Viceroy Hotels Ltd(VHLTD)

NSE: VHLTDBSE: 523796

₹ 140.55-0.04%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,079 crWebsite: viceroyhotels.inUpdated: 24 Oct 2026

About

Viceroy Hotels Ltd owns and operates three upper-upscale hotels in Hyderabad: Marriott Hyderabad, Courtyard by Marriott Hyderabad, and Marriott Executive Apartments (MEA) at SLN Terminus, Gachibowli. Together they have 538 keys. Consolidated revenue from operations was ₹149.7 cr in FY26 and ₹44.9 cr in Q1 FY27, after MEA was consolidated from January 2026. The company is renovating its Marriott and Courtyard properties in phases and building a greenfield 200-room Courtyard in Madhapur, with a target of 1,000 keys by 2030.^[1]

Portfolio and room inventory

The portfolio has 538 keys across three Hyderabad properties: Marriott Hyderabad (295 rooms), Courtyard by Marriott Hyderabad (168 rooms) and Marriott Executive Apartments at SLN Terminus, Gachibowli (75 rooms). MEA was acquired in January 2026.^[2]
All three properties run under Marriott International brands. MEA is positioned as the only long-stay product in its Gachibowli micro-market, with no competing supply expected for 4 - 5 years.^[3]
The long-term portfolio target is 1,000 keys by 2030, including the planned Madhapur greenfield property.^[2]

Revenue mix

In FY26, room revenue made up 55 - 60% of total revenue at the Marriott/Courtyard complex and F&B made up 35 - 40%. At MEA, rooms were 64 - 65% and F&B 32 - 33%.^[1]
F&B currently contributes about 45% of revenues. Management targets 48% after the renovation, with the addition of a sixth restaurant.^[2]
Across the portfolio in FY26, F&B gross margin was about 85% and F&B operating margin about 45 - 50%.^[1]
In Q1 FY27, room revenue at Marriott + Courtyard was ₹19.6 cr (+38.9% YoY) and F&B revenue was ₹11.8 cr (+15.1% YoY).^[3]

Key operating metrics

Combined RevPAR at Marriott + Courtyard was ₹4,657 in Q1 FY27 (+24.85% YoY). In FY26 it was ₹4,761 (-0.9% YoY), when the Courtyard renovation held down occupancy.^[3]
Combined ADR at Marriott + Courtyard was ₹6,107 in Q1 FY27 (-12.15% YoY) vs ₹7,402 for full-year FY26 (+8.3% YoY).^[3]
Combined occupancy at Marriott + Courtyard was 76.25% in Q1 FY27 vs 64.3% in FY26. Courtyard occupancy rose to 83.65% from 52.2% after Phase 1 of the renovation.^[3]
At MEA in Q1 FY27, RevPAR was ₹12,519 (+21.1% YoY), ADR ₹13,342 (+7.5% YoY) and occupancy 94% (up from 83%). MEA's full-year FY26 RevPAR was ₹12,144 (+10% YoY).^[3]
In Q1 FY27, renovated Courtyard rooms achieved ADRs of about ₹9,000 vs a blended inventory ADR of ₹6,700 - 6,800, a premium of roughly 30%.^[3]

Renovation programme

Phase 1 at Courtyard (₹50 cr) was completed by end-2025. It added 56 new rooms, a gym, spa, rooftop restaurant and swimming pool, and all 168 Courtyard rooms are now operational.^[2]
Phase 2 at Marriott Hyderabad began in the first week of April 2026. It expands the convention centre from 10,000 sq ft to 20,000 sq ft and refurbishes 168 rooms, with completion targeted for December 2026 (Q3 FY27).^[3]
Phase 2 capex budget: ₹20 - 30 cr for the convention centre and ₹40 cr for the Marriott room refurbishments. Phase 3 is estimated at ₹10 - 15 cr.^[2]
With the convention centre offline during Phase 2, about ₹10 cr of combined banquet and related room EBITDA is estimated to be displaced in FY27.^[3]
Phase 3 covers refurbishment of the remaining 127 Marriott rooms plus upgrades to the lobby and rooftop restaurant, with completion targeted in FY28.^[1]

Expansion and acquisitions

Greenfield Courtyard by Marriott, Madhapur, Hyderabad: 180 - 200 rooms on a 7,000 sq yard plot, estimated cost ₹120 - 130 cr. Approvals are pending under the new Telangana tourism policy; construction is targeted to start in Q4 FY27 and operations in FY29 - FY30.^[3]
An operating agreement with Marriott Hotels India Pvt Ltd was signed on 08-May-2025 for a hotel property at Madhapur, Hyderabad (~7000 sq yd). The land is being taken from directors' relatives.^[4]
MEA was acquired on 1 January 2026 for ₹215 cr including stamp duty. It has 75 executive rooms across 1,57,247 sq ft, and its calendar year 2025 turnover was ₹48.08 cr with EBITDA of ₹21.45 cr.^[2]
As of Q1 FY27, management was evaluating 2 - 3 brownfield, running-asset and strategic acquisition opportunities each week. Any acquisitions will be held within the Viceroy Hotels entity.^[3]

Market and demand context

Management, citing industry consultant studies, says upscale/upper-upscale demand in Hyderabad is growing at 10 - 12% a year while supply is growing at 3 - 4% a year.^[5]
Management cites inflows of Global Capability Centres into Hyderabad as a structural driver of demand for extended-stay formats.^[2]
Risks named in the FY25 annual report are economic volatility, regulatory shifts and geopolitical uncertainty.^[4]

Recent developments

As of Q1 FY27, a rights issue of about ₹107 cr had been applied for with the stock exchanges. The main driver is SEBI's October 2026 deadline to bring promoter shareholding below 75%; proceeds are earmarked for debt repayment and headroom for the greenfield project.^[3]
In FY25, the company began a preferential issue of equity shares by private placement to non-promoters.^[4]
The board plans to announce a dividend policy after the Phase 2 convention centre renovation is completed in December 2026.^[1]
The West Asia conflict softened ADRs in March 2026 and shifted the corporate travel mix, which continued to weigh on combined ADR in Q1 FY27.^[1]

Market Cap

₹1,079 Cr

High / Low

₹161 / 114

Stock P/E

95.6

Price / Book

6.6

Book Value

₹39

EPS

₹2.7

No. of Shares

6.76 Cr

ROCE

7.1%

ROE

7.2%

OPM

19.7%

Debt / Equity

0.99

Sales

₹143 Cr

Net Profit

₹18 Cr

Promoter holding

74.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials