Ventive Hospitality Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Ventive Hospitality Ltd filed with BSE on 20 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
Ventive Hospitality reported consolidated revenue of Rs 2,666 crores for FY26, up 24%, with EBITDA growing 28% to Rs 1,299 crores and margins expanding to 49% from 47%. Q4 FY26 revenue grew 21% year-on-year to Rs 870 crores while EBITDA grew 28% to Rs 476 crores, aided by a foreign exchange gain of Rs 74 crores. Management described growth across India, Maldives and the annuity segment, alongside portfolio additions including Hilton Goa, Soho House, Sol de Goa and Narmada Estates, while placing the Mundra project on hold.
Numbers mentioned
Revenue: INR 2,666 crores (FY26)
p. 3
“For the full year FY26, revenue stood at INR 2,666 crores up 24%, while EBITDA grew at 28% to INR 1,299 crores.”
Ranjit Batra, page 3 of the filed PDF · View the filing
EBITDA margin: 49% (FY26)
p. 3
“Full year EBITDA margin improved to 49% compared to 47% last year.”
Ranjit Batra, page 3 of the filed PDF · View the filing
Revenue: INR 870 crores (Q4 FY26)
p. 3
“For Q4 FY26, consolidated revenue grew 21% year-on-year to INR 870 crores, while EBITDA grew 28% to INR 476 crores.”
Ranjit Batra, page 3 of the filed PDF · View the filing
EBITDA margin: 55% (Q4 FY26)
p. 3
“EBITDA margins expanded to 55% compared to 52% last year.”
Ranjit Batra, page 3 of the filed PDF · View the filing
Profit after tax: crossed INR 500 crores (FY26)
p. 3
“Another important milestone for us is that the profit after tax has now crossed INR 500 crores.”
Ranjit Batra, page 3 of the filed PDF · View the filing
India ADR: INR 12,500, up 13% (FY26)
p. 4
“ADR grew 13% to INR 12,500.”
Ranjit Batra, page 4 of the filed PDF · View the filing
India occupancy: 64% (FY26)
p. 4
“Occupancy was at 64% lower by around 2 percentage points year-on-year.”
Ranjit Batra, page 4 of the filed PDF · View the filing
Maldives revenue: INR 1,133 crores, up 31% (FY26)
p. 4
“Revenue grew 31% to INR 1,133 crores, while EBITDA grew 42% to INR 398 crores.”
Ranjit Batra, page 4 of the filed PDF · View the filing
Maldives EBITDA margin: 35% (FY26)
p. 4
“EBITDA margins improved 35% compared to 32% last year.”
Ranjit Batra, page 4 of the filed PDF · View the filing
Annuity revenue: INR 505 crores, up 4% (FY26)
p. 5
“For FY2026, annuity revenue was INR 505 crores up 4%, while EBITDA was INR 452 crores up 3%.”
Ranjit Batra, page 5 of the filed PDF · View the filing
Gross debt: INR 1,999 crores (as of March 31, 2026)
p. 10
“As of March 31, 2026, our gross debt stood at INR 1,999 crores comprising INR 1,232 crores of rupee-denominated debt and US$81.44 million equivalent to INR 766 crores of offshore debt relating to the Maldives portfolio.”
Paresh Bafna, page 10 of the filed PDF · View the filing
Net debt to EBITDA: 1.14x (FY26)
p. 10
“Our net debt to EBITDA was 1.14x compared to last year 1.7x.”
Paresh Bafna, page 10 of the filed PDF · View the filing
India hospitality EBITDA: INR 337 crores, up 24% (FY26)
p. 9
“India hospitality revenue grew 14% to INR 846 crores with EBITDA up 24% to INR 337 crores.”
Milind Wadekar, page 9 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.
Revenue and EBITDA growth — low-teen revenue growth and high-teen EBITDA growth · medium to long term
stated as an aspiration by Milind Wadekar
p. 9
“This positions us well to deliver low-teen revenue growth and high-teen EBITDA growth in the medium to long term.”
Milind Wadekar, page 9 of the filed PDF · View the filing
Pune occupancy — 75% · medium term
stated conditionally by Milind Wadekar
p. 8
“With strong commercial absorption underway and growing demand, we are confident of ramping up occupancy to 75% in the medium term.”
Milind Wadekar, page 8 of the filed PDF · View the filing
Maldives occupancy (Conrad and Anantara) — north of 65% · medium term
stated as an aspiration by Milind Wadekar
p. 9
“we are on track to achieve occupancy north of 65% for these resorts in the medium term.”
Milind Wadekar, page 9 of the filed PDF · View the filing
Capex — around INR 1,000 crores · next three years
stated firmly by Milind Wadekar
p. 12
“our capex for next three years will be around INR 1,000 crores for our Bangalore hotel, for our Sri Lanka hotel and some FF&E and most of these will be funded through our internal accruals.”
Milind Wadekar, page 12 of the filed PDF · View the filing
AC by Marriott (Whitefield) completion — March 2027
stated firmly by Ranjit Batra
p. 13
“that will be completed by March 2027.”
Ranjit Batra, page 13 of the filed PDF · View the filing
Varanasi Marriott completion — FY28
stated firmly by Ranjit Batra
p. 13
“the completion timeline is FY28 and Ritz-Carlton I'll just give the data anyway.”
Ranjit Batra, page 13 of the filed PDF · View the filing
Ritz-Carlton Reserve completion — FY28
stated firmly by Ranjit Batra
p. 13
“The Ritz-Carlton reserve, these are three assets that are coming and that is coming to a completion timeline in FY28.”
Ranjit Batra, page 13 of the filed PDF · View the filing
Soho Delhi completion — within the next 2 years
stated firmly by Ranjit Batra
p. 15
“Regarding Soho Delhi, that is too on track completion within the next 2 years.”
Ranjit Batra, page 15 of the filed PDF · View the filing
Q1 FY27 performance — Q1 FY27
stated firmly by Ranjit Batra
p. 10
“So far at this stage, we have visibility of only Q1 and while there is some volatility, I don't think at all that this will derail the quarter for us, for sure.”
Ranjit Batra, 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.
Management said the platform can absorb disruption and still grow, expects low-teen revenue and high-teen EBITDA growth as conditions normalize, and highlighted Pune's strong GCC and infrastructure-led demand.
Answered by Ranjit Batra
Asked by Sumant Kumar: How does management see FY27 given business disruption in March and inbound impact, and what is the Pune market outlook?
p. 10
“On a broader picture, I feel and as and when the situation normalizes, Ventive can in my view deliver low-teen revenue growth and high-teen EBITDA growth.”
Ranjit Batra, page 10 of the filed PDF · View the filing
Management said debt has been reduced to below Rs 1,500 crores and capex of around Rs 1,000 crores over the next three years for Bangalore and Sri Lanka projects will be funded via internal accruals.
Answered by Milind Wadekar
Asked by Vaibhav Muley: What is the capex plan for FY26 and next three years, and how will it be funded?
p. 12
“we have reduced our debt to less than INR 1,500 crores now and our capex for next three years will be around INR 1,000 crores for our Bangalore hotel, for our Sri Lanka hotel and some FF&E and most of these will be funded through our internal accruals.”
Milind Wadekar, page 12 of the filed PDF · View the filing
Management clarified that room contribution was largely intact while F&B grew due to Raaya's all-inclusive resort model affecting revenue allocation.
Answered by Ranjit Batra
Asked by Abhay Khaitan: Why does international room revenue appear to decline while F&B revenue rises sharply in Q4?
p. 13
“Yes, and then there is some allocations with Raaya being an all-inclusive resort, that's where maybe that understanding is correct.”
Ranjit Batra, page 13 of the filed PDF · View the filing
Management explained that Q1 typically shifts to China, Russia, Korea and Japan markets and that this segment is performing well.
Answered by Ranjit Batra
Asked by Karan Kamdar: With Middle East flight disruptions, where are Maldives travellers coming from?
p. 13
“And this is -- take it from me, it's a coincidence, this is not -- I'm not answering to suit the narrative.”
Ranjit Batra, page 13 of the filed PDF · View the filing
Management attributed the EBITDA decline to one-off items in both periods and said diesel supply is mitigated for one and a half to two months with uncertain future pricing impact.
Answered by Ranjit Batra
Asked by Achal Kumar: Why did India EBITDA decline in Q4 despite revenue growth, and what is the diesel supply situation in Maldives?
p. 17
“Yes, I mean situation is that we mitigated at least one and a half to two months with our existing supplies that we had on our island.”
Ranjit Batra, page 17 of the filed PDF · View the filing
Risks flagged
Travel disruption from geopolitical tensions and aviation uncertainties
p. 3
“This included the impact of Operation Sindoor, geographical tensions, aviation uncertainties, and temporary pressure in certain travel corridors.”
Ranjit Batra, page 3 of the filed PDF · View the filing
Geopolitical developments in Middle East and travel advisories from US and Europe impacting growth
p. 7
“However, geopolitical developments in Middle East and travelr restrictions advisories from US and Europe impacted growth to some extent.”
Milind Wadekar, page 7 of the filed PDF · View the filing
Air connectivity disruption from the Middle East affecting Maldives traffic
p. 17
“there is I can't deny some air connectivity disruption especially from the Middle East so maybe that's what the data that you're referring to.”
Ranjit Batra, page 17 of the filed PDF · View the filing
Tight diesel supply situation in Maldives
p. 17
“Going forward we will see and wait and watch how the diesel pricing gets readjusted in Maldives and to give you a direct answer will this have an impact? Yes, it will have an impact.”
Ranjit Batra, page 17 of the filed PDF · View the filing
Limited international connectivity for Pune affecting FTA-driven room night growth
p. 14
“But that may not be the case for Pune since international connectivity is very limited, but even if I take 10 room nights for 1 million square feet, it will add a lot of room nights for us, right.”
Milind Wadekar, page 14 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.