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Orchid Hotels LimitedMain BoardEquity2025-04-012026-03-312025-11-122025-11-06INRLakhsQuarterlySecond quarterSingle segmentHospitality2025-11-1217:56:002025-11-1218:05:00trueCash Flow IndirectNot applicabletruetrueNANAfalsetrue2025-05-27https://www.royalorchidhotels.com/Images/factsheet/Policy%20on%20Related%20Party%20Transaction.pdffalsefalseNA2025-07-012025-09-30UnauditedStandalone48330000013095000496395000468020000010949200034459000424100002117440004449070005148800005148800014404000-166200012742000038746000000038746000038746000274252000101.411.41001.411.41The standalone financial results (‘the Statement’) for the quarter and half year ended 30 September 2025 have been prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards specified under Section 133 of the Companies Act 2013 (‘the Act') read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other accounting principles generally accepted in India and is in compliance with presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended). <BR> The standalone financial results (‘the Statement') for the quarter and half year ended 30 September 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 12 November 2025. The Statutory Auditors of the Company have carried out limited review of the above financial results and have issued a qualified report. The standalone financial results for the quarter and half year ended 30 September 2025 can be viewed on the website of the Company, National Stock Exchange of India Limited (‘NSE') and BSE Ltd (‘BSE’) at www.royalorchidhotels.com, www.nseindia.com and <BR> www.bseindia.com respectively. <BR> The Company has evaluated its operating segments in accordance with Ind AS 108 and has concluded that it is engaged in a single operating segment viz. hospitality business. <BR> The Securities and Exchange Board of India (SEBI) on 31 March 2023 issued an Interim Order cum Show Cause Notice to the Company, its Managing Director, a Director and its Chief Financial officer (collectively called 'Noticees') for not considering Ksheer Sagar Developers Private Limited ('KSDPL') as a subsidiary of <BR> Royal Orchid Hotels Limited and treating it as an associate and thereby overstating the consolidated net profit of the Royal Orchid Group and misrepresenting the consolidated financial statements for the financial year ended 31 March 2022. The Interim Order had directed the Company to restate its consolidated financial statements for the year ended 31 March 2022 and prepare its consolidated financial statements for the year ended 31 March 2023 after considering KSDPL as a subsidiary. <BR> The Interim Order also contained show cause notices to show cause as to why suitable directions/prohibitions under Sections 11 (1), 11 (4) and 11B (1) of SEBI <BR> Act should not be issued against the Noticees. The order also contained show cause notices to show cause as to why inquiry should not be held in terms of Rule <BR> 4 of Securities and Exchange Board of India (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 and penalty be not imposed on them under <BR> Sections 11 (4A) and 11 B (2) read with Section 15HA and/or 15HB of the SEBI Act, 1992 for the above alleged violations of provisions of the SEBI Act, LODR <BR> Regulations and PFUTP Regulations. <BR> The Company, its Board and its Audit Committee had carried out a detailed evaluation of the above order cum show cause notice and on the advice from its legal counsel had filed an appeal with the Securities Appellate Tribunal ('SAT') against the order cum show cause notice issued by SEBI. The SAT on 9 May <BR> 2023 had stayed the effect and operation of the order cum show cause notice issued by SEBI till 30 June 2023 which was further extended till 17 August 2023. <BR> On 17 August 2023, the Company had requested an opportunity to be heard and respond to the show cause notice issued by SEBI which was granted by the <BR> SAT and the stay granted by SAT on 9 May 2023 continued to stay in effect. Consequently, the Company has responded to show cause notice issued by SEBI and the matter was heard by SEBI on 30 October 2023. The Company had been given time till 15 November 2023 to make its additional submissions before <BR> SEBI. The Company had submitted its response basis which SEBI issued its final order on 11 October 2024 stating that while the company had classified KSDPL incorrectly as an associate, it could not conclude that this incorrect classification resulted in an illegal gains made by the Noticees. Accordingly, the final order directed the Noticees to: <BR> (a) File a public disclosure to the stock exchanges containing the directions of the order within 7 days of the receipt of Order. <BR> (b) Disclose the financial statements and audit report for FY 2021-22, 2022-23 and 2023-24 to the stock exchanges. <BR> (c) File a report detailing the impact on the Consolidated Financial Statements of the Company for FY 2021-22, 2022-23 and 2023-24 had KSDPL been considered a subsidiary of the Company. <BR> (d) Pay monetary penalties of Rs.5 lakhs and R.1 lakh each under Section 15HA and 15HB of the SEBI Act within 45 days of the order. <BR> The Company carried out a detailed evaluation of the final order and on advice from its legal counsel filed an appeal with the SAT. The SAT on 5 November <BR> 2024 has admitted the appeal filed by the Company and has stayed the above order with respect to directions