited.
• The Oberoi, Cairo: 147 Keys Oberoi Hotel is located in Cairo, Egypt and is expected to be operational by 2030. It shall be managed by EIH Limited.
• The Oberoi, Makaibari Tea Estate Darjeeling: 25
Keys Oberoi Hotel is located at the Makaibari Tea Estate near Darjeeling. The hotel is under planning and expected to be operational by 2030. It shall be managed by EIH Limited.
• The Oberoi, Rishikesh: 80 Keys resort near Devprayag in Rishikesh on the river Ganges. The planning of the hotel is underway. It is expected to be operational by 2031.
• Trident, Amritsar: 150 keys hotel, located five km from the Golden Temple is under planning and is a managed property. The hotel is expected to be operational by 2031.
Awards
| HOTEL | AWARDED BY | AWARDS |
| Oberoi Hotels & Resorts (Brand Awards) | Telegraph Travel Awards, UK, 2025 | Best Hotel Group |
| Travel + Leisure, Indias Best Awards 2025 (For four consecutive years) | Editors Choice for Best Hotel Brand for Service Excellence | |
| The Times Travel Awards, UK, 2025 | Best Luxury Hotel Group - Runner up | |
| Travel + Leisure, US, Worlds Best Awards, 2025 (Hall of Fame Honouree) | Top 25 Hotel Brands in the World (Ranked 2nd) | |
| The Oberoi Rajgarh Palace, Khajuraho | Travel & Leisure, USA, 2026 Prix Versailles, France, 2026 | Featured on the It List Featured on Worlds Most Beautiful Hotels |
| Conde Nast Traveller, Global, 2026 | Hot List-Best New Hotels in the World | |
| Town & Country Hotel Awards, US, 2026 | Featured on Favourite New Places | |
| Time Magazine, USA, 2026 | Featured on Worlds Greatest Places | |
| Luxury Travel Intelligence, UK, 2025 | Worlds Best New Luxury Hotels 2025 | |
| The Oberoi Vindhyavilas | Travel & Leisure, USA, 2026 | Featured on the It List |
| Wildlife Resort, Bandhavgarh | Time Magazine, US, 2025 | Featured Amongst The Worlds Greatest Places |
| Conde Nast Traveler Global, 2025 | Featured on the Hot List: The Best New Hotels in the World | |
| Town & Country, US, 2025 | Featured amongst The Best New Hotels on the Planet | |
| The Oberoi, New Delhi | Conde Nast Traveller, India Readers Choice Awards 2025 | Favourite Indian Hotel for Service-Winner |
| World Travel Awards, 2025 | Asias Leading Hotel | |
| Conde Nast Traveller, India Readers Choice Awards 2025 | Favourite Restaurant in an Indian Hotel- Winner Baoshuan | |
| Conde Nast Traveller, Indias Top Restaurant Awards, 2025 | Indias Top 50 Restaurants: Baoshuan at The Oberoi, New Delhi (Ranked 25th) | |
| Andrew Harpers Editorial Choice Awards, USA 2025 | Cirrus 9 at The Oberoi, New Delhi featured amongst the Best Hotel Bars of the Year | |
| NDTV Food Awards 2025 | Best Chinese Premium Dining Restaurant - Regional winner- Baoshuan | |
| The Oberoi, Mumbai | Conde Nast Traveller, Global 2026 | Featured on the Gold List |
| World Travel Awards, 2025 | Indias Leading City Hotel 2025 | |
| Conde Nast Traveller, India Readers Travel Awards, 2025 | Favourite Indian Business Hotel- Runner Up | |
| Conde Nast Traveller, India Readers Travel Awards, 2024 | Favourite Indian Hotel for Service (Winner) | |
| Travel + Leisure, India & South Asia, Indias Best Awards, 2024 | Editors Choice for Best City Hotel | |
| The Oberoi, Gurgaon | Michelin Key Hotel Guide 2025 | Awarded One-Key |
| Worlds 50 Best Discoveries,2025 | Featured on the inaugural ranking | |
| NDTV Food Awards 2025 | Best All-Day Premium Dining Restaurant - threesixtyoneD | |
| NDTV Food Awards 2025 | Emerging Premium Dining Restaurant- Ziya | |
| Travel + Leisure, Indias Delicious Dining Awards, 2024 | Editors Choice for Best Emerging Restaurant: ZIYA | |
| The Oberoi Amarvilas, Agra | Michelin Key Hotels Guide 2025 | Awarded Two-Keys |
| Travel + Leisure, USA Worlds Best Awards 2025 | Ranked Best Resort in India | |
| Conde Nast Traveller (Global), 2025 | Featured on The Gold List, 2025 | |
| Travel + Leisure, USA Worlds Best Awards, 2024 | Top 25 Resorts in Asia- Hall of Fame Honouree | |
| Conde Nast Traveler, US, Readers Choice Awards, 2024 | Top 10 Hotels in India (Ranked 1st) | |
| The Oberoi Vanyavilas Wildlife Resort, Ranthambhore | Michelin Key Hotels Guide 2025 | Awarded One-Key |
| Conde Nast Traveller, UK, Readers Choice Awards, 2025 | Best Resorts in the World- India (Ranked 3rd) | |
| Travel + Leisure, USA Worlds Best Awards 2025 | Top 5 Resorts in India (Ranked 3rd) | |
| Conde Nast Traveller, Global, 2024 | Featured on The Gold List, 2024 | |
| TripAdvisor Travellers Choice Awards, 2024 | TripAdvisor Travellers Choice Best of Best Award | |
| The Oberoi Udaivilas, Udaipur | Conde Nast Traveller India Readers Travel Awards 2025 | Favourite Hotel for Design-Winner |
