Brigade Hotel Ventures Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Brigade Hotel Ventures Ltd filed with BSE on 05 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Brigade Hotel Ventures reported Q4 FY'26 total income growth of 8% year-on-year to INR146 crores, with EBITDA up 13% to INR58 crores and PAT rising to INR25 crores from INR13 crores a year earlier. For the full year, total income and EBITDA both grew 15% while PAT increased 174% to INR65 crores from INR24 crores. Management attributed the quarter's performance to ARR growth of 7%, stable occupancy at 78%, cost efficiency measures, and lower finance costs from debt reduction, while noting cancellations linked to geopolitical conflict and a gas supply disruption affected F&B revenue.
Numbers mentioned
Total income: INR146 crores (Q4 FY26)
p. 4
“consolidated total income for the quarter stood at INR146 crores as compared to INR135 crores in Q4 FY '25, a year-on-year growth of 8%”
Ananda Natarajan, page 4 of the filed PDF · View the filing
EBITDA: INR58 crores (Q4 FY26)
p. 4
“Consolidated EBITDA for the quarter was INR58 crores compared to INR51 crores in the same period last year, reflecting a growth of 13%”
Ananda Natarajan, page 4 of the filed PDF · View the filing
EBITDA margin: 39.7% (Q4 FY26)
p. 4
“EBITDA margin for the quarter stood at 39.7%”
Ananda Natarajan, page 4 of the filed PDF · View the filing
Profit after tax: INR25 crores (Q4 FY26)
p. 4
“Profit after tax for the quarter stood at INR25 crores compared to INR13 crores in Q4 FY '25”
Ananda Natarajan, page 4 of the filed PDF · View the filing
Total income: INR543 crores (FY26)
p. 4
“For the year ended FY '26, consolidated income stood at INR543 crores compared to INR471 crores in FY '25, an increase of 15%”
Ananda Natarajan, page 4 of the filed PDF · View the filing
EBITDA: INR192 crores (FY26)
p. 4
“EBITDA for the period was INR192 crores, up 15% year-on-year from INR167 crores in the corresponding period last year”
Ananda Natarajan, page 4 of the filed PDF · View the filing
PAT: INR65 crores (FY26)
p. 4
“PAT for FY '26 stood at INR65 crores compared to INR24 crores in FY '25”
Ananda Natarajan, page 4 of the filed PDF · View the filing
ARR: INR8,066 (Q4 FY26)
p. 4
“during Q4 FY '26, ARR stood at INR8,066 compared to INR7,548 in Q4 FY '25 with occupancy at 78%”
Ananda Natarajan, page 4 of the filed PDF · View the filing
RevPAR: INR6,295 (Q4 FY26)
p. 4
“This translated into a RevPAR of INR6,295, reflecting a year-on-year growth of 6%”
Ananda Natarajan, page 4 of the filed PDF · View the filing
ARR: INR7,453 (FY26)
p. 4
“For the year ended March 2026, ARR was INR7,453 versus INR6,696 in FY '25 with occupancy at 76.1%, resulting in a RevPAR of INR5,670, a growth of 10% year-on-year”
Ananda Natarajan, page 4 of the filed PDF · View the filing
Net cash position: INR110 crores (as of 31 March 2026)
p. 4
“As of 31st March 2026, our net cash position stood at INR110 crores”
Ananda Natarajan, page 4 of the filed PDF · View the filing
Utilities as % of operating revenues: 5.4% (FY26)
p. 4
“Utilities as a percentage of operating revenues stood at 5% for the quarter and 5.4% for the whole year of FY '26”
Nirupa Shankar, page 4 of the filed PDF · View the filing
Renewable energy adoption: 61%
p. 4
“We are actively advancing adoption of renewable energy, which is currently at 61% with some hotels exceeding 90% usage”
Nirupa Shankar, page 4 of the filed PDF · View the filing
Planned capex: approximately INR3,600 crores
p. 4
“Our planned capex of approximately INR3,600 crores, of which INR400 crores has already been invested by FY '26, will be funded through a balanced mix of debt and internal accruals”
Nirupa Shankar, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Kochi hotel rebrand — Four Points by Sheraton to Courtyard by Marriott · coming quarter
stated firmly by Nirupa Shankar
p. 4
“In the coming quarter, we plan to upgrade our hotel at Kochi from a ‘Four Points by Sheraton’ brand to a ‘Courtyard by Marriott’ brand.”
