Any current/future new fundraising through debt or equity?

Ventive Hospitality plans to fund most of its capex and expansion, including doubling the number of keys in the next 5 years, primarily through internal accruals. The estimated capex for adding around 2,000 keys is about INR 5,000 crores over 5 years. The company expects to generate approximately INR 6,500 crores in EBITDA over the next 5 years. After accounting for taxes and finance costs (~INR 2,000 crores), sufficient internal accruals will remain to support growth without major equity dilution. Current debt stands at INR 2,300 crores; the company has headroom to raise additional INR 1,200-

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

Ventive plans to double its number of hotel keys from ~2,000 to 4,000+ over the next five years. Capital expenditure required is estimated around INR 5,000 crores (at ~INR 2.5 crores per key). Growth to be funded mostly via internal accruals generated by the existing portfolio (INR 6,500 crores EBITDA expected over 5 years). Capex includes a mix of: - Greenfield and brownfield developments, - Acquisitions (approximately 500 keys from acquisitions), - Branded villa projects (~300 keys; MOUs close to signing for two land parcels), - ROFO assets (~900 keys) expected to be transferred in w

Future growth expectations in sales/revenue/volumes?

Ventive aims to double its hotel room inventory from approximately 2,000 to 4,000 keys over the next five years through a mix of greenfield projects, brownfield developments, and acquisitions. Organic growth from existing properties expected to contribute INR 1,000 crores, driven by occupancy stabilizing at 70-75% in India with 10% ADR growth, and 65% occupancy in Maldives with 10% TRevPAR growth. Inorganic growth anticipated to add another INR 1,000 crores to revenue. Mid-teen revenue growth targeted, driven by occupancy improvements and ADR increases. Strong pipeline includes 367 keys from n

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

Ventive Hospitality expects sustained growth both organically and through acquisitions, aiming to double its number of keys to 4,000 over the next 5 years. Projected mid-teen revenue growth and high-teen EBITDA growth over the medium term (2-3 years). Full year consolidated EBITDA target crossed INR 1,000 crore in FY25 and expected to grow to approximately INR 1,700 crore organically within five years. India hospitality EBITDA margin targeted to increase from current 37% to around 40-42% in 2-3 years. Maldives EBITDA margin expected to improve from 32% to 35-36% over the same period. Revenue g

Current/ Expected Orderbook/ Pending Orders?

Ventive Hospitality plans to double its hotel room inventory from about 2,000 keys to 4,000+ keys over the next 5 years. The current announced pipeline includes: - 367 keys from greenfield/brownfield projects in Varanasi, Sri Lanka, and rebranding in Bangalore. - 900 keys from ROFO (Right of First Offer) assets including a large property under construction in Navi Mumbai and two Moxys in Pune. - Approximately 300 branded villa keys (near signing MOUs for two large land parcels). - The remaining 500 keys expected via acquisitions. The ROFO assets are expected to be brought into Ventive

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Ventive Hospitality LtdQ1 FY25Leisure Services

Ventive Hospitality Ltd Q1 FY25 Earnings Call Analysis

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

Price: ₹644P/E: 35.5Market Cap: ₹15.3K CrSector: Leisure Services

Management growth scorecard

Revenue

Category 3

Margin

N/A

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 3 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Ventive aims to double its hotel room inventory from approximately 2,000 to 4,000 keys over the next five years through a mix of greenfield projects, brownfield developments, and acquisitions.
→Organic growth from existing properties expected to contribute INR 1,000 crores, driven by occupancy stabilizing at 70-75% in India with 10% ADR growth, and 65% occupancy in Maldives with 10% TRevPAR growth.
→Inorganic growth anticipated to add another INR 1,000 crores to revenue.
→Mid-teen revenue growth targeted, driven by occupancy improvements and ADR increases.
→Strong pipeline includes 367 keys from new city projects and 900 keys from ROFO assets under development.
→Internal accruals expected to fund most capex, minimizing dilution and maintaining healthy debt levels.
→Overall revenue expected to grow from INR 2,000 crores to INR 4,000 crores in five years.

Margin guidance

→Ventive Hospitality expects sustained growth both organically and through acquisitions, aiming to double its number of keys to 4,000 over the next 5 years.
→Projected mid-teen revenue growth and high-teen EBITDA growth over the medium term (2-3 years).
→Full year consolidated EBITDA target crossed INR 1,000 crore in FY25 and expected to grow to approximately INR 1,700 crore organically within five years.
→India hospitality EBITDA margin targeted to increase from current 37% to around 40-42% in 2-3 years.
→Maldives EBITDA margin expected to improve from 32% to 35-36% over the same period.
→Revenue growth drivers include occupancy stabilization at 70-75% in India with 10% ADR growth, and 65% occupancy with 10% TRevPAR growth in Maldives.
→Capex funded mainly through internal accruals, with conservative debt management to maintain healthy net debt to EBITDA ratios.
→Overall outlook confident with an emphasis on operational discipline and strategic progress.

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Fundraise plans

Yes

→Ventive Hospitality plans to fund most of its capex and expansion, including doubling the number of keys in the next 5 years, primarily through internal accruals.
→The estimated capex for adding around 2,000 keys is about INR 5,000 crores over 5 years.
→The company expects to generate approximately INR 6,500 crores in EBITDA over the next 5 years.
→After accounting for taxes and finance costs (~INR 2,000 crores), sufficient internal accruals will remain to support growth without major equity dilution.
→Current debt stands at INR 2,300 crores; the company has headroom to raise additional INR 1,200-1,300 crores through LRD based on annuity EBITDA.
→No immediate plans for equity dilution; promoter stake dilution to 75% as per SEBI guidelines may be managed via Offer for Sale (OFS) if needed after 2.5 years.
→The company maintains conservative leverage with net debt-to-EBITDA ratio at 1.7 and strong credit ratings (CRISIL AA).

Order book

→Ventive Hospitality plans to double its hotel room inventory from about 2,000 keys to 4,000+ keys over the next 5 years.
→The current announced pipeline includes:
→ - 367 keys from greenfield/brownfield projects in Varanasi, Sri Lanka, and rebranding in Bangalore.
→ - 900 keys from ROFO (Right of First Offer) assets including a large property under construction in Navi Mumbai and two Moxys in Pune.
→ - Approximately 300 branded villa keys (near signing MOUs for two large land parcels).
→ - The remaining 500 keys expected via acquisitions.
→The ROFO assets are expected to be brought into Ventive at a warm shell stage within 2.5 to 3 years.
→Capex funding to support this growth will primarily come from internal accruals without expected promoter dilution.
→Overall, the orderbook reflects a mix of ongoing developments, acquisitions, and strategic expansions over the medium term.

Capex plans

Yes

→Ventive plans to double its number of hotel keys from ~2,000 to 4,000+ over the next five years.
→Capital expenditure required is estimated around INR 5,000 crores (at ~INR 2.5 crores per key).
→Growth to be funded mostly via internal accruals generated by the existing portfolio (INR 6,500 crores EBITDA expected over 5 years).
→Capex includes a mix of:
→ - Greenfield and brownfield developments,
→ - Acquisitions (approximately 500 keys from acquisitions),
→ - Branded villa projects (~300 keys; MOUs close to signing for two land parcels),
→ - ROFO assets (~900 keys) expected to be transferred in warm shell stage over 2.5–3 years.
→No significant equity dilution planned; capex mainly funded by internal accruals and some debt (comfortable with current debt levels, targeting net debt/EBITDA ratio ~1.7).
→Strategic focus on maintaining and growing luxury and upscale hotel portfolio, primarily in India and Maldives.

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