HLV Ltd Q2FY27 Net Loss Widens to ₹6.99 Crore Even as Revenue Rises 28% Year-on-Year

HLV Ltd reported a net loss of ₹6.99 crore for the second quarter of fiscal year 2027, widening from ₹0.78 crore in the previous quarter, even as revenue from operations grew 28% year-on-year to ₹45.78 crore. ScanX reported the results, which the board approved on October 30, 2026.

HLV's Revenue Growth and Cost Pressures

Revenue from operations rose from ₹35.83 crore in the year-ago quarter, driven by higher occupancy and average room rates at the company's hotel properties. Total income came to ₹49.32 crore, up from ₹38.92 crore a year earlier.

Total expenses climbed to ₹56.31 crore from ₹47.72 crore, outweighing the top-line growth. Employee benefits expenses rose to ₹16.96 crore from ₹14.76 crore, reflecting increased staffing levels to support operations, while other expenditure increased to ₹28.89 crore from ₹25.06 crore.

The company posted a loss before tax of ₹6.99 crore and made no tax provision, citing accumulated losses from earlier years. Basic and diluted earnings per share were a loss of ₹0.11.

HLV's AAI Dispute Liabilities

The auditor's report flagged disputed amounts totaling ₹187.19 crore for the period up to September 30, 2026, regarding enhanced rentals and lease termination proceedings for the Mumbai hotel land. A separate claim by the Airports Authority of India for rent and minimum guarantee fees amounts to ₹807.05 crore as of January 31, 2019.

These liabilities are not provided for in the books, as they are considered contingent based on legal opinions. Cash generated from operating activities was ₹10.21 crore for the half-year ended September 30, 2026, and cash and cash equivalents stood at ₹23.84 crore.

HLV's Expansion Pipeline

According to akta.pro company records, HLV Limited is a publicly listed Indian luxury hospitality company that owns and operates The Leela Mumbai, a 391-room resort-style business hotel, and is pursuing a multi-property expansion across India and Dubai. The same records show a 2026 partnership with Brookfield for a Dubai beachfront luxury hotel project, described as HLV's first international expansion beyond India, and the acquisition of an ultra-luxury resort in Coorg for ₹560 crore.

HLV's Recent Shareholder Meetings

HLV Limited shareholders approved the FY26 audited financial statements and reappointed Ms. Amruda Nair as director at the 45th AGM on August 27, 2026, via e-voting, ScanX reported. The company had scheduled the meeting on August 5, 2026, with remote e-voting from August 24 to 26, 2026.

On August 4, 2026, ScanX reported that HLV Limited's net profit plunged 92% in FY26 to ₹207.99 lakh, driven by ₹303.42 lakh in exceptional losses from Labour Code impacts and unutilized GST credits.

What Comes Next for HLV

The company said it remains focused on resolving the AAI disputes through arbitration and settlement committees, with the going concern assumption reliant on favorable outcomes in these legal matters.