Company Overview

Brigade Hotel Ventures Limited (BHVL) (CIN: U74999KA2016PLC095986) is an owner and developer of hotels across key Indian cities with focus on South India. Scrip Code: 544457 (BSE), BRIGHOTEL (NSE). The company's equity shares were listed on NSE and BSE on July 31, 2025. Document Date: April 28, 2026.

Financial Performance FY2025-26

Standalone Performance:

  • Total Income: ₹543 crore (₹45,436 lakhs), up 15% YoY from ₹471 crore
  • EBITDA: ₹192 crore, up 15% YoY with margins maintained at 35%
  • Profit After Tax: ₹65 crore (₹8,232 lakhs), up 174% from ₹24 crore, including ₹3,000 lakh impairment reversal on subsidiary investment
  • Net Worth: ₹951 crore compared to ₹79 crore in FY2025
  • Bank Debt: Reduced significantly to ₹3 crore from ₹479 crore in FY2025
  • Cash & Bank Balance: ₹251 crore compared to ₹22 crore in previous year

Consolidated Performance:

  • Profit for FY26: ₹6,459 lakhs, significant increase from ₹2,366 lakhs in FY25
  • Subsidiary Performance: SRP Prosperita Hotel Ventures Limited reported profit of ₹1,228 lakhs for FY26

Operational Metrics

Average Room Rate (ARR): ₹7,453, up 11% YoY

Occupancy: 76.1% (76% in FY2025)

RevPAR: ₹5,670, up 10% YoY

Staff to Room Ratio: 0.80

Portfolio: 9 operational hotels with 1,604 keys across Bengaluru, Chennai, Kochi, Mysuru, and GIFT City

IPO and Fundraising Activities

Initial Public Offering (July 2025):

  • Fresh issue of 84,412,565 equity shares aggregating to ₹759.6 crore (₹75,960 lakhs)
  • Price Band: ₹85 to ₹90 per share
  • Listing Date: July 31, 2025 on BSE and NSE
  • Subscription: 4.76 times overall (QIBs: 5.73x, Retail: 6.59x, NII: 2.71x)

Pre-IPO Placement (2025-26):

  • 14,000,000 equity shares aggregating to ₹126 crore (₹12,600 lakhs)

Utilization of Proceeds (as of March 31, 2026):

  • Repayment of borrowings: ₹413.69 crore (Company) + ₹54.45 crore (Subsidiary)
  • Land acquisition from promoter: ₹107.52 crore
  • Inorganic growth: ₹39.80 crore
  • Issue expenses: ₹47.31 crore
  • Unutilized balance: ₹96.84 crore temporarily invested in bank deposits

Expansion Pipeline

Upcoming Properties: 9 hotels with approximately 1,700 keys

Planned Capex: ₹3,600 crore funded through internal accruals and debt

Luxury Properties Under Development:

  • InterContinental Hyderabad (300 keys, expected 2029)
  • The Ritz-Carlton Vaikom Island Kerala (70 villas, expected 2029)
  • JW Marriott Chennai OMR (250 keys, expected 2030)
  • Grand Hyatt Chennai ECR (200 keys, expected 2029)

Key Events and Transactions

Impairment Reversal: The company reversed impairment loss of ₹3,000 lakhs on investment in subsidiary SRP Prosperita Hotel Ventures Limited, recognizing it as an exceptional item based on updated financial projections.

Loan Terms Modification: The interest-free loan of ₹17,790 lakhs from holding company Brigade Enterprises Limited was converted to interest-bearing loan at 10.50% p.a. effective August 1, 2025.

Property Tax Dispute: Ongoing litigation regarding property tax demand of ₹9,222 lakhs from municipal authority for period 2011-12 to 2021-22. Company has paid ₹4,093 lakhs under protest.

Income Tax Survey: Survey under section 133A conducted in December 2025. No demand or show cause notice received as of reporting date.

Credit Rating and Compliance

ICRA upgraded credit rating to A+ (Stable) from A (Stable) and A1 from A2+

Annual report filed pursuant to Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Tenth AGM scheduled for August 5, 2026 through VC/OAVM.

ESG Initiatives

EDGE Certification: All operating hotels achieved EDGE certification demonstrating over 20% reduction in energy and water consumption

Renewable Energy: Consumption increased to 63% in Q4 FY2026 from 50% in Q4 FY2025

Water Management: Total water consumption of 289,140 kiloliters with water intensity of 636.37 kl/₹ crore revenue

Emissions: Scope 3 emissions of 13,663 tCO2e with intensity of 30.07 tCO2e/₹ crore revenue

Women Workforce: 18% representation as of March 31, 2026

CSR Spending: ₹39 lakh on skill development initiatives with 435 persons benefited

Corporate Governance

Board Composition: 8 Directors (1 Executive, 7 Non-Executive including 4 Independent Directors)

Board Meetings: 10 meetings held during FY2025-26

Committees: Audit, Nomination & Remuneration, Stakeholders Relationship, Risk Management, CSR, and Committee of Directors

Compliance: No material related party transactions or regulatory non-compliances reported

Risk Management

Interest Rate Risk: Sensitivity analysis shows +1% change would impact profit by varying amounts

Currency Risk: Foreign currency exposure of ₹498 lakhs in trade payables

Liquidity Risk: Detailed maturity profile of financial liabilities maintained

Credit Risk: Expected credit loss model applied to trade receivables

Future Outlook

Company aims to double hotel count within five years leveraging IPO proceeds. Focus on luxury and upper upscale segments which are expected to contribute 31% of portfolio by FY2029 from current 14%. Overall ARR projected to cross ₹10,000 by FY2029 and reach ₹14,000 subsequently.