| Conde Nast Traveller India Readers Travel Awards 2025(for three consecutive years) | Favourite Indian Leisure Hotel - Winner | |
| Tatler Asia 2025 (For two consecutive years) | Best 100 Hotels in Asia Pacific | |
| Michelin Key Hotels Guide 2025 | Awarded Two-Keys | |
| Travel + Leisure, USA Worlds Best Awards, 2025 | Top 5 Resorts in India (Ranked 4th) | |
| Worlds 50 Best Discoveries,2025 | Featured on the inaugural ranking | |
| Fodors Travel, US, 2025 | Featured amongst The 100 Most Incredible Hotels in the World | |
| The Oberoi Sukhvilas Resort & Spa, New Chandigarh | Travel & Leisure, Indias Best Awards 2025 | Editors Choice for Best Hotel for Weddings) |
| Conde Nast Traveller, UK, Readers Choice Awards,2025 | Best Resorts in the World -India (Ranked 6th) | |
| Conde Nast Traveller India Readers Travel Awards,2023 | Favourite Hotel For Weddings In India- Winner | |
| The Oberoi Beach Resort, Mauritius | Conde Nast Traveller, UK, Readers Choice Awards, 2025 | Best Resorts in the World (Ranked 3rd) |
| Michelin Key Hotels Guide,2025 | Awarded Two-Keys | |
| World Travel Awards, 2024, 2023 | Mauritius Leading Hotel Villa (Two consecutive years) | |
| The Oberoi, Marrakech | Michelin Key Hotels Guide,2025 | Awarded Two-Keys |
| Conde Nast Traveler, UK, Readers Choice Awards, 2025 | Best Hotels in Africa (Ranked 6th) | |
| Conde Nast Traveler, US, Readers Choice Awards, 2025 | Top 15 Hotels in Africa (Ranked 9th) | |
| The Gallivanters Guide Editors Choice Awards, 2024 | Hotel of the Year | |
| Travel & Leisure, Indias Best Awards, 2024 | Best Leisure Hotel (Editors Choice) Travel & Leisure, Indias Best Awards, 2024 |
Human Resource Development
At EIH Limited, our enduring commitment to our guests and our people is firmly grounded in the values and philosophy of Rai Bahadur M.S. Oberoi, our Founder Chairman. Guided by The Oberoi Dharma, we uphold the highest standards of ethical conduct, kindness, respect, personal accountability and an uncompromising pursuit of excellence. Aligned with this ethos, the Human Resources function plays a pivotal role in building a future ready, high-performance organisation through progressive people practices that promote learning and development, meaningful engagement and holistic employee wellbeing.
During FY 2025-26, several strategic initiatives were undertaken to strengthen our human resources capabilities and systems. Key highlights are outlined below.
Human Resource Management System (HRMS) - OberoiConnect by Darwinbox
During the year, we successfully implemented multiple modules of OberoiConnect, a cloud based Human Resource Management System powered by Darwinbox, across all Oberoi and Trident Hotels in India.
This integrated platform delivers a seamless employee experience across the entire employee lifecycle - from recruitment and onboarding to attendance, leave management and self-service access to policies and benefits. The system also incorporates rewards and recognition, creating a unified and enhanced platform for recognising and celebrating employee contributions across units.
Talent Acquisition and Retention
Recognising that our people are central to our long-term success, we continue to focus on attracting, developing and retaining high quality talent through targeted interventions.
RISE (Refine and Invest in Skill Enhancement): The
RISE programme combines structured on the job training with support for higher level education, enabling skill enhancement while fostering an inclusive and a future focused workforce. By expanding hiring channels and delivering structured unit level training, the programme has significantly strengthened our talent pipeline. During the year, the number of RISE participants in hotel operations increased by 36% compared to the previous year.
Industry Partnerships for Skilling: We entered into MoUs with corporate partners engaged in skilling initiatives aimed at empowering economically challenged youth across India with competencies required for entry level roles in hospitality. Through continued collaboration with industry skilling partners to train non hospitality talent, we have successfully placed over 150 young professionals in operational roles across our hotels in India.
Development Programmes
Learning and Development remains a key strategic enabler in building a resilient and future ready organisation. Amid evolving business environments and growing complexity, our focus has been on strengthening leadership capabilities, critical technical skills and a culture of continuous learning aligned with business priorities.
