GST 2.0 margin impact persists
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.
BRIGHOTEL / Q3-FY26 / risks
Keep the risk register visible.
Brigade Hotel Ventures · Material risks, their source context, and severity in the latest available quarter.
Research layer active
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.
Risk intelligence
Material risks this quarter
medium
Marriott contract renewal uncertainty
One hotel's contract with Marriott ends December 2026. Management is negotiating renewal or potential upbranding, creating uncertainty.
Capex execution and debt risk
Large 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.
CRZ approval delay for Grand Hyatt Chennai
Construction of Grand Hyatt Chennai is pending CRZ approval, which management expects by end of FY26. Any delay could push back the FY28 opening.