Juniper Hotels Ltd Management Discussions

Global Economy

The global economy in 2026 operated in an environment shaped by evolving trade dynamics and differing monetary policy trajectories across economies. The escalation of conflict in West Asia in February 2026, including disruptions to energy routes, introduced renewed uncertainty for global growth and inflation. For an industry built on the movement of people, this had direct implications, with higher energy prices influencing aviation fuel, transportation and hotel operating costs, while geopolitical uncertainty can affect travel sentiment.

Globally, this geopolitical friction has increased input and energy costs across manufacturing and supply chains. These developments have placed upward pressure on the cost of imported goods, food commodities, and operating supplies, while continued volatility in foreign exchange markets has further impacted procurement costs for businesses reliant on international sourcing. Despite these disruptions, Indias economy has remained relatively resilient, supported by

stable macroeconomic fundamentals, controlled inflation, and sustained domestic consumption.

While the conflict in West Asia remains the primary nearterm disruptor, strategic competition between the US and I China continues to accelerate supply chain diversification through near-shoring and friend-shoring strategies. India has emerged as a key beneficiary of this global realignment, attracting greater manufacturing investments as companies < diversify production beyond China. At the same time, progress on bilateral free trade agreements is strengthening Indias integration with global markets, improving market ! access and supporting export competitiveness. Supported by stable macroeconomic policies, resilient domestic demand and calibrated inflation management, India has been able to absorb external shocks more effectively than 1 many peer economies while continuing to create long-term growth opportunities. Investments in artificial intelligence, digital infrastructure and technology are further improving productivity, while the expanding services economy continues , to reshape global trade.

! According to the IMFs World Economic Outlook published in April 2026, global growth is expected to remain below its long-term historical average through 2027 and 2028. Emerging Markets and Developing Economies (EMDEs) are expected to continue growing at a faster pace than advanced economies, supported by domestic demand and investment momentum. India and other Asia-Pacific economies remain key contributors to global growth.

Inflationary pressures are expected to moderate, with global headline inflation projected at 4.40% in 2026 before easing further in 2027, according to the IMF. However, the pace of monetary policy easing remains dependent on geopolitical developments, energy prices and inflation trends. The US Federal Reserve reduced its benchmark rate by 75 basis points through 2025 to a target range of 3.50%-3.75%, and maintained this range through its January, March and April 2026 meetings.

For the hospitality industry, the global environment presents both opportunities and uncertainties. While near-term volatility may influence discretionary travel and business activity in certain markets, long-term demand drivers remain supported by rising mobility, expanding services consumption and sustained demand for leisure experiences. Markets with strong domestic demand, established travel ecosystems and quality hospitality infrastructure, such as India, are expected to remain better positioned to sustain travel demand despite external uncertainties.

Indian

Economic Overview

In 2025-26, India maintained its position as the worlds fastest-growing major economy. At its 61 st bimonthly Monetary Policy Committee meeting, the Reserve Bank of India (RBI) confirmed real GDP growth of 7.7% for the year, reaffirming Indias position as one of the worlds fastest-growing large economies and an attractive investment destination. Despite the external headwinds impacting global energy indices,

India maintained consumer price inflation below the RBIs medium- term target of 4.00%, supported by diversified energy sourcing, prudent macroeconomic policies and robust domestic supply management. This enabled the economy to absorb external shocks while sustaining domestic growth momentum.

The luxury hospitality market, particularly in Mumbai, has benefited from strong demand across corporate travel, MICE events, destination celebrations, and premium leisure segments. Healthy occupancy levels and improved average room rates have enabled hotels to offset a significant portion of the increase in operating costs through revenue optimisation, strategic pricing, and a favourable demand-supply balance. Additionally, continued investments in infrastructure, enhanced air connectivity, and Indias growing prominence as a global business and tourism destination have created new opportunities for sustained growth.

India GDP Growth Projections

P: Projections

[Source: IMF World Economic

Outlook, April 2026]

Inflation gave policymakers room to act. Headline CPI averaged approximately 1.70% between April and December 2025 and reached a historic low of approximately 0.30% in October 2025, on the longest run of food-price correction in the CPI series. It rose moderately towards the year-end, to 3.40% in March 2026 and 3.48% (provisional) in April 2026 on higher vegetable and precious metal prices but stayed within the RBIs 2-6% target band. This combination of strong growth and moderate inflation created room for cumulative repo rate cuts of 125 basis points during 2025-26, bringing the policy rate to 5.25% by March 31,2026.

[Sources: MoSPI CPI Press Release, May 12, 2026 (April 2026 data); RBI Monetary Policy Statements]

At its April 2026 meeting, the RBI held the repo rate at 5.25% with a neutral stance and projected CPI inflation of 4.6% for 2026-27. The RBI noted that elevated energy prices due to the West Asia conflict and potential El Nico conditions remain key

risks to inflation. Lower borrowing costs supported capital investment in sectors such as hospitality, while improving household affordability and discretionary spending on travel.

The forward trajectory remains firm. The IMF projects Indias real GDP growth at 6.5% for 2026-27, and the Reserve Bank of India projects 6.9% on a fiscal year basis, sustained by domestic demand, infrastructure investment and reform momentum, including the India-UK and India-US trade agreements. For the hospitality sector, these agreements are expected to support demand by strengthening corporate travel, cross-border investment and inbound business visits, particularly from the UK and the US, two of Indias important source markets for business and leisure travel.

The Union Budget 2026-27 names tourism a core economic priority, emphasising destination development, multimodal connectivity and emerging segments across medical, heritage and eco-tourism. Indias demographic structure, with a median age of approximately 28 years and over 65% of the population in the working-age cohort, continues to generate structural demand for travel, hospitality and lifestyle services.