Nirupa Shankar, page 4 of the filed PDF · View the filing
New hotel launch — Courtyard by Marriott, Chennai World Trade Center, 45-key · FY27
stated firmly by Nirupa Shankar
p. 4
“In FY '27, we will further strengthen the base with the launch of the Courtyard by Marriott in Chennai, World Trade Center, a 45-key hotel that complements our existing presence in high-demand business district of OMR in Chennai.”
Nirupa Shankar, page 4 of the filed PDF · View the filing
Internal accruals — over INR1,000 crores · coming years
stated conditionally by Nirupa Shankar
p. 4
“We expect internal accruals to contribute over INR1,000 crores in the coming years, driven by steady ARR growth and operating leverage as new assets ramp up.”
Nirupa Shankar, page 4 of the filed PDF · View the filing
Average ADR — exceed INR10,000 · FY29
stated as an aspiration by Nirupa Shankar
p. 4
“as we commission more luxury properties through FY '29 and beyond, we project this to exceed INR10,000 for an average ADR by FY '29 and surpass INR14,000 by FY31, nearly double of what it is today”
Nirupa Shankar, page 4 of the filed PDF · View the filing
Courtyard by Marriott Chennai opening — Q3 · second half of the year
stated firmly by Nirupa Shankar
p. 7
“Okay, so that we're looking in the second half of the year. We're targeting Q3.”
Nirupa Shankar, page 7 of the filed PDF · View the filing
EBITDA margin — 37.5% to 38%
stated conditionally by Nirupa Shankar
p. 7
“So I would say that if we weren't hit by these one-off cases and GST, then we would have also hit about 37.5% to 38%.”
Nirupa Shankar, page 7 of the filed PDF · View the filing
Kochi ADR uplift from rebrand — mid-teens, double-digit growth
stated as an aspiration by Nirupa Shankar
p. 6
“We believe that you should be able to get something in the mid-teens, a double-digit growth.”
Nirupa Shankar, page 6 of the filed PDF · View the filing
Portfolio occupancy — mid to low 80s
stated as an aspiration by Nirupa Shankar
p. 11
“So we do believe that there is gap to move this average portfolio occupancy from 78% to somewhere in the mid to low 80s.”
Nirupa Shankar, page 11 of the filed PDF · View the filing
Gift City capex for restaurants — add two more restaurants
stated firmly by Nirupa Shankar
p. 10
“So we are going to invest a little bit of capex to add two more restaurants into this venue.”
Nirupa Shankar, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Increase driven by interest income on fixed deposits and a one-time creditors reversal.
Answered by Ananda Natarajan
Asked by Sourabh Gilda: What explains the high other income for the quarter?
p. 5
“The other income has increased due to interest on fixed deposit what we have kept with the bank.”
Ananda Natarajan, page 5 of the filed PDF · View the filing
F&B revenue declined slightly due to cancellations, but ADR and RevPAR still rose.
Answered by Nirupa Shankar
Asked by Sourabh Gilda: What was the impact of the war on F&B business this quarter?
p. 5
“we saw cancellations worth of about INR 7 crores to INR 8 crores for the quarter, which was about 5% of the business for the quarter”
Nirupa Shankar, page 5 of the filed PDF · View the filing
Impact was worst in March; company is offsetting lost international business with growing domestic mix.
Answered by Nirupa Shankar
Asked by Sourabh Gilda: How does management see near-term impact on business hotels given restricted travel?
p. 5
“If you look at our mix now, I would say domestic business contributes about 73% of our overall business and international only the balance 27% or so, which was not the case before the war started.”
Nirupa Shankar, page 5 of the filed PDF · View the filing
Company's core strategy remains building, though it is open to opportunistic acquisitions if the economics work.
Answered by Nirupa Shankar
Asked by Nitin Shakdher: Does the company prefer acquiring hotel assets or building them from scratch?
p. 6
“At this point in time, we're definitely open to acquiring assets, but when you're a builder, acquiring comes at a much more expensive cost per key.”
Nirupa Shankar, page 6 of the filed PDF · View the filing
Rebranding is underway and expected to complete this quarter with a mid-teens ADR uplift expected; investment is in process.
Answered by Nirupa Shankar
Asked by Archana Gude: What ADR improvement is expected from the Kochi rebrand and has capex been spent yet?
p. 7
“Yes, it's in process. It should happen very soon.”
Nirupa Shankar, page 7 of the filed PDF · View the filing
Management said margin would have been around 37.5-38% excluding one-off property tax and GST impacts.
