Viceroy Hotels Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 28 May 2026 | Leisure Services | Market Cap: ₹843 Cr
Industry projected to grow at 7-8% CAGR; Viceroy aims to outperform with 10% growth targets. Viceroy Hotels aims for a 5-7% growth in earnings despite ongoing phased renovations over the next couple of years.
From Viceroy Hotels Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹120
Market Cap
₹843 Cr
P/E Ratio
37.0
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Compare Viceroy Hotels Ltd against every Leisure Services company this quarter on revenue, margins and earnings-call signals.
Viceroy Hotels Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹48 Cr, net profit ₹6 Cr.
Full financials →📊 Revenue & Sales Performance
- →Industry projected to grow at 7-8% CAGR; Viceroy aims to outperform with 10% growth targets.
- →Despite ongoing renovations, a 5-7% growth is targeted for FY27 and beyond.
- →Completion of Courtyard renovation (by Nov 2025) increases inventory and supports higher occupancy.
- →Strong demand in Hyderabad due to limited supply and growing corporate presence (GCCs).
- →ADR expected to continue increasing, supported by premium room offerings (club rooms at 25-30% higher ADR).
- →Expansion plans focused on Hyderabad (Brownfield acquisitions) and select leisure/vacation destinations.
- →Enhanced F&B and banqueting expected to grow revenue by 30-35% post-renovation.
- →Corporate and leisure demand, along with upgraded facilities, to drive sustained revenue growth.
- →Strong performance expected in Q3 and Q4 due to festive and wedding seasons.
📈 Profitability & Margins
- →Viceroy Hotels aims for a 5-7% growth in earnings despite ongoing phased renovations over the next couple of years.
- →The company targets EBITDA margins north of 30% at the portfolio level after completion of renovations and expansions.
- →Focus is on increasing Average Daily Rate (ADR) leveraging limited supply and upgraded facilities, expecting significant ADR growth.
- →Expansion of convention center (from 10,000 to 20,000 sq. ft) and room additions (totaling 463 rooms) expected to boost MICE segment revenue to nearly 50% of overall revenue.
- →Long-term growth target is to outperform the industry CAGR of 7-8% by aiming for about 10% growth.
- →Growth is supported by Hyderabad’s strong corporate demand and limited new hotel supply, especially in the mid-segment and upper scale categories.
- →Company remains cautious about luxury segment growth due to cyclical demand but open to luxury projects when timing is right.
🏗️ Capital Expenditure Plans
- →Total renovation and upgrade plan budgeted at INR 120 crores across three phases.
- →Phase one (INR 50-55 crores spent, nearly complete): Completion of Courtyard hotel including 56 new rooms, spa, gym, rooftop restaurant, pool, and building facade.
- →Phase two and three (balance ~INR 70 crores): Upgrading 295 rooms at Marriott property, expanding convention center from 10,000 to 20,000 sq ft, upgrading existing 10,000 sq ft convention space, F&B outlets, and lobby.
- →Funding partly covered by INR 37.5 crores rights issue, ongoing cash accruals, and open credit limit of INR 70-80 crores from Kotak.
- →Future strategic investment focus on Hyderabad market due to high demand and limited supply.
- →Exploring Brownfield acquisitions and projects in Hyderabad and potential resort developments in Tiger Reserves, with careful selection based on returns.
- →No crystallized expansion outside Hyderabad yet; focus remains on upgrading existing portfolio and strategic acquisitions.
💰 Fundraising & Capital Structure
- →The company has already raised around INR 37.5 crores through a rights issue, which contributed to funding phase one renovations.
- →They have an open credit limit from Kotak Mahindra Bank for INR 70 to 80 crores available for further funding needs.
- →Funding for the renovation and upgrade projects will be primarily through internal accruals and debt.
- →There is no explicit mention of any immediate plans for new equity infusion beyond the completed rights issue.
- →The company aims to finance the remaining renovation phases (phase two and three) from the open debt facility and cash flow generated from operations.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Viceroy Hotels Ltd Q2 FY26 results?
Industry projected to grow at 7-8% CAGR; Viceroy aims to outperform with 10% growth targets. Viceroy Hotels aims for a 5-7% growth in earnings despite ongoing phased renovations over the next couple of years.
What is Viceroy Hotels Ltd share price analysis?
Viceroy Hotels Ltd currently shows a neutral. The stock trades at a P/E of 37.0 with a market cap of ₹843 Cr. Investors should review the full earnings analysis for detailed insights.
Is Viceroy Hotels Ltd planning capital expenditure?
Total renovation and upgrade plan budgeted at INR 120 crores across three phases.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.