Financial Performance - Consolidated FY26
Income Statement:
- Total Income: ₹242.44 crore (FY25: ₹174.43 crore)
- Net Sales: ₹240.94 crore (FY25: ₹167.18 crore)
- Other Income: ₹1.49 crore (FY25: ₹7.25 crore)
- EBIDTA: ₹59.05 crore (FY25: ₹56.88 crore)
- EBIDTA Margin: 24.36% (FY25: 32.61%)
- Finance Costs: ₹14.49 crore (FY25: ₹8.05 crore)
- Depreciation: ₹48.80 crore (FY25: ₹27.84 crore)
- PBT: -₹4.25 crore (FY25: ₹20.98 crore)
- Exceptional Items: -₹0.91 crore
- Tax Expense: ₹4.81 crore (FY25: ₹4.93 crore)
- Reported Net Profit: -₹9.97 crore (FY25: ₹16.05 crore)
- Total Comprehensive Income: -₹9.85 crore (FY25: ₹16.13 crore)
- NPM: -4.11% (FY25: 9.20%)
- Diluted EPS: -₹3.81 (FY25: ₹5.96)
Expense Breakdown:
- Event & Site Expenses: ₹124.25 crore (FY25: ₹76.42 crore)
- Employee Benefit Expenses: ₹37.12 crore (FY25: ₹26.66 crore)
- Other Expenses: ₹22.01 crore (FY25: ₹14.47 crore)
- Total Expenditure: ₹183.39 crore (FY25: ₹117.55 crore)
Financial Performance - Standalone FY26
Income Statement:
- Total Income: ₹184.75 crore (FY25: ₹139.60 crore)
- Net Sales: ₹183.63 crore (FY25: ₹132.63 crore)
- Other Income: ₹1.12 crore (FY25: ₹6.97 crore)
- EBIDTA: ₹31.81 crore (FY25: ₹45.70 crore)
- EBIDTA Margin: 17.22% (FY25: 32.74%)
- Finance Costs: ₹8.91 crore (FY25: ₹6.70 crore)
- Depreciation: ₹32.23 crore (FY25: ₹22.71 crore)
- PBT: -₹9.34 crore (FY25: ₹16.28 crore)
- Tax Expense: ₹2.75 crore (FY25: ₹3.42 crore)
- PAT: -₹12.09 crore (FY25: ₹12.86 crore)
- Total Comprehensive Income: -₹11.97 crore (FY25: ₹12.95 crore)
- NPM: -6.54% (FY25: 9.21%)
- Diluted EPS: -₹4.62 (FY25: ₹5.00)
Expense Breakdown:
- Event & Site Expenses: ₹100.47 crore (FY25: ₹58.14 crore)
- Employee Benefit Expenses: ₹33.22 crore (FY25: ₹23.72 crore)
- Other Expenses: ₹19.25 crore (FY25: ₹12.03 crore)
- Total Expenditure: ₹152.94 crore (FY25: ₹93.89 crore)
Q4 FY26 Performance
Consolidated Q4 FY26:
- Total Income: ₹74.02 crore
- EBIDTA: ₹22.37 crore (30.22% margin)
- Reported Net Profit: -₹4.93 crore
- Diluted EPS: -₹1.89
Standalone Q4 FY26:
- Total Income: ₹54.52 crore (24.99% YoY growth)
- EBIDTA: ₹8.65 crore (15.87% margin)
- Reported Net Profit: -₹3.89 crore
- Diluted EPS: -₹1.49
Operational Highlights & New Projects
Meghalaya PPP Project:
- Received Letter of Award from Directorate of Tourism, Government of Meghalaya on February 25, 2026
- 30-year concession period under DBFOT mode on Public Private Partnership basis
- Development, operation and maintenance of minimum 40 luxury cottages at Umiam, Meghalaya across ~10 acres
- Includes allied amenities and supporting tourism infrastructure
- Project to be developed and operational within 18 months from Appointed Date
- Year-round resort operations under long-term concession framework
Lakshadweep Work Order:
- Issued by Department of Tourism, Union Territory of Lakshadweep
- Scope includes development, operation, maintenance, and management of luxury tent accommodations and commercial activities
Business Verticals Performance FY26:
- Event, Exhibitions & Hospitality: ₹183.98 crore (FY25: ₹132.77 crore)
- Advertisement: ₹56.97 crore (FY25: ₹34.41 crore)
Portfolio & Expansion
Current Portfolio: 18 properties across multiple locations including:
- Tent City Narmada (Ekta Nagar, Gujarat)
- White Rann Resort (Dhordo, Kutch)
- Resort at Dholavira
- Safari Resort Velavadar
- Grand Eulogia, Ahmedabad
- Multiple beach resorts in Diu and Daman (Chakratirth, Ghoghla, Nagao, Lighthouse, Jampore)
- Praveg Resort Kachigam (Daman)
- Tent City Ayodhya (Brahmakund and Saryu River)
- Praveg Caves, Jawai