A young, expanding working-age population is driving demand as consumers travel earlier, more often and across more occasions, from leisure trips to weddings and corporate events. The same demographic also provides the skilled workforce required by a labour-intensive service industry, strengthening Indias advantage on both the demand and supply sides.

Industry Overview

Global Hospitality and Tourism Industry Landscape

In 2025, global travel and tourism entered a phase of structural expansion, supported by sustained demand across leisure, business and experience-led travel. International arrivals exceeded earlier benchmarks, while the sector continued to grow ahead of the broader global economy, reflecting the resilience of travel demand as global mobility patterns evolved.

Momentum continued into 2026, although regional performance remained uneven. International arrivals increased 2% in the first quarter, with approximately 307 million travellers recorded, around 6 million higher than the corresponding period in the previous year. Growth moderated in March following the escalation of conflict in West Asia, which affected travel confidence, air connectivity and regional tourism activity. UN Tourism expects the conflict to reduce 2026

international arrivals growth by one to two percentage points from the initial forecast of 3% to 4%, depending on the duration and extent of the disruption.

Regional trends highlight changing travel flows. Europe and Africa recorded stronger momentum during the first quarter, while Asia and the Pacific continued to recover with further growth potential. The Middle East experienced near-term pressure due to disruptions across aviation networks and reduced traveller confidence. Higher energy prices, increased travel costs and capacity constraints have wider implications for international mobility, with demand increasingly adapting towards stable destinations, intraregional travel and markets supported by strong domestic consumption.

Investor interest in hospitality assets remains supported by the sectors

long-term cash flow characteristics. Branded hospitality assets in supply- constrained markets continue to attract institutional capital, supported by demand for quality accommodation, operating scale and pricing resilience.

Travel demand is also becoming more diversified. Rising incomes, expanding middle-class consumption and improved connectivity are supporting new demand segments, including destination weddings, live entertainment travel, wellness-led stays and extended-duration travel. The story has shifted from recovery to recalibration: where people travel, how, and what they will pay for are all changing. The operators best placed for the next phase are branded, well-capitalised, and anchored in markets with resilient domestic demand and room still to grow.

i Engine

Structural Shifts Creating the Next Phase of Hospitality Growth
Experiences over Accommodation	Business and Leisure Convergence	Supply Discipline and Premiumisation
	Demand Shift
Travellers increasingly seek experiences, lifestyle-led stays and destination-driven travel.	Corporate travel, events, celebrations and leisure travel increasingly overlap.	Investors continue to favour branded, high-quality hospitality assets in supply-constrained markets.
Hospitality Opportunity
Luxury, experiential and differentiated assets gain relevance.	Large-format hotels benefit from multiple demand streams across rooms, events and F&B.	Established brands and differentiated properties are positioned to capture pricing power.

International Tourist Arrivals by Region
Region	Share % 2025	International arrivals (million) 2025	International arrivals (million) 2024	International arrivals (million) 2023	Change % 2025/2024
World	100.0	1,534	1,462	1,327	5.0
Europe	52.8	809.6	772.1	729.3	4.9
Asia and the Pacific	21.2	325.2	301.9	239.4	7.7
Americas	14.3	219.7	216.6	200.0	1.4
Middle East	6.5	100.1	96.6	93.4	3.7
Africa	5.2	79.6	74.3	64.7	7.0
[Source: UNWTO, Barometer May 2026]

Indian Hospitality and Tourism Industry

Indias hotel sector moderated in May 2026 compared to April 2026, primarily driven by softening seasonal demand patterns and geopolitical uncertainties that weighed on travel sentiment. Despite this month-on-month deceleration, nationwide I performance recorded a significant year-on-year improvement over May 2025, a period when hotel demand was negatively impacted by war-like conditions in the country.

India remains one of the worlds fastest-growing hospitality markets, yet it continues to have one of the lowest branded I hotel room penetration among major economies. While the country has approximately 2,00,000-2,20,000 branded hotel rooms, the luxury and upper-upscale segment accounts for only a small proportion of this inventory. By comparison, China has well over 2 million branded hotel rooms, with a substantially larger luxury hotel base developed over the past two decades. Even after adjusting for population and economic size, Indias premium hotel inventory remains significantly underpenetrated, highlighting considerable long-term growth potential.

India recorded approximately 64,000 branded hotel keys signed during 2025, representing one of the strongest years of expansion for the sector. International operators including Hyatt, Marriott, Hilton, Accor and Radisson, alongside leading domestic hospitality companies, continue to expand aggressively across both metropolitan markets and high-growth leisure destinations.

Expansion activity remains strong. HVS ANAROCK data shows that the branded hotel market recorded 179 signings representing 19,986 keys in the first five months of 2026, while 54 properties representing 4,471 keys opened during the same period. Notably, 39.6% of signings were concentrated in Tier 1 markets, including Mumbai, Delhi, Bengaluru, Hyderabad, Chennai, Gurugram and Goa, which closely overlap with Juniper Hotels operating footprint and reinforce the long-term attractiveness of premium business and gateway-city hospitality markets.

