BRIGADEHOTELVENTURES / bear-case history

Track the concerns that keep returning.

Brigade Hotel Ventures · risk themes across the available quarters.

Research layer active

Bear-case history

Risks carried through the record.

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

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

Gas supply constraints

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

low

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