Brigade Hotel Ventures Ltd

Meeting Details

• Date: Tuesday, August 25, 2026; format: one-on-one investor meetings in Chennai.
• Mode: physical in Chennai.
• Purpose: general investor interaction.

Leadership appointment

• Brigade Hotel Ventures Limited appoints Vinay Gupta as Chief Executive Officer.

Executive background

• Gupta previously led transformation of a 22-hotel portfolio at InterGlobe Hotels & Accor.
• Led a portfolio of more than 25 hotels across India for SAMHI, with Marriott, Hyatt, and IHG.

Financial Performance

• Q1 FY27 total income: INR131 crores.
• Consolidated EBITDA: INR46 crores; up 9% YoY.
• GST 2.0 impact: 1.6% on EBITDA margin.
• PAT after tax: INR17 crores; up 140% YoY.
• ARR for quarter: INR7,241; up 7% YoY.
• Occupancy: 75.7%; RevPAR: INR5,479; up 9% YoY.
• Finance cost: INR8.7 crores; down from INR18.9 crores.

Portfolio and Operations

• Bangalore hotels: ARR up 3%; occupancy up 8%; RevPAR up 10%.
• Kochi Infopark: ARR up to INR4,650; occupancy dipped due to crew and rebranding.
• Courtyard Kochi rebranding completed; Four Points by Sheraton renamed to Courtyard.
• World Trade Center Chennai: 45-key launch; ADR starting at INR9,000; occupancy ~80%.
• Grand Hyatt: slight delay due to approvals.
• F&B contribution: 32% of top line.

Balance Sheet and Cash Flow

• Net cash position: INR108 crores as at 30 June 2026.
• IPO proceeds deleveraging: INR468.1 crores; effectively no institutional debt.
• Finance cost declined; contributing to P&L strength (YoY reduction in FY27).

Capex and Projects

• Expansion capex: INR3,600 crores; INR400 crores invested FY26; INR500 crores planned FY27.
• Q1 FY27 capex around INR53 crores (CWIP 45; renovations 3.5; Grain 4).
• Balance FY27 capex around INR350 crores in next three quarters.
• 1,700 keys under development; 3,300 keys by FY31.
• Luxury mix to 38% by FY31; 31% by FY29.
• WTC Chennai: 45-key launch; ADR INR9,000; occupancy ~80%.
• Kochi ARR up to INR4,650; occupancy dip due to crew/rebranding.
• JW Marriott and Thiruvananthapuram planning; commissioning by 2030.
• IPO proceeds may be used for acquisition; due diligence underway; target FY27.

Outlook and Guidance

• Q2 expected to be buoyant; aim to recover Q1 revenue in H2 FY27.
• F&B contribution ~32% of top line.
• FTA mix declined to 30% from 40%.
• Portfolio ADR target above INR7,500 per hotel; GST offset contemplated.
• Cancellations: INR14 crores, about 10% of top line.
• July performance improving; MICE bookings rising; buoyant year ahead.

Corporate Matters

• Manoj Agarwal resigned; Vinay Gupta appointed CEO.
• First AGM as listed company on Aug 5; investor engagement increased.

Q&A Highlights

• Q1 capex ~INR53 crores; balance over next three quarters.
• FY27 capex around INR350 crores in H2.
• Acquisition discussions ongoing; due diligence in progress; target FY27.
• FTAs mix reduced to 30% from 40%.
• Chennai WTC ADR 9,000; occupancy ~80%.

AGM Details

• Tenth AGM held on 05 August 2026.
• Transcript uploaded on the company's website; access via https://bhvl.in/investors/regulation-46/agm-voting-results/.

AGM details

• Date and time: August 5, 2026 at 11:00 a.m., via VC/OAVM.

Key resolutions

• Adoption of financial statements (standalone and consolidated) for FY2026; reports of Board and Auditors.
• Re-appointment of Amar Shivram Mysore as Director liable to retire by rotation.
• Appointment of Secretarial Auditors and remuneration.

Voting outcome

• All resolutions passed with requisite majority; remote and e-voting used.

Dividend

• No dividend declared.

Director changes

• Director re-appointment by rotation: Amar Mysore.

Auditor appointments

• Secretarial Auditor appointed; remuneration fixed.

AGM details

• Date and time: 05 August 2026 at 11:00 AM.
• Mode: Video Conferencing/OAVM.
• Attendance: 81 members via VC; quorum present.

Resolutions

• Ordinary: Adoption of standalone and consolidated financial statements and auditors' reports.
• Ordinary: Re-appointment of director by rotation.
• Ordinary: Appointment of Secretarial Auditors and fix remuneration.

