Key Details

The Board of Directors considered two separate valuation reports from Whitestone Valuers and Consultants Private Limited and ANVI Technical Advisors India Private Limited for:

1. Valuation of the operating business undertaking of Caravela Beach Resort Goa ("Asset")

2. Valuation of the 'Caravela' brand

Asset Valuation Details

The Asset comprises Caravela Beach Resort Goa with 194 operational keys, situated on a 22-acre land parcel with 277-meter beach frontage.

Valuation Scenarios:

  • Scenario 1: As-is-where-is basis (current state)
  • Scenario 2: With new banquet space completed and operational

Adopted Valuations (Board selected lower values):

  • Asset Scenario 1: Rs. 828.50 crores (Whitestone valuation)
  • Asset Scenario 2: Rs. 982.00 crores (Whitestone valuation)

Valuation Methodology: Discounted Cash Flow (DCF) method under Income Approach using:

  • Pre-tax discount rate: 12% (Whitestone), 13.39% (ANVI)
  • Explicit period: FY 2027-FY 2031 (5 years)
  • Exit value based on EV/EBITDA multiple derived from market transactions

Key Financial Projections - Scenario 1 (As-is):

  • Stabilized ARR by FY 2030: ₹12,357 (Whitestone), ₹12,163 (ANVI)
  • Stabilized occupancy: 80%
  • Total revenue (5-year): ₹741 crores (Whitestone), ₹614 crores (ANVI)
  • EBITDA (5-year): ₹289 crores (Whitestone), ₹242 crores (ANVI)

Key Financial Projections - Scenario 2 (With Banquet):

  • Banquet construction cost: ₹20 crores (Whitestone), ₹18 crores (ANVI)
  • Stabilized ARR by FY 2030: ₹13,357 (Whitestone), ₹13,042 (ANVI)
  • Stabilized occupancy: 83.80% (Whitestone), 83.75% (ANVI)
  • Total revenue (5-year): ₹820 crores (Whitestone), ₹672 crores (ANVI)
  • EBITDA (5-year): ₹334 crores (Whitestone), ₹275 crores (ANVI)

Exclusions from Asset Valuation:

  • Market value of permissible additional FSI: ₹33.28 crores (Whitestone), ₹40.06 crores (ANVI)
  • Liquid fund reserves and fixed deposits: ₹57.18 crores (as of March 31, 2026)

Brand Valuation Details

Adopted Valuation: Rs. 81.88 crores (ANVI valuation - lower value)

Valuation Methodology: Relief from Royalty Method under Income Approach

Key Assumptions:

  • Forecast period: 10 years (FY 2026-27 to FY 2035-36)
  • Revenue attribution to brand: 95%
  • Royalty rate: 6%
  • Discount rate (WACC): 11.12%
  • Terminal growth rate: 5%
  • Tax rate: 25.17%

Financial Projections:

  • Total revenue (10-year): ₹1,357 crores
  • Revenue attributable to brand: ₹1,289 crores
  • Royalty savings: ₹77 crores

Benchmark Transaction Reference

Both valuers referenced the 2025 transaction of Hilton Goa Resort in Candolim where Soham Leisure Ventures sold a 76% stake to Ventive Hospitality Ltd. at a commanding EBITDA multiple, despite the seller being under financial distress in BIFR proceedings.

Meeting Details

The Board meeting commenced at 2:00 pm and concluded at 4:19 pm on June 12, 2026.

Purpose of Valuation

The valuations were conducted for internal decision-making purposes of the management in compliance with Section 247 of the Companies Act, 2013 and Companies (Registered Valuer and Valuation) Rules, 2017.

Currency Conversion

USD/INR rate used: ₹94.65 = $1 (as of March 31, 2026, based on RBI data)