[Source: HVS ANAROCK Monthly Overview of National Industry Trends and Occupancy Report]

Indian Hospitality Sector: A Rate-led Growth Cycle
Occupancy 63 - 65 % Dropping by 1-3 percentage points (pp) from April 2026 but gaining a strong 6-8 pp compared to May 2025	Average Room Rate (ARR) 7 , 900 - 8,100 Reflecting a 6-8% decrease compared to April 2026 but an 9-11% increase over May 2025	Revenue per Available Room (RevPAR) 4 , 977 - 5,265 Declining 8-10% from April 2026 but increasing a substantial 22-24% year-on-year against May 2025

[Source: HVS ANAROCK India Hospitality Industry Overview 2025 l HVS ANAROCK Monthly Overview of National Industry Trends and Occupancy Report]

A Pipeline that Signals Conviction

Development activity reinforced confidence in Indias hospitality opportunity. Brand signings reached a record 64,118 keys across 586 properties in 2025-26, representing a 36% increase in keys and a 21% increase in properties over the previous year. New openings added 14,199 rooms across 176 properties, with average hotel size increasing to approximately 81 keys. The scale of new commitments reflects growing developer conviction in Indias hospitality fundamentals. Domestic operators accounted for 65% of properties signed, while Bengaluru and Mumbai led city- level activity with 4,510 keys and 4,499 keys, respectively. Brand signings for 2026-27 are estimated at around 690 hotels and 76,000 keys.

The sector is also witnessing greater institutionalisation, with investors favouring hospitality assets supported by stable cash flows, established brands, stronger governance frameworks and sustained pricing discipline. Longer debt tenures of 12-15 years are increasingly aligned with the capital-intensive nature of hotel assets. At the same time, the shift towards branded and organised hospitality models is strengthening the competitive advantage of scaled operators with established platforms.

Demand Drivers

Indias hospitality demand is structurally supported by a significant, multi-decade expansion of its physical connectivity footprint. This modernisation across air, rail, and road networks has effectively reduced travel friction, creating highly active catching zones for both leisure and business travel across all city tiers.

Aviation Ecosystem Transformation

O Passenger Traffic Surge: Annual domestic passenger traffic has scaled dynamically over the past decade, climbing from roughly 140 million passengers to well above 220 million passengers

O Operational Fleet and Hubs:

The total number of operational airports has more than doubled, growing from around 70 facilities a decade ago to over 160 operational airports today

O The UDAN Contribution: Under the highly successful Regional Connectivity Scheme (RCS- UDAN), a total of 663 distinct routes across 95 airports, heliports, and water aerodromes have been actively operationalised

O Next-Gen Aviation Push:

Backed by a recently approved 28,840 crores outlay for the Modified UDAN framework, the government plans to target an additional 100 unserved airstrips and build 200 modern helipads over the next decade

High-Speed Rail and Public Capex Additions

O Record Public Outlay: The Union Budget 2026-27 has elevated the states infrastructure momentum by proposing a record public capital expenditure of 12.2 Lakh Crores

O Next-Gen Mobility Corridors:

Budget allocations within this framework have dedicated 5.98 Lakh Crores towards the overall transport sector, specifically sanctioning 7 new High-Speed Rail corridors, including high-traffic business and tourism lanes like Mumbai-Pune and Delhi-Varanasi

O Inter-City Transit Ease:

Complemented by the expanding network of semi-high-speed Vande Bharat trains, regional rapid transit systems, metro channels, and dedicated freight lines, multi-modal travel times between major economic zones have drastically dropped

Destination Tourism and Budget Allocations

O Niche Thematic Focus: The

Ministry of Tourisms fiscal allocation for 2026-27 stands at 2,438 Crores. The budget focusesheavily on creating high-yield, experience-led travel products

O Circuit Monetisation: Capital deployment is actively funnelled through flagship models like the Swadesh Darshan scheme (allocated 1,905 Crores) and the PRASHAD scheme (allocated 245 Crores). This funding supports the continuous curation of specialised nature trails, including mountain, eco-tourism, and birdwatching networks, alongside upgrading infrastructure for 50 new targeted destinations

By bridging infrastructure disparities, these integrated transport networks have successfully opened up secondary and tertiary geographies. Markets across Tier II, Tier III, and decentralised destination hubs that were once restricted by structural accessibility barriers are now experiencing robust room-night demand and sustained pricing power.

Demand Driver	Why it Matters	Key Industry Data (2025-26)
		Domestic tourist visits 4,548 million, projected to exceed 9,542 million by
Domestic Tourism	The plannable base of the demand pyramid	2029-30 (13.1% CAGR) O Total air passenger traffic 420 million
		O Domestic passengers 338.9 million (+4% YoY)
MICE and Live Events	Predictable, plannable cycles; high-margin banqueting	Over 34,000 live events, attendance +17% YoY O India AI Impact Summit in 2026-27 to reinforce MICE credentials
		Average wedding budget 58 Lakhs, Indias wedding economy is estimated to exceed 10 Lakh Crores annually
Destination	High-yield,	O Over 60% of weddings above 1 Crores were destination-based
Weddings	structurally recurring	O One of the countrys largest discretionary spending categories and a significant demand driver for banqueting, rooms and food and beverage revenues
		Maha Kumbh drew over 663 million visitors (early 2024-25) O Faith tourism is becoming an increasingly significant part of Indias
Faith-based Tourism	Large-scale gatherings with a high spending multiplier	tourism ecosystem, complementing demand from business, leisure, MICE, and experiential travel
		O The scale of events such as the Maha Kumbh, coupled with the projected growth of Indias faith tourism market from US$ 202.85 billion in 2024-25 to US$ 441.19 billion by 2034-35, highlights the sectors long-term potential and its positive contribution to the overall hospitality and tourism industry
		India is the worlds ninth-largest business travel market
Corporate Travel and Global Capability Centres (GCCs)	Durable transient and extended-stay demand	O A major demand driver as GCCs, multinational corporations, technology firms, financial services companies and consulting organisations continue to expand operations across Bengaluru, Hyderabad, Mumbai, Delhi-NCR, Pune and Chennai
		O Relevant for Juniper Hotels, whose portfolio has meaningful exposure to premium business travel and MICE demand in these markets
Inbound (International)	The headline decline was externally driven	Foreign tourist arrivals 9.02 million, compared with 9.52 million in 2023 O A moderation from previous years, impacted significantly by shifting geopolitical dynamics and regional shocks

Why Supply Struggles to Follow

Indias demand strength meets a supply-side that cannot expand freely. Hotel development operates within a web of structural, regulatory and financial constraints that hold back new rooms and reinforce the position of established, well-located owners.

