Brigade Hotel Ventures Ltd(BRIGHOTEL)

NSE: BRIGHOTELBSE: 544457

₹ 51.49-0.39%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,956 crNext results: 26 Oct 2026Website: www.bhvl.inUpdated: 24 Oct 2026

About

Brigade Hotel Ventures Ltd (BHVL) owns and operates a portfolio of branded hotels across India, primarily in Bengaluru, with additional properties in Kochi, Mysuru, Chennai, and GIFT City. BHVL's portfolio spans upscale, upper-upscale, and select-service segments under Marriott and Accor flags, with luxury brands including Grand Hyatt, InterContinental, JW Marriott, and Ritz-Carlton in the pipeline.^[1][2][3]

Key operating metrics

Portfolio RevPAR was ₹5,479 in Q1 FY27, up 9% YoY, driven by a 7% ARR increase to ₹7,241 and a 2% occupancy improvement to 75.7%.^[3]
Full-year FY26 RevPAR was ₹5,670, up 10% YoY; ARR was ₹7,453, up 11% YoY; occupancy was 76.1%, down 1% YoY.^[4]
Bengaluru portfolio ARR in Q1 FY27 was ₹8,435 (+3% YoY) with occupancy at 84.2% (+8% YoY) and RevPAR at ₹7,099 (+10% YoY).^[3]
Q4 FY26 ARR hit a portfolio record of ₹8,066, up 7% YoY; RevPAR was ₹6,295, up 6% YoY; occupancy was 78%.^[4]
F&B revenue contributed approximately 32% of total revenue in Q1 FY27; MICE accounted for 15 - 18% of room bookings.^[3]
EBITDA margin was 34.8% in Q1 FY27 (+140 bps YoY) and 35.4% for full-year FY26 (-10 bps YoY).^[3][4]

Portfolio and room inventory

Luxury and upper-upscale keys represent 14% of the current portfolio; the pipeline is designed to lift this share to 31% by FY29 and 38% by FY31.^[3]
Bengaluru is the largest market; other operating locations include Kochi, Mysuru, Chennai, and GIFT City (Gandhinagar).^[5][2]
Retail bookings have grown to 50% of room-night mix; corporate contracted business (~30%) is gradually shifting to dynamic pricing.^[2]

Individual property highlights

Grand Mercure GIFT City delivered ARR growth of 21% and RevPAR growth of 24% YoY in Q3 FY26, supported by strong commercial traction at the GIFT City location.^[2]
ibis Styles Mysuru achieved 71.7% occupancy within its first year of operation as of Q3 FY26.^[2]
The 218-key Kochi Infopark hotel was rebranded from Four Points by Sheraton to Courtyard by Marriott in Q1 FY27; ARR moved up to ₹4,650 from ₹4,200 in Q1 FY26.^[3]

Expansion pipeline and capex

Total pipeline capex is ₹3,600 crores for ~1,700 keys across nine hotels by FY30; ~₹400 crores was deployed by FY26 and ~₹500 crores is budgeted for FY27, funded ~60% through debt.^[2][4][3]
Courtyard by Marriott WTC Chennai (45 keys) is targeted to open in Q3 FY27 (October 2026) with expected stabilised occupancy of ~80% and starting ADR of ~₹9,000.^[3]
Grand Hyatt Chennai ECR (211 keys) has been deferred to FY29 due to CRZ approval delays.^[4]
JW Marriott Chennai OMR and Thiruvananthapuram Marriott WTC are both expected to commission by 2030.^[3]
A brownfield acquisition is targeted using ₹90 crores of IPO proceeds; it remains under discussion and subject to due diligence as of Q1 FY27.^[3]

Customers and demand mix

Foreign tourist arrivals (FTA) fell from ~40% to ~30% of room arrivals in Q1 FY27 due to West Asia geopolitical disruption; management shifted to domestic rates, staycations, and social events to compensate.^[3]
West Asia conflict caused ₹14 crores in MICE/F&B cancellations in Q1 FY27 (~10% of total revenue), split ~60% F&B and ~40% rooms; Sheraton Grand was most affected given its 50-50 rooms/F&B mix.^[3]
In Q4 FY26, geopolitical disruption caused ₹7 - 8 crores in event cancellations (~5% of Q4 revenue), with the international guest share declining to ~27% from a normalised ~30%.^[4]

Sustainability

Renewable energy accounted for 61% of total portfolio energy consumption in Q1 FY27, with several hotels individually exceeding 90% renewable usage.^[3]
Utility costs fell to 5.0% of operating revenue in Q4 FY26 and 5.6% in Q2 FY26, down from ~7% in prior periods, driven by increased renewable energy adoption.^[4][5]

Recent developments

Manoj Agarwal (COO) resigned; Vinay Gupta, formerly GM of Grand Mercure Bengaluru with experience at Accor, SAMHI, and InterGlobe, was appointed as CEO of BHVL as of Q1 FY27.^[3]
IPO proceeds of ₹886 crores were raised; ₹468 crores retired institutional debt, reducing finance costs by over 50% YoY to ₹8.7 crores in Q1 FY27 from ₹18.9 crores in Q1 FY26.^[3][5]
Net cash position was ₹108 crores as at 30 June 2026, compared with ₹110 crores at 31 March 2026 and net debt of ~₹595 crores at March 2025.^[3][4]
GST 2.0 input credit reversal reduced Q4 FY26 EBITDA margin by 140 bps and FY26 full-year margin by 80 bps; ~30% of room nights were priced below the ₹7,500 GST threshold, a share management says is declining.^[4]

Market Cap

₹1,956 Cr

High / Low

₹88 / 48

Stock P/E

28.6

Price / Book

2.0

Book Value

₹25

EPS

₹1.5

No. of Shares

37.98 Cr

ROCE

10.7%

ROE

6.1%

OPM

25.4%

Debt / Equity

0.15

Sales

₹525 Cr

Net Profit

₹65 Cr

Promoter holding

74.1%

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