Viceroy Hotels Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Viceroy Hotels Ltd filed with BSE on 07 Aug 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
Viceroy Hotels reported consolidated Q1 FY27 revenue from operations of INR44.9 crores, up approximately 77% year-on-year, with EBITDA of INR11.8 crores at a 26.3% margin and profit after tax of INR1.4 crores versus a loss in the prior-year quarter. Management attributed the growth to improved occupancy at Courtyard following completion of Phase 1 renovation and the addition of the Marriott Executive Apartments acquisition, while noting the Marriott convention center was taken offline from April for Phase 2 renovation, constraining banquet revenue. Management also discussed debt levels, an ongoing rights issue to reduce promoter holding below 75%, and plans for a Greenfield Courtyard project at Madhapur.
Numbers mentioned
Revenue from operations: INR44.9 crores (Q1 FY27)
p. 4
“the revenue from operations of the company stood at INR44.9 crores as compared to INR25.4 crores in Q1 FY26, showing robust growth of approximately 77%”
P. V. Krishna Reddy, page 4 of the filed PDF · View the filing
EBITDA: INR11.8 crores, 26.3% margin (Q1 FY27)
p. 4
“EBITDA for the quarter came in at INR11.8 crores with a margin of 26.3% as compared to INR4.8 crores with a margin of 19% in Q1 FY26, representing a growth of 144% in EBITDA and an expansion of 725 basis points in margin”
P. V. Krishna Reddy, page 4 of the filed PDF · View the filing
Profit after tax: INR1.4 crores, 3.2% margin (Q1 FY27)
p. 4
“our profit after tax stood at INR1.4 crores with a margin of 3.2% as against a loss of INR3 crores with a margin of negative 11.9% in corresponding quarter of the previous year”
P. V. Krishna Reddy, page 4 of the filed PDF · View the filing
Depreciation and amortization: INR5 crores (Q1 FY27)
p. 4
“Depreciation and amortization for the quarter stood at INR5 crores as against INR3.4 crores, reflecting the capitalization of the Phase 1 at Courtyard together with the depreciation on the acquired property”
P. V. Krishna Reddy, page 4 of the filed PDF · View the filing
Finance costs: INR5.4 crores (Q1 FY27)
p. 4
“finance costs stood at INR5.4 crores as against INR1 crores in Q1 FY26”
P. V. Krishna Reddy, page 4 of the filed PDF · View the filing
Combined occupancy (Marriott and Courtyard): 76.25% (Q1 FY27)
p. 4
“combined occupancy across the Marriott and Courtyard hotels, it had improved to 76.25% in Q1 FY27 from 53.65% in corresponding quarter”
P. V. Krishna Reddy, page 4 of the filed PDF · View the filing
Combined ADR: INR6,107 (Q1 FY27)
p. 4
“Combined ADR for the quarter stood at INR6,107 as against INR6,952, with Marriott at INR6,188 and Courtyard at INR5,985”
P. V. Krishna Reddy, page 4 of the filed PDF · View the filing
Combined RevPAR: INR4,657 (Q1 FY27)
p. 4
“taking combined RevPAR up 24.85% to INR4,657 from INR3,730”
P. V. Krishna Reddy, page 4 of the filed PDF · View the filing
Room revenues (Marriott and Courtyard): INR19.6 crores (Q1 FY27)
p. 5
“room revenues stood at INR19.6 crores in Q1 FY27 as against INR14.1 crores in Q1 FY26, a growth of 38.9%”
P. V. Krishna Reddy, page 5 of the filed PDF · View the filing
Food and beverage revenues (Marriott and Courtyard): INR11.8 crores (Q1 FY27)
p. 5
“food and beverage revenues stood at INR11.8 crores as compared to INR10.3 crores, a growth of 15.1%”
P. V. Krishna Reddy, page 5 of the filed PDF · View the filing
Marriott Executive Apartments room revenue: INR8.5 crores (Q1 FY27)
p. 5
“Room revenues for the quarter stood at INR8.5 crores as against INR7.1 crores in the corresponding period, while food and beverage revenues stood at INR3.3 crores”
P. V. Krishna Reddy, page 5 of the filed PDF · View the filing
Marriott Executive Apartments ADR: INR13,342 (Q1 FY27)
p. 5
“ADR improved by 7.5% year-on-year to INR13,342, and occupancy improved to 94% from 83%, translating into RevPAR growth of 21.1% to INR12,519”
P. V. Krishna Reddy, page 5 of the filed PDF · View the filing
Standalone total debt: INR220 crores (as of Q1 FY27)
p. 9
“At standalone, the total debt is around INR220 crores and at a consolidated level, it is INR259 crores”
Anirudh Reddy, page 9 of the filed PDF · View the filing
Net debt (consolidated): INR220 crores (as of Q1 FY27)
p. 9
“Net debt is around INR180 crores at standalone level, and then it is INR220 crores at consolidated level”
Anirudh Reddy, page 9 of the filed PDF · View the filing
Blended interest rate: 8.7% (Q1 FY27)
p. 9
“Blended rate is 8.7%”
P. V. Krishna Reddy, page 9 of the filed PDF · View the filing
Capital work-in-progress: INR8 crores (as of 30th June)
p. 10
“The capital work-in-progress stands at INR8 crores, because we have already capitalized most of the assets that are finished in Courtyard”
P. V. Krishna Reddy, page 10 of the filed PDF · View the filing
Marriott GOP fee: 6% to 7%
p. 12
“on the GOP, that is the gross operating profit, it takes around 6% to 7%”
Anirudh Reddy, page 12 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.