Barrier	What It Means
Land Scarcity and Cost	Central parcels able to support large, upper-tier hotels are scarce and expensive, and limited entitlements cap viable size, raising the value of established assets
Regulatory Approvals	Multiple licences across pre-construction and pre-opening phases; the process is protracted and uncertain timings, and delays escalate cost and interest burden
	Policy shifts can disrupt development and operations, from state liquor prohibition and security-related delays at Delhi Aerocity to Tamil Nadus driver-accommodation mandate
	Debt tenures of 12-15 years now fit hotel cash flows better, but the cost and availability of debt remain meaningful constraints on the pace and scale of development
	Long-term equity remains insufficient relative to the needs of large hotels and portfolios, with working-capital shortfalls compounding the gap
	A limited pool of experienced operators and skilled staff constrains service quality; chains lean on technology and the depth of their talent networks
	Construction costs continue to rise, forcing operators to target higher yields to service debt, an advantage that accrues to incumbents on lower cost bases

Luxury Leads the Cycle

The Evolving Role of Food & Beverage in Luxury Hospitality

Luxury hospitality, comprising upper-upscale and luxury branded hotels, is benefiting from rising wealth creation, premiumisation of travel and limited quality supply. The segment is distinguished by higher service intensity, premium locations and stronger pricing potential.

Indias ultra-high-net-worth individual population increased 63% between 2021 and 2026 to 19,877 individuals, with the cohort expected to grow further to 25,217 by 2031. This expanding base of affluent consumers is supporting demand for premium stays, curated experiences and high-value travel occasions.

The luxury hotel market, valued at US$ 3.64 billion in 2024-25, is projected to reach US$ 4.05 billion in 2026-27, growing at a CAGR of 11.31% through 2031. Premium hotel operating margins generally remained in the mid-30% range, reflecting the segments ability to sustain pricing strength and benefit from operating leverage.

At the same time, supply additions remain constrained, with luxury metro supply growth expected at approximately 4-5% annually.

The resulting demand-supply imbalance supports occupancy above 75% and continued RevPAR growth, strengthening the long-term opportunity for branded luxury hospitality operators.

Food & beverage have long been an integral part of hotel economics, but premium operators are increasingly treating it as a strategic profit driver rather than merely a supporting service, with stronger brand-led dining concepts, banqueting and destination-led F&B formats improving revenue mix and customer engagement.

The broader food-services industry is also becoming more institutionalised, with a restaurant and food-services IPO pipeline estimated at over 9,000 Crores, signalling a gradual shift from fragmented owner-led businesses towards scaled, professionally managed platforms.

[Source: TGP International F&B & Hospitality Trends Report 2026; IPO Coverage: ScanX]

What It Means for Juniper

The convergence of a maturing, rate-led hospitality cycle, expanding demand across travel segments, disciplined supply creation and improving infrastructure provides a supportive operating environment for branded hospitality platforms in India. Large-format, luxury-oriented assets in supply-constrained markets are positioned to benefit from these structural trends.

For Juniper Hotels, these trends reinforce the strategic positioning of its predominantly luxury and upper-upscale portfolio across key gateway cities and business destinations, where demand is increasingly driven by corporate travel, MICE, premium leisure and international visitors. As the Company evaluates future expansion opportunities, these structural tailwinds provide confidence that additional high-quality room inventory can be absorbed while supporting longterm occupancy, average room rates and revenue growth.

Company Overview

Juniper Hotels Limited (also referred ad Juniper Hotels, or The Company) is one of Indias largest owners of luxury and upper-upscale hotel assets by key count, with a portfolio developed over decades across strategically important business and leisure destinations.

Incorporated in 1985, the Company was listed on BSE Limited and the National Stock Exchange of India Limited on 28 th February 2024. It is Indias only listed luxury hotel ownership platform with an equal promoter partnership between Saraf Hotels Limited and Hyatt Hotels Corporation.

This unique ownership structure brings together the deep expertise and long-standing hospitality asset ownership experience of the Saraf Group with the global hospitality leadership of Hyatt Hotels Corporation. The partnership reflects a shared longterm vision of developing, owning, and operating world-class hospitality assets while creating sustainable value for shareholders and delivering exceptional guest experiences.

Three characteristics define Junipers platform:

O First, the Company follows an ownership-led

model, directly owning its hotel assets and retaining the economic benefits of operating performance and long-term asset value creation for stakeholders

O Second, the Companys large-format hotel model integrates luxury rooms, MICE infrastructure, food and beverage offerings and serviced residences within a single development, enabling multiple revenue streams from the same asset base to maximise revenue potential and enhance guest experiences

O Third, the combination of owned assets, strategic locations and limited availability of comparable large-format developments creates a differentiated position in supply-constrained markets

The business is supported by five revenue streams, creating a diversified operating model across hospitality demand cycles:

The core operating engine, comprising luxury and upper- upscale hotel inventory across key metros and state capitals, largely positioned near business and travel hubs. The portfolio includes approximately 1,895 operating keys, including 245 branded residences across strategically located cities. These assets anchor demand in their respective markets and provide the foundation for room revenue with superior pricing power to capitalise on sustained growth in Indias premium hospitality sector.

