5326992025-10-012025-12-315326992025-04-012025-12-315326992025-10-012025-12-31in-capmkt:OtherExpenses1Member5326992025-10-012025-12-31in-capmkt:OtherExpenses2Member5326992025-10-012025-12-31in-capmkt:OtherExpenses3Member5326992025-04-012025-12-31in-capmkt:OtherExpenses1Member5326992025-04-012025-12-31in-capmkt:OtherExpenses2Member5326992025-04-012025-12-31in-capmkt:OtherExpenses3Member5326992025-10-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15326992025-04-012025-12-31ItemsThatWillNotBeReclassifiedToProfitAndLoss15326992025-10-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss15326992025-04-012025-12-31ItemsThatWillBeReclassifiedToProfitAndLoss1iso4217:INRiso4217:INRxbrli:shares532699ROHLTDNAINE283H01019Royal Orchid Hotels LimitedMain BoardEquity2025-04-012026-03-312026-02-142026-02-07INRLakhsQuarterlyThird quarterSingle segmentHospitality2026-02-1418:31:002026-02-1418:39:00Not applicable2025-10-012025-12-31UnauditedConsolidated1130258000490730001179331000100681000002825070001323590001125550004477310001075833000103498000010349800049110000-22580000265300000769680000001926000096228000252500098753000902470005981000927720005981000274252000103.293.29003.293.29Notes: <BR> 1 The consolidated unaudited financial results ('the Statement') for the quarter and nine months ended 31 December 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> 2 The consolidated unaudited financial results ('the Statement') for the quarter and nine months ended 31 December 2025 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 14 February 2026. The Statutory Auditors of the Holding Company have carried out limited review of the above financial results and have issued a qualified report. The consolidated unaudited financial results for the quarter and nine months ended 31 December 2025 can be viewed on the website of the Holding Company, National Stock Exchange of India Limited ('NSE') and BSE Ltd ('BSE') at www.royalorchidhotels.com, www.nseindia.com and www.bseindia.com respectively.3 The Group 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> 4 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 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 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 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 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 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 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. 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 SAT and the stay granted by SAT on 9 May 2023 continued to stay in effect. Consequently, the Company had 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 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 Rs.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 2024 had admitted the appeal filed by the Company and had stayed the above order with respect to directions listed in points (b) and (c) above till the date of next hearing on 17 March 2026. The final order on the monetary penalties levied had 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 had given the Company four weeks to file its responses from date of its order. The Company had 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 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 Company filed the rejoinder on 28 January 2025 and currently the matter is listed for hearing on 17 March 2026. <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 unaudited financial results of the Company for the period ended 31 December 2025. <BR> <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 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 from 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 had been responded to by the Company and the matter is currently pending with the NCLT. The next hearing date is 19 March 2026. <BR> In the responses filed with the NCLT, ROHL had 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 AS 110 and accordingly continues to disclose and account for KSDPL as an associate in the Consolidated Financial Statements. <BR> <BR> Notes (Cont'd): <BR> <BR> 6 During the year ended 31 March 2022, the Royal Orchid Hotels Limited (the 'Company') had 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 had received the final arbitration award in accordance with which the Company had revised the right-of-use asset and lease liability to the extent of such revised rates by Rs.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 asset and lease liability to such extent. <BR> 7 On 30 March 2024, Icon Hospitality Private Limited, one of the subsidiary companies, converted 301,490 compulsorily convertible debentures (CCDs) into equity shares worth Rs.301.49 lakhs. The interest receivable on the said debentures were not accrued in the books of Royal 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 Rs.405.34 lakhs out of which income of Rs. 135.79 lakhs had been recorded under the head 'Other Income'. <BR> <BR> 8 Subsequent to the quarter ended 31 December 2025, the Company in its Board of Director's meeting held on 28 January 2026 approved the sale of its subsidiary - Multi Hotels Limited. On 29 January 2026, the Company entered into a share purchase agreement to sell its 100% stake in the said subsidiary. The <BR> Company is in the process of carrying all formalities to conclude the sale. <BR> <BR> 9 The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four Labour Codes, viz., Code on Wages, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020 (collectively referred to as "Labour Codes"). These Labour Codes govern employee-related matters, including employee benefits during employment and post-employment and have been made effective November 21, 2025. <BR> Based on Management's assessment and actuarial valuation, the Group has recognised the impact of additional gratuity liability arising from the implementation of the New Labour Codes under Employee benefit expenses in the Statement of Consolidated Unaudited Financial Results for the quarter and nine months ended December 31, 2025. This incremental impact is primarily arising due to change in wage definition.The Group continues to monitor the developments <BR> pertaining to Labour Codes and will evaluate impact if any on the measurement of liability pertaining to employee benefits. <BR> <BR> For Royal Orchid Hotels Limited <BR> <BR> <BR> <BR> C K Baljee <BR> Managing Director <BR> DIN: 00081844 <BR> <BR> 2025-04-012025-12-31UnauditedConsolidated2709784000165239000287502300024734400000750388000257302000241907000108424400025811850002938380000293838000112712000-39574000731380000220700000000303920002510920001234400026343600024240200086900002547460008690000274252000108.848.84008.848.84Rent Expenses51246000Power and Fuel Expenses59559000Other Expenses336926000Rent Expenses123940000Power and Fuel Expenses170077000Other Expenses790227000Items that will not be reclassified to profit or loss18770001877000Items that will not be reclassified to profit or loss18770001877000472000472000Items that will be reclassifiedsubsequently to profit or loss11200001120000Items that will be reclassifiedsubsequently to profit or loss109390001093900000252500012344000