Mumbai Upper Upscale Hotel F&B Report · FY 2025-26

Market at a Glance

Key Market Shifts

01
Revenue rose +1.2%, but covers fell -2.0%. Growth in FY 2025-26 was held together by pricing power, not footfall recovery.
02
Specialty Restaurant delivered +54.2% revenue growth, contributing 164.6% of net market gain — the only outlet format growing meaningfully.
03
Dinner accounted for 70%+ of revenue across most outlets. Banquets lead the evening shift at 79% dinner share.
04
Q2 (Jul–Sep) was the market low point: revenue fell -7.8%, covers dropped -8.1%. Q4 recovered with both revenue and covers positive.

Management Implications

The Q2 slump signals structural monsoon-season softness — targeted programming and F&B packages in Jul–Sep can recover lost covers.
Coffee Shop's -2.6% decline and Banquets' -0.8% dip signal that volume-led formats are under pressure. Beverage mix and experience upgrades are the lever.
Friday peaks at ₹1,510L avg daily revenue vs Monday's ₹953L peak is corporate-led; weekend upside remains undermonetised.

Methodology Note

Market Baseline: Revenue and cover volumes reflect a 15-hotel universe.

Period Covered: FY 2025-26 (April 2025 – March 2026) vs. FY 2024-25 (April 2024 – March 2025).

Ratios: APC, seat occupancy, and RevPAS computed directly from the reporting universe without market-wide extrapolation.

Quarterly & Monthly Dynamics

Quarterly Performance — Revenue & Covers YoY %

Growth Decline

Q4 Monthly Breakdown — Revenue & Covers YoY %

Quarter	Revenue YoY	Covers YoY	APC YoY	RevPAS YoY	Signal
Q1 Apr – Jun	+6.4%	-2.3%	+8.9%	+5.8%	Strong
Q2 Jul – Sep	-7.8%	-8.1%	+0.3%	-7.6%	⚠ Stress
Q3 Oct – Dec	+2.3%	-0.1%	+2.4%	+1.8%	Recovery
Q4 Jan – Mar	+2.9%	+1.5%	+1.4%	+3.1%	Mixed

"Q4 closed the year on a positive note for Mumbai — revenue up +2.9% and covers recovering +1.5% YoY, with February emerging as the quarter's standout month at +5.8% revenue growth."

Monthly Performance

Market Revenue — Total ₹ Cr

FY 2025-26 vs FY 2024-25 · 15-Hotel Universe

Avg Revenue Per Hotel — ₹ Crores

FY 2025-26 vs FY 2024-25 · Per Hotel in 15-Hotel Universe

Average Per Cover (APC) — ₹

FY 2025-26 · Bars above ₹1,800 highlighted

November and February were the standout months with ₹66.5 Cr and ₹65.0 Cr respectively. Per-hotel, November peaked at ₹4.43 Cr avg revenue vs ₹3.88 Cr last year (+14.2%). February delivered the highest APC at ₹1,915 — a pricing high for the fiscal year.

Outlet Dynamics & Mix

Revenue by Outlet Category — FY 2025-26 (₹ Cr)

Net Growth Contribution by Category (%)

Outlet Category	FY26 Revenue	Share %	Share Δ	Avg Monthly	YoY %
Banquets	₹317.3 Cr	52.4%	-1.1 pp	₹1.8 Cr	-0.7%
Coffee Shop	₹162.7 Cr	26.9%	-1.0 pp	₹90.4 L	-2.5%
Specialty Restaurant	₹33.7 Cr	5.6%	+1.9 pp	₹18.7 L	+54.2%
Bar	₹38.2 Cr	6.3%	-0.1 pp	₹21.2 L	-0.4%
IRD	₹53.2 Cr	8.8%	+0.2 pp	₹29.5 L	+3.9%
Total Market	₹605.1 Cr	100%	—	₹50.4 Cr	+1.2%

"Specialty Restaurant's +54% revenue growth from a low base signals a rapid shift in Mumbai's upper upscale hotel dining — premium, experience-led formats are gaining ground in a market that grew just +1.2% overall."

Revenue Mix Breakdown

Revenue Segment %

Food · Beverage · Other by outlet category

Meal-Period Distribution %

Breakfast · Lunch · Dinner by outlet category

68.7%

Dinner Share

₹1,700

Avg Per Cover

52.4%

Banquet Share

5.6%

Specialty Share

The Weekly Spine

Avg Revenue Per Outlet Per Day · FY 2025-26 · ₹ Lakhs

Friday Peak — ₹15.1L Friday is the market's strongest trading day. Corporate demand is clearly carrying into end-of-week dining and social occasions.

Friday vs Saturday Gap — ₹2.5L The best weekend day still trails Friday by ₹2.5L per outlet. Weekend demand exists, but it is not yet monetised at weekday corporate levels.

Monday Trough — ₹9.5L Monday sits 37% below Friday and remains the softest trading day. Early-week activation is needed before corporate demand builds from Tuesday onward.