BRIGHOTEL Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹139 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹51 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Brigade Hotel Ventures delivered a solid Q3 FY26 with total income of INR 143cr (+14% YoY) and EBITDA of INR 51cr (+17% YoY), driven by strong operating metrics: ARR of INR 7,852 (+17% YoY) and occupancy of 76.1%. PAT surged 126% YoY to INR 22cr, aided by lower interest costs. The Bangalore and Gift City markets outperformed, with RevPAR growth of 19% and 24% respectively. Management guided for mid-to-high teens RevPAR growth, supported by favorable demand-supply dynamics and limited new supply. The development pipeline of nine hotels (1,700 keys) with a capex of INR 3,600cr is progressing, though back-ended to FY29-30. A key risk is the GST 2.0 impact, which reduced EBITDA margin by 1.6% due to input tax credit reversals on rooms below INR 7,500 ARR. Management expects this to diminish as ARR crosses the threshold.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects RevPAR growth in mid-to-high teens, driven by strong demand and limited supply in key micro markets.
- For FY27, capex is expected to be approximately INR 500cr for the nine-hotel pipeline, with total capex of INR 3,600cr over 5 years.
- The 45-key Courtyard by Marriott at Chennai World Trade Center is expected to become operational in FY27.
- Two Fairfields and one Grand Hyatt Chennai are slated to become operational in FY28, with construction already started.
Risks flagged
- GST 2.0 reduced EBITDA margin by 1.6% due to input tax credit reversal on rooms below INR 7,500 ARR. Seven of nine hotels are below this threshold, though portfolio ARR is approaching INR 7,300.
- One hotel's contract with Marriott ends December 2026. Management is negotiating renewal or potential upbranding, creating uncertainty.
- Large capex of INR 3,600cr is back-ended, with peak debt-to-EBITDA expected at 4.5-5x in FY29-30. Execution delays or cost overruns could strain balance sheet.
- Construction of Grand Hyatt Chennai is pending CRZ approval, which management expects by end of FY26. Any delay could push back the FY28 opening.
Key quotes
- Our portfolio ADR is already now reaching 7,300 levels, so we are now getting up to a level where most of our hotels will start hitting more than 7,500.
- If I remove the one hotel, the portfolio actually grew by 20% [in F&B].
- We are not planning to sell any of our existing portfolio assets.
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