listed in points (b) and (c) above till the date of next hearing on 4 August 2025. The final order on the monetary penalties levied has been stayed on the condition that 50% of the penalties imposed are deposited by the Noticees. The Noticees on the date of the SAT stay order have deposited the said amounts. Amounts as considered necessary have been provided for by the Company. The SAT has given the Company four weeks to file its responses from date of its order. The Company has filed a public disclosure to the stock exchanges containing the directions of the final order. On 7 January 2025, SEBI filed an affidavit in response to the appeal filed with the SAT by the <BR> Company. Consequently, on 8 January 2025, the Company was given two weeks to file a rejoinder and the next hearing date was set to 29 January 2025. The <BR> Company filed the rejoinder on 28 January 2025. The next hearing date was set to 21 March 2025 which was moved to 23 April 2025, then 4 August 2025 and currently the matter will be heard on 14 November 2025. <BR> In the year ended 31 March 2022, the management had assessed that due to change in the composition of the Board of Directors of the aforesaid investee company, the Holding Company lost control of the investee company and had accounted for such ‘loss of control’ in accordance with the ‘control assessment’ principles enunciated under Ind AS 110, Consolidated Financial Statements and accordingly the management is of the view that SEBI’s contention, as included in the aforesaid final order is not tenable. <BR> Based on the Managements evaluation of loss of control and that the above mentioned final order has been stayed by the SAT, no adjustments, as directed by the said order, has been considered in the consolidated financial results/ consolidated financial statements of the Company for the period ended 30 September <BR> 2025. Accordingly, no adjustments have been considered necessary in respect of classification of the said investment, in these standalone financial results. <BR> 5.On 22 February 2024, few shareholders comprising of 50% of the shareholding (collectively called as the Tambi Group) in Ksheer Sagar Developers Private <BR> Limited (KSDPL) filed a petition with the Hon'ble National Company Law Tribunal (NCLT) under Sections 241 and 242 of the Companies Act, 2013 (the Act) pertaining to Oppression and Mismanagement in the affairs of KSDPL. The matters raised in the said petition included matters relating to related party transactions, delayed appointment of independent directors, change in status of the KSDPL from subsidiary to associate, wrongful conduct of independent directors, process to appoint independent directors, conduct of chairman of the Board of KSDPL amongst others. Amongst the various reliefs sought, one of the relief sought was to halt the Extra Ordinary General Meeting (EOGM) on 1 March 2024 from taking place. ROHL on 28 February 2024 filed its response to the said petition with the NCLT disputing all the claims made by the Tambi Group. <BR> The NCLT on 29 February 2024 directed all the parties to carry out the EOGM as planned and comply with the provisions of Companies Act 2013. <BR> The EOGM was duly conducted on 1 March 2024 with the independent director as the Chairman. Only one business relating to the appointment of a new independent director was conducted and an ordinary resolution was duly passed. With effect fram 2 March 2024, board of KSDPL has only one independent director. Also, Royal Orchid Hotels Limited’s (ROHL) Administrative Committee has resolved that the current Independent Director shall be the Chairman in the Board and General Meetings of KSDPL. <BR> Subsequent to the EOGM, the Tambi Group filed an Interlocutory Application on 11 March 2024 with the NCLT stating that the appointment of independent director was not in accordance with the Act. A Compliance Affidavit on 16 April 2024 was filed on behalf of KSDPL submitting how the interim order of NCLT dated 29 February 2024 was complied with. On 23 May 2024, the Tambi Group filed another Interlocutory Application requesting the NCLT to halt the approval of the independent director of KSDPL as the Chairman of the Board of KSDPL. The NCLT on 28 May 2024 directed all the parties to carry out the Board Meeting as planned. During the previous year, the Tambi group had filed various additional Interlocutory Applications with the NCLT which has been responded to by the <BR> Company and the matter is currently pending with the NCLT. The next hearing date is 27 November 2025. <BR> In the responses filed with the NCLT, ROHL has stated before the NCLT that relevant provisions of the Act as applicable to a deemed public company are not applicable to the KSDPL. ROHL believes that there has been no change in its assessment of control as per ‘control assessment’ principles enunciated under Ind <BR> AS 110 and accordingly continues to disclose KSDPL as an Associate in the Standalone Financial Statements. <BR> The Board of Directors of the Company, in its meeting held on 27 May 2025, proposed a final dividend of 25% (Rs. 2.5 per equity share). The proposal has been approved by shareholders at the Annual General Meeting held on 25 September 2025 and would result in a cash outflow of Rs. 685.63 lakhs. <BR> During the year ended 31 March 2022, the Company entered into arbitration in respect of one of its leased hotels in Pune with the lessor. In the quarter ended 30 September 