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Revenue
₹126 Cr
verified against source
Revenue YoY
20%
reported change
EBITDA
₹41 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 strong Q2 FY26 with total income of INR 130 crores (+20% YoY) and PAT of INR 11 crores (+58% YoY). EBITDA grew 9% to INR 41 crores, impacted by a one-off property tax expense of INR 6 crores; excluding this, operational EBITDA growth would have been 25%. Performance was driven by robust ARR growth of 19% in Bangalore and 23% in GIFT City, with overall occupancy at 75.6%. The company is executing a strategic expansion to double its portfolio by adding ~1,700 keys over five years, with a total capex of INR 3,600 crores. Management expects growth momentum to sustain in H2 FY26 supported by corporate demand, weddings, and leisure travel. Key risk: execution delays in the large capex pipeline could strain balance sheet if cash flows underperform.
Colored figures show movement against the previous available record.
Guidance to track
- Total capital expenditure of INR 3,600 crores planned to add ~1,700 keys, with phasing back-ended: ~60% in years 3-4.
- Management expects to maintain ARR growth in mid-teens to high-teens for Q3 and Q4 FY26.
- Despite a slower October due to festivals, RevPAR is expected to stay in mid-teens growth.
Risks flagged
- The INR 3,600 crores capex plan is back-ended, with potential delays in construction and cost overruns.
- A one-off property tax expense of INR 6 crores hit EBITDA; similar reassessments could occur at other properties.
- Bangalore occupancy declined from 81% to 78% YoY, indicating potential market saturation or competitive pressure.
Key quotes
- We are now entering a strategic phase of expansion, aiming to double our hotel portfolio by adding approximately 1,700 keys over the next 5 years.
- Excluding this, operational EBITDA would have registered a 25% growth year.
- We would like to maintain that we can stick to mid-teens to high teens for the next two quarters.
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