A strategic growth driver built around large-format event infrastructure across the portfolio, including 2.25 Lakhs sq. ft. of MICE space. Beyond direct revenue, MICE demand supports room nights through group bookings and event-led stays. The Grand Showroom at Grand Hyatt Mumbai, a 49,655 sq. ft. events facility (including support and circulation space) as well as 25,000 sq. ft. additional lawn space, created by repurposing commercial space rather than building new, illustrates the Companys active asset management approach.

Andaz Delhi benefits from its location in Aerocity, one of the National Capital Regions leading convention and business districts, while Hyatt Regency Ahmedabad is well positioned in a major MICE destination expected to host the 2030 Commonwealth Games. Hyatt Regency Lucknow complements this portfolio by providing exposure to an emerging state capital where government activity, infrastructure development and rising corporate presence are supporting premium hotel demand and creating headroom for sustained rate growth.

Branded residences across Mumbai and Delhi provide an annuity-oriented revenue stream with high flowthrough margins with long-stay demand from corporate guests, expatriates and extended-stay travellers. The portfolio includes 245 serviced apartment keys, complementing the Companys hotel operations.

Food & Beverage is a key pillar of Juniper Hotels revenue diversification strategy, with an increasing emphasis on creating destination dining experiences that enhance guest engagement and drive higher spend per visit. In partnership with Hyatt, the Company is expanding and repositioning its restaurant portfolio to increase the contribution of Food & Beverage revenues. This growth is expected to be driven through a richer and more innovative menu offering, strengthened restaurant positioning, and enhanced utilisation across both in-house and non-resident guests.

As part of this strategy, the Company has completed the refurbishment and repositioning of several marquee dining venues across its portfolio, including Juniper Bar and Celini at Grand Hyatt Mumbai, Rocca at Hyatt Regency Lucknow, and two specialty restaurants at Andaz Delhi. These investments are aimed at creating distinctive culinary destinations that reinforce each hotels competitive positioning and increase patronage from the local catchment.

Complementing the Food & Beverage strategy is a continued focus on expanding high-yield MICE, social events, and banqueting business. By strengthening its restaurant offerings alongside premium event infrastructure, Juniper Hotels is well positioned to capture the growing demand for corporate gatherings, conferences, weddings, and celebrations, thereby improving revenue mix, enhancing asset utilisation, and driving sustainable growth in non-room revenues.

The Company also generates annuity-style income through 1.44 Lakh sq. ft. of commercial lease area within its owned developments, adding another layer of revenue diversification.

Together, these segments create a multi-dimensional hospitality platform, combining operating income with annuity-style revenue streams and long-term asset ownership.

Juniper 2.0: Scaling a Proven Model

Having established the big-box model, the Company is now scaling it. Juniper 2.0 is the strategic decision to grow the operating base while deepening the segmental revenue drivers that make each asset more productive. The expansion targets doubling of keys to 4,000 keys by 2030-31 from the current operating base of approximately 1,895 keys operating assets (including 245 branded residences).

(including 245 branded residences). Asset	Keys (approx.)	Status as of March 31,2026
Bengaluru Phase 1 (Westin)	238 keys	Opening Q3 2026-27
Kaziranga Resort	90 keys and 16 luxury villas	Under development; completion by 2029-30
Bengaluru Phase 2	250 guest keys and 25 apartments	Approvals in process; construction to begin in Q2 2026-27
Guwahati Hotel	263 keys and 14 apartments	Approvals underway; construction to begin in Q2 2026-27
New Delhi (Dwarka) Greenfield	550 keys	Letter of award received from DDA; Under early stages of development
Grand Hyatt Mumbai Expansion	317	Permission secured; timing subject to capital allocation review

¦ Why the Northeast, and why now.

The Kaziranga and Guwahati developments give the Company a first-mover luxury position in the high-growth Northeast. The Kaziranga resort ( 106 keys) will be among the first luxury hotels adjacent to Kaziranga National Park, a UNESCO World Heritage Site, developed under a lease with the Assam Tourism Development Corporation, extendable for up to 99 years on roughly 9.6 acres, and aimed at experiential eco-tourism drawing domestic travellers. The Guwahati hotel ( 277 keys) is a greenfield big-box asset positioned to capture the citys emergence as a commercial and travel hub. The two assets pair a demand engine (Guwahatis commercial traffic) with a destination draw (Kazirangas eco-tourism) in a market with little competing luxury supply.

Active Asset Management

Ownership enables the Company to actively manage asset performance in partnership with its operators, driving revenue enhancement while maintaining disciplined cost management and margin improvement. In collaboration with Hyatt, Juniper focuses on improving revenue mix, operating efficiency and asset productivity through a defined set of levers.

These include optimising room mix towards higher-yielding transient and group segments, creating incremental revenue streams through MICE infrastructure, refining brand positioning across assets and aligning refurbishment cycles to minimise disruption while supporting rate growth.

The Companys airport-proximate locations further strengthen these levers, with improving connectivity supporting demand across key markets. This approach allows Juniper to manage its hotels as long-term assets, balancing operating performance with sustained value creation from premium hospitality real estate.

