OYO's latest annual results point to a significant change in the story investors have been following for years. The company is no longer only focused on demonstrating how quickly it can expand its hospitality platform. Its FY2025-26 performance shows a business increasingly focused on profitable growth, stronger business mix, operating leverage and technology-led efficiency.
For FY2025-26, Oravel Stays Limited — the company that rebranded as PRISM during the year while continuing to operate the OYO brand alongside its wider multi-brand hospitality portfolio — reported a sharp improvement in both scale and profitability. Gross Booking Value (GBV) rose 88.5% to ₹30,683 crore, revenue from operations increased 49.7% to ₹9,358 crore, EBITDA more than doubled to ₹2,594 crore and profit after tax (PAT) rose to ₹994 crore from ₹245 crore in FY2024-25. It was also the company's fourth consecutive year of positive consolidated EBITDA.
For investors tracking OYO unlisted shares, the significance of these results goes beyond the headline profit number. The annual report provides clues about what is changing inside the business — from the full-year contribution of G6 Hospitality and the growth of premium and Company-Serviced Hotels to a greater proportion of direct bookings, centralised operations and increasing use of artificial intelligence.
OYO FY26 Results: The Key Financial Numbers
The consolidated financial performance shows a substantial improvement over FY2024-25.
| Financial Metric | FY2024-25 | FY2025-26 | Change |
|---|---|---|---|
| Gross Booking Value | ₹16,279 crore | ₹30,683 crore | +88.5% |
| Revenue from Operations | ₹6,253 crore | ₹9,358 crore | +49.7% |
| Gross Profit | ₹3,123 crore | ₹5,700 crore | +82.5% |
| EBITDA | ₹1,083 crore | ₹2,594 crore | More than 2x |
| Profit After Tax | ₹245 crore | ₹994 crore | More than 4x |
| Diluted EPS* | ₹0.17 | ₹0.63 | — |
*The annual report notes that the FY2025 EPS has been adjusted for the bonus issue made during FY2025-26.
The numbers show something important: profitability grew substantially faster than revenue. Revenue increased by about 50%, while gross profit increased by 82.5%, EBITDA more than doubled and PAT increased more than fourfold.
That is why FY26 can be viewed as more than another year of growth. It provides evidence of improving operating leverage and business quality.
GBV vs Revenue: What Is the Difference?
Gross Booking Value (GBV) is one of the company’s key operating metrics and reflects the value of bookings generated across its hospitality platform. In FY2025-26, consolidated GBV stood at ₹30,683 crore, compared with ₹16,279 crore in FY2024-25, representing growth of 88.5%.
This is different from revenue from operations, which stood at ₹9,358 crore in FY2025-26, up 49.7% from ₹6,253 crore in FY2024-25.
The two figures should not be treated as interchangeable. GBV indicates the scale of booking activity across the platform, while reported revenue is recognised based on the nature of the underlying arrangements. The company states that it assesses whether it acts as a principal or an agent in different transactions. For accommodation services where the group controls the stay service and assumes the relevant obligations and risks, revenue is recognised on a gross basis.
For investors, the distinction is important when reading OYO’s FY26 results. The sharp increase in GBV highlights the significant expansion in booking activity, while the growth in revenue, EBITDA and profit after tax shows how that scale translated into the company’s reported financial performance.
OYO's Operating Scale Continued to Expand
The improvement in profitability was accompanied by continued expansion of the company's supply network.
Hotels excluding G6 increased from 21,127 storefronts in FY2024-25 to 22,769 in FY2025-26. Homes increased from 119,849 to 138,250, while Listings increased from 89,052 to 137,258. G6 ended the year with 1,571 storefronts, compared with 1,501 in the previous year.
The segment-level GBV numbers also show where the company's scale is coming from:
- Hotels excluding G6 generated GBV of ₹10,939 crore, up 36.5%.
- Homes generated ₹5,447 crore, up 19.4%.
- Listings generated ₹190 crore, up 8.5%.
- G6 generated ₹14,107 crore, compared with ₹3,529 crore in FY2024-25.
The G6 number is particularly important because FY2025-26 represented the first full year of contribution following its acquisition.
What Is Driving OYO's Profitability?
The headline financial numbers tell us what happened. The more important question for investors is why the improvement happened.
The annual report points towards five major factors.
