Brigade Hotel Ventures delivered a solid Q3 FY26 with total income of INR 143cr (+14% YoY) and EBITDA of INR 51cr (+17% YoY), driven by strong operating metrics: ARR of INR 7,85...
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GST 2.0 reduced EBITDA margin by 1.6% due to input tax credit reversal on rooms below INR 7,500 ARR. Seven of nine hotels are below this threshold, though portfolio ARR is approaching INR 7,300.
medium · management_commentaryOne hotel's contract with Marriott ends December 2026. Management is negotiating renewal or potential upbranding, creating uncertainty.
medium · analyst_questionLarge capex of INR 3,600cr is back-ended, with peak debt-to-EBITDA expected at 4.5-5x in FY29-30. Execution delays or cost overruns could strain balance sheet.
high · data_observationConstruction of Grand Hyatt Chennai is pending CRZ approval, which management expects by end of FY26. Any delay could push back the FY28 opening.
medium · management_commentary