Portfolio Overview
Commercial and Hotel Segment
Property	City	Segment	Keys	Strategic Role
Grand Hyatt Mumbai Hotel & Residences	Mumbai	Luxury	549 keys+ 116 residences	Flagship and MICE anchor
Andaz Delhi	New Delhi (Aerocity)	Luxury	401	Luxury lifestyle and corporate gateway
Hyatt Delhi Residences	New Delhi (Aerocity)	Luxury	129 residences	Serviced-apartment annuity
Hyatt Regency Ahmedabad	Ahmedabad	Upper Upscale	270 keys	MICE and contract hub
Hyatt Regency Lucknow	Lucknow	Upper Upscale	206 keys	Tier-1 city leadership
Hyatt Raipur	Raipur	Upscale	105 keys	Emerging market presence
Hyatt Place Hampi	Hampi	Upper Upscale (Leisure)	119 keys	UNESCO-heritage experiential
Westin (by Marriott) (Phase 1)	Bengaluru	Upper Scale	238 keys	Tier-1 city leadership

Key Performance Indicators
KPI	2024-25	2025-26	Keys
Portfolio Occupancy (%)	74	75	+1pp
Portfolio ARR ()	10,988	11,924	+9%
Portfolio RevPAR ()	8,165	8,982	+10.0%
Luxury Segment ARR ()	13,606	14,656	+8%
Upper-Upscale ARR ()	7,744	8,515	+10%

Operating Performance

FY 2025-26 marked another year of disciplined execution and operating performance for Juniper Hotels. The Company delivered broad-based growth across all key operating metrics driven by sustained demand in the luxury and upper-upscale hospitality segments, robust pricing power, and continued optimisation of its portfolio.

Portfolio occupancy improved to 75%, while Average Room Rate (ARR) increased by 9% to 11,924, reflecting the Companys ability to consistently command premium pricing across its strategically located assets. This translated into a 10% growth in Revenue per Available Room (RevPAR) to 8,982. The luxury portfolio continued to reinforce its market leadership with an ARR of 14,656, while the upper-upscale portfolio recorded double-digit ARR growth, demonstrating broad-based demand across the Companys operating platform.

Cost Efficiency and Operating Leverage

Cost ratios in 2025-26 reflected the operating leverage of the owned-asset model. Employee cost as a percentage of revenue was 1 7.72% in 2025-26, power and fuel expenses as a percentage of revenue were 5.3% in 2025-26 and management contract fees paid to Hyatt, structured as a percentage of revenue, scaled proportionately with the portfolios revenue growth without disproportionate fixed-cost addition.

In 2025-26, the most material lever was mix optimisation at Grand Hyatt Mumbai and event-yield optimisation through the Grand Showroom MICE conversion.

Revenue Management Framework

At Grand Hyatt Mumbai, the transition from a contract- heavy mix towards transient and group demand has been central to 2025-26 margin improvement. Andaz Delhi and Hyatt Regency Lucknow continued to lead the portfolio on ARR-led growth. However, the contract business contributed 10% in both 2024-25 and 2025-26, including hotels and apartments. Across the portfolio, ARR-led growth, rather than occupancy expansion, remained the primary engine of RevPAR, consistent with the Companys focus on premium customer segments.

Financial Performance

Revenue from Operations

Juniper Hotels Limited delivered another year of strong financial performance in FY 2025-26. Consolidated Total Income increased by 10% year-on-year to 1,069.1 Crores from 975.6 Crores in the previous year. Revenue from Operations grew by 11% to 1,047.7 Crores from 944.3 Crores in FY 2024-25. Other Income stood at 21.4 Crores during the year (FY 2024-25: 31.3 Crores), primarily comprising interest income earned on deposits and income from investments in financial instruments.

The Companys diversified revenue mix reflects the strength of its large format hospitality assets, which are designed to generate multiple revenue streams from a single integrated platform. This model enhances cash flow stability, improves margins and supports long-term value creation across business cycles.

Profitability

EBITDA increased to 444.0 Crores, translating into an EBITDA margin of 42% of Total Income. Adjusted EBITDA (excluding Other Income) stood at 422.7 Crores, with an Adjusted EBITDA margin of 40% of Revenue from Operations.

The Company delivered Profit Before Tax (before exceptional items) increased by 57% to 235.3 Crores. After accounting for exceptional items of 43.3 Crores, Profit Before Tax stood at 192.0 Crores, representing a 28% year-on-year increase. Finance costs declined by 11% to 96.6 Crores, driven by continued deleveraging and lower exposure to foreign currency volatility. Profit After Tax nearly doubled to 141.6 Crores, up 99% over the previous year, supported by higher operating profits and the availability of a tax shield. Consequently, Basic and Diluted Earnings per Share (EPS) increased to 6.60 from 3.61 in FY 2024-25, reflecting the Companys enhanced earnings capacity and continued focus on delivering sustainable shareholder returns.

The Company carries accumulated tax losses exceeding 1,095 Crores, supporting a zero-cash-tax position through the current growth phase. As a result, Profit After Tax and cash earnings remain broadly aligned, with limited tax outflow impacting distributable value.

Particulars ( Crores)	2025-26	2024-25	YoY Change
Revenue from Operations	1,047	944.3	11%
Other Income	21.4	31.3	(32%)
Total Income	1,069.1	975.6	10%
EBITDA	444.0	368.1	21%
EBITDA Margin (% of Total Income)	42%	38%	4 pp
Adjusted EBITDA	422.7	336.7	26%
Adjusted EBITDA Margin	40%	36%	4 pp
Finance Costs	96.6	108.6	(11%)
Depreciation and Amortisation	112.2	109.5	2%
Profit Before Exceptional Items and Tax	235.3	150.0	57%
Profit Before Tax (after exceptional items)	192.0	150.0	28%
Profit After Tax	141.6	71.3	99%
PAT Margin	13.25%	7%	6 pp
Basic and Diluted EPS ()	6.36	3.61	93%

Key highlights:

Revenue increased steadily from 817.7 Crores to 1,047 Crores («13.2% CAGR; FY2025-26).

Adjusted EBITDA grew from 311.0 Crores to 422.7 Crores, reflecting stronger operating performance.

