Brigade Hotel Ventures (BRIGHOTEL) Q3 25/26 earnings summary

Executive summary

• Delivered strong Q3 FY26 performance with 14% YoY income growth to ₹143 Cr and 17% YoY EBITDA increase, driven by robust domestic demand, operational efficiencies, and disciplined execution.

• Portfolio occupancy remained stable at 76.1%, with ARR and RevPAR both up 17% YoY; Bangalore and Ahmedabad GIFT City hotels led with ARR and RevPAR up 19% and 24% respectively.

• EBITDA margin reached 35.9%, and PAT more than doubled to ₹22 Cr, aided by lower finance costs post-IPO debt repayment.

• F&B revenue grew 16% over nine months, with new outlets planned to further boost growth.

• Approved unaudited consolidated and standalone financial results for Q3 and nine months ended December 31, 2025, with statutory auditor review completed.

Financial highlights

• Q3 FY26 consolidated income: ₹143 Cr (up 14% YoY); EBITDA: ₹51 Cr (up 17% YoY); EBITDA margin: 35.9%; PAT: ₹22 Cr (up 126% YoY).

• Nine months FY26 income: ₹398 Cr (up 19% YoY); EBITDA: ₹135 Cr (up 17% YoY); PAT: ₹40 Cr (up 264% YoY).

• ARR for Q3 FY26: ₹7,852 (up from ₹6,708 YoY); occupancy at 76.1%; RevPAR: ₹5,973 (up 17% YoY).

• EPS for Q3: ₹0.53 (vs ₹0.30 YoY); 9M: ₹1.05 (vs ₹0.31 YoY).

• Net cash position as of Dec 31, 2025: ₹132 Cr; net debt/equity improved to -0.1x in 9MFY26 from 5.8x in FY25.

Outlook and guidance

• Expect mid- to high-teens growth in both rooms and F&B revenue for the coming quarters, with continued growth from existing hotels, F&B renovations, and ramp-up of new properties.

• FY26 outlook remains strong, with healthy demand visibility supported by corporate activity and MICE momentum.

• Portfolio expected to nearly double to 3,300 keys by FY30, with ₹3,600 Cr investment and a well-diversified pipeline of nine hotels across luxury and upscale segments.