VHLTD Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and 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
₹38.33 Cr
verified against source
Revenue YoY
1.5%
reported change
EBITDA
₹12.09 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Viceroy Hotels delivered a steady Q3 FY26 with revenue of 38.33 crore (up 1.5% YoY) and EBITDA of 12.09 crore (up 6.5% YoY), with margins expanding to 31.5%. The company completed the 50 crore Courtyard renovation adding 56 rooms, with ADRs rising from 6,000 to 6,800. Management announced the landmark acquisition of Marriott Executive Apartments in Gachibowli—75 keys at 215 crore consideration—expected to deliver 48 crore turnover and 21 crore EBITDA in CY25 with earnings accretion beginning Q4 FY26. The remaining 70 crore of the 120 crore capex program will fund Marriott convention center expansion (20-30 crore), 295-room refurbishment (40 crore), and Phase 3 upgrades (10-15 crore). With ~470 existing keys plus the acquisition and greenfield pipeline, Viceroy targets 1,000 keys by 2030. Risks include renovation-related revenue pressure (9-month revenue down 2.7% YoY to 94.5 crore), execution risk on the phased Marriott upgrade, and integration risk for the newly acquired property in a competitive extended-stay segment.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets near-term EBITDA margins above 30% progressing toward long-term benchmark of 40% as renovation completes and new inventory ramps up.
- The recently acquired 75-key Marriott Executive Apartments in Gachibowli (215 crore) will begin contributing to financials from Q4 FY26, expected to deliver 48 crore turnover and 21 crore EBITDA in CY25.
- Phase 2 expansion at Marriott doubles convention capacity to 20,000 sq ft (from existing 10,000 sq ft) by December 2026, along with phased refurbishment of 295 rooms at 40 crore investment.
- Management reiterated the long-term strategic target of reaching 1,000 room keys by 2030, supported by current ~470 keys, 75-key acquisition, and upcoming greenfield project in Madhapur.
Risks flagged
- Nine-month revenue declined 2.7% YoY to 94.5 crore from 97.1 crore due to ongoing renovation disruptions at Courtyard and upcoming Marriott refurbishment, with the 295-room Marriott upgrade requiring careful phasing to protect revenues.
- The newly acquired Marriott Executive Apartments (75 keys) depends on sustained demand from GCCs and corporate long-stay travelers; any slowdown in corporate travel or pharma/IT sector could impact the extended-stay occupancy assumptions.
- Analyst raised questions about timeline and deployment of remaining 70 crore capex across convention expansion, room refurbishment, and Phase 3 upgrades—spanning multiple phases through December 2026 and beyond—carrying execution and cost overrun risks.
- While management claims no competing property has 500+ rooms with 20,000 sq ft convention space, competitive responses to their expanded MICE offering could pressure ADR and occupancy assumptions in the medium term.
Key quotes
- This landmark property located at SLN Terminus in Gachibowli adds 75 executive rooms spread across a built-up area of 1 lakh 57,000 square ft. The acquisition was concluded at a consideration of around 215 crores and the asset is expected to deliver a turnover of approximately 48 crores and an EBITDA of 21 crores in calendar year 25.
- With all 168 rooms operational, we are positioned to capture strong occupancies and ADRs which have already risen from 6,000 to 6,800. The premium new rooms are expected to command 25 to 30% higher ADRs supporting our target of EBITDA margins north of 30% in the near term and 40% in the long run.
- We are confident of sustaining EBITDA margins above 30% and progressing towards our long-term benchmark of 40%. In summary, Q3 has delivered solid margin expansion and profitability while 9 months results demonstrate resilience despite temporary disruptions.
Research modules