Future growth expectations in earnings/operating earnings/profits/EPS?

Brigade Hotel Ventures expects mid-teens to high-teens percent growth in RevPAR and F&B revenue going forward, driving strong earnings growth. PAT grew by 126% YoY in Q3 FY’26 and 273% in the last 9 months, indicating improving profitability trends. Operational efficiencies and cost control initiatives support EBITDA margin expansion, currently at 35.9%. Capex of INR ~1,500 crores planned for FY ‘26 and ‘27 to add 9 new hotels, with fresh debt to fund expansion but a strong balance sheet with net cash of INR132 crores currently. ROCE stands at 13.1%; long-term growth supported by a wel

Current/ Expected Orderbook/ Pending Orders?

Brigade Hotel Ventures Limited has a development pipeline of nine new hotels planned over the next five years. The pipeline involves an investment of close to INR 3,600 crores. These additions aim to nearly double the current portfolio, adding approximately 1,700 keys, reaching a total of 3,300 keys by FY30. Among these, the Courtyard by Marriott at Chennai World Trade Centre (45 keys) is expected to become operational in FY27. Capex deployment so far includes about INR 158 crores in FY24 and FY25, with over INR 230 crores invested in the last 9 months of FY26. Remaining capex of approximately

Any current/future new fundraising through debt or equity?

No current debt on the books as IPO proceeds were used to repay all debt. Net cash surplus of INR132 crores currently. Existing loan of about INR148 crores from the parent company planned to be repaid. For upcoming expansion, plan to raise fresh debt; no asset recycling or selling existing portfolio. Debt expected to fund construction costs for new hotels, likely starting in the coming fiscal year. Peak debt-to-EBITDA expected around 4-4.5x in FY'29 and FY'30, supported by strong DSCR. No mention of imminent equity fundraising; focus is on utilizing IPO equity proceeds and raising debt for cap

Any current/future capex/capital investment/strategic investment?

For FY’26, Brigade Hotel Ventures has planned a capex of about INR265 crores, with approximately INR230 crores already spent in the first 9 months. FY’27 capex is expected to be around INR500 crores, with a significant portion of total planned capex (~INR3,600 crores for nine upcoming hotels) back-ended to FY’29 and FY’30. The company has started construction on two Fairfield hotels; the Grand Hyatt Chennai awaits environmental clearance to begin construction. Capital investments include acquisition or long leases of land for nine upcoming hotels, with about 10% of total capex allocated to lan

Future growth expectations in sales/revenue/volumes?

Expect mid-teens to high-teens growth in RevPAR, driven by strong demand and limited new supply in core micro markets like Bangalore and Chennai. Anticipate healthy ADR (Average Daily Rate) growth aligned with market trends, targeting better yield due to strategic positioning and steady high occupancy. F&B revenue projected to grow in high teens, aligning with room revenue growth after stabilization from recent quarter fluctuations. Development pipeline includes nine new hotels adding 1,700 keys by FY 2030, nearly doubling portfolio and supporting long-term revenue growth. Capex of approximate

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Brigade Hotel Ventures LtdQ4 FY27Leisure Services

Brigade Hotel Ventures Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹65.6P/E: 39.6Market Cap: ₹2.3K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Expect mid-teens to high-teens growth in RevPAR, driven by strong demand and limited new supply in core micro markets like Bangalore and Chennai.
→Anticipate healthy ADR (Average Daily Rate) growth aligned with market trends, targeting better yield due to strategic positioning and steady high occupancy.
→F&B revenue projected to grow in high teens, aligning with room revenue growth after stabilization from recent quarter fluctuations.
→Development pipeline includes nine new hotels adding 1,700 keys by FY 2030, nearly doubling portfolio and supporting long-term revenue growth.
→Capex of approximately INR 400-500 crores planned in FY 2027 for expansion, with larger investments back-ended to FY 2029 and 2030.
→Continued focus on operational efficiencies and guest experience expected to support sustainable sales growth.
→Strong demand visibility from corporate and MICE segments, with growth potential in conference and social event business.

Margin guidance

Category 3

→Brigade Hotel Ventures expects mid-teens to high-teens percent growth in RevPAR and F&B revenue going forward, driving strong earnings growth.
→PAT grew by 126% YoY in Q3 FY’26 and 273% in the last 9 months, indicating improving profitability trends.
→Operational efficiencies and cost control initiatives support EBITDA margin expansion, currently at 35.9%.
→Capex of INR ~1,500 crores planned for FY ‘26 and ‘27 to add 9 new hotels, with fresh debt to fund expansion but a strong balance sheet with net cash of INR132 crores currently.
→ROCE stands at 13.1%; long-term growth supported by a well-phased development pipeline nearly doubling keys by FY30.
→Debt to EBITDA ratio expected to peak around 4x-4.5x in FY29-30 but will improve as new hotels commence operations.
→Overall, Brigade is confident of sustainable growth and delivering long-term value to stakeholders through balanced portfolio expansion and strong demand visibility.

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Fundraise plans

Yes

→No current debt on the books as IPO proceeds were used to repay all debt.
→Net cash surplus of INR132 crores currently.
→Existing loan of about INR148 crores from the parent company planned to be repaid.
→For upcoming expansion, plan to raise fresh debt; no asset recycling or selling existing portfolio.
→Debt expected to fund construction costs for new hotels, likely starting in the coming fiscal year.
→Peak debt-to-EBITDA expected around 4-4.5x in FY'29 and FY'30, supported by strong DSCR.
→No mention of imminent equity fundraising; focus is on utilizing IPO equity proceeds and raising debt for capex.

Order book

Yes

→Brigade Hotel Ventures Limited has a development pipeline of nine new hotels planned over the next five years.
→The pipeline involves an investment of close to INR 3,600 crores.
→These additions aim to nearly double the current portfolio, adding approximately 1,700 keys, reaching a total of 3,300 keys by FY30.
→Among these, the Courtyard by Marriott at Chennai World Trade Centre (45 keys) is expected to become operational in FY27.
→Capex deployment so far includes about INR 158 crores in FY24 and FY25, with over INR 230 crores invested in the last 9 months of FY26.
→Remaining capex of approximately INR 3,200 crores is expected to be deployed mostly in FY29 and FY30, reflecting a back-ended spending pattern.
→No asset recycling or sale of existing portfolio assets is planned; expansion will be funded through fresh debt.

Capex plans

Yes

→For FY’26, Brigade Hotel Ventures has planned a capex of about INR265 crores, with approximately INR230 crores already spent in the first 9 months.
→FY’27 capex is expected to be around INR500 crores, with a significant portion of total planned capex (~INR3,600 crores for nine upcoming hotels) back-ended to FY’29 and FY’30.
→The company has started construction on two Fairfield hotels; the Grand Hyatt Chennai awaits environmental clearance to begin construction.
→Capital investments include acquisition or long leases of land for nine upcoming hotels, with about 10% of total capex allocated to land acquisition.
→Fresh debt will be raised to fund these expansions; net debt is currently negative due to IPO proceeds repaying past debt.
→The company is in negotiations about contract renewals with Marriott for one hotel expiring December 2026.
→Capex plans include ongoing maintenance and upgradation of existing properties alongside new developments.

How does Brigade Hotel Ventures Ltd rank vs peers in Leisure Services?

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