G6 Became a Major Growth Engine
The acquisition of G6 Hospitality is one of the biggest changes in OYO's business during this period.
G6 contributed ₹14,107 crore of GBV in FY2025-26, compared with ₹3,529 crore in the previous year when the acquisition was only partially reflected. G6 also added 70 net storefronts, its strongest annual net additions in recent years.
But the more interesting part is what happened after the acquisition.
The company says it integrated G6's legacy technology systems into its unified technology stack, deployed AI-led pricing and service tools and centralised owner engagement from India. The report also states that G6 app usage doubled after the integration.
This matters because the G6 story is not simply about adding another hotel network to OYO's portfolio. It demonstrates how the company is trying to apply its technology and operating infrastructure to an established international business.
For investors, that creates a potentially important long-term question: Can OYO consistently improve the economics of businesses it integrates by deploying its technology, distribution and operating capabilities?
OYO Is Moving Towards Premium and Company-Serviced Hotels
Another important change is the evolution of the business mix.
The company says FY26 growth reflected increasing contribution from premium properties and Company-Serviced Hotels, alongside higher business volumes and disciplined cost management.
Company-Serviced Hotels are particularly significant because OYO participates more deeply in the property operations. Under this model, the company provides the brand, manages the property, deploys its technology platform and controls the customer interface and distribution.
The annual report says this model provides greater visibility over the economics of a storefront and that Company-Serviced storefronts operate at materially higher occupancy levels than marketplace-only storefronts.
At the same time, OYO has been expanding its premium portfolio. In September 2025, it launched the CheckIn application focused primarily on premium brands including Sunday, Palette, Clubhouse, Townhouse and Townhouse Oak. The stated objective is to increase direct and repeat demand while improving unit economics.
This suggests that OYO's strategy is increasingly about improving the quality and economics of its supply, rather than simply maximising the number of properties on its network.
More Bookings Are Coming Through Direct Channels
Customer acquisition and booking economics are another important part of the FY26 story.
Approximately 67% of used room nights were generated through non-commissionable channels during FY2025-26. The annual report attributes this to the OYO app and other direct channels and notes that the OYO app ranked as the eighth most downloaded hotel accommodation booking application globally.
This is strategically important because direct demand can strengthen the company's relationship with customers while reducing reliance on commission-bearing distribution channels.
The annual report itself links the growth of direct demand with better economics and says the company is continuing to build its direct customer relationship through its apps and channels.
The significance goes beyond one year's booking mix. A stronger direct channel can potentially help OYO build repeat demand, retain customer relationships and use customer data more effectively across its expanding platform.
OYO's Centralised Operating Model Is Creating Operating Leverage
One of the less visible but potentially important changes in the company's business model is the extent to which its global operations are being run from a common technology and operating infrastructure.
The company says technology and product engineering, pricing and revenue management, its central reservation system, data and analytics, customer support, finance, marketing operations and procurement are built and run in India and deployed across the markets in which it operates. Local teams focus primarily on market development, owner acquisition, onboarding and quality.
This means OYO does not have to replicate an entire corporate and technology infrastructure in every country as it expands.
The annual report explicitly identifies this structure as a principal source of the operating leverage visible in FY26.
That helps explain why profitability can grow faster than revenue as the platform becomes larger.
AI Is Increasingly Becoming Part of the Operating Model
Technology and artificial intelligence are emerging as another major part of OYO's profitability and scalability strategy.
The annual report states that approximately 94% of new code is now written using AI assistance, while the company's crash-free rate has improved to 99.99%. Its pricing engine recalibrates prices hourly using signals such as demand, seasonality, booking windows, competitor pricing, local events, occupancy and search behaviour.
OYO's technology stack also includes Bolt.ai, its in-house channel management system, which is connected to more than 230 distribution partners.
Perhaps the most notable development is the GM Agent. The company is developing an autonomous layer intended to handle property-level processes such as reconciliation, vendor renewals, occupancy calls and review action plans.
The report describes this as a move from AI that assists hotel operations towards AI that can execute them, potentially allowing the company to operate a larger portfolio through a leaner field structure.
For investors, the significance of AI is therefore not simply technological. The larger question is whether automation can help OYO scale its global platform while keeping its operating structure efficient.
