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

Market at a Glance

Key Market Shifts

01
Revenue declined only -0.4% across the 15-hotel universe, but covers fell -4.9%. The market held value through pricing, not traffic recovery.
02
Banquets became the main stabiliser at +2.6%, while IRD added a smaller +1.7% lift. Coffee Shop -4.8% and Specialty Restaurant -7.5% remained the pressure points.
03
Dinner accounted for 70%+ of revenue in Banquets, Bars and Specialty restaurants. Banquets lead the evening shift at 79% dinner share.
04
Q2 (Jul–Sep) was the revenue stress period at -5.8%, while Q1 had the sharpest cover decline at -14.1%. Q4 recovered, but the year still closed slightly negative.

Management Implications

The first half is the key issue to solve. Q1 lost traffic sharply and Q2 became the revenue trough, so pre-monsoon and monsoon programming need to be planned before the dip appears.
Coffee Shop and Specialty both lost revenue, while Banquets and IRD protected the annual result. The opportunity is to rebuild traffic in broad formats without giving up APC discipline.
Friday remains the weekly peak at ₹15.8L average revenue per outlet per day, while Monday is the trough at ₹10.0L. Weekend demand is present, but Friday still carries the strongest monetisation.

Methodology Note

Market Baseline: 15-hotel Mumbai upper upscale reporting universe. Revenue is shown in ₹ crores; totals, shares and YoY percentages are calculated from the underlying submissions before display rounding.

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

Data Source: Daily outlet revenue records and monthly KPI submissions covering Revenue, Covers, APC, Occupancy and RevPAS.

Quarterly & Monthly Dynamics

Quarterly Performance — Revenue & Covers YoY %

Growth Decline

Q2 Stress Period — Revenue & Covers YoY %

Quarter	Revenue YoY	Covers YoY	APC YoY	RevPAS YoY	Signal
Q1 Apr – Jun	-4.6%	-14.1%	+11.1%	-4.6%	Traffic shock
Q2 Jul – Sep	-5.8%	-9.2%	+3.7%	-5.8%	⚠ Stress
Q3 Oct – Dec	+2.2%	-0.2%	+2.4%	+2.2%	Recovery
Q4 Jan – Mar	+4.6%	+2.9%	+1.7%	+4.8%	Recovery

"Mumbai's full-year softness was created in the first half: Q1 carried the sharpest cover decline at -14.1%, while Q2 was the revenue stress period at -5.8%. Q4 recovered at +4.6%, but not enough to turn the full year positive."

Monthly Performance

Market Revenue — Total ₹ Cr

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

Avg Revenue Per Hotel — ₹ Crores

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

Average Per Cover (APC) — ₹

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

November and February were the standout revenue months with ₹75.6 Cr and ₹74.4 Cr respectively in the 15-hotel universe. Per-hotel, November peaked at ₹5.04 Cr avg revenue vs ₹4.40 Cr last year (+14.5%). November also delivered the highest APC at ₹1,928, with February close behind at ₹1,925.

Outlet Dynamics & Mix

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

Outlet YoY by Category (%)

Outlet Category	FY26 Revenue	Share %	Share Δ	Avg Monthly / Hotel	YoY %
Banquets	₹359.7 Cr	52.1%	+1.5 pp	₹2.00 Cr	+2.6%
Coffee Shop	₹184.4 Cr	26.7%	-1.2 pp	₹1.02 Cr	-4.8%
Specialty Restaurant	₹35.6 Cr	5.2%	-0.4 pp	₹0.20 Cr	-7.5%
Bar	₹50.6 Cr	7.3%	-0.1 pp	₹0.28 Cr	-1.4%
IRD	₹60.2 Cr	8.7%	+0.2 pp	₹0.33 Cr	+1.7%
Total Market	₹690.4 Cr	100%	—	₹3.84 Cr	-0.4%

"Banquets and IRD protected the annual result, while Coffee Shop and Specialty Restaurant carried the clearest pressure. The outlet mix reconciles to the 15-hotel Total F&B market revenue."

Revenue Mix Breakdown

Revenue Segment %

Food · Beverage · Other by outlet category

Meal-Period Distribution %

Breakfast · Lunch · Dinner by outlet category

69.2%

Dinner Share

₹1,716

Avg Per Cover

52.1%

Banquet Share

5.2%

Specialty Share

The Weekly Spine

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

Friday Peak — ₹15.8L 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 — ₹10.0L Monday sits 37% below Friday and remains the softest trading day. Early-week activation is needed before corporate demand builds from Tuesday onward.