Voting and results

• Outcome: Consolidated e-voting results to be announced within two working days.

Director changes

• Director re-appointment by rotation; no new appointments announced.

Auditors

• Secretarial auditor appointment proposed; remuneration to be fixed.

Other material matters

• No material related party transactions disclosed in the proceedings.

Pre-IPO fund utilisation

• Mode of fund raising: Pre-IPO placement; Date: July 3, 2025; Amount raised: Rs 126 crores.
• Monitoring agency: CARE Ratings Limited.
• Deviation in fund use: Not Applicable.
• Funds utilised in quarter: Rs 3.38 crores; General Corporate Purposes show no utilization.

IPO fund utilisation

• Mode: Initial Public Offering; Date: July 24-28, 2025; Amount raised: Rs 759.60 crores.
• Monitoring agency: CARE Ratings Limited.
• Deviation in fund use: Not Applicable.
• Status: Partly utilised; Rs 662.98 crores utilised against Rs 759.60 crores raised.

Issue Overview

• Pre-IPO placement of equity shares; no undersubscription; main use: general corporate purposes and issue expenses.
• IPO public issue of equity shares; no undersubscription; uses include debt repayment, land payment, inorganic growth, and GCP.
• Nil deviation from disclosed objects for both offerings.
• IPO approvals obtained; land transaction with promoter executed; stamp duty paid.

Utilisation of Proceeds

• Pre-IPO: utilisation per disclosures; GCP unused in quarter; amount used for TDS on issue expenses; funds largely idle.
• Unutilised balance parked in fixed deposits and monitoring accounts.
• Repayment of borrowings: no quarterly utilization; prior periods fully utilized.
• Land payment to promoter: no quarterly utilization; sale deed executed; stamp duty paid.
• Unidentified acquisitions and general corporate purposes: no quarterly utilization; ongoing.
• Unutilised IPO proceeds deployed into fixed deposits and bank accounts; interest earned; net balance reported.
• Means of finance unchanged; no new changes.

Governance and Compliance

• Statutory approvals obtained for IPO objective; land sale deed executed; stamp duty paid.
• Audit Committee considered MA report; no deviations; no conflicts of interest.
• No material events or information affecting viability noted.
• Deviations Nil for both IPO and Pre-IPO.

GCP

• GCP not applicable; no utilization this quarter; board approvals not required.

Business Overview

• Second-largest owner of chain-affiliated hotels in South India with 9 hotels and 1,604 keys.
• Upcoming pipeline adds 1,700 keys across 9 projects; timelines FY27–FY30.

Operational Highlights

• Q1 FY27: Total income ₹131 cr; ARR ₹7,241; occupancy 75.7%; RevPAR ₹5,479.
• Bengaluru: ARR ₹8,435; occupancy 84.2%; RevPAR ₹7,099.
• Others: ARR ₹5,921; occupancy 68.1%; RevPAR ₹4,031.
• Kochi Infopark rebrand to Courtyard by Marriott; Chennai WTC Courtyard launch on track.

Financial Performance

• FY26 total income ₹543 cr; EBITDA ₹192 cr; EBITDA margin 35.4%.
• FY26 PAT ₹65 cr; PAT margin 11.9%.
• Q1 FY27 GST 2.0 impact reduced EBITDA by 1.6%.
• IPO proceeds ₹886 cr; debt repayment ₹468.1 cr; promoter UDS ₹107.5 cr.
• Capex ₹3,600 cr for 1,700 upcoming keys by FY30; 60% debt funded.
• Internal accrual funding >₹1,000 cr; 14% keys via accruals.

Capital Structure & Liquidity

• Total equity rose to ₹981 cr by Mar-26; equity share capital ₹380 cr.
• Borrowings reduced to ₹141 cr by Mar-26; cash ₹22 cr; bank balances ₹229 cr.
• Net cash from operating activities ₹200 cr in FY26.

Strategic Priorities & Outlook

• Capex through FY31 with ~60% debt funding and rest via internal accruals.
• Target ~3,300 total keys by FY30 (1,604 existing, 1,700 upcoming).
• Focus on Bengaluru, Chennai, Hyderabad markets and airport/leisure expansions.
• Chennai WTC Courtyard launch in Q3 FY27; luxury/leisure projects progressing.

Risks & Mitigation

• CRZ approvals delaying Grand Hyatt Chennai ECR; timeline deferred to FY29.
• Macro softness and inflation pressures; mitigated by pricing power and occupancy focus.

Governance & Leadership

• Nirupa Shankar is Managing Director; Board includes Nakul Anand and Jyoti Narang.
• Nirupa Shankar recognized among Fortune India's 100 Most Powerful Women.