Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹136 Cr
verified against source
Revenue YoY
8%
reported change
EBITDA
₹58 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management projects average ADR to nearly double from current INR 7,500 as luxury properties ramp up.
- A 45-key hotel in Chennai World Trade Center, targeting second half of FY27.
- Planned capital expenditure funded through borrowings (60%) and internal accruals (40%), with internal accruals expected to exceed INR 1,000 Cr over coming years.
- Upgrading from Four Points to Courtyard brand, expected to drive double-digit ADR growth.
Risks flagged
- 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 input credit reversal on rooms below INR 7,500 ADR caused 1.4% margin impact in Q4; 30% of room nights still below threshold.
- Reduced PNG supply due to geopolitical issues required shift to alternative fuels; potential operational disruption if supply issues worsen.
- Chennai Courtyard by Marriott opening in Q3 FY27 may face delays or stabilization challenges, impacting revenue ramp-up.
Key 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.
- We are definitely open to acquiring assets. But when you're a builder, acquiring comes at a much more expensive cost per key.
- 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.
Research modules