OYO's Profitability Has Improved, But Investors Should Still Watch Finance Costs
While FY26 shows a substantial improvement in operating profitability, the annual report also highlights a significant finance-cost burden.
Consolidated finance cost was ₹1,414 crore in FY2025-26, compared with ₹959 crore in FY2024-25. The company says this primarily reflects interest on borrowings and interest on lease liabilities recognised under Ind AS 116.
This is important context when assessing the quality of the company's bottom-line improvement.
EBITDA reflects operating performance before interest, tax, depreciation and amortisation, while PAT is after these costs. OYO's FY26 operating improvement therefore needs to be viewed alongside its capital structure and financing obligations.
At the same time, management says strengthening the balance sheet remains a priority and that capital allocation will remain disciplined, with organic investment prioritised and acquisitions evaluated against demanding return thresholds.
OYO's Business Is Becoming More Global and More Diversified
Another important takeaway from the FY26 annual report is how different the underlying business has become from the OYO that many investors may remember from its earlier years.
The company now operates across more than 35 countries, with hotels, vacation homes and listings forming part of a broader hospitality platform. Its hotel portfolio includes brands such as OYO, Sunday, Palette, Clubhouse, Townhouse, Townhouse Oak, Motel 6 and Studio 6, while its homes business includes brands such as Belvilla, DanCenter and CheckMyGuest.
The company says it has served more than 119 million unique customers since inception across its markets. India remains its largest market by hotel storefronts and its technology and leadership hub, while North America, Europe, Southeast Asia and the Middle East provide additional growth opportunities.
This diversification is increasingly important to the investment story because the company is no longer dependent on one geography, one brand or one hospitality format.
What Does FY26 Mean for OYO's Next Phase?
Management's outlook suggests that the focus will remain on quality of growth rather than growth at any cost.
The company plans to continue expanding its supply base while placing greater emphasis on premium and Company-Serviced offerings, direct customer engagement and technology-led efficiency. It also plans to develop and deploy AI agents across areas including operations, finance and customer support.
The company's asset-light model remains central to this strategy. The substantial majority of its contracts are management contracts in which the property owner provides the underlying capital and OYO's economics are linked to the property's performance. The company says fixed obligations are primarily taken where it also has operational control.
That model, combined with centralised technology and operations, is intended to allow the platform to expand without taking on the same level of fixed infrastructure burden that a traditional hotel owner would.
OYO FY26 Results and the Upcoming IPO
The FY26 results are also significant because they arrive as OYO progresses towards a potential public listing.
Shareholders approved a fresh equity IPO of up to ₹6,650 crore in December 2025. The company subsequently filed its Updated Draft Red Herring Prospectus-I dated June 29, 2026, and the annual report states that it received in-principle approval from both BSE and NSE for the listing of its equity shares.
The annual report therefore presents a company preparing for an important transition: from an unlisted business increasingly demonstrating profitability to a potential publicly listed hospitality platform.
For investors tracking OYO unlisted shares, this makes the FY26 results particularly relevant. The key question is not simply whether OYO is profitable today. It is whether the improvements in business mix, direct demand, G6 integration, centralisation and technology can translate into sustainable profitability and stronger economics as the platform continues to scale.
The company has also undertaken significant changes to its share capital during the year, including a 1:1 bonus issue and a further 1:19 bonus issue, alongside other equity allotments and conversions. These corporate actions are important when analysing historical share counts, EPS and the company's capital structure and should be considered separately from the underlying operating performance.
OYO FY26 Results: The Bigger Picture
OYO's FY2025-26 annual report presents a business that is moving into a different phase.
The numbers are clearly stronger: GBV reached ₹30,683 crore, revenue grew to ₹9,358 crore, EBITDA rose to ₹2,594 crore and PAT reached ₹994 crore. But the deeper story lies in how those results were achieved.
G6 added significant international scale. Premium and Company-Serviced Hotels are becoming more important. Direct channels account for a substantial share of room nights. A centralised India-based operating model is creating operating leverage. And AI is increasingly being embedded into everything from software development and pricing to hotel operations.
Taken together, these developments suggest that OYO's FY26 performance was not simply about adding more bookings. It was about building a larger, more diversified and increasingly technology-driven hospitality platform with a stronger profitability profile.
For investors in OYO unlisted shares, that shift in the underlying business model may be as important as the headline FY26 profit itself.
