Key Financial Figures - Consolidated

Q2 FY27 Performance:

  • Total Income: ₹44.25 crore
  • EBITDA: ₹(2.94) crore (EBITDA margin: -6.63%)
  • PAT: ₹(20.13) crore (Net Profit Margin: -45.49%)
  • Basic EPS: ₹(7.70)

H1 FY27 Performance:

  • Total Income: ₹90.46 crore
  • EBITDA: ₹0.97 crore (EBITDA margin: 1.07%)
  • PAT: ₹(33.37) crore (Net Profit Margin: -36.89%)
  • Basic EPS: ₹(12.76)

Comparative Figures (Q2 FY26):

  • Total Income: ₹37.84 crore
  • EBITDA: ₹3.96 crore (EBITDA margin: 10.45%)
  • PAT: ₹(9.22) crore

Key Financial Figures - Standalone

Q2 FY27 Performance:

  • Total Income: ₹27.80 crore
  • EBITDA: ₹(9.70) crore (EBITDA margin: -34.90%)
  • PAT: ₹(20.59) crore (Net Profit Margin: -74.06%)
  • Basic EPS: ₹(7.88)

H1 FY27 Performance:

  • Total Income: ₹57.61 crore
  • EBITDA: ₹(12.32) crore (EBITDA margin: -21.40%)
  • PAT: ₹(33.89) crore (Net Profit Margin: -58.82%)
  • Basic EPS: ₹(12.96)

Recent Developments

Praveg Atoll's Lakshadweep Commencement:

  • Commenced operations on October 21, 2026, on Thinnakara Island
  • Added 100 keys to portfolio (85 Cocoon + 15 Shell rooms)
  • Features include scuba diving, water sports, 400-guest conference hall, spa, beachside pickleball, and outdoor wedding venue
  • Developed on government-owned land leased to Praveg (asset-light model)

Statue of Unity Contract:

  • Received work order worth ₹11.16 crore (plus GST) from Tourism Corporation of Gujarat
  • To set up and operate temporary rest shelter facilities for parade contingent
  • Work order received in September 2026

Portfolio Overview

Current Properties:

  • 18 properties across 7 locations
  • 927+ operational rooms/keys
  • Properties located in Gujarat, Rajasthan, Uttar Pradesh, Daman, Diu, and Lakshadweep

Pipeline Properties:

  • 4 properties in pipeline
  • 207+ rooms/keys in pipeline

Advertising Subsidiaries Performance

Abhik Advertising Private Limited (Q2 FY27):

  • Net Sales: ₹14.22 crore
  • EBITDA: ₹6.34 crore (EBITDA Margin: 43.26%)
  • PAT: ₹0.80 crore (Net Profit Margin: 5.47%)
  • After removing IND AS 116 Leases effect, revised EBITDA: ₹296.19 lakhs

Bidhan Advertising and Marketing Private Limited (Q2 FY27):

  • Net Sales: ₹2.48 crore
  • EBITDA: ₹0.55 crore (EBITDA Margin: 21.91%)
  • PAT: ₹0.35 crore (Net Profit Margin: 14.16%)
  • After removing IND AS 116 Leases effect, revised EBITDA: ₹38.05 lakhs

Management Commentary

Dr. Vishnukumar Patel, Chairman & Managing Director:

  • Q2 is traditionally soft for leisure travel due to monsoon
  • Consolidated revenue growth of 16.9% over last year
  • Asset-light model allows scaling quickly with efficient capital use
  • Confident of delivering sustainable growth in peak second half

Business Segments

Three Revenue Engines:

1. Hospitality: 900+ rooms across 17 resorts + 1 five-star hotel

2. Events & Infrastructure: Large-scale events and tourism infrastructure

3. Advertising: Through Abhik Advertising and Bidhan Advertising & Marketing

Strategic Partnerships

IHCL Partnership:

  • Indian Hotels Company Limited manages Praveg Atoll's, Bangaram Island under Taj SeleQtions brand
  • Partnership aims to enhance brand visibility and access IHCL's customer network

Ginger Partnership:

  • Collaboration with Ginger (IHCL brand) for Jalandhar Circuit House Resort, Diu
  • Combines eco-luxury with operational expertise

Balance Sheet Highlights (Consolidated H1 FY27)

  • Net Worth: ₹413.70 crore
  • Total Borrowings: ₹51.23 crore (Non-current: ₹16.97 crore, Current: ₹34.26 crore)
  • Lease Liabilities: ₹117.73 crore (Non-current: ₹102.40 crore, Current: ₹15.33 crore)
  • Fixed Assets: ₹536.88 crore
  • Cash & Bank Balance: ₹16.62 crore

Industry Context

  • Domestic tourist visits: 4,287 million in CY2025 (+45.6% YoY)
  • Tourism share of GDP: 6.7% in FY26 (projected)
  • Hospitality market projected to reach US$55.7 billion by 2031 from US$28.0 billion in 2026 (14.8% CAGR)
  • Government support through ₹3,296 crore interest-free SASCI loans for 40 tourism projects