Comprehensive Upskilling for Success and Progression (CUSP)
We launched CUSP, a multi layered talent development framework designed to support employee growth from induction through to executive leadership. This includes a comprehensive Year One development plan for operational associates, along with refreshed Supervisory and Executive Development Programmes. These initiatives ensure structured, fair and transparent career pathways, enabling consistent progression across the organisation.
Learning Management System (LMS) engagement increased by 462% during the year following the launch of customised learning paths that encourage self- directed learning.
FY 2025-26 learning metrics:
• Number of unique employees covered: 7,230
• Average training man days per employee: 15 Oberoi Centre of Learning and Development (OCLD)
OCLD continued to advance excellence in learning by upgrading curriculum content, expanding reach and aligning programmes with strategic priorities.
Two new modules - Health & Wellness and Events Management - were introduced within the Management Training Programmes. Additionally, the pastry modules under the Kitchen Management Programme were redesigned to enhance culinary competencies and address diverse guest dietary preferences.
A total of 180 Management Trainees are currently enrolled across the programme batches for FY 2024-26 and 2025-27.
The STEP programme was extended to an additional location, The Oberoi, Mumbai. At year end, 167 STEP trainees were enrolled across the batches in 2023-26, 2024-27 and 2025-28.
Employee Engagement
Engaged employees are integral towards delivering superior guest experiences. In FY 2025-26, the Company recorded an employee engagement score of 83%, aligned with global best practices. This reflects our continued efforts to foster a supportive, inclusive and high-performance work environment. Action plans driven by employee feedback will continue to strengthen engagement outcomes.
Gender Diversity
We remain committed towards building a diverse and inclusive workplace. Women currently comprises of 25% of our permanent workforce, and we aim to increase this representation to 30% in the coming year.
To support women employees in balancing personal and professional aspirations, we offer flexible work arrangements, extended maternity benefits, facilities for mothers with infants and role transition opportunities aligned with evolving life stages.
Compensation Benchmarking
The Company remains committed to offering compensation positioned above the 75th percentile of market benchmarks. This approach strengthens our ability to attract and retain top talent while enabling data driven, equitable compensation decisions across all levels. Regular benchmarking ensures continued alignment with market trends and reinforces our position as an employer of choice.
Awards and Recognition
The Oberoi Centre of Learning and Development received several prestigious recognitions during the year for delivering high impact, future focused learning solutions:
• Brandon Hall Excellence Awards 2025 - Gold Award for Best Upselling Programme
• Global CCU Awards - Bronze Award for Best Corporate University for Branding and Durability
• BW People Awards 2026 - Gold Award for Best Leadership Development Programme
• BW People Awards 2026 - Winner, Best Corporate Learning and Development Team of the Year
Internal Audit Mechanism and Review System
The Internal Audit Department has highly qualified and multidisciplinary team, which includes Chartered Accountants, MBAs, and professionals certified in AntiMoney Laundering and Forensic Accounting. The team brings deep expertise across critical functional domains such as finance, operations, statutory compliance, project management, and process audits, enabling a comprehensive and informed audit approach.
To further strengthen its capabilities, the department collaborates with reputed co-sourcing firms for conducting audits and undertaking specialised assignments. This ensures an independent, objective, and industry-aligned evaluation of the Companys internal control environment.
Audit activities are guided by a structured risk assessment framework, with engagements prioritised accordingly and executed as per an annual internal audit plan approved by the Audit Committee. A dedicated group of senior executives convenes at regular intervals to review audit findings and ensure timely resolution of outstanding issues.
In addition to identifying control gaps, the department proactively recommends robust monitoring mechanisms and process enhancements aimed at preventing potential failures. Key observations, along with corrective action plans and defined timelines, are periodically presented to the Audit Committee. The Committee actively reviews these updates, providing strategic oversight and direction.
The Audit Committee has expressed satisfaction with the effectiveness of the Companys internal control systems, the rigor of audit processes, and the overall performance of the Internal Audit Department.
Conclusion
The trends in FY 2025-26 have affirmed that a differentiated luxury brand, operating from a position of financial strength, can generate expanding returns through a demand cycle including one that presents material headwinds. Revenue, EBITDA and net profit all improved on prior-year levels, operating margins expanded, and the Company maintained a strong financial position, with its debt remaining negligible. The disruption to transcontinental aviation routes, the moderation in inbound international tourism to India, and the persistence of cost pressures across energy and food all required active management, with the Company adopting a cautious yet proactive approach to mitigate risks, optimize costs, and sustain operational performance during the year.
The driving force behind our accomplishments remains our exceptional workforce, whose growth and well-being are paramount. We have implemented robust internal control mechanisms to ensure the integrity and efficiency of our operations. Looking ahead, we are confident in our ability to continue delivering exceptional value to our stakeholders, guests, and employees, while maintaining our position as a leader in the global hospitality industry.
>We would like to extend our heartfelt gratitude to our guests, shareholders, members of the Board and our dedicated colleagues. Your support, guidance, and hard work have been instrumental in our success. To our guests, thank you for your continued trust and loyalty. To the Board, your strategic vision and leadership have been invaluable. And to our colleagues, your commitment and passion drive our achievements every day. Together, we look forward to a successful future
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