- Praveg Bangaram, Lakshadweep
- Praveg Adalaj Theme Park
- Jalandhar Circuit House Resort, Diu (partnership with Ginger - IHCL Brand)
Upcoming Resorts Pipeline: 11 new resorts with 577 rooms across:
- Ranthambhore, Rajasthan (30 rooms)
- Kihim, Maharashtra (40 rooms)
- Kashid, Maharashtra (40 rooms)
- Agatti Island, Lakshadweep (50 rooms)
- Thinakara-I, Lakshadweep (100 rooms)
- Thinakara-II, Lakshadweep (100 rooms)
- Bangaram-II, Lakshadweep (100 rooms)
- White Rann Dhordo (Dormitories - 42 rooms)
- Meghalaya (40 rooms)
Operational Milestone: Praveg crossed 100,000 rooms sold in a year during FY26
Subsidiary Performance
Abhik Advertising Private Limited Q4 FY26:
- Net Sales: ₹177.50 lakh
- EBIDTA: ₹129.51 lakh (71.50% margin)
- Net Profit: ₹0.29 lakh
- Diluted EPS: ₹9.00
Bidhan Advertising & Marketing Private Limited Q4 FY26:
- Net Sales: ₹14.23 lakh
- EBIDTA: ₹3.40 lakh (23.40% margin)
- Net Profit: ₹1.29 lakh
- Diluted EPS: ₹6.00
Advertising Business Capabilities
- Exclusive rights to operate 120 smart toilets in Ahmedabad under PPP model (40 already installed)
- 15-year advertising rights expected to generate ₹3.4 crore annually
- Portfolio of 800 private hoardings across key Gujarat cities generating ₹15 crore annual revenue
- Exclusive rights for 800+ HPCL hoardings across Gujarat and Rajasthan (₹5 crore annual revenue)
- Sole rights for government advertising in UFO digital theatres in Gujarat (₹3 crore annual revenue)
- Authorized procurement partner for Adani Airports (₹1.8 crore annual revenue)
- Expansion into Rajasthan with double smart toilets in Jaisalmer
- Developing 15,000 sq. ft. advertising space in Ayodhya with projected revenue of ₹80 lakh annually
- Media procurement across print, radio, television, and digital platforms (over ₹6 crore annual revenue)
Leadership & Board
Board of Directors:
- Dr. Vishnukumar Patel (Chairman & Managing Director)
- Mrs. Bijal Parikh (Non Executive Director)
- Mr. Alpeshkumar Patel (Executive Director)
- Mr. Kalpesh Patel (Non Executive Director)
- Mr. Ajit Panda (Independent Director)
- Mr. Dilipkumar Patel (Independent Director)
- Mr. Keyoor Bakshi (Independent Director - Up to 28th Feb, 2026)
- Ms. Pooja khakhi (Independent Director)
Management Team:
- Mr. Mukesh Chaudhary (Company Secretary & Compliance Officer)
- Mr. Dharmendra Soni (Chief Financial Officer)
Industry Context
- Indian tourism expected to contribute US$250 billion to GDP by 2030
- Projected to generate 137 million employment by 2030
- Foreign exchange earnings projected at US$56 billion by 2030
- Hospitality industry market size CAGR 4.73% (2023: USD 23.50 Bn, 2028: USD 29.61 Bn)
- Events & exhibition market size CAGR 4.73% (2023: USD 4.75 Bn, 2030: USD 8.44 Bn)
- India ranked 39th in World Economic Forum's Travel and Tourism Competitiveness Index 2024
Investment Rationale Highlights
- Consolidated Total Income growth to ₹242.44 crore in FY26
- Serves over 200 clients across government and private sectors
- Long-term contracts with state tourism departments across multiple states/UTs
- Manages 827+ hotel rooms in government partnerships
- From 1 property in 2015 to 18 properties across 5 states/UTs currently
- Pipeline of 11 new resorts (577 rooms)
- Vision 2028: 2,500+ rooms across 65+ locations
- Organized over 500 events including corporate and government events
- Acquired 51% stake in Abhik Advertising and Bidhan Advertising
- Resorts present in Rajasthan, Uttar Pradesh, Lakshadweep, Maharashtra, Diu & Daman
- Focus on eco-tourism with non-permanent structures for sustainable operations