EBITDA margin — above 30% and long-term benchmark of 40% · near term / long term
stated as an aspiration by P. V. Krishna Reddy
p. 5
“we remain confident of progressing towards an EBITDA margin above 30% in the near term and towards our long-term benchmark of 40%”
P. V. Krishna Reddy, page 5 of the filed PDF · View the filing
EBITDA displacement from Phase 2 renovation — close to about INR10 crores · FY27
stated firmly by Anirudh Reddy
p. 6
“it's close to about INR10 crores in combination of the kind of business that you're losing through the convention and the rooms that comes with it”
Anirudh Reddy, page 6 of the filed PDF · View the filing
Phase 2 renovation completion — December of this financial year (Q3) · FY27 Q3
stated firmly by Anirudh Reddy
p. 8
“we're expecting to finish this by December of this of this financial year. So, third quarter.”
Anirudh Reddy, page 8 of the filed PDF · View the filing
Greenfield Courtyard at Madhapur construction start — fourth quarter · FY27 Q4
stated conditionally by Anirudh Reddy
p. 11
“Expecting fourth quarter to start”
Anirudh Reddy, page 11 of the filed PDF · View the filing
Greenfield Courtyard operational date — FY29-2030 · FY29-FY30
stated as an aspiration by Anirudh Reddy
p. 7
“We are looking at FY29 - 2029-2030 to go operational.”
Anirudh Reddy, page 7 of the filed PDF · View the filing
Courtyard occupancy — 80% to 85% · next 2 financial years
stated as an aspiration by Anirudh Reddy
p. 7
“we would like to maintain the 80% to 85% levels across the next 2 financial years”
Anirudh Reddy, page 7 of the filed PDF · View the filing
Courtyard ADR — 6,800 to 8,500 · next 2 financial years
stated as an aspiration by Anirudh Reddy
p. 7
“ADR is something that we'd like to pick up from about that late 6,800 to 8,500 in the next 2 financial years”
Anirudh Reddy, page 7 of the filed PDF · View the filing
Courtyard ADR (stretch) — 9,000-9,500 · FY28
stated as an aspiration by Anirudh Reddy
p. 7
“I wouldn't be surprised if we are closer to the 9,000-9,500 mark by FY28”
Anirudh Reddy, page 7 of the filed PDF · View the filing
Hyderabad and Bangalore ADR growth — 10% to 12%
stated as an aspiration by Anirudh Reddy
p. 13
“Hyderabad specifically and Bangalore, we are expected to grow at a double digit -- early double-digit level, 10% to 12% is what the industry is suggesting”
Anirudh Reddy, page 13 of the filed PDF · View the filing
Rights issue shareholding reduction — below 75% · by October
stated firmly by Anirudh Reddy
p. 10
“The main requirement is to reduce it below 75% as mandated by SEBI by October”
Anirudh Reddy, page 10 of the filed PDF · View the filing
Dividend policy — after Phase 2 renovation completion
stated as an aspiration by Anirudh Reddy
p. 7
“the board will surely discuss on the dividend policy and come out with a favorable outcome for the shareholders”
Anirudh Reddy, page 7 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 estimated around INR10 crores in combined displacement from lost convention and room business.