Net Profit increased sharply from 23.8 Crores to 141.6 Crores, indicating significant improvement in profitability.

Since Adjusted EBITDA Margin is a percentage rather than an absolute value, it is best shown as a separate trend (38% 36% 40%) instead of on the same chart with Crore values.

Note: EBITDA is computed as Total Income less Food & Beverages Consumed, Employee Benefits Expense, and Other Expenses. Adjusted EBITDA excludes Other Income. CAGR is not applicable for metrics with negative values.

Ratio Analysis as of March 31 , 2026

Ratio	Numerator	Denominator	March 31, 2026	Numerator	Denominator	March 31, 2025	% Change	Reason for Change
Debtors Turnover	1,04,768.13	5,484.87	19.10	94,427.25	5,731.00	16.48	0.16
Inventory Turnover	7,834.89	1,031.12	7.60	7,449.91	968.30	7.69	-0.01
Interest Coverage Ratio	28,854.84	9,659.18	2.99	25,857.88	10,858.95	2.38	0.25
Current Ratio	19,753.67	29,985.57	0.66	34,323.93	24,063.71	1.43	-0.54	Decrease on account of decrease in Other Financial Assets and increase in Current Maturities of LongTerm Borrowings.
Debt Equity Ratio	73,872.05	2,86,842.81	0.26	1,02,067.50	2,72,669.88	0.37	-0.31	Decrease on account of full repayment of External Commercial Borrowings (ECB) during the year.
Operating Profit Margin (%)	33,187.61	1,04,768.13	0.32	25,857.88	94,427.25	0.27	15.68%
Net Profit Margin (%)	14,173.42	1,04,768.13	0.14	7,141.75	94,427.25	0.08	79%	Increase on account of increase in Profit for the year ended March 31, 2026 as compared to March 31, 2025.

Capital Structure and Balance Sheet Strength

As on March 31,2026, the Companys balance sheet reflected the strength built through debt restructuring initiatives and the ongoing expansion phase. Equity stood at 2,868.4 Crores in 2025-26, compared to 2,726.7 Crores in 2024-25. Net bank debt as on March 31,2026, stood at 625 Crores, with net bank debt to TTM EBITDA at 1.6x and net debt to equity at 0.2x, both unchanged year on year. Gross bank debt stood at 742 Crores. The effective cost of debt was 8.27% as on March 31,2026.

During the year the Company repaid 267 Crores (including accrued interest) of ECBs, reducing exposure to USD-INR volatility, and reported adequate debt headroom for future growth. The Company continued to carry a tax shield of over 1,095 Crores, to be adjusted against future profits, supporting a low cash tax position through the current growth phase.

Key Balance Sheet Metrics	2025-26	2024-25
Net Bank Debt ( Crores)	625	516
Net Bank Debt/EBITDA (times)	1.6x	1.6x
Net Bank Debt/Equity (times)	0.2x	0.2x
Paid-up Capital ( Crores)	222.5	222.5
Total Equity ( Crores)	2,868.4	2,726.7
Average Cost of Bank Borrowing (%)	8.27%	9.01%
Credit Rating (India Ratings)	IND AA-/Stable	IND AA-/Stable
Tax Shield ( Crores)	1,095	1,293

Capital Allocation and Investment

Capital allocation is guided by a disciplined financial framework that emphasises financial flexibility and Balance Sheet strength. The planned capital expenditure is expected to be funded through a mix of operating cash flows and project-level debt, with the Company expected to maintain a comfortable leverage position throughout the investment period.

Total capital work-in-progress increased to 345 Crores as on March 31,2026, from 256 Crores a year earlier, driven by the Bengaluru asset under construction, the Kaziranga resort, and floor-space and systems upgrades at Grand Hyatt Mumbai.

Shareholder Returns and Capital Management In 2025-26, the Company	Shareholder Metrics	2025-26	2024-25
	Earning per Share (Basic and Diluted)	6.36	3.20
nearly doubled its profit after tax to 141.6 Crores (up 99%),	Dividend per Share	-	-
with earnings per share rising correspondingly. The Companys	Book Value per Share	128.92	122.55
zero-cash-tax position, supported by a tax shield of 1,095 Crores,	Return on Net Worth (%)	4.94%	2.62%
keeps profit after tax and cash earnings broadly aligned,	Return on Capital Employed (%)	9.68%	8.31%
preserving distributable headroom even as growth capital is deployed.

IT, Digital Evolution, and Cybersecurity

Technology underpins both guest experience and operating efficiency across the portfolio. During 2025-26, the Company upgraded its Property Management System to give teams real-time visibility of room inventory, guest profiles and loyalty preferences across all properties, sharpening revenue management and room allocation. Digital service platforms and portfolio-wide mobile check-in reduced service turnaround and wait times, while a unified employee interface streamlined coordination across departments.

These are foundations for the next step. The Company is now extending into Al and machine learning, with predictive revenue management, dynamic pricing and demand forecasting as the priority use cases, capabilities that bear directly on yield in a rate-led market and are supported by Hyatts global technology infrastructure.

The Company maintains a layered cybersecurity framework, with all Hyatt-operated properties held to globally recognised standards including PCI-DSS and GDPR. In 2025-26, the Company reported zero data privacy complaints, zero cybersecurity breaches, and zero incidents of unfair trade practices.

Oversight by the Audit and Risk Management Committee anchors this discipline within the enterprise risk framework.

Al and machine learning applications for predictive revenue management, demand forecasting, and personalised guest communication are under evaluation, supported by Hyatts global technology capabilities as a shared resource.

