Juniper Hotels Limited has received a significant property tax demand notice from the Brihanmumbai Municipal Corporation, amounting to ₹15,77,95,398 for past period dues. The company disclosed this development through a regulatory filing under Regulation 30 of the SEBI Listing Regulations on February 25, 2026.

Demand Notice Details

The demand notice was issued by the Assistant Assessor and Collector, H/East Ward, Brihanmumbai Municipal Corporation, and pertains to property tax for a past period related to the company's property situated in Mumbai. The company received the demand letter dated February 13, 2026, on February 24, 2026, at 4:30 p.m.

Company's Response and Assessment

Juniper Hotels Limited is currently in the process of assessing the demand notice and examining the basis of the alleged liability. The company has indicated that it will take appropriate steps in due course, which may include:

• Seeking legal advice on the matter
• Filing suitable representations or appeals if required
• Conducting a thorough review of the demand basis

Financial Impact Assessment

According to the company's disclosure, Juniper Hotels does not anticipate any adverse impact on its financial position, operations, or other activities at this stage. The company is treating this as an assessment matter that requires proper evaluation before determining the next course of action.

Regulatory Compliance

The disclosure was made in compliance with SEBI regulations, specifically under Regulation 30 of the Listing Obligations and Disclosure Requirements Regulations, 2015. The company has also made this information available on its official website at www.juniperhotels.com for transparency and stakeholder awareness.

The development represents a significant regulatory matter for Juniper Hotels Limited as it navigates the property tax assessment process with the Mumbai Municipal Corporation.

Juniper Hotels Limited delivered a landmark performance in Q3 FY26, achieving its highest-ever quarterly revenue of ₹300 crores with robust operational metrics across its luxury hospitality portfolio. The company's strategic focus on premium segments and operational excellence drove significant margin expansion and revenue growth during the quarter.

Record Financial Performance

The company's financial metrics demonstrated exceptional strength across key parameters during Q3 FY26:

For the nine-month period, Juniper achieved EBITDA of ₹306 crores with 40% margin, while PAT reached ₹91.2 crores, representing 459% year-on-year growth. The company's portfolio ARR stood at ₹12,818 with average occupancy of 78% for the quarter.

Strong Operational Metrics Drive Growth

The company's operational performance reflected successful execution of its premium positioning strategy. Portfolio ARR grew 9% year-on-year, with Grand Hyatt achieving 7% ARR growth and Ahmedabad delivering standout performance with 17% YoY ARR increase. Grand Hyatt occupancy improved by 300 basis points year-on-year to reach 75%.

Food & beverage operations emerged as a key growth driver, generating ₹94 crores in Q3 FY26:

The events segment contributed 64% of F&B revenues, with Grand Hyatt being the primary driver of this growth momentum.

Expansion Pipeline and Development Progress

Juniper's growth strategy encompasses strategic expansion across key markets with significant development milestones ahead:

Current Development Projects

The Bengaluru project represents a significant opportunity with 508 total keys upon completion of both phases, developed at approximately ₹1.75 crores per key. Management expects the Phase I asset to contribute upwards of ₹25 crores EBITDA in FY27, scaling to above ₹50-55 crores on a stabilized basis in FY28.

Strong Balance Sheet Supports Growth

Juniper maintains robust financial position with disciplined capital management. Net bank debt-to-EBITDA stands at 1.3x, while the company holds ₹237 crores in cash and deposits as of December 31, 2025. During the nine-month period, the company repaid ₹30 crores of term loans and ₹88 crores of high-cost ECBs, with average borrowing cost at 8.3%.

The company's annuity assets contributed approximately ₹42 crores during the quarter, equivalent to 1.9x finance costs, providing significant business stability. Management projects capex requirements of ₹274 crores in FY27 and ₹525 crores in FY28, primarily funded through robust cash flows and existing debt capacity.

Market Positioning and Future Outlook

Juniper's strategic positioning in luxury hospitality aligns with India's structural premiumization trends. The company maintains presence in key gateway cities, with 67% of existing keys located in proximity to Delhi, Mumbai, and Bengaluru airports. Domestic air traffic reached 155 million passengers in the first 11 months of FY25, up 7.7% from previous year and 12.9% above pre-COVID levels.

The Indian hospitality market, valued at approximately ₹32 billion in 2023, is projected to grow at 9.4% CAGR through 2030. The luxury segment in metro markets, accounting for 76% of Juniper's revenues, expects limited supply growth of less than 5% CAGR, supporting sustained pricing power and occupancy levels.