Answered by Anirudh Reddy
Asked by Animesh Jain: How much EBITDA displacement is expected in FY27 from the Phase 2 renovation and convention center closure?
p. 6
“it's close to about INR10 crores in combination of the kind of business that you're losing through the convention and the rooms that comes with it”
Anirudh Reddy, page 6 of the filed PDF · View the filing
Management said no business has been permanently lost, as the renovation was already budgeted into the Phase 2 plan.
Answered by Anirudh Reddy
Asked by Santosh Shetty: Is business being foregone during the convention center renovation permanently lost to competitors?
p. 6
“We have not lost anything permanently. We have firstly taken -- already budgeted this in our Phase 2 plan of renovation from April to December that we're going to take it out”
Anirudh Reddy, page 6 of the filed PDF · View the filing
Marriott takes about 1-1.5% of revenue and 6-7% of gross operating profit, aligning incentives toward profitability.
Answered by Anirudh Reddy
Asked by Madhav Agarwal: What is Viceroy's revenue-sharing arrangement with Marriott?
p. 12
“on a revenue basis, Marriott takes about 1% to 1.5% on the total revenue, and on the GOP, that is the gross operating profit, it takes around 6% to 7%”
Anirudh Reddy, page 12 of the filed PDF · View the filing
Management attributed the decline to normal industry seasonality where Q1 and Q2 are weaker than Q3 and Q4.
Answered by Anirudh Reddy
Asked by Vivek Gupta: What drove the sequential decline in total income, EBITDA and PAT versus the prior quarter?
p. 14
“your Q3 and Q4 are always outperforming your Q1 and Q2, because that is the part of the year where most conferences, most weddings, most travel leisure trips happen. It's just seasonality of the industry.”
Anirudh Reddy, page 14 of the filed PDF · View the filing
Management stated monthly repayments of about INR3.25 crores and headroom for roughly INR100 crores of additional debt at the current debt-equity ratio.
Answered by P. V. Krishna Reddy
Asked by Pahal Sharma: What is the debt maturity profile, annual repayment obligations, and headroom for additional debt?
p. 15
“we are at, like, debt-equity ratio of close to 1 now. So, we can go to and we can take another INR100 crores based on the current portfolio”
P. V. Krishna Reddy, page 15 of the filed PDF · View the filing
Management reaffirmed the 30% margin target for the year, citing improved contribution from the Marriott Executive Apartments and the return of the convention center.
Answered by Anirudh Reddy
Asked by Saumya Raghuvanshi: Is 30% EBITDA margin still the target for FY27 given Q1 came in at 26.1% versus 31.4% in Q4?
p. 16
“the 30% EBITDA margin is something that is a target for us this year and I think it's a fairly easy target, because once your Q3, Q4 numbers kick in, your EBITDA margins significantly go up”
Anirudh Reddy, page 16 of the filed PDF · View the filing
Management said Courtyard revenue, previously about INR30 crores annually, is expected to be a little north of INR50 crores this year, roughly a 60% jump, with EBITDA seeing a similar increase.
Answered by Anirudh Reddy
Asked by Saumya Raghuvanshi: What incremental revenue and EBITDA has Phase 1 at Courtyard generated relative to the INR50 crores invested?
p. 17
“this year with the first year in itself, we expect this number to be a little north of INR50 crores. So, that's basically like a 60% jump that we see in both revenue, and EBITDA will also see a similar jump.”
Anirudh Reddy, page 17 of the filed PDF · View the filing
Risks flagged
Convention center at Marriott taken offline for Phase 2 renovation, constraining banquet capacity
p. 5
“a convention center at Marriott being taken offline from the first week of April for the Phase 2 upgradation, which has temporarily constrained our banquet capacity through the quarter”
P. V. Krishna Reddy, page 5 of the filed PDF · View the filing
Geopolitical conflict reducing foreign demand and ADR
p. 14
“we also witnessed a war where a lot of the foreign demand dropped in the country. So, that is where you see the drop in ADR.”
Anirudh Reddy, page 14 of the filed PDF · View the filing
Uncertainty over duration of the ongoing conflict affecting bookings
p. 9
“everybody has come to terms that this war is not something that is going to -- it's in anybody's hands to stop anytime soon or when it's going to stop”
Anirudh Reddy, page 9 of the filed PDF · View the filing
Delay in Greenfield project approvals due to new state tourism policy
p. 10
“the Telangana Government had a new tourism policy that was just came in last month or 2 months back. So, because of that policy being delayed, the hotel permissions and all that were kept in abeyance”
Anirudh Reddy, page 10 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.