BRIGADEHOTELVENTURES Other 15 May 2026

Brigade Hotel Ventures Ltd — Q4 FY26

Brigade Hotel Ventures delivered a stable Q4 FY26 with total income of INR 146 Cr (+8% YoY) and EBITDA of INR 58 Cr (+13% YoY), driven by a 7% ADR increase to INR 8,066 and stable occupancy at 78%.

bullish high

Revenue ₹136 Cr +8%

EBITDA ₹58 Cr +13%

PAT ₹25 Cr +92.3%

EBITDA Margin 36% +180bps

Duration 41 min

Read Time 1 min read

✓ Verified against BSE filing

2-Min Summary

✦ AI-Generated from Full Transcript

Brigade Hotel Ventures delivered a stable Q4 FY26 with total income of INR 146 Cr (+8% YoY) and EBITDA of INR 58 Cr (+13% YoY), driven by a 7% ADR increase to INR 8,066 and stable occupancy at 78%. PAT surged to INR 25 Cr (vs INR 13 Cr) aided by lower finance costs. The quarter faced headwinds from geopolitical disruptions causing ~INR 7-8 Cr in cancellations, particularly impacting F&B revenue, but domestic demand remained resilient. Management guided for continued ADR expansion, targeting portfolio ADR of INR 10,000+ by FY29 and INR 14,000 by FY31, supported by brand upgrades (e.g., Kochi to Courtyard by Marriott) and new supply (Chennai WTC). A disciplined capex plan of INR 3,600 Cr (60% debt-funded) underpins growth. Key risk: sustained geopolitical tensions could further pressure international travel and F&B revenue.

Key Numbers

ADR INR 8,066

+7% YoY

Average daily rate for Q4 FY26, highest in portfolio history.

Occupancy 78%

Flat YoY

Occupancy remained stable despite cancellations, supported by domestic demand.

RevPAR INR 6,295

+6% YoY

Revenue per available room growth driven by ADR improvement.

Domestic Business Mix 73%

+3pp YoY

Share of domestic revenue increased as international travel faced disruptions.

Management Guidance

Portfolio ADR to exceed INR 10,000 by FY29 and INR 14,000 by FY31

Management projects average ADR to nearly double from current INR 7,500 as luxury properties ramp up.

Management guidance growth

Chennai Courtyard by Marriott opening in Q3 FY27

A 45-key hotel in Chennai World Trade Center, targeting second half of FY27.

Management guidance expansion

Capex of INR 3,600 Cr with 60% debt funding

Planned capital expenditure funded through borrowings (60%) and internal accruals (40%), with internal accruals expected to exceed INR 1,000 Cr over coming years.

Management guidance capex

Kochi hotel upgrade to Courtyard by Marriott in Q1 FY27

Upgrading from Four Points to Courtyard brand, expected to drive double-digit ADR growth.

Management guidance expansion

Key Risks

Geopolitical disruptions impacting international travel

War-related cancellations of ~INR 7-8 Cr in Q4 and ongoing in Q1 FY27 could persist, pressuring F&B revenue and ADR growth.

high · management_commentary

GST 2.2 impact on margins

GST input credit reversal on rooms below INR 7,500 ADR caused 1.4% margin impact in Q4; 30% of room nights still below threshold.

medium · analyst_question

Gas supply constraints

Reduced PNG supply due to geopolitical issues required shift to alternative fuels; potential operational disruption if supply issues worsen.

low · analyst_question

Execution risk in new hotel openings

Chennai Courtyard by Marriott opening in Q3 FY27 may face delays or stabilization challenges, impacting revenue ramp-up.

medium · data_observation

Notable Quotes

Our strategy has always been to acquire the land whether we buy it outright or we lease it and then develop because there are very few people in the construction space of hotels.

Nupur Shankar · Managing Director

We are definitely open to acquiring assets. But when you're a builder, acquiring comes at a much more expensive cost per key.

Nupur Shankar · Managing Director

We are working on our revenue strategies by coming up with more categorizations of rooms and inclusions so that we get to that 7,500 plus marks for these other hotels.

Manoj Agarwal · Chief Operating Officer

Frequently Asked Questions

What was Brigade Hotel Ventures's revenue in Q4 FY26?

Brigade Hotel Ventures reported revenue of ₹136 Cr in Q4 FY26, representing a +8% change compared to the same quarter last year.

What guidance did Brigade Hotel Ventures management give for FY27?

Portfolio ADR to exceed INR 10,000 by FY29 and INR 14,000 by FY31: Management projects average ADR to nearly double from current INR 7,500 as luxury properties ramp up. Chennai Courtyard by Marriott opening in Q3 FY27: A 45-key hotel in Chennai World Trade Center, targeting second half of FY27. Capex of INR 3,600 Cr with 60% debt funding: Planned capital expenditure funded through borrowings (60%) and internal accruals (40%), with internal accruals expected to exceed INR 1,000 Cr over coming years. Kochi hotel upgrade to Courtyard by Marriott in Q1 FY27: Upgrading from Four Points to Courtyard brand, expected to drive double-digit ADR growth.

What are the key risks for Brigade Hotel Ventures in FY27?

Key risks include Geopolitical disruptions impacting international travel — War-related cancellations of ~INR 7-8 Cr in Q4 and ongoing in Q1 FY27 could persist, pressuring F&B revenue and ADR growth.; GST 2.2 impact on margins — GST input credit reversal on rooms below INR 7,500 ADR caused 1.4% margin impact in Q4; 30% of room nights still below threshold.; Gas supply constraints — Reduced PNG supply due to geopolitical issues required shift to alternative fuels; potential operational disruption if supply issues worsen.; Execution risk in new hotel openings — Chennai Courtyard by Marriott opening in Q3 FY27 may face delays or stabilization challenges, impacting revenue ramp-up..

Did Brigade Hotel Ventures meet its previous quarter's guidance?

Scorecard data is being built as historical quarters are processed.

Where can I read the full Brigade Hotel Ventures Q4 FY26 concall transcript?

The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.