2024, the Company received the final arbitration award in accordance with which the Company had revised the right-of-use assets asset and lease liability to the extent of such revised rates by 337.54 lakhs. Further, the Company had written back excess provision amounting to Rs.304.67 lakhs on account of such revised monthly rental. The Company has also filed an appeal on certain aspects of the order due to which the company has not revised right-of-use assets asset and lease liability to such extent. <BR> On 30 March 2024, Icon Hospitality Private Limited, one of the subsidiary companies, converted 301,490 compulsorily convertible debentures (CCDs) into equity shares worth %301.49 lakhs. The interest receivable on the said debentures were not accrued in the books of Roya! Orchid Hotels Limited from Q3 of FY22 on account of uncertainty of collection. However, in the quarter ended 30 September 2024, the subsidiary had paid the entire interest of 405.34 lakhs out of which income of Rs. 135.79 lakhs had been recorded under the head 'Other Income’. <BR> 2025-04-012025-09-30UnauditedStandalone95888500022071000980956000950180000021872500066323000814560004199950008815170009943900009943900028279000-373900024540000074899000000074899000074899000274252000102.732.73002.732.73Rent expense32564000Power and fuel expense42203000Other expenses136977000Rent expense68312000Power and fuel expense84500000Other expenses267183000310929000000474000100514600000193907100005737180003486490002861438000789260001874100042756540001979600001610210001208020001431300031422000439680003715260000544170004457390005000000472189300027425200022330380002507290000250729000020292000000010366410001239561000154200000071410001262122000179311000021397900021397900045050800084379800082141000162300001031200009524810000022146030004721893000498310002768000-467660000-683700000000-369290000182447000081455000065000-3400000-49420000-1229000000001972000-107500001727120002721510000164920000219590000233700000000000000208140000000000000000136376000000025443000057010000-7473700000000000512870002068400010061200001768500000-8769400071269000071269000495330001208020000000Royal Orchid Hotels Limited******Ksheer Sagar Developers Pvt Ltd******AssociateAny other transactionManagement & Technical fee incomeApproved by Audit Committee629100006291000Royal Orchid Hotels Limited******Ksheer Sagar Developers Pvt Ltd******AssociateInterest receivedApproved by Audit Committee278600002786000Royal Orchid Hotels Limited******Mr. Chander K. Baljee******Chairman & Managing DirectorRemunerationApproved by Audit Committee13888000013888000Royal Orchid Hotels Limited******Mr. Amit Jaiswal******CFORemunerationNA360000003600000Royal Orchid Hotels Limited******Mr. Ranabir Sanayal******Company SecretaryRemunerationNA138000001380000Royal Orchid Hotels Limited******Mr. Arjun Baljee******PresidentRemunerationNA300000003000000Royal Orchid Hotels Limited******Mr. Sunil Sikka******DirectorAny other transactionSitting FeesNA2260000226000Royal Orchid Hotels Limited******Mr. Keshav Baljee******DirectorAny other transactionSitting FeesNA6160000616000Royal Orchid Hotels Limited******Mr. Ashutosh Chandra******Independent DirectorAny other transactionSitting FeesNA8910000891000Royal Orchid Hotels Limited******Ms. Leena S Pirgal******Independent DirectorAny other transactionSitting FeesNA3940000394000Royal Orchid Hotels Limited******Mr. Rajkumar Thakardas Khatri******Independent DirectorAny other transactionSitting FeesNA7370000737000Royal Orchid Hotels Limited******Baljees Hotels and Real Estate Private Limited******Entity Controlled / Influenced by KMPInterest paidApproved by Audit Committee343700003437000Royal Orchid Hotels Limited******Hotel Staylonger Private Limited******Entity Controlled / Influenced by KMPInterest paidApproved by Audit Committee7300000730000Royal Orchid Hotels Limited******Mr. Chander K. Baljee******Chairman & Managing DirectorInterest paidApproved by Audit Committee4150000415000Royal Orchid Hotels Limited******Baljees Hotels and Real Estate Private Limited******Entity Controlled / Influenced by KMPAny other transactionRental ExpenseApproved by Audit Committee12000000012000000Royal Orchid Hotels Limited******Hotel Staylonger Private Limited******Entity Controlled / Influenced by KMPAny other transactionRental ExpenseApproved by Audit Committee300000003000000Maruti Comforts & Inn Private Limited******Mr. Amit Jaiswal******DirectorAny other transactionSitting FeesNA40000040000Maruti Comforts & Inn Private Limited******Ms. Sunita Baljee******DirectorAny other transactionSitting FeesNA20000020000Royal Orchid Hotels Limited******Mr. Venkata Ramana Murthy Piniseeti******Independent DirectorAny other transactionSitting FeesNA6550000655000Royal Orchid Hotels Limited******Regenta Hotels Private Limited******Wholly Own SubsidiaryAny other transactionBrand Fee ChargesApproved by Audit Committee996600009966000Royal Orchid Hotels Limited******Royal Orchid Mumbai Private Limited******Wholly Own SubsidiaryAny other transactionCommission on Corporate GuaranteeNA128800001288000Royal Orchid Hotels Limited******Ms. Sunita Baljee******DirectorAny other transactionSitting FeesNA2240000224000Royal Orchid Hotels Limited******Maruti Comforts & Inn Private Limited******SubsidiaryInterest receivedNA9630000963000Royal Orchid Hotels Limited******Icon Hospitality Private Limited******Wholly Own SubsidiaryAny other transactionCommission on Corporate GuaranteeNA684000068400067231000