Board Meeting Details

The Board of Directors meeting was held on August 04, 2026, commencing at 5:30 PM and concluding at 6:30 PM. The meeting approved both standalone and consolidated unaudited financial results for the quarter ended June 30, 2026.

Consolidated Financial Results (INR in million)

Income Statement:

  • Revenue from operations: ₹5,427.99 (Q4 FY26: ₹7,787.67; Q1 FY25: ₹5,074.54; FY26: ₹24,610.49)
  • Other income: ₹115.67 (Q4 FY26: ₹908.82; Q1 FY25: ₹124.49; FY26: ₹2,050.42)
  • Total income: ₹5,543.66 (Q4 FY26: ₹8,696.49; Q1 FY25: ₹5,199.03; FY26: ₹26,660.91)

Expenses:

  • Cost of food, beverages and other operating supplies: ₹468.00
  • Employee benefits expense: ₹983.93
  • Finance costs: ₹522.08
  • Depreciation and amortization: ₹896.82
  • Other expenses: ₹2,045.78
  • Total expenses: ₹4,916.61

Profitability:

  • Profit before share of profit/(loss) of joint ventures, tax and exceptional items: ₹627.05
  • Share of loss of joint ventures, net of tax: ₹(14.33)
  • Profit before exceptional items and tax: ₹612.72
  • Exceptional items: Nil (Q4 FY26: ₹50.85; FY26: ₹80.92)
  • Profit before tax: ₹612.72

Taxation:

  • Current tax: ₹320.49
  • Deferred tax: ₹72.79
  • Total tax expenses: ₹393.28
  • Exceptional tax credit: ₹(1,022.38)
  • Profit for the period: ₹1,241.82 (Q4 FY26: ₹2,592.36; Q1 FY25: ₹379.25; FY26: ₹5,018.87)

Other Comprehensive Income:

  • Exchange differences on translating foreign operations: ₹(27.96)
  • Re-measurement gains on defined benefit plans (net of tax): ₹1.69
  • Total comprehensive income for the period: ₹1,215.55

Attribution:

  • Profit attributable to owners of the Company: ₹607.45
  • Profit attributable to non-controlling interests: ₹434.37
  • Total comprehensive income attributable to owners: ₹782.80
  • Total comprehensive income attributable to non-controlling interests: ₹432.75

Capital Structure:

  • Paid up equity share capital (Face value ₹1 each): ₹233.54
  • Earnings per equity share (Basic and diluted): ₹3.46

Segment-wise Performance (Consolidated)

The Group has three reportable segments:

Revenue Breakdown:

  • Hospitality: ₹4,148.76 (75.1% of total)
  • Commercial leasing: ₹1,279.37 (23.1% of total)
  • Others: ₹48.27 (0.9% of total)
  • Inter-segment elimination: ₹(48.41)

Segment Results:

  • Hospitality: ₹229.20
  • Commercial leasing: ₹1,009.93
  • Others: ₹32.91
  • Total segment results: ₹1,272.04

Segment Assets (as of June 30, 2026):

  • Hospitality: ₹82,852.67
  • Commercial leasing: ₹20,373.44
  • Others: ₹51.19
  • Total segment assets: ₹103,277.30

Segment Liabilities (as of June 30, 2026):

  • Hospitality: ₹7,666.20
  • Commercial leasing: ₹3,238.92
  • Others: ₹2.29
  • Total segment liabilities: ₹10,907.41

Standalone Financial Results (INR in million)

Income Statement:

  • Revenue from operations: ₹1,545.27
  • Other income: ₹272.39
  • Total income: ₹1,817.66

Expenses:

  • Total expenses: ₹1,047.67
  • Profit before exceptional item and tax: ₹769.99
  • Exceptional item: Nil
  • Profit before tax: ₹769.99

Taxation:

  • Tax expenses: ₹134.57
  • Exceptional tax expense: ₹53.02
  • Profit for the period: ₹582.40
  • Earnings per equity share: ₹2.49

Significant Events and Transactions

Acquisitions and Investments:

1. Narmada Estates Private Limited: Panchshil Corporate Park Private Limited (subsidiary) entered into share subscription agreement on April 15, 2026, to subscribe to 50.02% equity stake for total consideration of ₹886.80 million. ₹300 million subscribed during the quarter, balance to be contributed in subsequent tranches. Narmada owns land parcel near "Business Bay", Pune. Considered joint venture from May 22, 2026.

2. Sun Leisure (India) Private Limited: Soham Leisure Ventures Private Limited (subsidiary) acquired 100% equity stake on April 7, 2026, for ₹500 million. Sun Leisure operates "Sol De Goa" hotel in Goa. Became subsidiary from acquisition date.

3. Soham Leisure Ventures Private Limited: Holding company acquired 76% equity stake on October 15, 2025, for ₹95 million (enterprise value ₹3,200 million). Soham operates Hilton Goa Resort with 104 operational keys.

4. Finest-VN Business Park Private Limited: Panchshil Corporate Park acquired 50% equity stake on December 1, 2025, for ₹299.15 million, and remaining 50% on February 17, 2026, for another ₹299.15 million. Finest-VN has equity investment in Soboho Private Limited (holds rights for Soho House expansion in India) and Junobo Hotels Private Limited (operates Soho House Mumbai with 38 keys).

5. Kelzai Eco Reserves Private Limited: On July 9, 2026 (post-quarter), acquired 100% equity and preference share capital for ₹2,818.80 million. Kelzai owns approximately 420 acres of resort property in Mumbai Metropolitan Region.

Exceptional Items:

1. Tax Regime Change: With effect from April 1, 2026, the company opted for concessional tax regime under Section 115BAA of Income-tax Act, 1961 (effective rate 25.17% vs regular 34.94%). This resulted in:

  • Consolidated: Net deferred tax credit of ₹1,022.38 million
  • Standalone: Net deferred tax expense of ₹53.02 million

2. Labour Codes Impact: Government notified four new Labour Codes on November 21, 2025. Group recognized additional expenses of ₹30.07 million in FY26 consolidated results and ₹19.98 million in FY26 standalone results.

3. Hotel Renovation: Urbanedge Hotels Private Limited temporarily ceased operations of Aloft Whitefield Hotel from February 2026 for 12 months for renovations. Recognized additional depreciation of ₹50.85 million in Q4 FY26.

Corporate Action:

Board approved draft scheme of amalgamation of wholly owned subsidiaries (Eon-Hinjewadi Infrastructure Private Limited, Restocraft Hospitality Private Limited, and Wellcraft Infraprojects Private Limited) with Ventive Hospitality Limited under Sections 230-232 of Companies Act, 2013. Appointed date: April 1, 2025, subject to NCLT approval.

Auditor Review

SR BC & CO LLP conducted limited review of both consolidated and standalone financial results and issued unmodified review reports. The consolidated review relied on reports of other auditors for 9 subsidiaries and 1 joint venture representing significant portions of the Group's operations.