Brigade Hotel Ventures Limited — Q2 FY26
Brigade Hotel Ventures delivered a strong Q2 FY26 with total income of INR 130 crores (+20% YoY) and PAT of INR 11 crores (+58% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
85%Questions answered0Evaded / deflected10Questions auditedMixedNumbers vs filing
Answered
High priority
Phasing of 3600 crore capex over 3-4 years and specifics for InterContinental Hyderabad.
Asked by Abidv Chapod, ICAC securities
Management provided a clear phasing breakdown and specific timeline for the InterContinental project.
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Question
how will the phasing of this capex the next at least 3 to four years on will it be spread out equally or it be more front end or back ended... second part for that is sway projects for example the intercontinent continent the intercontinental and hyderabad... how does the capex get phased out in that asset
Management (likely CEO or CFO, not explicitly named)
most of it is back ended maybe 60% could be coming in the third year... year one you can look at just mostly design development then about 20% year two... with regards to the intercontinental hotel... the hotel our part will begin only after a year and a half or so.
Answered
Medium priority
Business outlook for October and booking trends for November-December.
Asked by Abidv Chapod, ICAC securities
Management gave a clear assessment of October being slower and November-December being strong.
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Question
you mentioned that second half the business outlook looks pretty good. So anything you can say how October has been considered... how is the business on books for November December for the especially for the business hotels.
Management
October is a little bit on the slower side as expected... but we should be able to make it up between November and December which are clean months and those two months are looking extremely strong.
Answered
Medium priority
Explanation for 45 crore working capital inflow in H1 cash flow.
Asked by Mortua Ashiwala, Kotuk Securities
Management broke down the components of the working capital change.
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Question
when I look at the cash flow statement there is a large 45 cr which is coming in from changes in working capital for first half 26... any color on what that 45 cr number is
Management
the 45 crores consist of there is a movement of trade payable because of provisioning for the banker's payment for issue expenses we have provided which is around 20 crores and there is a reduction in other assets... around 13 cr
Partial answer
Medium priority
Reason for strong ARR performance vs industry data.
Asked by Mortua Ashiwala, Kotuk Securities
Management attributed to revenue management but did not provide specific actions or market advantages.
no specific strategy detailsgeneric explanation
Read the exchange
Question
the AR performance looks extremely strong far better than what some of the P set or the industry data points suggest. So any color on what we would have done differently or benefited from our markets
Management
we are happy with the way the ar has happened with close to 20% for the Bangalore hotels... revenue management teams are always figuring out how to best balance between rate and occupancy... we were able to increase the ARR.
Answered
High priority
Why room revenue grew 18% but RevPAR only 14%.
Asked by Sumit Kumar, JM Financial Institutional Securities
Management explained the discrepancy due to lower occupancy and new hotel addition.
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Question
the room revenue grew by 18% but same store ref bar was up by 14%. Is this the impact of increase in room inventory from the Mysore hotel or anything else?
Management
the ref bar grew by lower because the occupancy also came down a little bit because the myso hotels have a lot lower occupancy... it's mainly the IB styles also because that's the major difference from a same store perspective.
Answered
Medium priority
Which Bangalore properties drove ARR strength.
Asked by Sumit Kumar, JM Financial Institutional Securities
Management identified Sheraton Grand as the standout property with specific numbers.
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Question
in Bangalore were there any properties that stood out or you've seen strength across the market across all your properties?
Management
the biggest growth rate in the ARR came from our sheritin... Q2 FI25 was about 10,500 and in Q2 FI26 it was 13,000 or so... Sheritan had a 25% increase.
Answered
Low priority
Nature of property tax impact and contingent liabilities.
Asked by Sumit Kumar, JM Financial Institutional Securities
Management specified the property and described it as a one-off.
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Question
this property tax impact. What was this and on which property was this incurred and are there any more contingent liabilities here?
Management
this was only for the grandmure... seems to be a one-off onetime expense... there's a difference in the way it was assessed and hence we've paid it off.
Answered
Medium priority
Whether October RevPAR dipped below teens.
Asked by Ragav Malik, Jeff
Management clearly stated RevPAR will remain in mid-teens.
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Question
you mentioned that it's been a bit slower due to the long weekend. So can we is that like a sufficient understanding to say that maybe refire has dipped below even like teams levels for October?
Management
No, no, it won't go lower than teens. We'll maintain a similar repar... we expect to keep it in the mid teens.
Partial answer
Medium priority
MICE contribution and F&B revenue swing in H2.
Asked by Ragav Malik, Jeff
Management identified the hotel but declined to give specific F&B revenue swing percentages.
deferred quantification to next quarter
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Question
are there any of our hotels which have like a significant sort of mice contribution and if so is there like a swing we can see in the kind of FNB revenues that we have I think it was about 25% for the first half.
Management
the hotel with the largest amount of our fivestar deluxe property the Sheran Grand... they are seeing a very healthy November and December. Exact percentages you know we will be able to say only the following quarter.
Partial answer
High priority
Expected ARR delta from new luxury hotel additions by FY28-29.
Asked by Ragav Malik, Jeff
Management gave qualitative guidance but no quantitative range for ARR increase.
no specific ARR delta range given
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Question
with some of them about half of them maybe coming in by FI 2728... what's any like range of delta that we can see in terms of average RR for our hotels?
Management
once the luxury properties come within the portfolio then at least a third of our portfolio will be in the fivestar luxury deluxe category... you should see a significant uptake in the ARR.
Answered
Medium priority
Confidence level on same-store ARR growth rate for Bangalore hotels.
Asked by Madhav, SKP
Management provided a specific growth rate range and timeframe.
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Question
in terms of ARR I wanted to know that on a same shore basis like how confident are you that on like at what rate you can grow your ARR especially for your hotels in Bangalore.
Management
we've been able to increase it by a healthy number of around 14 odd percent for the entire portfolio... I would like to maintain that we can stick to mid-teens to high teens for the next two quarters.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| ARR growth close to 20% for Bangalore hotels | 20% | 20% | Matches filing |
| Room revenue grew by 18% | 18% | 20% | Understated vs filing |
| Same-store RevPAR grew by 14% | 14% | 20% | Understated vs filing |
| Sheraton Grand ARR increase of 25% | 25% | 20% | Overstated vs filing |
| Portfolio RevPAR growth around 14% | 14% | 20% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.