Risk Management and Mitigation

The Company follows a structured risk management framework to identify, assess and address risks that may impact its operations, financial performance and long-term value creation. The framework is reviewed by the Risk Management Committee periodically to evaluate emerging risks, monitor mitigation measures and strengthen preparedness across the business.

Risk Area	Risk Description	Mitigation Approach
Guest Safety and Security	Guest safety and security remain fundamental to maintaining trust, brand reputation and operating standards across the portfolio.	The Company follows established safety and security protocols across its properties, including periodic fire safety drills, security audits and employee training to strengthen emergency preparedness and response capabilities.
Service Quality and Brand Standards	Consistent service delivery is critical in maintaining guest experience, brand reputation and customer loyalty.	The Company focuses on continuous employee training, guest feedback mechanisms and quality service reviews to monitor performance and identify areas for improvement.
Revenue Volatility	Hospitality revenues are influenced by factors including occupancy levels, Average Room Rate (ARR), seasonality, travel trends and broader economic conditions.	The Company leverages revenue management systems, market analysis and dynamic pricing practices to optimise room yields and respond to demand conditions.
Cost Management	Rising operating costs, including energy, procurement and manpower expenses, can impact profitability.	The Company focuses on cost discipline through operational efficiencies, energy conservation measures, procurement optimisation and productivity initiatives.
Economic and Demand Cycles	Economic slowdowns or changes in discretionary spending can impact travel demand across leisure and business segments.	The Companys presence across multiple markets and demand segments, including leisure, corporate travel and MICE, provides diversification across demand drivers.
Competitive Landscape	The hospitality sector remains competitive, with operators competing in terms of brand strength, location, service quality and customer experience.	The Company differentiates through its portfolio of large-format luxury and upper-upscale assets, strategic locations, Hyatt partnership and integrated offerings across rooms, MICE and F&B.
Regulatory Compliance	Hospitality operations are subject to evolving regulations across areas including safety, taxation, labour and operating licences.	The Company maintains compliance frameworks, periodic reviews and internal controls to monitor regulatory requirements and support adherence across operations.
Data Privacy and Cybersecurity	Digital operations and guest interactions require effective protection of sensitive information.	The Company maintains IT security protocols, access controls and compliance processes to safeguard data and strengthen cybersecurity practices.
Environmental Sustainability	Resource consumption, waste management and climate-related considerations are increasingly important	The Company focuses on initiatives such as energy conservation, green energy adoption, waste reduction and resource efficiency to reduce environmental impact.

Human Resources

People are central to Junipers ability to translate its hospitality assets into differentiated guest experiences and sustained operating performance. In a service-led business, the capability, engagement and retention of employees directly influence service quality, brand reputation and the long-term value of the Companys assets.

The Companys human capital approach focuses on building hospitality capabilities aligned with the standards of its international brands while developing a workforce equipped to support portfolio growth. New employees undergo structured onboarding, followed by ongoing training across areas including guest experience, safety, food hygiene, communication skills, cybersecurity awareness and workplace practices.

As the portfolio expands towards its target of 4,000 keys by 2030-31, strengthening talent pipelines will remain an important priority, particularly in emerging markets such as Guwahati and Kaziranga where the Company is entering new hospitality destinations. The Company supports employee engagement through safety initiatives, inclusive workplace practices and programmes focused on physical and mental well-being.

Human Capital Metric	2025-26
Total Permanent Employees (Consolidated)	952
Total Permanent Workers (Consolidated)	1,120
Employee Benefits Expense ( Crores)	185.65
Well-being Investment (% of revenue)	17.72%
Training Coverage (%)	100%
Performance Reviews (% of employees)	100%
LTIFR/Fatalities	None

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Internal Controls

The Company has instituted an internal financial control framework aligned with the requirements of the Companies Act, 2013. These controls are designed to ensure integrity of financial and operational reporting, compliance with applicable laws and regulations, and adherence to internal policies and approval frameworks with clearly defined authority levels for capital and operational expenditure. Internal controls are reviewed through a comprehensive internal audit process conducted in coordination with the in-house audit team and Protiviti India Member Private Limited as external Internal Auditors. The Audit Committee oversees this process. Ethics, anti-bribery, whistleblower protection, and conflict-of-interest policies are institutionalised across the organisation and reinforced through periodic training.

Cautionary Statement

This Management Discussion and Analysis contains forward-looking statements relating to anticipated future events, financial projections, and operational targets for Juniper Hotels Limited. Such statements are based on managements current assessments and involve known and unknown risks, uncertainties, and assumptions that may cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these statements, which speak only as of the date of this report. The Company is under no obligation to update or revise any forward-looking statements. This document should be read in conjunction with the Companys audited financial statements for the year ended March 31,2026, the Boards Report, and the risk factors described herein. Industry data is sourced from HVS Anarock India Hospitality Industry Overview 2025, WTTC Economic Impact Research 2025, IMF World Economic Outlook April 2026, ICRA, and other publicly available sources cited within this document.

Environment

The Company continues to advance sustainable hospitality practices across its portfolio. Key initiatives include increasing the use of renewable energy, reducing single-use plastic through recyclable alternatives, improving water efficiency through wastewater recycling and deploying technology-led solutions such as Building Management Systems to optimise energy consumption.

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Corporate Social Responsibility

Through its social initiatives, the Company supports community development across areas including health, education, environmental sustainability and youth engagement. As the portfolio expands, Juniper aims to strengthen its CSR framework and enhance employee participation in community initiatives.

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Governance

Strong governance remains central to the Companys long-term value creation approach. A structured Board and committee framework, supported by internal controls, compliance mechanisms and ethical business practices, enables disciplined decision-making and accountability across operations.

Annual Report 2025-26

Juniper Hotels Limited