Brigade Hotel Ventures (BRIGHOTEL) Q4 25/26 earnings summary

Executive summary

• FY 2026 saw strong double-digit revenue growth and a 174% increase in PAT, driven by higher ARR, RevPAR, and robust domestic demand, despite global uncertainties impacting international travel.

• Q4 FY 2026 delivered 8% YoY total income growth, ARR up 7%, and RevPAR up 6%, with stable occupancy at 76-78%, despite external headwinds like elevated airfares and gas supply disruptions.

• The company completed a successful IPO and Pre-IPO placement, raising significant capital and listing on NSE and BSE on July 31, 2025.

• The company is advancing renewable energy adoption, with 61% usage portfolio-wide and some hotels exceeding 90%.

• Chief Operating Officer Manoj Agarwal resigned for personal reasons, effective July 16, 2026.

Financial highlights

• FY 2026 consolidated income was ₹543 crore, up 15% YoY; EBITDA grew 15% to ₹192 crore, and PAT surged 174% to ₹65 crore.

• Q4 FY 2026 total income was ₹146 crore (+8% YoY); EBITDA was ₹58 crore (+13% YoY), margin 39.7%; PAT was ₹25 crore (+92% YoY).

• EPS for FY26 was ₹1.68, up from ₹0.72 in FY25.

• Excluding a one-time property tax, operational EBITDA for FY26 would have grown 19% YoY.

• Standalone net profit for FY26 was ₹8,232 lakhs, up from ₹1,672 lakhs in FY25, aided by a ₹3,000 lakhs reversal of impairment loss.

Outlook and guidance

• Expansion plans are on track, aiming to double key count by FY31, with 1,700 upcoming keys and capex of ₹3,600 crore planned.

• 60% of expansion to be funded by debt, balance through internal accruals and IPO proceeds.

• ARR projected to exceed ₹10,000 by FY 2029 and ₹14,000 by FY 2031, nearly double current levels.

• Management expects no material liability from recent tax surveys and ongoing legal matters.

• Demand visibility remains robust, with a positive outlook for the coming year.