JUNGLE CAMPS INDIA LIMITED

Q&A

Q1: What sort of average daily rate (ADR) growth can we expect for FY27, and how does seasonality impact your business?

A: Wildlife hospitality follows strong seasonality. Safaris run from October through March (Q3 and Q4), which generate our highest rates and business. Temperatures rise and demand slows down from April to June, while parks close in July, August, and September. We are expecting a 5% Year-over-Year (YoY) overall growth in ADR for the full year, driven primarily by strong performance in H2.

Q2: Last year’s total portfolio occupancy was only around 40%. Why is it so low, and will it improve?

A: Wildlife national parks remain closed for three full months during the monsoon season (July–September), automatically pulling down full-year occupancy metrics. Additionally, jungle property occupancy naturally caps between 50% and 60% due to safari permit limits. Occupancy will improve as non-seasonal properties such as Mathura (12-month operational) and Devprayag come online to support our balance sheet during off-seasons.

Q3: How were Q1 FY27 financial performance metrics compared to Q1 FY26?

1. Revenue from Operations: ₹5.97 crore (up 12% YoY from ₹5.35 crore).
2. Total Income: ₹6.25 crore (vs. ₹5.70 crore).
3. EBITDA: ₹1.69 crore at a 27% margin (vs. ₹1.81 crore at a 32% margin).
4. Profit Before Tax (PBT): ₹0.62 crore (vs. ₹1.43 crore).

Q4: What caused the drop in Q1 PBT and EBITDA margins?

A: EBITDA and profits were temporarily impacted by higher initial operational/marketing costs for new properties (such as People’s Restaurant in Jaipur), along with a non-recurring exceptional write-off of ₹0.52 crore.

Q5: What was the nature of the ₹0.52 crore exceptional write-off in Q1 FY27?

A: This non-recurring expense was related to writing off project-related expenditures following the cancellation of a project (Sanjay Dubri National Park) due to regulatory/forest environment constraints.

Q6: What is the company's plan for room expansion in FY27?

A: Out of our 137 existing rooms, we are adding two operational properties during the year:

1. Devprayag (Uttarakhand): 22 rooms on a lease contract.
2. Palash Kothi (Bandhavgarh): 20 rooms under a management contract.

Q7: What are the commercial terms and expected ADR for these two new properties?

A: For Palash Kothi in Bandhavgarh, we will charge a 13% management revenue share. For ADR expectations, Bandhavgarh will range between ₹8,000 to ₹12,000 depending on peak season, while Devprayag (a year-round spiritual destination) will range between ₹6,000 to ₹8,000.

Q8: What is the status of long-term development pipeline projects like Sheopur Fort and Mathura?

A: Both Sheopur Fort and Mathura are year-round (12-month) properties scheduled to come online in FY28. Phase 1 of Sheopur Fort will open 35 to 40 rooms, eventually expanding by another 25 rooms.

Q9: How are these major capex projects funded, and what will the debt position look like?

A: Projects are fully funded. Capex is being met using ₹7.5 crore from IPO proceeds alongside debt facilities from HDFC Bank. We estimate a total debt of around ₹50 crore by the end of FY28 to complete Sheopur Fort and Mathura.

Q10: What is the debt repayment structure and annual obligation once moratoriums end?

A: Repayments will follow a uniform 7-year Equated Monthly Installment (EMI) structure, resulting in an annual repayment obligation of roughly ₹6.0 to ₹6.5 crore (~₹53 lakh/month).

Q11: What are the revenue projections for the Sheopur Fort and Mathura properties?

A: We project annual top-line revenue of ₹18–20 crore from Mathura and at least ₹12 crore from Sheopur Fort, which will comfortably cover debt service requirements.

Q12: Is there a risk of state governments or courts cancelling long-term tourism leases?

A: Highly unlikely. Our leases (such as Sheopur Fort's 90-year agreement) were won through competitive transparent bidding with State Tourism Development Corporations. As long as development milestones and operational guidelines are met, cancellation clauses do not trigger.

Q13: How will you mitigate legal, land, or regulatory risks on future acquisitions given past issues?

A: Earlier issues were due to ongoing undisclosed court cases or forest border conflicts. Moving forward, we conduct exhaustive due diligence not just with tourism boards, but directly with local police, revenue departments, and forest authorities before acquiring land or initiating construction.

Q14: What are the details regarding the Kukru Jungle Camp project?

A: Located in Melghat Tiger Reserve (Maharashtra), Kukru will feature 15–20 luxury tents with a capex of ₹7–7.5 crore. Permissions will take 2–3 months, and the property is expected to become operational in FY29.

Strategic Outlook

1. Primary focus centers on opening Devprayag immediately and bringing flagship 12-month assets in Mathura and Sheopur Fort online in FY28.
2. Sheopur Fort and Mathura are targeted to generate annual revenues of ₹12 crore and ₹18–20 crore, respectively, once fully operational.
3. Development of Kukru Jungle Camp in Melghat Tiger Reserve moves forward, targeting a 15–20 luxury tent launch in FY29.
4. Management targets stabilizing core EBITDA margins around 30% as new properties transition out of their initial gestation period.
5. Cash flows are structured to cover annual debt repayments of ₹6–6.5 crore following the initial moratorium.
6. Regional exploration continues across high-demand wildlife destinations like Satpura and Sariska where commercials align with yield criteria.

Business Strategy

1. Growth combines owned resorts with low-capital management contracts and long-term government tourism leases.
2. Revenue model centers on experience-led hospitality, featuring custom safaris, expert naturalists, and farm-to-table dining.
3. Non-seasonal spiritual, heritage, and dining venues are strategically added to stabilize cash flows during wildlife park shutdowns.
4. Long-term assets are acquired through government tenders, such as securing the Sheopur Fort lease for 90 years.
5. Execution follows a phased approach to prevent operational disruption and maintain property utilization.
6. Site diligence is expanded to coordinate directly with revenue, police, and forest departments before entering binding land agreements.

Key Highlights

1. Operations generated ₹5.97 crore in Q1 FY27, delivering a 11.54% YoY increase compared to ₹5.35 crore in Q1 FY26.
2. Jungle Camps India manages eight operational properties offering 137 keys, alongside four major upcoming projects in its pipeline.
3. Q1 FY27 EBITDA reached ₹1.41 crore (23.65% margin), impacted temporarily by upfront expansion costs and a non-recurring ₹0.52 crore project write-off.
4. Operations expand in FY27 by adding 42 rooms through Devprayag (22 rooms) and Palash Kothi in Bandhavgarh (20 rooms).
5. Year-round properties like Mathura and Devprayag are being integrated to offset wildlife sanctuary closures during monsoon months.
6. Upcoming developments are fully backed by ₹7.5 crore in IPO proceeds and credit facilities from HDFC Bank.

Performance

Q1 FY27:

1. Revenue from operations: ₹5.97 crs (↑11.54% YoY)
2. EBITDA: ₹1.41 crs | EBITDA Margin: 23.65% (↓368 Bps)
3. PAT: ₹0.47 crs | PAT Margin: 7.82% (↓1,331 Bps)

FY26:

1. Revenue from operations: ₹23.28 crs
2. EBITDA: ₹6.10 crs | EBITDA Margin: 26.22%
3. PAT: ₹4.22 crs | PAT Margin: 18.13%