Answered by Nirupa Shankar
Asked by Archana Gude: What is a sustainable operating margin range excluding other income?
p. 7
“We had some additional one-time property tax hit. But apart from that, if that was not there, we would have probably hit about 37.5% for the EBITDA, which was very much in line with what we had planned.”
Nirupa Shankar, page 7 of the filed PDF · View the filing
Regular F&B operations were maintained via alternative fuel; large events remain uncertain to return.
Answered by Manoj Agarwal
Asked by Madhav Agarwal: Has the gas supply issue been resolved and were F&B cancellations permanent?
p. 8
“So with alternative fuels and alternative arrangements in place, we switched to inductions now in many of our hotels.”
Manoj Agarwal, page 8 of the filed PDF · View the filing
Room revenue grew 7% but F&B revenue declined roughly 3% due to cancellations, pulling down blended revenue growth.
Answered by Manoj Agarwal
Asked by Raghav Malik: Why is revenue growth slower than RevPAR growth this quarter?
p. 9
“But overall room revenue has increased 7%, so that's why we have achieved this 2% operational growth in the revenues for the quarter.”
Manoj Agarwal, page 9 of the filed PDF · View the filing
Bangalore ADR still grew but less than other markets due to absence of a prior-year demand event and March cancellations.
Answered by Manoj Agarwal
Asked by Raghav Malik: Did Bangalore underperform on RevPAR in Q4?
p. 9
“We had to get some lower paying groups to fill up the demand and we maintained our occupancy and that's why the Bangalore hotels particularly saw a little bit for the quarter a lesser ADR increase compared to other markets.”
Manoj Agarwal, page 9 of the filed PDF · View the filing
Three hotels are now clearly above the threshold; overall about 30% of revenue still comes from room nights below it.
Answered by Manoj Agarwal
Asked by Parth Mandavgane: What progress has been made moving hotels above the INR7,500 GST threshold?
p. 9
“So 3 hotels will clearly cross the INR7,500 marks.”
Manoj Agarwal, page 9 of the filed PDF · View the filing
Strategic locations with low competing supply allow the company to maintain occupancy through demand cycles.
Answered by Manoj Agarwal
Asked by Vaibhav Muley: What is driving Brigade's relatively high occupancy versus peers?
p. 11
“We have such strategic locations in the key business districts and key areas and very minimal or very low supply or anything coming up in these markets in in the near future.”
Manoj Agarwal, page 11 of the filed PDF · View the filing
Transient/retail makes up about 50% of business, with 25% negotiated, 15% group and 10% other; OTA is about 30% of total occupancy.
Answered by Manoj Agarwal
Asked by Vaibhav Muley: What is the breakdown of retail, contracted, group and OTA business?
p. 11
“50% transient, 25% negotiated, around 15% is our group business, and 10% is the balance miscellaneous crew and other businesses.”
Manoj Agarwal, page 11 of the filed PDF · View the filing
FTA mix fell from a historical ~30% to around 25% due to the conflict but is expected to normalize gradually.
Answered by Manoj Agarwal
Asked by Vaibhav Muley: What is the normal FTA mix and outlook for recovery?
p. 12
“So it used to be 70:30, now it has come down to around 25%. It will again go back to 30% foreign FTA business.”
Manoj Agarwal, page 12 of the filed PDF · View the filing
Risks flagged
War/geopolitical conflict causing cancellations and reduced international travel
p. 5
“we saw cancellations worth of about INR 7 crores to INR 8 crores for the quarter, which was about 5% of the business for the quarter”
Nirupa Shankar, page 5 of the filed PDF · View the filing
Gas supply disruption affecting F&B operations
p. 8
“because of these disruptions during the last month of March and some bit of it still continuing, we faced a few cancellations on account of larger events which are dependent on the foreign travellers coming in and international travel”
Manoj Agarwal, page 8 of the filed PDF · View the filing
GST 2.0 impact on EBITDA margin
p. 4
“GST 2.0 has resulted in a 1.4% impact on EBITDA margin for Q4 FY '26”
Ananda Natarajan, page 4 of the filed PDF · View the filing
One-time property tax expense impacting EBITDA
p. 4
“EBITDA was impacted by an additional property tax expenses of around INR6 crores”
Ananda Natarajan, page 4 of the filed PDF · View the filing
Uncertainty over whether cancelled MICE/events will return
p. 8
“honestly very hard to predict what will come back and what will get cancelled”
Nirupa Shankar, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.